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<SEC-DOCUMENT>0000950103-06-001671.txt : 20060630
<SEC-HEADER>0000950103-06-001671.hdr.sgml : 20060630
<ACCEPTANCE-DATETIME>20060630121240
ACCESSION NUMBER:		0000950103-06-001671
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060630
DATE AS OF CHANGE:		20060630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BBVA BANCO FRANCES SA
		CENTRAL INDEX KEY:			0000913059
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12568
		FILM NUMBER:		06936365

	BUSINESS ADDRESS:	
		STREET 1:		RECONQUISTA 199
		CITY:			1003 BUENOS AIRES AR
		STATE:			C1
		ZIP:			00000
		BUSINESS PHONE:		2127595576

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRENCH BANK OF THE RIO DE LA PLATA
		DATE OF NAME CHANGE:	19931005
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>dp02929_20f.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>

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<BODY bgcolor="#ffffff">
<table width="100%" border="0" cellspacing="0" cellpadding="0">
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    <td align="center"><hr size="4" noshade color="#000000" style="margin-top: -2px">
      <hr size="1" noshade color="#000000" style="margin-top: -10px"></td>
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  <tr>
    <td align="center"><B><FONT BASESIZE=4 size=4 BASEFACE="serif" face="serif">SECURITIES AND EXCHANGE COMMISSION<br>
    </FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">WASHINGTON, D.C. 20549</FONT></B></td>
  </tr>
  <tr>
    <td align="center"><hr align="center" width="20%" size=1 noshade></td>
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  <tr>
    <td align="center"><B><FONT BASESIZE=4 size=4 BASEFACE="serif" face="serif">FORM 20-F</FONT></B></td>
  </tr>
</table>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=5% align=left valign="top" nowrap>&nbsp;</TD>
  <TD width=95% align=left nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
 <TD width=5% align=left valign="top" nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">o</FONT></TD>
    <TD width=95% align=left valign="top"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></TD>
  </TR>

<TR valign="bottom">
  <TD colspan="2" align=center valign="top" nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">OR</FONT></B> </TD>
  </TR>
<TR valign="bottom">
 <TD width=5% align=left valign="top" nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">x</FONT></TD>
    <TD width=95% align=left valign="top"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></TD>
  </TR>
<TR valign="bottom">
 <TD width=5% align=left valign="top" nowrap>&nbsp;</TD>
    <TD width=95% align=left valign="top" nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For the fiscal year ended December 31, 2005</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=center valign="top" nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">OR</FONT></B> </TD>
  </TR>
<TR valign="bottom">
 <TD width=5% align=left valign="top" nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">o</FONT></TD>
    <TD width=95% align=left valign="top"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></TD>
  </TR>

<TR valign="bottom">
  <TD width=5% align=left valign="top" nowrap>&nbsp;</TD>
 <TD width=95% align=left valign="top" nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For the transition period from</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">to</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=center valign="top" nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">OR</FONT></B> </TD>
  </TR>
<TR valign="bottom">
 <TD width=5% align=left valign="top" nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">o</FONT></TD>
    <TD width=95% align=left valign="top"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></TD>
</TR>

<TR valign="bottom">
 <TD width=5% align=left valign="top" nowrap>&nbsp;</TD>
    <TD width=95% align=left valign="top" nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Date of event requiring this shell company report</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left valign="top" nowrap>&nbsp;</TD>
 <TD width=95% align=left valign="top" nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For the transition period from</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">to</FONT></TD>
  </TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Commission file number: 001-12568</FONT></B></TD>
  </TR>
  <TR>
    <TD colspan=1 width=100%><HR align="center" width="20%" size=1 noshade>    </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>

    <TR valign="bottom">
    <TD width=100% nowrap align=center><B><FONT BASESIZE=5 size=5 BASEFACE="serif" face="serif">BBVA BANCO FRANC&Eacute;S S.A.</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(Exact name of Registrant as specified in its charter)</FONT></B></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%><B><FONT BASESIZE=4 size=4 BASEFACE="serif" face="serif">BBVA FRENCH BANK</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(Translation of Registrant&#146;s name into English)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic of Argentina</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(Jurisdiction of incorporation or organization)</FONT></B></TD>
  </TR>
  <TR>
    <TD colspan=1 width=100%><HR align="center" width="20%" size=1 noshade>    </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reconquista 199</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(C1003ABB) Buenos Aires. Republic of Argentina</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(Address of principal executive offices)</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan=1 width=100%><HR align="center" width="20%" size=1 noshade>    </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% nowrap align=center><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Securities registered or to be registered pursuant to Section 12(b) of the Act:</FONT> </TD>
  </TR>
</TABLE>
<BR>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=63% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Title of each class</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=35% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Name of each exchange on which registered</FONT></B></TD>
</TR>
<TR>
 <TD width="63%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="35%" align="center">
<HR noshade size=1> </TD>
</TR>

<TR valign="bottom">
 <TD width=63% align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">American Depositary Shares, each representing the right to receive three ordinary shares, par value Ps.1.00 per share</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=35% nowrap align=center><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">New York Stock Exchange</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=63% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ordinary shares, par value Ps.1.00 per share</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=35% nowrap align=center><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;New York Stock Exchange*</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD nowrap valign=top>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">*</FONT>&nbsp; &nbsp; &nbsp;  </TD>
 <TD width=100%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">The ordinary shares are not listed for trading, but are listed only in connection with the registration of the American Depositary Shares, pursuant to requirements of the New York Stock
Exchange.</FONT></TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=99% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Securities registered or to be registered pursuant to Section 12(g) of the Act: None</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=99% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=99% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The number of outstanding shares of each of the classes of capital or common stock of the registrant</FONT></TD>
</TR>
<TR valign="bottom">
 <TD align=center width=99%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">as of the close of the period covered by the annual report:</FONT></TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=63% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Title of class</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=35% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Number of shares outstanding</FONT></B></TD>
</TR>
<TR>
 <TD width="63%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="35%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=63% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ordinary Shares, par value Ps.1.00 per share</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=35% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">471,361,306</FONT></TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.  </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">o</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;Yes </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">x</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;No</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=100% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13</FONT></TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">or 15(d) of the Securities Exchange Act of 1934. </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">o</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;Yes </FONT><font basesize=2 size=2 baseface="serif" face="Wingdings">x</font><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;No</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=100% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=100% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been</FONT></TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">subject to such filing requirements for the past 90 days: </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">x</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;Yes </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">o</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;No</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Indicate by check mark if the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &#147;accelerated filer and large accelerated
filer&#148; in Rule 12b-2 of the Exchange Act. (Check one): </FONT></TD>
</TR>
</TABLE>

<div align="center">
<table border=0 width=75% cellspacing=0 cellpadding=0>
  <tr valign="bottom">
    <td width=33% nowrap align=center><font basesize=2 size=2 baseface="serif" face="serif">Large accelerated filer</font> <font basesize=2 size=2 baseface="serif" face="Wingdings">o</font></td>
    <td width=2%>&nbsp;</td>
    <td width=33% nowrap align=center><font basesize=2 size=2 baseface="serif" face="serif">Accelerated filer</font> <font basesize=2 size=2 baseface="serif" face="Wingdings">x</font></td>
    <td width=2%>&nbsp;</td>
    <td width=33% nowrap align=center><font basesize=2 size=2 baseface="serif" face="serif">Non-accelerated filer</font> <font basesize=2 size=2 baseface="serif" face="Wingdings">o</font></td>
  </tr>
</table>
</div>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><P align="center"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Indicate by check mark which financial statement item the registrant has elected to follow: </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">o</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;Item 17&nbsp; </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">x</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;Item 18 </FONT></P>    </td>
  </tr>
</table>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">o</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;Yes </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="Wingdings">x</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;No</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade color="#000000" style="margin-top: -2px">
        <hr size="4" noshade color="#000000" style="margin-top: -10px"></td>
  </tr>
</table>


<br>
<br>
<p style="page-break-before:always"></p>

<br>
<br>







<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=center><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TABLE OF CONTENTS</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Page</FONT></U></B> </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=85% nowrap colspan=3 align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FORWARD-LOOKING STATEMENTS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1</FONT></TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=85% nowrap colspan=3 align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PRESENTATION OF FINANCIAL INFORMATION</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1</FONT></TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=85% nowrap colspan=3 align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CERTAIN TERMS AND CONVENTIONS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PART I</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 1.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 2.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">OFFER STATISTICS AND EXPECTED TIMETABLE</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 3.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">KEY INFORMATION</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 4.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INFORMATION ON THE COMPANY</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 5.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 6.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">116</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 7.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">132</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 8.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FINANCIAL INFORMATION</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">135</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 9.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">THE OFFER AND LISTING</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">136</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 10.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ADDITIONAL INFORMATION</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">139</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 11.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">148</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 12.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">151</FONT></TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PART II</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 13.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">152</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 14.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">152</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PROCEEDS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 15.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CONTROLS AND PROCEDURES</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">152</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 16 A.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">AUDIT COMMITTEE FINANCIAL EXPERT</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">152</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 16 B.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CODE OF ETHICS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">152</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 16 C.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">153</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 16 D.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EXEMPTIONS FROM LISTING REQUIREMENTS FOR AUDIT COMMITTEES</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">153</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 16 E.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PURCHASES OF EQUITY SECURITIES BY ONE ISSUER AND AFFILIATED PERSONS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">153</FONT></TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PART III</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 17.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FINANCIAL STATEMENTS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">154</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 18.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FINANCIAL STATEMENTS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">154</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=15% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 19.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=71% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EXHIBITS</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">154</FONT></TD>
</TR>
</TABLE><BR>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FORWARD-LOOKING STATEMENTS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">This Form 20-F contains words, such as &#147;believe&#148;, &#147;expect&#148;, &#147;estimate&#148;, &#147;intend&#148;, &#147;plan&#148;, &#147;may&#148; and
&#147;anticipate&#148; and similar expressions, that identify forward-looking statements, which reflect our views about future events and financial performance. Actual results could differ materially as a result of factors beyond our control,
including but not limited to: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Changes in general economic, business or political or other conditions in the Republic of Argentina (&#147;Argentina&#147;) or</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">changes
in general economic or business conditions in Latin America;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Changes in capital markets in general that may affect policies or attitudes toward lending to Argentina or Argentine</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">companies;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Increased costs and decreased income related to macroeconomic variables such us exchange rates and the Consumer Price</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Index
(&#147;CPI&#148;);</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">attractive
terms; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The factors discussed under </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Risk Factors&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Banco Franc&eacute;s
undertakes no obligation to update or revise these forward-looking statements or to publicly release the results of any revisions to these forward-looking statements. The accompanying information in this annual report, including, without limitation,
the information under <I>&#147;Information on the Company&#148;</I>, <I>&#147;Operating and Financial Review and Prospects&#148;</I> and <I>&#147;Quantitative and Qualitative Disclosures About Market Risk&#148;</I> identifies important factors that could cause material
differences between any forward-looking statements and actual results. </FONT></P>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PRESENTATION OF FINANCIAL INFORMATION</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">General</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s is an Argentine bank and maintains its financial books and records in Argentine pesos and prepares its financial statements in conformity with
the accounting rules of the Banco Central de la Rep&uacute;blica Argentina (the &#147;Central Bank&#148;) related thereto (&#147;Argentine Banking GAAP&#148;), which differ in some respects from generally accepted accounting principles in Argentina
(see Note 4. to our Consolidated Financial Statements) and the accounting principles in the United States (&#147;U.S. GAAP&#148;). See Note 17. to our Consolidated Financial Statements for a description of the principal differences between Argentine
Banking GAAP and U.S. GAAP, as they relate to us, and a reconciliation to U.S. GAAP of net income and total stockholders&#146; equity. In this annual report, references to &#147;&#36;&#148;, &#147;US&#36;&#148; and &#147;dollars&#148; are to United
States dollars, references to &#147;Ps.&#148; or &#147;pesos&#148; are to Argentine pesos. Percentages and certain dollar and peso amounts have been rounded for ease of presentation. Unless otherwise stated, all market share and other industry
information has been derived from information published by the Central Bank. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Consolidated Financial Statements are presented in accordance with the guidelines of Technical Resolution No. 4 of the Argentine Federation of Economic Sciences
Professional Association (Federaci&oacute;n Argentina de Consejos Profesionales de Ciencias Econ&oacute;micas&#151;&#147;FACPCE&#148;), modified by Technical Resolution No. 19, and the disclosure standards set by the Central Bank. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank presents its financial statements in equivalents purchasing power. These financial statements recognize the effects of the changes in the purchasing power
of the currency through February 28, 2003, following the restatement method established by FACPCE Technical Resolution No. 6 (modified by Technical Resolution No. 19), using an adjustment rate derived from the Argentine internal Wholesale Price
Index published by the National Institute of Statistics and Census (&#147;INDEC&#148;) of Argentine. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to the above mentioned method, the accounting measurements were restated by the purchasing power changes through August 31, 1995. As of that date, based in
the prevailing economic stability conditions and according with the National Securities Commission (&#147;CNV&#148;) General Resolution No. 272 and Central Bank Communication &#147;A&#148; 2365, the accounting measures were not restated through
December 31, 2001. In view of CNV General Resolution No. 415 and Central Bank Communication &#147;A&#148; 3702, the method was reinstated effective as of January 1, 2002, considering the previous accounting measures restated as of December 31, 2001.
</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 3921 of the Central Bank and General Resolution No. 441/03 of the CNV, in compliance with Decree No. 664/03 of the Federal Executive,
application of the restatement method to financial statements in equivalent purchasing power has been suspended as of March 1, 2003. Accordingly, BBVA Banco Franc&eacute;s S.A. applied the mentioned restatement method until February 28, 2003.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unless otherwise indicated, financial information contained in this annual report reflects the consolidation of the following subsidiaries at and for the fiscal
years indicated below: </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=76% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="5" align=center nowrap>
        <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="76%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"><HR noshade size=1> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"><HR noshade size=1> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Entity</FONT></U></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003</FONT></B></TD>
</TR>
<TR>
 <TD width="76%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s Cayman Ltd. and subsidiary </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PSA Finance Argentina Compa&ntilde;&iacute;a Financiera S.A.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar AFJP S.A.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar Compa&ntilde;&iacute;a de Seguros de Vida S.A. and subsidiary </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar Compa&ntilde;&iacute;a de Seguros de Retiro S.A. and subsidiary </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Franc&eacute;s Valores Sociedad de Bolsa S.A.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credilogros Compa&ntilde;&iacute;a Financiera S.A. and subsidiary </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Atuel Fideicomisos S.A. and subsidiary</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">X</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">The Bank sold its entire equity interest in Banco Franc&eacute;s Cayman to BBVA in March 2004.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">The Bank sold its entire equity interest in Credilogros Compa&ntilde;&iacute;a Financiera S.A. to Banco de Servicios y Transacciones S.A and Grupo de Servicios y Transacciones in March 2005 (see
Note 1.4. to the Consolidated Financial Statements).</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In December 2005, both Consolidar Compa&ntilde;&iacute;a de Seguros de Vida S.A. and Consolidar Compa&ntilde;&iacute;a de Seguros de Retiro S.A., sold theirs entire equity interest in Consolidar
Comercializadora S.A.</FONT></TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On January 7, 2002, Argentina abandoned the peso-dollar parity introduced in April 1991 under Law No. 23,928 (the &#147;Convertibility Law&#148;). Following the
initial devaluation and the setting of an official rate exchange at Ps.1.4 per US&#36;1.0, the peso was allowed to float, and as of June 15, 2006 traded at approximately Ps.3.0778 per US&#36;1.0. See </FONT><I><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">&#147;Key Information&#151;Exchange Rates&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> for information regarding the evolution of rates of exchange since fiscal year 2000. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Impact of Argentine Crisis on Presentation of Financial Information</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Changes to Argentine law have had a significant impact on our operations. The events described in this annual report, including the conversion of certain of our
dollar-denominated assets and liabilities into peso-denominated assets and liabilities and the devaluation of the peso, took place after December 31, 2001, and are reflected in our financial statements for the fiscal year ended December 31, 2002.
Because of the changes in Argentine law and their impact on our operations, any comparison of our financial statements for periods ended after December 31, 2001 with those for periods ended on or prior to December 31, 2001 are meaningless.
</FONT></P>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CERTAIN TERMS AND CONVENTIONS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As used in this Form 20-F, &#147;Banco Franc&eacute;s&#148;, the &#147;Bank&#148;, the &#147;Company&#148; and terms such as &#147;we,&#148; &#147;us&#148; and
&#147;our&#148; mean BBVA Banco Franc&eacute;s S.A. and its consolidated subsidiaries unless the context otherwise requires. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- PART I -</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Not applicable.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Not applicable.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 3. KEY INFORMATION</FONT></B></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Recent Events in Argentina </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Substantially all of our operations, property and customers are located in Argentina. Therefore, the performance of our loan portfolio, our financial condition and
the results of our operations depend primarily on the macroeconomic and political conditions prevailing in Argentina. In response to the Argentine political and economic crisis that began in the last quarter of 2001, the Government has undertaken
numerous far-reaching initiatives that, especially in 2002, have radically changed the macroeconomic and regulatory environment in Argentina generally, and for the financial industry in particular. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Selected Financial Data</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The information in this section has been selected from the Consolidated Financial Statements as of the dates and for the fiscal years indicated and gives effect to
the measures adopted by the Government since December 31, 2001. This information should be read in conjunction with, and is qualified in its entirety by reference to, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Risk
Factors&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> and </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Recent Events in Argentina&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">, Consolidated Financial Statements, and related notes. The selected financial data for the fiscal years ended December 31, 2005, December 31, 2004, December 31, 2003, December 31, 2002, and December 31, 2001 are derived from the
financial statements. For information concerning the preparation and presentation of the financial statements, see </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Presentation of Financial Information&#148;</FONT></I><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Changes to Argentine law have had a significant impact on our operations. Such changes in the law and their impact on our operations have rendered meaningless any
comparison of our financial statements of ours for periods ended after December 31, 2001 with those for periods ended on or prior to December 31, 2001. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">See </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Key Information&#151;Recent Events in Argentina&#148;</FONT></I><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Risk Factors&#151;Factors Related to Argentina&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">, and </FONT><I><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Risk Factors&#151;Factor Related to Banco Franc&eacute;s&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="50%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD colspan="14" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">For the Fiscal Year Ended December 31,</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD width="50%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD colspan="14" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width="2%" align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(9)</FONT></SUP></B></TD>
 <TD width="2%" align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003</FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(9)</FONT></SUP></B></TD>
 <TD width="2%" align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2002</FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(9)(10)</FONT></SUP></B></TD>
 <TD width="2%" align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2001</FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(9)(10)</FONT></SUP></B></TD>
  </TR>
<TR>
 <TD width="50%"> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD colspan="14" align=center nowrap>
   <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos) </FONT></B><B><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></SUP></B></TD>
  </TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CONSOLIDATED INCOME STATEMENT</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amounts in accordance with Argentine Banking GAAP</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial income</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,654,152</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,154,825</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,883,236</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,664,274</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,019,080</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial expenses</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(608,949</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(458,360</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,711,293</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4,612,425</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,409,278</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR>
 <TD width="50%"> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gross Intermediation Margin</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,045,203</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">696,465</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">171,943</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,051,849</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,609,802</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision for loan losses</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(114,628</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(52,002</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(77,506</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(655,395</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,126,014</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Service charge income</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">721,167</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">584,913</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">457,778</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">548,764</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,172,799</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Service charge expenses</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(77,764</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(54,829</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(49,594</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(58,031</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(126,620</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Operating expenses</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(775,835</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(679,829</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(711,407</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(869,188</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,393,156</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net other income / (Net other expenses)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(645,076</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(458,764</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43,937</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(787,126</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,490</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="50%"> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Loss) / Income before income tax</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">153,067</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">35,954</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(164,849</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(769,127</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">148,301</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income tax</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(18,712</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(77,099</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(189,232</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8,976</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(61,064</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Monetary Loss</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,091</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(616,475</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="50%"> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (Loss) / Income</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">134,355</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(41,145</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(355,172</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,394,578</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">87,237</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="50%"> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (Loss) / Income on Minority Interests in Subsidiaries</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(17,151</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12,901</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,844</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">60,069</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(73,935</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR>
 <TD width="50%"> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Final Consolidated (Loss) / Income</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">117,204</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(54,046</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(350,328</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,334,509</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,302</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="50%"> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net Operating Revenue </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,688,606</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,226,549</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">580,127</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,542,582</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,655,980</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Operating Income </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">798,143</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">494,718</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(208,786</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,999</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">136,810</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (Loss) / Income per Ordinary Shares </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2) (11)</FONT></SUP></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.25</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.14</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.95</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4.84</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.06</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (Loss) / Income per ADS <SUP>(2) (11)</SUP></FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.75</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.42</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2.85</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(14.52</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.18</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash dividends per Ordinary Share </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.05728</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash dividends per ADS </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.17184</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net Operating Income per Ordinary Shares </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2) (11)</FONT></SUP></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.69</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.28</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.57</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.07</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.65</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net Operating Income per ADS <SUP>(2) (11)</SUP></FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5.07</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.84</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1.71</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.21</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.95</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Average Ordinary Shares outstanding (000s) Primary </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">471,361</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">385,334</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">368,128</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">275,672</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">209,631</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (Loss) / Income per Ordinary Shares </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2) (12)</FONT></SUP></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.25</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.13</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.95</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4.62</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.06</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (Loss) / Income per ADS <SUP>(2) (12)</SUP></FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.75</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.39</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2.85</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(13.86</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.18</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash dividends per Ordinary Share </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.05728</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash dividends per ADS </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.17184</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net Operating Income per Ordinary Shares <SUP>(2) (12)</SUP></FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.69</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.18</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.57</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.06</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.65</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net Operating Income per ADS <SUP>(2) (12)</SUP></FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5.07</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.54</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1.71</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.18</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.95</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Average Ordinary Shares outstanding (000s) Primary </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">471,361</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">419,745</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">368,128</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">288,880</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">209,631</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amounts in accordance with U.S. GAAP:</FONT></B> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=left nowrap>&nbsp; </TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=left nowrap>&nbsp; </TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=left nowrap>&nbsp; </TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=left nowrap>&nbsp; </TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=left nowrap>&nbsp; </TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (loss) Income </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(13)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,634,612</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,407,519</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(26,356</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,922,578</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3,351,566</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (loss) Income per Ordinary Share <SUP>(2) (11)</SUP></FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.47</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.65</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.07</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10.60</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(15.99</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (loss) Income per ADS <SUP>(2) (11)</SUP></FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.41</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.95</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.21</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(31.80</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(47.97</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Average Ordinary Shares outstanding (000s) Primary </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">471,361</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">385,334</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">368,128</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">275,672</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">209,631</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (loss) Income per Ordinary Share <SUP>(2) (12)</SUP></FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.47</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.35</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.07</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10.12</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(15.99</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (loss) Income per ADS <SUP>(2) (12)</SUP></FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.41</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.05</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.21</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(30.36</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(47.97</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Average Ordinary Shares outstanding (000s) Primary </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12)</FONT></SUP> </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">471,361</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">419,745</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">368,128</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">288,880</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
 <TD width="2%">&nbsp; </TD>
 <TD width="7%" align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">209,631</FONT></TD>
 <TD width="1%" align=left nowrap GUTTER>&nbsp; </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="55%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="14" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">For the Fiscal Year Ended December 31,</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD width="55%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="14" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(9)</FONT></SUP></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003</FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(9)</FONT></SUP></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2002</FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(9)(10)</FONT></SUP></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2001</FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(9)(10)</FONT></SUP></B></TD>
</TR>
<TR>
 <TD width="55%"> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD colspan="14" align=center nowrap>
   <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos) </FONT></B><B><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></SUP></B></TD>
  </TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CONSOLIDATED BALANCE SHEET</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amounts in accordance with Argentine Banking GAAP</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash and due from banks</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,611,506</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,666,617</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,639,154</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,050,636</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,899,133</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government and private securities</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,504,311</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,476,948</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,042,451</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,239,859</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,506,631</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans, net of allowances</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,481,476</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,268,723</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,336,352</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,283,971</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,112,926</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other assets</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,386,455</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,629,384</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,339,882</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,588,352</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,833,141</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="55%"> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total assets</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,983,748</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,041,672</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,357,839</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,162,818</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,351,831</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="55%"> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deposits</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,613,086</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,993,780</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,078,216</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,921,468</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,140,378</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other liabilities and minority interest in subsidiaries</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,569,115</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,363,549</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,705,646</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,317,045</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,159,781</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="55%"> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total liabilities and minority interest in subsidiaries</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,182,201</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,357,329</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,783,862</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,238,513</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,300,159</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="55%"> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital stock</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">471,361</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">471,361</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">368,128</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">368,128</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">209,631</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Issuance premiums</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">175,132</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,195,390</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">934,211</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">934,211</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">343,215</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Adjustments to stockholder&#146;s equity</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">312,979</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">769,904</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">769,904</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">769,904</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">742,537</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Retained earnings</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">428,698</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">430,500</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">430,500</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">430,500</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">430,500</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unrealized valuation difference</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">230,282</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">230,282</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">430,282</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">430,282</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unappropriated earnings</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">183,095</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,413,094</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,359,048</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,008,720</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">325,789</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="55%"> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total stockholders&#146; equity</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,801,547</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,684,343</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,573,977</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,924,305</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,051,672</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="55%"> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amounts in accordance with U.S. GAAP</FONT></B> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total Assets </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(13)</FONT></SUP> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,421,682</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,069,122</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,440,507</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,467,287</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19,772,824</FONT></TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total Stockholders&#146; equity </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(13)</FONT></SUP> </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">246,268</FONT></TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,325,801</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3,010,278</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,824,245</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,006,825</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SELECTED RATIOS IN ACCORDANCE WITH</FONT></B> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ARGENTINE BANKING GAAP</FONT></B> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Profitability and Performance</FONT></I> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Return on average total assets </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5)</FONT></SUP> </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.73</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.33</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2.15</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6.93</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.05</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Return on average stockholders&#146; equity </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6)</FONT></SUP> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6.72</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3.32</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(20.03</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(67.13</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.62</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Services charge income as a percentage of operating expenses</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">92.95</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">86.04</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">64.35</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63.14</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">84.18</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Operating expenses as a percentage of average total assets </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(7)</FONT></SUP> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.85</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.20</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.38</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.51</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5.42</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital</FONT></I> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stockholders&#146; equity as a percentage of total assets</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11.27</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.50</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9.62</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11.91</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9.18</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total liabilities as a multiple of stockholders&#146; equity</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7.87</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">x</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8.52</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">x</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9.39</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">x</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7.40</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">x</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9.89</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">x</FONT></TD>
</TR>
<TR>
 <TD colspan=16>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit Quality</FONT></I> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD GUTTER nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Allowances for loan losses as a percentage of total loans</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.13</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.14</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5.22</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.27</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7.37</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Non-performing loans as a percentage of gross loans </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8)</FONT></SUP> </TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.08</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.11</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6.66</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11.19</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.95</FONT></TD>
 <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Allowances for loan losses as a percentage of non-performing</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">loans </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8)</FONT></SUP> </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">197.80</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">192.79</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">78.39</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">91.79</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">186.48</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Except per-share and per-ADS data and financial ratios.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Assumes average ordinary shares outstanding in each period. The cash dividend amounts do not reflect any deduction for certain charges that are taken with regard to the &#147;American Depositary
Receipts&#148;.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Includes: financial income, financial expenses, service charge income and service charge expenses.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(4)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Includes: financial income, financial expenses, provision for loan losses, services charge income, service charge expenses and operating expenses.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(5)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Net income as a percentage of average total assets, computed as the average of fiscal-year-beginning and fiscal-year-ending balances.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(6)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Net income as a percentage of average stockholders&#146; equity, computed as the average of fiscal-year-beginning and fiscal-year-ending balances.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(7)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Operating expenses as a percentage of average total assets, computed as the average of fiscal-year-beginning and fiscal-year-ending balances.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(8)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Non-performing loans include all loans to borrowers classified as &#147;problem&#148;, &#147;deficient servicing&#148;, &#147;high insolvency risk&#148;, &#147;difficult recovery&#148;,
&#147;irrecoverable&#148; and &#147;irrecoverable for technical decision&#148; according to the Central Bank&#146;s loan classification system as well as all loans contractually past due 90 days or more. See &#147;</FONT><I><FONT BASESIZE=1 size=1
BASEFACE="serif" face="serif">Information on the Company&#151;Selected Statistical Information&#151;Allowance for Loan Losses and Loan Loss Experience&#148;.</FONT></I></TD>
</TR>

<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(9)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Restated from its original version to apply the adjustments to prior years income to these Consolidated Financial Statements related with Argentine Central Bank regulations (see Note 3.5.18. to
our Consolidated Financial Statements).</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(10)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">The Financial Statements for the fiscal year ended December 31, 2002 and 2001 were restated in the February 28, 2003 currency by applying the adjustment rate derived from the internal WPI
published by INDEC.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(11)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">The average ordinary shares outstanding was computed as the average of the previous twelve months.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(12)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">The average ordinary shares outstanding was computed as the average of fiscal-year-beginning and fiscal-year-ended.</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="5%" valign=top nowrap><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(13)</FONT></TD>
    <TD width=95% valign="top"><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Restated from its original version to apply the adjustments required by US GAAP to prior years income to these Consolidated Financial Statements (see Note 17.15.).</FONT></TD>
  </TR>
</TABLE>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash Dividends</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The table below shows the cash dividends paid on each ordinary share and the equivalent of those dividends expressed in terms of dividends per American Depositary
Share, each representing three ordinary shares (the &#147;ADSs&#148;), in each case adjusted for all stock dividends during the relevant periods. The Central Bank requires that we maintain 20% of our net income in legal reserves.</FONT></P>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>


<TR valign="bottom">
 <TD width=64% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD nowrap colspan=4 align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Cash Dividends<br>
Per Ordinary Share</FONT></B></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="4" align=center nowrap>
         <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Cash Dividends Per<br>
ADS</FONT></B></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="64%"> </TD>
 <TD width="2%"> </TD>
 <TD colspan=4>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"><HR align="center" width="100%" size=1 noshade> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=64% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
 <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Ps.</FONT></B><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></SUP></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36;</FONT></B><SUP>(2)</SUP></FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Ps.</FONT></B><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></SUP></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36;</FONT></B><SUP>(2)</SUP></FONT></TD>
  </TR>
<TR>
 <TD width="64%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=64% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">December 31, 2005 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3) (4)</FONT></SUP></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.05728</FONT></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.17619</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.17184</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.52858</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=64% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">December 31, 2004 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=64% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">December 31, 2003 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=64% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">December 31, 2002 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=64% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">December 31, 2001 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=96% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Historical values.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=96% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Based upon the reference exchange rate quoted by Central Bank on the date of payment.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD width=96% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">On April 2002, the Central Bank suspended the payment of dividends by Argentine financial institutions. As of June 2, 2004, pursuant to Communication &#147;A&#148; 4152 the Central Bank will make
some exceptions to the suspension of profits distributions and may pre-authorize dividend payments under certain conditions. See &#147;</FONT><I><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Financial Information &#150;
 Dividends&#148;</FONT></I><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(4)</FONT></TD>
 <TD width=96% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Dividends were paid on June 2, 2006 (see Note 18 to the Consolidated Financial Statements).</FONT></TD>
</TR>
</TABLE>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exchange Rates</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table shows the annual high, low, average and year-end free and controlled exchange rates for dollars for the periods indicated. The Federal Reserve
Bank of New York does not report a noon buying rate for pesos. </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Year /Period</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">High</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Low</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Average </FONT></B><B><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></SUP></B> </TD>
</TR>
<TR>
 <TD width="76%" align="left">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">May 2006 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0868</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0367</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0535</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">April 2006 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0828</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0367</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0663</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">March 2006 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0845</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0650</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0763</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">February 2006 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0757</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0625</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0689</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">January 2006 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0637</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0305</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0460</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2005 <SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP></FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0523</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 2.8592</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 2.9232</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">December 2005 </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0523</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 2.9700</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0145</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2004 <SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP></FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.0718</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 2.8037</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 2.9415</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2003 <SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP></FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.3625</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 2.7485</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 2.9493</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2002 <SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP></FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 3.8675</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 1.0000</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 2.9793</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2001 <SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></SUP></FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 1.0000</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 1.0000</FONT></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ps. 1.0000</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">The average of monthly average rates during the period.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Source: Banco Naci&oacute;n. From December 23, 2001 through January 11, 2002, Banco Naci&oacute;n did not publish an official exchange rate due to governmental suspension of the exchange
market.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Source: Central Bank.</FONT></TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The exchange rate on June 15, 2006 was Ps.3.0778 = US&#36;1.00.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fluctuations in the exchange rate between pesos and dollars affect the dollar equivalent of the peso price of the ordinary shares on the Buenos Aires Stock Exchange
(Bolsa de Comercio de Buenos Aires &#151; the &#147;BCBA&#148;) and as a result, would most likely affect the market price of the ADSs. Fluctuations in exchange rates also affect dividend income measured in dollars. The Bank of New York, as
depositary for the ADSs is required, subject to the terms of the deposit agreement, to convert pesos to dollars at the prevailing exchange rate at the time of making any dividend payments or other distributions. The following table shows the rate of
devaluation of the peso vis-&agrave;-vis the dollar, the rate of exchange (number of pesos per dollar prevailing in the Argentine foreign exchange market) and the rate of inflation for wholesale prices for fiscal year ended December 31, 2005 and for
the four most recent fiscal years. Since the repeal of the Convertibility Law in January 2002, the peso has devalued approximately 207.78% vis-&agrave;-vis the dollar. </FONT></P>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
 <TD width=55% align=left nowrap>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD colspan="14" align=center nowrap>
         <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">For the Fiscal Year Ended December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="55%"> </TD>
 <TD> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD align="center" GUTTER>
<HR noshade size=1> </TD>
 <TD align="center"><HR noshade size=1></TD>
 <TD colspan=7 align="center">
<HR noshade size=1> </TD>
 <TD align="center" GUTTER>
<HR noshade size=1> </TD>
 <TD align="center"><HR noshade size=1> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>&nbsp; </TD>
 <TD>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
 <TD align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003</FONT></B></TD>
 <TD align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2002</FONT></B></TD>
 <TD align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2001</FONT></B></TD>
  </TR>
<TR>
 <TD width="55%"> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Devaluation Rate</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.94</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.39</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12.71</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">236.00</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.00</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exchange Rate</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.0315</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.9738</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.9330</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.3600</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.0000</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Inflation Rate </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></SUP> </TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.59</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7.92</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.84</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">118.21</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
 <TD>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5.45</FONT></TD>
 <TD align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT></TD>
</TR>
</TABLE><BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">The inflation rate presented is the general WPI published by the INDEC.</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6</FONT></P>

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<p style="page-break-before:always"></p>

<br>
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<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Risk Factors</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Factors Related to Argentina</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Overview</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We are an Argentine corporation (sociedad an&oacute;nima) and most of our operations, properties and customers are located in Argentina.
Accordingly, the quality of our assets, our financial condition and our results of operations depend primarily on macroeconomic and political conditions prevailing in Argentina. Our country has experienced an economic and political crisis in past
years, marked by a severe recession and the abandonment of U.S. dollar-peso parity, which led to a significant devaluation of the peso against foreign currencies. These conditions have had an adverse effect on Banco Franc&eacute;s&#146;s financial
condition and results of operations, but currently, and after a strong economy comeback, the Bank is in a steady recovery process, but no assurance can be given that this trend will continue. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the last quarter of 2001, following almost four years of recession, high levels of external indebtedness, and the highest country risk ratings level yet,
Argentina found itself in a critical economic situation marked by a significant decrease in banking deposit levels, high interest rates, a significant decline in the demand of products and services, and a substantial increase in unemployment. The
economic debacle was accompanied by a political crisis that led to the resignation of President Fernando De la R&uacute;a in December 2001, which was followed by a quick succession of interim presidents in the course of ten days, which then ended
with the election by the Legislative Assembly of Senator Eduardo Duhalde (senator of the Justicialist Party) as president in January 2002. During his term in office, President Duhalde adopted a number of measures designed to help stabilize the
economy, including ratifying the suspension of payments of a portion of Argentina&#146;s sovereign debt. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By late 2001, significant deposits were withdrawn from financial institutions as a result of the lack of confidence in the country&#146;s economic future and the
Government&#146;s ability to sustain the parity of the peso with the U.S. dollar. This run on deposits had a material adverse effect on the Argentine financial system as a whole, including Banco Franc&eacute;s. For the most part, banks suspended the
disbursement of new loans and focused on collection activities to be able to pay their depositors. However, the general unavailability of external or local credit created a liquidity crisis that hindered collections by financial institutions thus
adversely affecting their ability to refund deposits. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On December 1, 2001, in light of the severe withdrawal of deposits from the financial system, the Government established tight restrictions on cash withdrawals from
banks and imposed controls on the transfer of funds outside of Argentina. The restrictions on cash withdrawals from banks, known as the &#147;corralito,&#148; were lifted by December, 2002. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The rapid and radical nature of the changes in the Argentine social, political, economic and legal environment, and the absence of a clear political consensus in
favor of the Government or any particular set of economic policies, created an atmosphere of great uncertainty. The measures adopted by the government during 2002 led to economic crisis and resulted in a profound change to the Argentine monetary and
foreign exchange regime, and to the regulatory framework for all business sectors in Argentina. This strongly impacted economic activity, contracting GDP by 10.9% during the year, and significantly depreciated the peso, which, in turn, led to a
41.4% and 118.2% increase in retail and wholesale prices, respectively. The Government implemented measures aimed at addressing the effects of amending the Convertibility Law and the asymmetric conversion into pesos of foreign currency denominated
debts and bank deposits subject to Argentine law, were also designed to allow the Government to recover access to financing, reduce Government spending, restore liquidity to the financial system, reduce unemployment, and generally stimulate the
economy. Beginning in July 2002 the demand for pesos began to grow. The peso began to appreciate, the consumer inflation rate decreased sharply and deposits began to flow back into the financial system, attracted in part by high interest rates.
Employment in the private sector also showed a modest increase in the second part of the year as a result of growth in the tradable goods sector. Industrial activity, driven by exports and import substitution, began to recover in April 2002 and
reached a monthly growth rate of 1.7% in the last quarter of the year. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On May 25, 2003, N&eacute;stor Kirchner became the new President of Argentina, for a term that is scheduled to expire on December 10, 2007. Since 2003, there has
been a favorable evolution in the Argentine economy, ending the economic recession that lasted over four years. The following economic indicators are worth mentioning: i) The GDP increased by 8.8%, 9.0% and 9.2% during 2003, 2004 and 2005
respectively; ii) unemployment rate declined from 20.7% to 10.1% between the 4th quarters of 2002 and 2005; iii) total deposits in the financial system grew approximately 80.5% between December 2002 and December 2005; iv) the foreign exchange rate
after depreciating to Ps.2.96 per U.S. dollar at the end of 2003, remained relatively stable at around 3 pesos per dollar;  </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7</FONT></SUP></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
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<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">v) a steadier financial context with an increase in the deposits made in financial institutions; and vi) a marked increase in
the market value of Government securities. More significantly, in February 2005 the Argentine Government announced its plan to restructure its bonds which have been in default since 2001, approximately US&#36;80 billion. The Government offered to
exchange the outstanding bonds for bonds worth roughly 35% of the original bonds. In March 2005, the Government announced that 76% of bondholders accepted its offer and tendered their bonds. The Government subsequently announced that it would not make payments on bonds that were not tendered. In June 2005 the Government issued and
delivered the new bonds in exchange for the defaulted bonds. These new bonds were originally scheduled to be issued and delivered in April 2005, but the completion of the exchange offer was delayed due to litigation by hold-out creditors. Although
the economic policies implemented by the Kirchner administration have succeeded in the short and mid-terms, there still remain major issues to be resolved, such as contracts with privatized public utilities and continuing default with respect to the
pre-existing sovereign debt of the Argentine government that did not participate in the government&#146;s exchange offer consummated in June 2005. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Four years have elapsed since the beginning of the crisis in Argentina&#146;s financial system, and despite encouraging developments in the Argentine economy,
such as the stabilization of economic variables, there are still a considerable number of macroeconomic and political issues that affect the complete normalization and may have an adverse effect on the banking system and the economy as a whole,
including an increase in the inflation.</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The devaluation of the peso and other economic measures adopted by previous government&#146;s, and sustained by the current Government, have stimulated economic
growth. After a period of high recession and contraction of the economy, the ceasing of payments of Argentina&#146;s debts, the devaluation of the &#147;peso&#148;, and the increase of poverty, Argentina was able to reverse the negative trends and
resume growth. The gradual closing of the output gap, together with specific price adjustments of certain regulated and semi-regulated goods and services, contributed to registering 6.1% retail inflation in 2004, significantly higher that the 3.7%
recorded in 2003. In 2005, the inflation accelerated further, increasing to 12.3%. It is possible that Argentina may experience higher inflation in the future that could limit economic growth and have a material adverse effects on Argentina&#146;s
financial system, and our results of operations and financial condition. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Furthermore, the Kirchner administration&#146;s principal challenge is to generate confidence, and create conditions that allow for long-term and sustainable growth.
It cannot be assured that the necessary reforms will be implemented to foster economic growth, keep inflation under control and reestablish political confidence and such circumstances would likely have an adverse effect on the economy</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Payment to the IMF reduces backing in international reserves, and may affect the country&#146;s ability in case of facing a new scenario of future financial
crisis. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At the beginning of December 2005, President Kirchner announced the Executive intention to make an early prepayment all of the Government&#146;s debt outstanding
with the IMF. The administration announced that it intended to use excess foreign reserves available at the Central Bank of approximately US&#36;8 billion. On January 3, 2006, the Argentine Government, made an early and total payment of all amounts
due to the IMF for an approximate amount of US&#36;S9.55 billion. This reduction of Argentina&#146;s international reserves weakens its capacity to face international shocks and may limit access to international capital markets and foreign currency.
The depletion of the Central Bank&#146;s reserves could also inhibit the Central Bank&#146;s ability to intervene in the foreign exchange market in order to stabilize the peso in case of an attack on the currency. Conversely, the attempt to
recompose the level of international reserves held prior to the payment to the IMF could lead to substantial increase in Central Bank intervention in the FX market thereby accelerating growth in the monetary aggregates and raising inflationary
pressures. Notwithstanding, as of end of May 2006, the Central Bank had recovered almost 60% of its reserves prior to the IMF payment, which means that approximately US&#36;5.6 billion entered the foreign reserves of the Central Bank.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The incomplete restructuring of Argentina&#146;s sovereign debt may affect the future of economic performance </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Argentine debt exchange offer closed on February 25, 2005. On March 18 2005, the Argentine government announced the final results of the debt restructuring
process, with a rate of participation by bondholders of approximately 76.15% and an aggregate tendered amount of US&#36;62.3 billion. Despite the high levels of acceptance of the offer, the amounts not tendered for exchange totaled approximately
US&#36;20 billion, which creates uncertainty as to the final resolution of the sovereign debt problem and its impact on the future performance of the Argentine economy. The settlement of the debt exchange was completed on June 2005 due to a delay
resulting from legal action by certain bondholders who did not participate in the exchange offer and attempted to attach the tendered bonds. Some of these bondholders have legal actions against the Argentine government, therefore the Treasury
Department of the United States and the IMF have insisted that the Argentine government provide a clear strategy directed to those bondholders who did not participate in the exchange offer. </FONT></P>

<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8</FONT></P>

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<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">This circumstance, might lead to a prolonged period where no new alternatives are offered to &#147;hold-outs&#148; and a significant proportion of Argentine public
debt remains in default. Therefore, sovereign credit ratings will not improve significantly, while the risk of an attachment being made on an Argentine international payment subsists and might adversely affect access to international financing for
the banking system. </FONT></P>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The devaluation of the peso diminished the ability of Argentine companies, with foreign currency denominated debt to make payments on such debt. Accordingly, no
assurance can be given that this issue will not have a material and adverse effect on Argentina&#146;s economic and financial condition in the future. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The economic policies of the Argentine government as well as any future decrease in the value of the peso against the US dollar might have an adverse impact on the
financial condition and the results of operations of Argentine companies. The peso has devalued in the past and may fluctuate significantly in the future. Law No.25.561, or the public Emergency and Foreign Exchange Regime Reform Law (the
&#147;Public Emergency Law&#148;), promulgated on January 6, 2002, terminated over a decade of one-to-one parity between the US dollar and the peso and authorized the Argentine government to set the exchange rate. Subsequent to the devaluation of
the peso in early 2002, a floating exchange rate regime was adopted and significant fluctuations in the value of the peso may be offset by repeated interventions of the Central Bank through sales of US dollars. In the past 3 years, however, the peso
has remained relatively stable and Central Bank intervention through the purchase of US dollars has prevented a further appreciation of the peso. The Public Emergency Law has been extended until December 31, 2006. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">However, it can be no assurance that the policies implemented by the Argentine government in the future will stabilize the value of the peso against foreign
currencies and therefore, the peso may continue to be subject to significant fluctuations and depreciations in the future, which might significantly and adversely affect the financial condition and the results of operations of Argentine companies.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The stability of the foreign exchange market have led the Government to relax currency exchange controls. However, no assurance can be given that currency
exchange controls will not again be tightened and that such circumstance will not have a material adverse effect on the results and the solvency of the financial system. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During the first quarter of 2002 and as the economic crisis deepened, the Government established a series of currency restrictions and foreign exchange controls.
These measures included a prohibition of fund transfers abroad as a general matter, except in connection with foreign trade transactions, payment of purchases or withdrawals made through credit or debit cards and settlement of financial
transactions, as well as the requirement of Central Bank&#146;s approval to transfer funds outside of Argentina for purposes of paying principal and interest on financial loans. Since then, the currency restrictions and foreign exchange controls
have been gradually relaxed in light of the increasing stability in the foreign exchange market. See </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Additional Information &#150; Exchange Controls&#148;.</FONT></I><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif"> While the foreign exchange system has become more flexible under current regulations, there can be no assurance that the Government will not again tighten these restrictions or otherwise change the
current foreign exchange system or that one or more of the types of transactions described in this annual report will not be severely restricted. Such restrictions could have a material adverse effect on the Argentine financial system, and on our
results of operations and financial condition. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial institutions, have made payments related to currency exchange rate differences in the refunding of deposits as ordered by the courts, for which
financial institutions have not been compensated. Such payments have had a material and may continue to have an adverse effect on the liquidity and the solvency of the financial system and on its financial condition. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The measures adopted by the Federal Executive with respect to the political, economic, financial and foreign exchange emergency triggered a number of legal actions
filed by individuals and companies, in the form of constitutional protection actions (judicial injunctions resulting in the immediate release of frozen deposits), against the Federal Government, the BCRA and Financial Institutions as the petitioners
mainly arguing that the Law on Public Emergency and its supplementary provisions are unconstitutional. Based, mainly in the &#147;Kiper against Federal Government and Others&#148; case, dictated by the Supreme Court, the courts massively started to
dictate through constitutional protection actions, the partial reimbursement of bank deposits in US dollars or Argentine pesos at the &#147;floating&#148; exchange rate. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On March 11, 2002, the Argentine Association of Government-owned and Private Banks and the Argentine Bank Association filed a &#147;per saltum&#148; appeal with the
Argentine Supreme Court under section 195 &#147;bis&#148; and following of the Argentine Code of Civil and Commercial Procedure (according to the modification introduced by Law No. 25,561). The appeal was filed for the benefit of government-owned
and private banks members of such associations and was based on the Argentine institutional and systemic crisis, and on the need to comply with effective regulations to achieve an ordered and gradual solution for the restrictions affecting the
financial system and guaranteeing a plurality of interest. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9</FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Supreme Court of Justice (&#147;CSJN&#148;) has handed down the following decisions in relation to the claims filed as a result of the emergency situation
described above: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On March 5, 2003, the action for the protection of constitutional rights brought against the Federal Government by the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Province of San
Luis, the Banco de la Naci&oacute;n Argentina and the BCRA was declared to be unconstitutional, ordering the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">return of the amounts deposited in either US dollars or the equivalent in pesos
at the free market rate of exchange.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On July 13, 2004, in the case &#147;Cabrera, Ger&oacute;nimo Rafael v. Argentine Executive Branch on action for the protection of</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">constitutional rights (amparo)&#148;, it rejected the claim of a depositor on the grounds that the depositor had exercised his rights</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">within the framework of the emergency
laws and collected a portion of his deposit in pesos without reserving the right to</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">claim the difference in U.S. dollars at the exchange rate prevailing in the open market.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On September 14, 2004, in the case entitled &#147;CAMPBELL, Mar&iacute;a Enriqueta Vda. De Tufi&ntilde;o y otro c/ P.E.N. - Banco de</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Salta S.A. Grupo Macro s/ AMPARO- Medida cautelar&#148;, the CSJN rejected the claim of a depositor which was filed before</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the Court of original Jurisdiction and the Court of
appeal, declaring the unconstitutionality of the emergency rule questioned</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">regarding the pesification of the deposit funds in foreign currency.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On October 26, 2004, in the case entitled &#147;BUSTOS, ALBERTO ROQUE Y OTROS c/ P.E.N. Y OTROS s/ AMPARO&#148;,</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the CSJN revoked a
decision on the protection of constitutional rights (amparo), declaring that such action is not adequate</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">for such claim and upheld the constitutionality of the rule by which the Argentine
economy was pesificated due to the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">economic, financial and exchange emergency situation which the country is going through, also confirmed by Congress</FONT> <FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">Law. The revoked decision of the Original Jurisdiction does not state how the Judge of this jurisdiction will resolve the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">fulfillment of the Court and for
such reason proceed to the refund of the amount already paid due to the legal claims ordered</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">by a Grade Judge.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Moreover, in connection with the above commented cases, on February 3, 2004, the ABA, which groups all national banks of foreign-capital, filed with the Ministry of
Economy a request for compensation of the exchange gain/loss resulting from compliance with judicial injunctions related to constitutional protection actions commenced by holders of deposits denominated in US Dollars prior to the alteration of the
convertibility regime. The Bank has consented to such filing.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of the date hereof, most Argentine banks continue to be subject to precautionary measures and execution of judgments rendered by first or second instance courts
as well as to decisions that adhered to the Supreme Court rulings in respect to the constitutionality of pesification and adhering to the own acts&#146; theory (as described in the mentioned cases: &#147;Cabrera, Ger&oacute;nimio Rafael v. Argentine
Executive Branch on action for the protection of constitutional rights&#148;, &#147;CAMPBELL, Mar&iacute;a Enriqueta Vda. De Tufi&ntilde;o y otro c/P.E.N. &#150; Banco de Salta S.A. Grupo Macro s/Amparo-Medida Cautelar&#148;, and &#147;BUSTOS,
ALBERTO ROQUE Y OTROS c/P.E.N. Y OTROS s/AMPARO&#148;.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Enforcement of the precautionary measures ordered by different courts in constitutional protection actions imply for the financial system substantial losses of
capital. The Bank has informed of these losses to the Ministry Economy and the BCRA and has sought to reserve all of its legal rights. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To date the authorities have not ruled on possible compensation for the financial system in relation to these matters. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Furthermore, pursuant to Communication &#147;A&#148; 3916 dated April 3, 2003, the BCRA resolved to allow the capitalization of the differences arising from
compliance with court orders in cases challenging regulations in force in accordance with Law 25,561, Decree 214/02 and complementary regulations in relation to deposits within the financial system. This asset (calculated according to the difference
in nominal terms between the deposit at the free market exchange rate at the moment of each payment compared to the book vale of 1.40 pesos per dollar plus CER to that date) is being amortized in 60 monthly installments as of April 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Class actions against financial entities for an indeterminate amount, may affect the profitability of the financial system. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At the moment certain public and private organizations have attempted collective actions against financial institutions in Argentina. Class actions are established
in Argentina in the National Constitution but have not been regulated for their use. Nevertheless courts have admitted class actions in the absence of specific regulation, covering the legal void. These courts have  </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10</FONT></P>

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<p style="page-break-before:always"></p>

<br>
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<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">admitted diverse lawsuits against
financial entities initiated in defense of collective interests, based on arguments of objection of overcharging on products, applied interest rates, advice in the sale of public securities, etc. </FONT></P>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Economic conditions in Argentina could potentially restrict the access to the capital markets and third-party funding. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In view of the combination of macroeconomic and regulatory developments in Argentina principally during 2002 and the adverse effect of those events on the financial
condition, Argentine entities encountered significant difficulties in accessing the capital markets and alternative long term financing. No assurance can be given that Argentine entities will be able to access the securities markets or that they may
reply on third-party funding, either locally or internationally, in amounts sufficient to meet future projects obligations. In addition, no assurance can be given to investors that the current macroeconomic environment in Argentina will be
maintained in the long term, thereby adversely affecting Argentine entities&#146; ability to generate funds sufficiently to meet their current and future debt obligations. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government measures designed to exercise greater control over funds entering the country may disrupt the enterprises ability to access the international capital
markets </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentina&#146;s executive branch enacted Decree No. 616/2005 to regulate funds coming into and flowing out of Argentina. The government has publicly announced that
these measures are intended to maintain stability and support the economic recovery of the country. These measures require that 30% of the funds remitted to Argentina must be deposited in an account with a local financial institution as a US dollar
deposit for one year, without accruing interest. Financial sector and nonfinancial private sector inflows originated from foreign financial borrowings that are invested in nonfinancial assets and must be fully repaid (principal and interest) within
24 months from the date of the borrowing, are not subject to the foregoing deposit requirement. These measures may adversely affect the Argentine entities ability to access the international capital markets and to effectively invest the funds raised
in any such financing which could materially adversely affect Argentine entities&#146; financial condition and results of operations. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Factors Related to Banco Franc&eacute;s</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s has a significant portfolio of public bonds, and loans to, the Argentine Government and Argentine provinces, including recently restructured
debts. Because of our high level of exposure, a failure by the federal or provincial governments to meet their obligations in accordance with their terms would have a material adverse effect on our financial condition.</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005 Banco Franc&eacute;s and its subsidiaries&#146;s holdings of public sector debt totaled approximately Ps.7,972.6 billion, consisting mainly
of: (i) External and Internal Restructured debt: Ps.3,808.0 million in secured loans; Ps.105.3 million in guaranteed bonds; and Ps.3.3 million in other provincial loans (ii) External Debt restructured: Ps.652.0 million in Argentine Peso denominated
Bonds and Ps.88.1 million in Argentine Dollar denominated Bonds; (iii) Internal debt in the restructuring process: Ps.812.2 million in Provincial Development Trust Fund <SUP>(*)</SUP></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">; and (iv) Post default public debt: Ps.74.1 million in bonds issued to compensate for the pesification, which we refer to as Boden 2012, and Ps.180.8 million in
other bonds and Ps.2,248.8 million in Central Bank bills and notes. Of the outstanding public sector debt, only the External and Internal debt in the restructuring process mentioned in (iii) were in default. </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As a result of the Government&#146;s debt
restructuring, the Bank and its subsidiaries received for the defaulted portfolio Dollar denominated Discount bonds and Peso denominated Discount bonds, to be accounted for at the lower of: (a)the accounting value of the assets exchanged; or (b)the
face value of the new bonds (adjusted by CER up to March 17, 2005 in the cases of Discount Bonds in pesos) plus its future nominal interest cash flows (in accordance to Communication &#147;A&#148; 4270 and its amendments). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Although Banco Franc&eacute;s and its subsidiaries their reduced significantly its public sector exposure during 2005, Banco Franc&eacute;s continues to have a
significant portfolio of bonds and loans of the Argentine Government. Due to its high level of exposure, any Government proposal that changes the terms and conditions of repayment of the sovereign debt could have a material adverse effect on our
financial condition. A new default by the Government in respect of a substantial amount of its debt would have a material adverse effect on our financial condition. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font basesize=1 size=1 baseface="serif" face="serif"><font size="1">(*) As of May 31, 2006 the restructuration process has successfully ended and the Bank swapped this debt receiving Secured Bonds due 2020.</font></font><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The asymmetric conversion of foreign currency assets and liabilities into pesos has created a structural mismatch of terms and rates of assets and liabilities
that materially and adversely affected the Bank&#146;s results of operations in 2003. Banco Franc&eacute;s has a high level of exposure to the risks associated with this mismatch, which may have a material adverse effect on the Bank&#146;s future
profitability in the event real interest rates significantly increase from the current levels. </FONT></I></P>

<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s finds itself among the private banks in Argentina with the highest volumes of assets and liabilities with mismatched terms and interest rates
derived from the asymmetric conversion of foreign currency assets and liabilities into pesos. During fiscal year 2005 the Bank has fully paid the rediscounts received from the Central Bank with the proceeds of the sale of public sector bonds and
loans with longer duration than such liability, thus reducing the term mismatch. Furthermore, the following actions have reduced our exposure: (i) the increases in CER adjusted deposits; (ii) the sale of bonds of, and loans to the
Argentine</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government and the Argentine provinces from our portfolio; and (iii) the subscription of the necessary bonds to be delivered to depositors who had accepted the Government&#146;s swap option
plans, with CER adjusted assets accounted for in the books of the Bank. Despite these reductions in exposure, the Bank maintains a Ps.3.2 billion long CER position as of December 31, 2005. During fiscal year 2005 the remaining imbalance positively
affected the Bank&#146;s results of operations, within an environment of negative real interest rates. Nevertheless, no assurance can be given in connection with the future relative behavior of interest rates vis-&agrave;-vis the consumer price
index. If the real interest rates significantly increase, such increase could have an adverse effect on our profitability in the future. </FONT></P>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s, has made payments related to currency exchange rate differences in the refunding of deposits as ordered by the courts, for which the Bank
had not been compensated. Such payments have had a material and may continue to have an adverse effect on the liquidity and the solvency of the Bank. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s continued to be made part of Lawsuits (&#147;amparos&#148;). The Bank expects to present its defenses in line with the normative dictated by the
Government. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The judgments of the CSJN mentioned previously have not reduced the number of court orders issued by the inferior courts in the different jurisdictions of the
country where the trials are taking place. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s paid Ps.44 million of negative exchange rate difference during 2005 in compliance with court orders in lawsuits brought by the Bank&#146;s
customers, regarding deposit refunds. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s has been served with notice of provisional remedies, issued mainly in proceedings against the pesification, that require deposits to be refunded
in cash in amounts larger than those established by current law and regulations, or require the release of rescheduled deposits, or that declare the inapplicability of regulations issued by the Congress, the Federal Executive or the Central Bank. As
of the date of this report, neither Federal courts nor Buenos Aires City or Provincial courts have ruled on the merits of the such legal actions. Consequently, the final outcome of these legal actions is still unknown. These legal actions have had a
material and may continue to have an adverse effect on the results and the financial condition of Banco Franc&eacute;s. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine corporate disclosure, governance, and accounting standards may provide different information than would be provided under U.S. standards. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The securities laws of Argentina that govern publicly listed companies such as ours impose disclosure requirements that are more limited than those in the United
States in important respects. The Argentine securities markets are not as highly regulated and supervised as the U.S. securities markets. There are also important differences between accounting and financial reporting standards applicable to
financial institutions in Argentina and to those in the U.S. As a result, financial statements and reported earnings of Argentine financial institutions generally differ from those reported based on U.S. accounting and reporting standards. See
</FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Operating and Financial Review and Prospects&#151;US and Argentine Banking GAAP Reconciliation&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> for a
description of the principal differences between Argentine banking GAAP and U.S. GAAP and how they affect our financial statements and the reconciliation to U.S. GAAP of net income and total stockholders&#146; equity for the periods ended and as of
the dates therein indicated. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Lawsuits brought against us outside Argentina, the enforcement of foreign judgments and complaints based on foreign legal concepts may be
unsuccessful.</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We are a commercial bank organized under the laws of Argentina. Most of our shareholders, directors, members of the supervisory committee, and officers and certain
experts named herein reside outside the United States (principally in Argentina). Substantially all of our assets are located outside the United States. If any shareholder were to bring a lawsuit against our directors, officers or experts in the
United States, it may be difficult for them to effect service of legal process within the United States upon these persons or to enforce against them, in the United States courts, judgments obtained in the United States based upon the civil
liability provisions of the federal securities laws of the United States. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under
Argentine law, enforcement of foreign judgments is recognized provided that the
requirements of Articles 517 through 519 of the Federal Code of Civil and Commercial
Procedure are complied with. Among other requirements, the foreign judgment must
not violate the principles of public policy of Argentine law, as determined by
an Argentine court. In addition, there is doubt as to </FONT></P>
<P align="center">
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<p><br>
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">whether an action could
    be brought successfully in Argentina on the basis of liability based solely upon
the civil liability provisions of the United States federal securities laws. </FONT></p>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Because we are a financial institution, any insolvency proceeding against us would be subject to the powers and intervention by the Central Bank, which may limit
remedies otherwise available and extend the duration of the proceedings. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under Argentine law, the liquidation and commencement of bankruptcy proceedings against financial institutions, until their banking license has been revoked by the
Central Bank, may only be commenced by the Central Bank. If Banco Franc&eacute;s were unable to pay its debts as they come due, the Central Bank would intervene and revoke its banking license, and file a bankruptcy petition before a commercial
court. If the Central Bank intervenes, the reorganization proceeding could take longer and it is likely that the shareholders&#146; remedies would be restricted. During any such process, the Central Bank would have to consider its interests as a
regulator, and could well prioritize the claims of other creditors and third parties against the Bank. As a result of any such intervention, the shareholders&#146; may realize substantially less on the claims than they would in a bankruptcy
proceeding in Argentina, the United States or any other country. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The special rules that govern the priority of different stakeholders of financial institutions in Argentina, which give priority to depositors with respect to
most other creditors, may negatively affect other stakeholders in case of judicial liquidation or bankruptcy of the Bank. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine Law No. 24,485 in force since April 18, 1995, as amended by Law No. 25,089, provides that in case of judicial liquidation or bankruptcy of the Bank, all
depositors, irrespective of the type, amount or currency of their deposits, will have general and absolute preferential rights with respect to all other creditors, except for certain labor credits and credits secured with pledge or mortgage, to be
paid with 100% of the funds deriving from the liquidation of the Bank&#146;s assets. In addition, depositors of any kind of deposits have special preferential rights over the remaining creditors of the Bank, except for certain labor credits, to be
paid with (i) any of the Bank&#146;s funds which may be held by the Central Bank as total reserves, (ii) any remaining funds of the Bank in existence as of the date on which the Bank&#146;s license is revoked, or (iii) any funds derived from the
compulsory transfer of certain assets of the Bank according to instructions of the Central Bank, in the following order of priority: (a) deposits made by legal entities up to Ps.5,000 per entity, or its equivalent in foreign currency, (b) deposits
for terms exceeding 90 days, and (c) all other deposits on a pro rata basis. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Factors Related to Banco Franc&eacute;s&#146;s Subsidiaries </FONT></B></P>
<ul>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Consolidar AFJP S.A. </FONT></li>
</ul>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Overview</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">From the viewpoint of the Retirement and Pension Fund Administrators (Administradoras de Fondos de Jubilaciones y Pensiones or &#147;AFJPs&#148;), the mandatory
conversion of foreign currency denominated assets into pesos resolved by law in 2002 introduced a unilateral mechanism that enabled the different actors in the financial system to breach their contractual commitments, thus creating a series of
distortions for which there is no easy solution. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Regulatory changes occurred during 2002 brought about serious consequences that continued to pervade the Argentine pension system during 2005, such as the decline
in the value of the pension funds dollar terms as a result of the mandatory conversion into pesos of foreign currency denominated bonds of Argentine governmental and private issuers and the default declared in respect of domestic debt securities; an
increase in the risk associated with the position of AFJPs as fund managers; and delays in the procedures to obtain pension benefits payable by the Government due to administrative backlog and the Government&#146;s lack of resources to fulfill such
obligations. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exposure of AFJPs decreased by approximately 10%, and AFJPs&#146; investment portfolio assets grew considerably. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Since the government of president N&eacute;stor Kirchner took office in May 2003, the Government has been
promoting a reform in the pension system but the AFJPs have not been given an opportunity to participate in the process. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13</FONT></P>

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<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For
    more information about relevant developments affecting our subsidiaries engaged
    in the AFJP business, see </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">&#147;Information on the Company &#150; Recent Political and Economic
Developments in Argentina&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The restructuring process and other disruptions in the operations of AFJPs have exposed AFJPs to a heightened risk of litigation that may have a material adverse
  effect on their financial condition and results of operations. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The pesification of foreign currency denominated assets and liabilities greatly reduced the value of the assets in the pension funds managed by AFJPs in dollar
terms. The loss of value of AFJPs&#146; portfolios was aggravated by the restructuring of the Government&#146;s sovereign debt. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During the last sixteen months, just one lawsuit has been filed against AFJPs but it has been rejected by Court. However, new legal actions directed against the
AFJPs, their managers and directors could affect the assets of the AFJPs, which would have an adverse effect on the financial condition of AFJPs. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Government is promoting a reform of the pension system that may have far-reaching consequences for AFJPs.</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Government is currently promoting a reform of the pension system. Although the scope of the envisaged changes is still unclear, the Government has indicated that
any proposed modification would not replace the AFJP based system with a distribution system. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During 2005 no concrete measures were adopted towards the reform of the pension system. Nonetheless, no assurance can be given that the definitive reform plans will
not have a material adverse effect on the AFJP&acute;s industry. </FONT></P>
<ul>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Consolidar Compa&ntilde;&iacute;a de Seguros
    de Vida S.A. </FONT></li>
</ul>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The economic performance of our subsidiary Consolidar Compa&ntilde;&iacute;a de Seguros de Vida </FONT><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">S.A.</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">has been negatively affected by the economic crisis. Future
regulations  may also have a material adverse effect on its financial condition and results of operations.</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For pension life insurance companies, the Government&#146;s default on its debt obligations, together with the devaluation and the conversion of their portfolios
into pesos, has had an impact on their assets, which consists mostly of securities issued by the Argentine federal and local governments denominated in dollars, such as guaranteed loans, which were also converted into pesos. These companies need to
match their assets in close relationship with their technical liabilities, which, in this case, must be paid-in in pesos adjusted according to AFJP quota values. For this reason, certain regulatory reforms of the pension system may also have a
material adverse effect on pension life insurance companies.</FONT></P>
<ul>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Consolidar Compa&ntilde;&iacute;a de Seguros
    de Retiro S.A.</FONT></li>
</ul>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The devaluation of the peso and the conversion into pesos of all the foreign currency agreements has negatively affected and may continue to have a material
adverse effect on our subsidiary Consolidar Compa&ntilde;&iacute;a de Seguros de Retiro S.A. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Retirement insurance agreements comprise two well-defined stages. The first is the stage of savings and capitalization, when the capital is accumulated. During the
second stage the insurance company makes periodic payments to the insured party. During the capital accumulation stage, the contracts recognize the insured party&#146;s right to redeem the accumulated capital at any time prior to the beginning of
annuity payments. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The accumulated capital amounts of policy holders were affected by the devaluation of the peso and the conversion into pesos. The regulations for such conversion
only recognized the insured party&#146;s right to claim the value in pesos at a rate of one peso per U.S. dollar plus the adjustment of such amount according to the CER. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The insurers, in turn, were unable to return the agreed amounts as the Government&#146;s default on its debt, the devaluation and conversion into pesos had directly
affected their investments, which consist of deposits and private or public securities in foreign currency. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14</FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As
a consequence, policy holders started to seek reimbursements from the insurance
companies. Consolidar immediately responded by promoting a dialog with its clients,
which resulted in a very low level of litigation.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To
    minimize the damaging effects of the asymmetric conversion into pesos, Decree
    No. 558/02 enabled the insurers to offer to the insured parties redemption
    schemes contemplating a number of options. Following the new regulation,
    Consolidar submitted for approval of the Argentine Insurance Superintendency
    different option plans for the redemption or maintenance of policies issued
    in</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">dollars, which have been approved. At present these option plans are being offered to policyholders, and have already been accepted by more than 85% of the original portfolio, both in the number
  of policies and in amounts. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The investments made with reserves after the devaluation of the peso and the conversion of assets into pesos, the appreciation of the peso, and expectations
generated by institutional changes, have resulted in a decrease of the claims for redemption as a result of an attitude of cautious confidence in the current market practices on the part of the insured parties. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Possible claims derived from the conversion of life annuity agreements in dollars into Argentine pesos may have a material adverse effect on the financial
condition and results of operations of Consolidar Compa&ntilde;&iacute;a de Seguros de Retiro S.A. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Pension-related life annuity agreements originally denominated in dollars as of January 31, 2002 were converted into pesos at the rate of Ps.1.40 per U.S. dollar
plus an inflation adjustments according to CER index by decision of the National Insurance Superintendence. Initially, beneficiaries had in their accounts a greater amount in pesos as a result of the conversion, which increased their purchasing
power. As a result there were a minimal number of claims. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Even if these amounts were additionally increased by later gains made on such investments and exceeded any salary adjustment granted by the public sector as well as
the inflation for the period, Consolidar Compa&ntilde;&iacute;a de Seguros de Retiro S.A. has started to receive claims from insured parties. These claims, to this date, continue to be not material in comparison to the total policy portfolio. As of
December 31, 2005 there had been a total of 164 claims in a universe of 3.660 active life income accounts, representing 2.6% of the related portfolio. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The favorable evolution of the exchange rate, as well as the revaluation of public and private securities in default are elements that tend to reduce the probability
of further claims and legal actions against Consolidar Compa&ntilde;&iacute;a de Seguros de Retiro S.A. However, an increase in the number of claims and legal actions could have a material adverse effect on our financial condition and results of
operations. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 4. INFORMATION ON THE COMPANY</FONT></B></P>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">RECENT POLITICAL AND ECONOMIC DEVELOPMENTS IN ARGENTINA</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine Economic Scenario</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The key economic event during 2005 was the restructuring of the public debt in default launched by the Government in February pursuant to which the Argentine
government offered its creditors three types of bonds in exchange for the Argentine sovereign debt they hold, as well as bonds in lieu of past due interest on such sovereign debt. The exchange offer encompassed 81,836 million dollars in securities
held by residents and non residents, and achieved an acceptance rate of 76.15% . The new bonds issued after the exchange (par, discount &amp; quasi-par) amounted to 35,261 million dollars, among which 44% were denominated in pesos. The reduction in
the debt&#146;s face value and the improvement in currencies composition following the exchange, resulted in a significant contraction of the interest burdens and an extension of the maturity profile, with the first amortization of the principal of
the restructured debt taking place in 2024.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">There was no slow-down in the pace of economic activity and for the third consecutive year, the economy grew by 9.2% . According to the Monthly Estimator of Economic
Activity (EMAE), economic activity increased by 8.6% year over year during the first quarter of 2006. However, due to a lower employment/GDP elasticity, improvements in the unemployment rate were not as strong as in the previous year. The unemployment rate
fell to 10.1% during 2005 fourth quarter, two percentage points below 2004 fourth quarter. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">With an economy growing at high rates, inflationary pressures started to appear during the first quarter of the year. Inflation measured in terms of the consumer
price index averaged a 1% monthly increase during the year, with core inflation at a 1.1% monthly average. Regulated prices (mainly public utilities&acute; tariffs) had a moderating impact on inflation in spite of which, the year ended with a 12.3%
increase in prices, almost twice the rate of the previous year. The strong increase in food prices during the second half of the </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15</FONT></P>

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<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">year drove the government
to increase export taxes on meat and dairy products and to reach an agreement
with the main supermarket chains in December to reduce prices from a list of
selected products (mainly food, cleaning and toiletries) by 15%.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Greater
    optimism following the successful debt restructuring resulted in the return
    of positive capital flows to Argentina which added to the dollar surplus
    stemming from the trade balance. Increased export dynamics, mainly in manufactured
    industrial goods, </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">was
    reflected in a 15% accrued growth of volumes exported in 2005. Thus, the
    trade surplus for the year closed at 11,322 million dollars, only 6.5% below
    2004&#146;s, despite the 28% growth of
  imports. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In this environment of abundant foreign exchange supply and with the public sector as the main buyer of dollars with the purpose of honoring debt commitments with
multilateral organizations, the exchange rate that showed seasonal fluctuations similar to those of previous year, and closed 2005 at 3.03 pesos per dollar, slightly above December 2004 levels. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During 2005 the Government was able to sustain fiscal solvency and the primary result of the non financial public sector reached 19,661 million pesos, more than 13%
above previous year&#146;s surplus. Tax collection showed a 21.3% increase at year-end, and taxes with an increased relative participation were mainly represented by Income tax (due to the maintenance of non-taxable minimum incomes and restrictions
to companies for inflation adjustment) and social security taxes (due to improvements in employment and formality in labor markets). In general, improvements in collection were the result of an increased inflation, economic activity growth and
reduction of tax evasion. As of the second half of the year primary expenses started to grow at a rate stronger than that of revenues and this performance continued during the first quarter of 2006. The items that showed more increases were
transfers to provinces due to the tax Co-participation r&eacute;gime and capital expenses.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The year 2005 was characterized by the higher interest payments and debt amortizations, of approximately 12,000 million dollars, that the government had to
face due to different reasons, including the completion of the debt restructuring process and the lack of agreement with the IMF during the year. In order to honor these commitments, the government used the primary surplus of the year and of
previous years. In addition, some peso-denominated debt issuance (Boden 14) were placed for 3,000 million pesos and dollar-denominated (Boden 12) for 2,986 million dollars, consequently achieving the renewal of part of the maturities. By
mid-December, the government decided to pay off, completely and in advance, its 9,500 million dollar debt with the IMF making use of accrued international reserves at the Central Bank. This transaction was carried out at the beginning of January
2006, replacing those reserves at the Central Bank by a dollar-denominated government security with similar yield. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">IMF Financing</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In light of the fact that presidential elections would be held on April 27, 2003, a stand-by agreement with the IMF was based on a short-term transitional program
(January 1 &#150; August 31) aimed at maintaining macroeconomic stability during the political transition. After the transitional program, a new 36-month stand-by agreement in an amount of approximately US&#36;12.5 billion (equivalent to
amortizations payments falling due during the period) was signed with the IMF on September 10, 2003. Under the terms of that agreement, the World Bank and the IDB would maintain the levels of their exposure to Argentina and the Government would pay
interest on all its indebtedness with international financial institutions from its own resources. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fiscal and monetary targets agreed on with the IMF were met in excess during the first semester of 2004, even though structural reforms such as the reform of tax
revenue-sharing method between Government and Provinces and the renegotiation of public services contracts showed a lack of significant progress. In August 2004, the Argentine Government decided to temporarily call off the agreement with the IMF,
until the defaulted public debt restructuring process was completed. From then on, Argentina started to pay not only the interests payable to the IMF (as it was doing in accordance with the agreement) but also principal payments, thus reducing the
total debt with the entity.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">After the completion of the debt restructuring process in June 2005, discussions with the IMF were resumed but no agreement was reached, so Argentina continued to
make full payments on principal falling due during the whole of 2005. By mid-December, the government decided to cancel, completely and in advance, its 9,500 million dollar debt with the IMF making use of accumulated international reserves at the
Central Bank. This transaction was carried out at the beginning of January 2006 and Argentina will no longer be subject to quarterly revisions by the IMF since there is no program currently underway. Since Argentina maintains its membership in the
IMF, it will continue to be monitored by the IMF on a yearly basis according to the provisions of article IV of the IMF charter.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">International Monetary Situation</FONT></B></P>
<P align="left">&nbsp;</P>
<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">One
of the main characteristics of 2005 was the positive balance of world economic
growth despite the increases in oil prices. The coincidence of both factors timing
could be the result of an increase in world demand, that would be the cause of
a significant trade flow dynamism and an increase in raw material prices, mainly
energy and metals. This global economic framework of high growth favorably impacted
on Argentina, given the high prices of commodities and oil in particular, of
which Argentina is a net exporter. Furthermore, strong growth in Southeast Asia,
namely China, also had a positive impact on the domestic economy, due to the
fact that being one of the world&#146;s largest economies it maintained a remarkable
dynamism in investment, consistent with an expansion model that seeks the development
of exporting platforms. </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The relative increase of work-force resulted in a lower growth of wages, partially offseting the increase in energy expenses and curbing inflationary pressures. This
  allowed central banks to maintain a high liquidity in times of strong economic growth, without building up inflationary expectations in the medium term. Long-term interest rates remained low, as a result of the high credibility of central banks in
  combating inflationary pressures. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In this environment, the US Federal Reserve continued with its policy of gradual increases of the Federal Funds rate, from 2.25% at beginning of the year to 3.75% at
2005 year-end. On the other hand, in Europe, with more uncertainty regarding growth, the European Central Bank (&#147;BCE&#148;) maintained official rates unchanged almost throughout the year, starting the tightening cycle only in December with a
hike of 25 basis points.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The interest rate differentials became, together with positive productivity differentials as compared to other areas, a support for the dollar, despite the high
current account deficit of the US economy. During 2005, the US dollar strengthened by 14% both as compared to the Euro and to the Yen. Conversely, in the region, Latin American currencies, such as the Real (Brazil), Chilean peso and Mexican peso,
appreciated in relation to the US dollar. In particular, the Brazilian real appreciated by 12%, reaching an exchange rate of R&#36;2.325 per dollar at the end of 2005.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Financial System</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During 2005, and after 4 consecutive years, the financial system began to show positive earnings in the aggregate. Improvements were sustained by the gradual
recovery in interest margins and a reduction of the costs associated to the 2002 crisis. The increase in the financial margin resulted mainly from the mismatch of CER (CPI inflation) vs. nominal interest rates in a context of rising inflation and
negative real interest rates. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Another
outstanding factor was the strong growth of loans to the private sector, one
of the more dynamic variables in the financial system, and the strong rediscount
 amortizations. In this sense the abundant liquidity allowed the banks to cancel
in advance almost 30% of their liabilities with the Central Bank.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the financial system on average, there still persists a high exposure to public assets and this situation is being corrected very slowly due to the fact that at
the same time during 2005 the financial system placed a large proportion of its excess liquidity in bills and notes issued by the Central Bank. Simultaneously, the solvency of the banking system improved during the year due to the capitalization of
several institutions by their majority shareholders. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deposits and Loans</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total deposits of the financial system, in pesos and in dollars, grew by approximately 18%, at a slower pace than in the previous year. Deposits of public sector
only grew 8% (these had doubled in 2004), while deposits of the private sector showed a very positive performance, with an increase over 21%. This change in deposit distribution was the result of the reduced savings capacity of the government,
despite its relevant primary fiscal surplus, due to the higher volume of both local and foreign debt maturing during the year. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the private sector, term deposits increased their share in total deposits after growing 21% during 2005, probably due to the gradual rise in interest rates, while
deposits in checking accounts continued growing significantly, showing an approximate variation of 28%. On the other hand, 2005 represented the end of Cedros (re-scheduled deposits), with the last series maturing during that period.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The most dynamic financial variable of 2005 were loans to the private sector, accounting for 35% increase, associated both to a higher demand fueled by improvements
in the economic situation, and to a healthier condition of the overall financial system.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest Rates</FONT></B></P>
<P align="left">&nbsp;</P>
<P align="center">
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<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest
rates for deposits maintained an upward trend during the year, consistent with
the evolution of the inflation rate. The average rate of 30-day deposits in pesos
rose by 200 basis points during the year, reaching a 5% average in December,
while wholesale rates showed a more significant increase of 350 basis points.
However, these continued to be negative in real terms, in view of the overall
liquidity of the financial system, considering both the integration of legal
reserves requirements and holdings of BCRA bills and notes. The Central Bank&#146;s
policy as regards Argentine Central Bank Bills (&#147;Lebac&#148;) was to continue
to shorten terms and to avoid validating increases in interest rates, due to
the continuous need to absorb pesos through these instruments originating in
the exchange rate policy. Therefore, the stock of Central Bank&#146;s bills and
notes increased 75% during the year. On the other hand, as</FONT> regards the
repo market, the Central Bank consolidated the system by establishing a corridor
for rates on direct and reverse repo operations. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">International Reserves</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Central Bank maintained a policy of reserve accumulation during the year which contributed to sustain the nominal exchange rate. An increase of approximately
8,500 million dollars in reserves was accomplished, taking advantage of the significant trade surplus and additional capital inflows fueled by the end of the debt restructuring process by mid-year. This was possible despite the fact that, due to the
lack of agreement with the IMF, the government had to pay in full all the interest and capital amortizations becoming due during the year. At the end of 2005, the government decided to devote part of the international reserves to the prepayment of
the overall debt of 9,530 million dollars to the IMF, a transaction that was settled at the beginning of 2006.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Circulation and Monetary Base</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Monetary base grew by 10% on average during the year. Similarly to previous years, monetary base expansion derived mainly from the external sector. The basic target
of the monetary program was accomplished after a significant absorption effort, not only through Lebac and Nobac tenders, but also through the contribution of the financial system that reduced rediscounts with Central Bank, in accordance both with
the predetermined schedule and through advanced cancellations. The public sector continued to contribute to the monetary base contraction by purchasing dollars with its fiscal surplus in order to honor its debt obligations denominated in
dollars.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During the year, the Central Bank reduced reserve requirements for the financial system on several occasions, since the remarkable expansion of the demand for
currency in circulation (which grew by 30%, more than the previous year) was jeopardizing the fulfillment of the monetary base growth targets established in the Monetary Program. </FONT></P>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">HISTORY AND DEVELOPMENT OF THE COMPANY</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s, an Argentine corporation (a &#147;sociedad an&oacute;nima&#148; or &#147;S.A.&#148;), was duly incorporated under the name Banco Franc&eacute;s
del R&iacute;o de la Plata S.A. on October 14, 1886. We have our registered office in the Argentina, Reconquista 199, C1003ABB Buenos Aires, telephone number 54-11-4346-4000. Our agent in the United States for U.S. federal securities law purposes is
CT Corporation System, currently with offices at 111 Eighth Avenue, New York, New York 10011. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our original bylaws (&#147;Estatutos&#148;) were approved on November 20, 1886, by a decree recorded in the Public Registry of Commerce of Buenos Aires City on
December 6, 1886, under Number 1065 on Folio 359, Book 5, Volume &#147;A&#148; of National By-laws. Our bylaws, including all amendments introduced to this date, were recorded in the Public Registry of Commerce (the Governmental regulatory agency of
corporations). The last amendment was recorded on December 19, 2005 under No. 16335, Book 30 of Corporations (sociedades an&oacute;nimas). Pursuant to current corporate bylaws, the Bank will terminate its activities on
December 31, 2080, unless this term is extended by the shareholders. At the ordinary and extraordinary shareholders&#146; meeting held on April 27, 2000, a resolution was passed to change our name to BBVA Banco Franc&eacute;s S.A. On October 4,
2000, the Public Registry of Commerce registered the change from &#147;Banco Franc&eacute;s S.A.&#148; to our new name, and the amendment to our bylaws that reflected the name change. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank is supervised by the Central Bank of Argentina, an entity that establishes valuation and accounting criteria, the rules on liquidity and capital
requirements as well as the informative systems of Argentine financial institutions. The Bank is also subject to inspections by the Central Bank, on which basis a &#147;rating&#148; is assigned to the Bank. See </FONT><I><FONT BASESIZE=2
size=2 BASEFACE="serif" face="serif">&#147;Information on the Company&#151;The Argentine Banking System and its Regulatory Framework&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On August 11, 1997, we acquired 71.75% of the capital stock of Banco de Cr&eacute;dito Argentino S.A. (&#147;Banco de Cr&eacute;dito&#148;) for the purchase price of
Ps.401.8 million. The difference between the amount paid and the net equity value acquired of approximately Ps.203 million was booked as goodwill, the majority of which was subsequently reversed against shares issuance premium. We completed this
merger of the two banks by final registration with the Public Registry of Commerce, on March 5, 1998. To effect the merger,</FONT></P>
<P align="center">
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<p>&nbsp;</p>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Banco
    Franc&eacute;s issued 14,174,432 ordinary shares to the existing shareholders
    of Banco de Cr&eacute;dito through a capital increase. Each Banco de Cr&eacute;dito
    shareholder received one ordinary share for each 3.926 Banco de Cr&eacute;dito
    shares held. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As
    a result of the acquisition of Banco de Cr&eacute;dito, we gained control
    of Consolidar Compa&ntilde;&iacute;a de Seguros de Retiro S.A., Consolidar
    Compa&ntilde;&iacute;a de Seguros de Vida S.A. and Consolidar Administradora
    de Fondos de Jubilaciones y Pensiones S.A. (&#147;Consolidar AFJP&#148;)
    (the &#147;Consolidar entities&#148; or the &#147;Consolidar Group&#148;),
    and also acquired control of Cr&eacute;dito Argentino Sociedad de Bolsa S.A.
which was liquidated in 2000.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On November 5, 1999, Banco Franc&eacute;s S.A. and Banco Bilbao Vizcaya (today Banco Bilbao Vizcaya Argentaria S.A. or &#147;BBVA&#148;), executed a share purchase
agreement, pursuant to which Banco Franc&eacute;s acquired 99.99% of the shares of Corp Banca S.A., an Argentine bank, for the amount of Ps.51.9 million, and 99.99% of Atuel Fideicomisos S.A., a trust company, for the amount of Ps.79,000. The
difference between the purchase price of the transactions and the incorporation value of both companies was charged to goodwill under the &#147;Intangible Assets&#148; account for an amount of Ps.24.5 million. In addition, after the transfer of
assets and liabilities, we added to the goodwill value additional charges amounting to Ps.5.7 million related to a decrease in the assets incorporated, as resulted from the more precise assessment made after the acquisition, employee termination
payments to Corp Banca S.A. personnel within the organizational restructuring process initiated before the acquisition and other expenses incurred in the acquisition process. On November 22, 1999, as part of a corporate reorganization, all assets
and liabilities of Corp Banca S.A. were transferred to Banco Franc&eacute;s, with full integration of operations and systems. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On May 20, 1999, the Central Bank approved the creation of Credilogros Compa&ntilde;&iacute;a Financiera S.A. (&#147;Credilogros&#148;), which was registered with
the Public Registry of Commerce on June 24, 1999. On November 10, 1999, Banco Franc&eacute;s and Credilogros executed a contract for the sale of certain assets and liabilities of Banco Franc&eacute;s. Such assets and liabilities were transferred to
Credilogros pursuant to the agreement on August 2, 1999. On December 28, 1999, Banco Franc&eacute;s and Finanzia Banco de Cr&eacute;dito S.A. (&#147;Finanzia&#148;) executed a purchase agreement, pursuant to which Banco Franc&eacute;s transferred to
Finanzia the rights and exclusive property rights to the brands used by Credilogros for the development of its business for a purchase price of Ps.9.6 million. In October 2000, Finanzia sold exclusive property rights to the brands used by
Credilogros to Credilogros at a total price of Ps.9.6 million. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In June 1, 2002 Finanzia Banco de Cr&eacute;dito S.A. sold 29.95% of its interest in Credilogros to BBVA for 23,782,680 Euros. Such transaction was approved by the
Central Bank on April 3, 2003, under Resolution No. 37. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On March 9, 2005, Banco Franc&eacute;s sold to Banco de Servicios y Transacciones S.A. and Grupo de Servicios y Transacciones S.A. all of its participation interest
in Credilogros which represented 69.52% of the capital stock of such entity (see Note 1.4. to the Consolidated Financial Statements). This operation is subject to approval from the Central Bank (see Note 1.4. to the Consolidated Financial
Statements). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On March 29, 2000 our affiliate Rombo Compa&ntilde;&iacute;a Financiera S.A. (&#147;Rombo Compa&ntilde;&iacute;a Financiera&#148;) was registered with the Public
Registry of Commerce. On April 24, 2000 the Central Bank authorized Rombo Compa&ntilde;&iacute;a Financiera to conduct business as a finance company by Communication &#147;B&#148; 6684. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On October 17, 2000, as part of BBVA group&#146;s business reorganization plan started after the merger of BBVA, Banco Exterior de Am&eacute;rica S.A. (Uruguay)
(wholly owned by BBVA) merged with and into Banco Franc&eacute;s Uruguay S.A. (wholly owned by us). As a result of such merger, Banco Franc&eacute;s Uruguay has changed its corporate name to Banco Bilbao Vizcaya Argentaria Uruguay S.A., or BBVA
Banco Uruguay (&#147;BBVA Uruguay&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In May 2002 Banco Franc&eacute;s sold its 60.88% interest in BBVA Uruguay to BBVA for the amount of US&#36;55 million. This transaction was approved by the Central
Bank of Uruguay. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credilogros and Banque PSA Finance formed PSA Finance Argentina C&iacute;a. Financiera S.A. (&#147;PSA Finance&#148;), in which Credilogros held a 50% interest, in
November 2001. On February 21, 2002, the Central Bank authorized PSA Finance to begin its activities as a finance company through Communication &#147;B&#148; 7134. PSA Finance, which has a single office located in Buenos Aires, is in the business of
granting loans in the retail market for the acquisition of new and used cars offered by the Peugeot Argentina S.A. dealership network. Rather than funding itself with deposits, term investments or corporate bonds, PSA Finance obtains financing
through loans granted by the Bank and other domestic financial institutions. On October 31, 2003, subject to the approval of the Central Bank. Banco Franc&eacute;s acquired 50% of the shares of PSA Finance from Credilogros for Ps.11.9 million and
Credilogros applied the proceeds to repay a loan from Banco Franc&eacute;s for a total of Ps.11.7 million plus interest. On December 16, 2004, the Central Bank issued Resolution No. 371, approving the transfer of 50% of PSA Finance capital stock to
Banco Franc&eacute;s. </FONT></P>
<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On
February 3, 2004, the Bank made an irrevocable contribution of capital in its
subsidiary Atuel Fideicomisos S.A. for Ps.13.0 million. Also, on February 4,
2004, the Bank acquired 5% of the capital stock of Franc&eacute;s Administradora
de Inversiones S.A. from Banco Franc&eacute;s (Cayman) Limited for Ps.580,000
while the remaining 95% was acquired by Atuel Fideicomisos S.A. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco
    Franc&eacute;s (Cayman) Ltd., was as of December 31, 2003 a wholly owned
    subsidiary formed in 1998. As of December 31, 2003, this subsidiary, with
    total assets of US&#36;950.8 million registered a gain of US&#36;121.6 million.
    Within the framework of the regularization and reorganization plan filed
    by the Bank with the BCRA, and Resolution No. 52/04 of the Superintendence
    of Financial and Exchange Institutions, dated March 17, 2004, on March 18,
    2004, the Bank sold to BBVA S.A. its 100% interest in Banco Franc&eacute;s
    (Cayman) Limited. See Note 1.5. to our Consolidated Financial Statements.
    The sale price amounted to US&#36;238.5</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">million,
    and it was collected through Federal Government secured loans previously
    purchased by BBVA S.A. from Banco Franc&eacute;s (Cayman) Limited. Banco Franc&eacute;s has recorded such secured
  loans in conformity with Communication &#147;A&#148; 3911 and supplementary regulations. The negative result of the transaction was recorded as follows: Ps.200 million of the negative result from the transaction was absorbed and charged to the
  account &#147;Unrealized valuation difference&#148; under stockholders&#146; equity,
  as authorized by Resolution No. 52/04 of the Superintendence of Financial and
  Exchange Institutions, and Ps.11 million was charged to income (loss) for the
  year ended December 31, 2004. </FONT></P>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BUSINESS OVERVIEW</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our strong corporate culture, with our customers and our team of professionals as cornerstones, enhances our franchise differentiation. Banco Franc&eacute;s is the
third largest bank in Argentina in terms of deposits, and the fourth largest in total assets according to statistics published by the Central Bank (Information of Financial Institutions, as of November, 2005). As of December 31, 2005 we had, on a
consolidated basis, a total of Ps.10.6 billion in deposits, Ps.16.0 billion in total assets and a market capitalization of Ps.3.4 billion. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We were one of the first companies listed on the Buenos Aires Stock Exchange. Our shares have been listed in the New York Stock Exchange since 1993, and in the
LATIBEX (&#147;Mercado de Valores Latinoamericanos&#148;), based in Madrid since December 1999. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Substantially, all of our operations, property and customers are located in Argentina. Accordingly, following the 2002 crisis and the package of government measures,
our financial condition and results of operations were deeply affected. Since December 2001 our business activity contracted compared to historical levels and our lack of liquidity led to a suspension of most new originations of all types of loans.
Our structural strengths, our reaction capacity, and our adjustment to the new economic environment were the pillars of our performance in 2002. We responded to the deepening of the crisis by prioritizing liquidity, substituting foreign currency
funds with domestic currency funds and satisfying the growing demand for transactional business, while adjusting the operating structure to the new business profile. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Following a four-year recession period, the economy recovered during 2003 and deposits flowed back into the system. The adequate 2004- policy management, reflected
in the primary fiscal surplus, the trade surplus and a conservative monetary policy, led us to maintain such economic growth, with stable prices and exchange rates. These conditions remained in place during 2005 and the Argentine economy further
expanded while banks strengthened their focus on lending activities within an environment of negative real interest rates that helped to improve their financial margin.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Accordingly, during fiscal year 2005, Banco Franc&eacute;s successfully bolstered its credit activity aiming at rebuilding its traditional loan portfolio
composition, more focused on the private sector than on public sector assets. With a commercial strategy oriented towards our core business, we increased our deposit base by 18%, reaching a 10.5% market share (source: Central Bank) and expanded our
net private sector loan portfolio 71%; while maintaining our strength in the transactional business. Furthermore, taking advantage of the sustained recovery of prices of public sector debt in the secondary market, we sold 2,937 million pesos of
public sector assets and paid the outstanding balance of loans received from the Central Bank as financial support during the liquidity crisis of 2002. These actions improved our asset and liability structure, with no significant impact on our
income statement. The consolidation of our financial margin was attained due to an efficient pricing policy combined with a higher intermediation volume and an increasing CER index variation, given our long CER adjusted position.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As part of our business, we conduct capital markets and securities operations directly in the over-the-counter market and indirectly on the Buenos Aires Stock
Exchange. The emerging recovery of these activities allowed for successful closings of securities transactions. According to statistics published by the Argentine Mutual Funds Association, we had a 7.21% market share in the mutual fund portfolio
management industry in Argentina through &#147;Franc&eacute;s Administradora de Inversiones S.A.&#148;. We also participate in the pension fund industry through our 53.89% equity interest in Consolidar AFJP, a pension fund manager which, as of
December 31, 2005, managed Ps.12.8 billion in pension fund holdings, with an 18.81% market share in the aggregate contributions to all AFJPs, according to statistics published by the Pension Funds Association.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<p>
  <br>
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Furthermore,
we have traditionally accepted deposits and made loans in pesos and in certain
other currencies, primarily in dollars. Following the 2002 crisis, dollar deposits
and loans were suspended in Argentina. During 2003, with the stabilization of
the exchange rate and according to new regulations from the Central Bank, we
began to accept dollar deposits and to grant dollar-denominated loans in relation
to foreign trade transactions, which continued to be subject to Central Bank
restrictions in 2005. As of December 31, 2005, approximately 7.56% of our loans
and 12.11% of our deposits were denominated in dollars. </FONT></p>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table presents financial information for our principal business segments for the year ended December 31, 2005.</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="14" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">As of December 31, 2005<br>
    (in thousands of pesos)</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD width="2%"></TD>
  <TD width="6%"><HR noshade size=1>  </TD>
  <TD width="1%" GUTTER><HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1></TD>
  <TD width="6%"><HR noshade size=1>  </TD>
  <TD width="1%" GUTTER><HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1></TD>
  <TD width="6%"><HR noshade size=1>  </TD>
  <TD width="1%" GUTTER><HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1></TD>
  <TD width="6%"><HR noshade size=1>  </TD>
  <TD width="1%" GUTTER><HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1></TD>
  <TD width="6%"><HR noshade size=1>  </TD>
  <TD width="1%" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
 <TD width=55% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Banking and<br>
Financial</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Pension Fund<br>
Management</FONT></B></TD>
 <TD width=2% align="center"></TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Insurance</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Eliminations </FONT></B><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></SUP></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
 &nbsp; &nbsp;<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Total</FONT></B></TD>
  </TR>
<TR>
 <TD width="55%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total assets</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,990,688</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">346,858</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,787,736</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(141,534</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,983,748</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total income </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></SUP></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,222,450</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">334,138</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">482,760</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(180,178</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,859,170</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total expenses </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,124,334</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(317,265</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(463,394</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">180,178</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,724,815</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=55% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gain / (Loss) on minority interest in</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=55% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">subsidiaries</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,850</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(7,843</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6,458</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(17,151</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR>
 <TD width="55%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=55% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total Net (Loss) / Income</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">95,266</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,030</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,908</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">117,204</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="55%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Includes intercompany operations.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Includes: financial income, service charge income and other income.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Includes: financial expenses, provision for loan losses, service charge expenses, operating expenses and income tax and tax on minimum presumed income.</FONT></TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our branch system operates as a distribution network for all the products and services that we offer to our customers. Our 230 branches are complemented by other
distribution channels, such as 527 automatic teller machines or ATMs, as of December 2005, a telephone banking service, which answered on average over 700,000 calls per month in 2005, and an Internet banking service called Franc&eacute;s Net, which
serves over 166,000 active clients. We are a member of Banelco S.A., a corporation owned by seven partner banks, and that includes 18 participating banks, and our ATMs are part of the Banelco Network (Red Banelco). The customers of all the
participating banks have access to the Banelco Network, which comprises over 3,393 ATMs throughout Argentina, approximately 16% of which belong to Banco Franc&eacute;s.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our universal commercial strategy aims to achieve a leading position in all of different market segments. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s - Background</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Since 1886, BBVA Banco Franc&eacute;s, previously known as Banco Franc&eacute;s del R&iacute;o de la Plata S.A., has been recognized as a leading provider of
financial services to large corporations. It was only in the early 1980&#146;s that we broadened our customer base to include medium and small companies as well as individual consumers. In response to demands from the corporate market and following
the structural changes brought about by the stabilization process in Argentina since 1991, we added to our traditional commercial banking products a full range of services, such as investment banking, capital market transactions and international
banking. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the 1980&#146;s and 1990&#146;s in order to achieve a wider market penetration, we expanded our branch network by opening branches throughout Argentina.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In December 1996, when BBVA became our principal shareholder, we reaffirmed our universal banking strategy, with the goal of increasing the most profitable business
segments of medium and low-income individuals and small and medium-size businesses in the middle market. To this end, in August 1997, we acquired 71.752% of Banco de Cr&eacute;dito Argentino (the &#147;Cr&eacute;dito acquisition&#148;), a retail
bank focused on the middle market and consumer banking sectors. This merger allowed us to maximize the strengths of each bank and to implement an ambitious leadership plan that included an expansion plan </FONT><STRIKE><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">-</FONT></STRIKE><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> starting with a strong initial positioning in each market.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The
liquidity crisis that started in December 2001 and the ensuing economic and political
instability led to a deep contraction in the intermediation volume. In response,
we changed our short-term commercial strategy toward the transactional business,
adjusted our operating structure and implemented a strict cost control plan.
Actions were also focused on recovering asset quality levels, which had been
strongly impacted by the crisis. By mid-2003 the economy began to recover and
we returned to offering the full range of </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">financial services,
including credit facilities, albeit restricted to short-term financing. Since
2004 we gradually strengthened our credit activity in the midst of economic solvency,
and consolidated our transactional business. During fiscal year 2005 we kept
our focus on the core business, reaffirming our leading position in the market
in terms of deposits, strongly growing in private sector loans and achieving
asset quality standards better than those previous to the crisis, while we maintained
our strength in the transactional business. Meanwhile we carried out significant
improvements in the assets and liabilities structure, including a reduction of
public sector assets and the repayment of the financial assistance granted by
the Central Bank, during 2002 crisis, which accrued a fixed interest rate plus
CPI adjustment. Furthermore, most recently, we marked to market part of the National
Government bonds, aiming to strengthening our financial conditions. </FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banking
      and Financial Services</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our financial condition and results of operations for the fiscal year 2005 we are still impacted by the effects of 2002 crisis. Following the strong contraction in
financial activity and the redefinition of our commercial strategy toward the transactional business, as an alternative source of income since the second semester of 2003, we resumed our lending activity. During 2005 we reinforced our efforts on
expanding our intermediation volume while we continued rendering banking services, which included cash management of means of payment (with emphasis on electronic means), the bank account services for transactional purposes and operation of credit
cards and transactional deposit taking.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit facilities included short and medium-term financing, such as overdrafts on demand accounts, personal loans and credit card financing in the retail segment and
notes discounted, working capital financing and investment-banking products, such as trustees, in the corporate segment.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, the structural term and rate mismatch in assets and liabilities, caused by measures taken by the Government during 2002 and 2003, made our profitability
strongly dependent on the relative behavior of the CPI vis-&agrave;-vis interest rates, because we have a long CER adjusted position. A significant part of the Bank&#146;s risk assets are variable rate assets, adjusted by CER plus an interest rate.
Most liabilities accrue interest at a fixed rate except for certain discount loans granted to Banco Franc&eacute;s by the Central Bank &#150;which were repaid last November 2nd, a Ps.306 million remaining portfolio of rescheduled deposits, known as
CEDROS and new CPI adjusted time deposits, totaling Ps.1.5 billion as of December 31, 2005. Accordingly, during fiscal year 2005 we benefited from our long CER position in an environment of negative real interest rate, while we focused on rebuilding
our private portfolio pursuing a medium long-term strategy. Furthermore, we also reduced our public sector exposure in order to comply with regulations that limit public sector holdings to 40% of total assets. Public sector loans decreased 33.26% -
from Ps.6.9 billion in December 2004 to Ps.4.6 billion by the end of present fiscal year. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table sets forth our estimates of the relative proportions of loans and deposits attributable to our principal markets. </FONT></P>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="46%" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="17" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Loans</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD width="46%" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD><hr align="center" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="46%" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=5 align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=5 align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=5 align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2003</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD width="46%" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=4><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan=4><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan=4><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="46%" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="17" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos, except percentages)</FONT></B></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=46% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Public Sector</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,623,626</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">54.52</FONT> </TD>
    <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,927,719</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">74.73</FONT> </TD>
    <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,693,431</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">80.29</FONT> </TD>
    <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Corporate</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,786,387</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21.06</FONT> </TD>
    <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,093,271</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11.80</FONT> </TD>
    <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">672,779</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8.07</FONT> </TD>
    <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=46% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Middle market</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">880,266</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.38</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">462,995</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5.00</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">186,687</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.24</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Retail</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,191,197</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14.04</FONT> </TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">784,738</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8.47</FONT> </TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">783,456</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9.40</FONT> </TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
  </TR>
  <TR>
    <TD width="46%"></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=46% align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,481,476</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100.00</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,268,723</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100.00</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,336,353</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100.00</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
  </TR>
  <TR>
    <TD width="46%"></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=19>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=19>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="17" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Deposits</FONT></B></TD>
  </TR>
  <TR>
    <TD width="46%"></TD>
    <TD></TD>
    <TD valign="bottom"><HR noshade size=1>
    </TD>
    <TD valign="bottom"><HR noshade size=1></TD>
    <TD valign="bottom"><HR noshade size=1></TD>
    <TD valign="bottom"><HR noshade size=1>
    </TD>
    <TD valign="bottom" GUTTER><HR noshade size=1>
    </TD>
    <TD valign="bottom"><HR noshade size=1></TD>
    <TD valign="bottom"><HR noshade size=1>
    </TD>
    <TD valign="bottom"><HR noshade size=1></TD>
    <TD valign="bottom"><HR noshade size=1></TD>
    <TD valign="bottom"><HR noshade size=1>
    </TD>
    <TD valign="bottom" GUTTER><HR noshade size=1>
    </TD>
    <TD valign="bottom"><hr align="center" width="100%" size=1 noshade></TD>
    <TD valign="bottom"><HR noshade size=1>
    </TD>
    <TD valign="bottom"><HR noshade size=1></TD>
    <TD valign="bottom"><HR noshade size=1></TD>
    <TD valign="bottom"><HR noshade size=1>
    </TD>
    <TD valign="bottom" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=5 align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=5 align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=5 align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2003</FONT></B></TD>
  </TR>
  <TR>
    <TD width="46%"></TD>
    <TD></TD>
    <TD colspan=4 valign="bottom"><HR noshade size=1>
    </TD>
    <TD valign="bottom" GUTTER><HR noshade size=1>
    </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD colspan=4 valign="bottom"><HR noshade size=1>
    </TD>
    <TD valign="bottom" GUTTER><HR noshade size=1>
    </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD colspan=4 valign="bottom"><HR noshade size=1>
    </TD>
    <TD valign="bottom" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="17" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos, except percentages)</FONT></B></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=46% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Corporate</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,788,669</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26.28</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,712,696</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30.16</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,895,897</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">35.85</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Middle market</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,106,171</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.42</FONT> </TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,023,288</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11.38</FONT> </TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right>&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">830,313</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.28</FONT> </TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=46% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Retail</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,718,246</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63.30</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,257,796</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">58.46</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,352,006</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">53.87</FONT> </TD>
    <TD align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
  </TR>
  <TR>
    <TD width="46%"></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,613,086</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100.00</FONT> </TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,993,780</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100.00</FONT> </TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,078,216</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100.00</FONT> </TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
  </TR>
  <TR>
    <TD width="46%"></TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
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<BR>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Corporate Banking</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. The Corporate Banking Division specializes in business with large international and domestic companies
having minimum annual sales of Ps.75 million or companies that belong to an international group. This division has three branches dedicated to serving groups of companies from Argentina, Europe, and the United States and the rest of the world.
</FONT></P>
<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In
the fiscal year 2005, BBVA Banco Franc&eacute;s consolidated its leadership in
the corporate segment, reporting a remarkable performance in the lending activity
as well as in the transactional business. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Following
    the favorable macroeconomic evolution and the increasing activity level in
    this market segment, the Corporate Banking division efficiently managed the
    needs and requirements of more than 750 customers. The total loan portfolio
    reached 1,786 million pesos, reflecting a 63.4% growth, which succeeded not
    only in satisfying market needs but also in creating demand. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">It
    should be noted that such growth was attained with a strict control of the
    risk assumed and by the offer of different types of financing lines, such
    as export prefinancing programmes, structured financing transactions and
    working capital loans. </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">It is also worth mentioning the positive evolution of foreign trade business. In spite of the complex regulatory framework that characterized this business, our
  remarkable performance, turned the Bank into a reference for companies, both in terms of credit assistance and advisory service. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank&#146;s capacity to generate transactional services, key to a model of full relation, is based on the geographical, domestic and regional coverage, and on an
integrated supply of products and services. This business, which showed a significant growth in net fee income, reported a 42% increase in operating volume in the last year, also positions the Bank as the client&#146;s main entity.</FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital Markets</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. The restructuring of public debt in default carried out at the beginning of fiscal year 2005 impacted both in
investment banking activity and in a further development of the capital market. The exchange offer, in which the Bank took part as regional lead manager for Argentina (together with Banco Naci&oacute;n Argentina and Banco de Galicia), encompassed
81,836 million dollars in securities held by residents and non-residents and achieved an acceptance rate of 76.15% . The level of bond swap under Argentine legislation was of 86.25%, and the value bonds swapped under the system of total clearing,
pursuant to all legislations, totaled 23,701 million dollars.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> The 2005 fiscal year featured lower capital markets activity. However, by the year end, Banco Franc&eacute;s launched the Fideicomiso Financiero Radar Series 5
(&#147;Radar Series 5 Financial Trust&#148;) for a total of 841.2 million pesos. This trust was constituted by Pr&eacute;stamos Garantizados Global 2008 (&#147;Global 2008 Secured Loans&#148;) from the Bank&#146;s Treasury. Lead managed and placed
by the Bank in Argentina and by Citigroup, this turned out to be the highest issuance by a trust in 2005. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the variable income or equity business, which registered lower activity this year, the Bank participated as advisor for Renault D.I.C. in the takeover bid over
those shares of Renault Argentina S.A. not controlled by the Renault Group. The operation closed in December and the Renault Group reached 99.06% stockholding. BBVA Banco Franc&eacute;s and Franc&eacute;s Valores S.A. were lead manager and exchange
agent, respectively. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During the fiscal year 2005 the Investment Banking Group continued to perform its financial advisory business, both in financial assessment for terms over one year
or first-tier companies, as well as in the analysis of projects and in the business of financing Mergers and Acquisitions. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trading and Brokerage</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. As of December 31, 2005, we routinely traded (on behalf of our customers and for our own account)
corporate and Government bonds, money market instruments and foreign currency. In the fiscal year 2005, we were one of the most important brokers in the bond market through the MAE (Mercado Abierto Electr&oacute;nico, an OTC market) and securities
market through Franc&eacute;s Valores, an affiliate company registered in Mercado de Valores de Buenos Aires S.A. (MERVAL). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We typically earn both brokerage commissions and a spread on over-the-counter transactions, depending on the type of transaction involved. Our proprietary trading,
as well as third party brokerage trading, is supported by research and analysis provided by our research department. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Middle Market Banking</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. The Middle Market division handles our relations with small and medium-sized companies, </FONT><I><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">i.e.,</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> those with annual sales of up to Ps.75 million. The Bank has the first network in Argentina specialized in serving the small and
medium-sized company segment. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For the second consecutive year, small and medium-sized companies have shown increasing need for financing, both to cover their working capital requirements and to
incorporate capital assets. Our Middle Market banking is supported by a 27-business unit structure dedicated to the exclusive service to small and medium-sized companies, has extended specialized service in response to the growing demand for credit
and to requirements for transactional products of over 6,700 customers. </FONT></P>
<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In
this sense, our loan portfolio amounted to 880 million pesos, reporting an 90.12%
interannual growth. Liabilities managed by the Bank showed, in turn, a 8.10%
increase, reaching 1,106 million pesos. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The
    evolution of fees and foreign exchange trading also constituted key elements
    to management during 2005, reporting a 25% growth with respect to the level
    reached the previous year, totalling 66 million pesos. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Likewise,
    as in the previous year, the levels of activity in those segments linked
    to foreign trade and agriculture was prominent. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As
    to human resources, the whole commercial staff took part in the process of &#147;certificaci&oacute;n
    en riesgos&#148; (&#147;Risk Certification&#148;) implemented during the
    course of the year, and studied specialization and training in risk management
    in depth. </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In turn, training continued in specific resources in the agricultural business and to foreign trade technical experts in business units in the interior of the
  country. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Retail Banking</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. The Retail Banking division is in charge of commercial relations with individuals and small companies.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005, this division served about 1.4 million individuals through a network of 230 branches. In late December 2005, intermediation volume accounted
for over 8 billion pesos, with a 51.8% increase in loans and a 27.3% growth in deposits. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For the purpose of boosting growth in business on each market segment, Retail Banking employs a consolidated management model, articulated on the following main
principles: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consistent customer focus with quality service and product innovation serving as the two main cornerstones of the value</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">proposal.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Permanent customer orientation, with an attitude towards service and strategic products as the two main pillars of the value</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">proposal.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We continued to focus on innovation of strategic products with higher value and quality aiming to reinforce relationships with existing customers and to attract
new customers and balancing the processes of efficient service and effective sales.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following are our main operating items in 2005:</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Personal and Mortgage Loans:</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> The personal loans plan have been extended with improved credit support, by means of a personalized
offer. Management was focused upon the Salary Plan segment lending up to five salaries, and with pre-approved mass commercial actions, which facilitate sales. Furthermore, we began to grant new loans through alternative channels, planning to expand
such action to include our website in 2006.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In 2005 we were able to double our sales, to 290 million pesos, as well as our loan portfolio, which grew by 165 million pesos in the year. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As to Mortgage Loans, we consolidated and increased the set of products offered to cover all financing and purpose possibilities that may arise. This broad range of
alternatives is called Flexible Mortgage. The financial system showed a decreasing trend in the stock of mortgages, which did not level out until the second quarter; however we were able to maintain our portfolio, representing a 150% growth in
sales. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deposits:</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> In terms of deposit, throughout the year we have carried out different commercial actions, which led to an increase
in portfolio of approximately 1,430 million pesos. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As a result, concrete commercial actions including &#145;El Libret&oacute;n&#146; were promoted, offering a variety of attractive prizes, and promoting saving
campaigns, proving brand and product awareness and acceptability. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance:</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> In 2005, the insurance business broadened its offer to the segment of private customers and businesses, reinforcing
its prominent position. </FONT></P>
<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In
car insurance, we worked in alliances with the main insurance companies in the
country, being able to offer a better product in the market.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Besides
    the current products and according to the needs perceived, we provided thematic
    insurance together with our thematic cards, incorporated a provision for &#147;cessation&#148; and
    / or &#147;unemployment&#148; over account debit balances, credit cards,
    and loans and broadened our coverage of personal accident insurance. </FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Payrolls:</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> One
    of the key products managed by the Bank has been the direct deposit of salary
    plans, which continued its growth and attracted more companies to utilize
    this service. This development positioned the Bank among the market leaders:
    as of December 2005, over 6,000 companies &#150;with approximately 403,300
    employees- credited their salaries through our branch office network. </FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Vip
      BBVA:</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> The
      Banca Vip (&#147;Vip Banking&#148;) division continued its positive trend
      and reinforced its presence in the high value segments of individual customers.
      In spite of the constant changes in the financial market, customers showed
      a favorable response</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">toward
      the tailor-made services offered by Banco Franc&eacute;s, including personalized
      contact and products with benefits. The segment grew 25%, amounting to
      23,000 active customers at the end of the present fiscal year. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Among the commercial actions, the most prominent was Cuenta Premier, a set of tri-monetary accounts and two credit cards: Visa and Mastercard, with a further benefit
of the Plan Puntos system over purchases made by either card (debit and/or credit) and the exclusive discount plan. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">E-Banking:</FONT></B></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ATMs:</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> As in previous years, we maintain a leading position over our competitors in the number of transactions through ATMs.
Banco Franc&eacute;s holds the highest operational volume, reaching an annual average of 3.8 million transactions, mainly due to our high level of availability (95.5% on average), again leading the rest of the system. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During the present fiscal year Banca Autom&aacute;tica (&#147;Automated Banking&#148;) satisfactorily passed the maintenance audit carried out by IRAM, thus
ratifying its International Quality Certificate ISO9001:2000. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">With respect to the transaction migration plan, the 670 Franc&eacute;s Autoservicio (Self-service) terminals played a fundamental role as a direct derivation channel
for branches. These account for 12% of migrating cash transactions, improving 10% over last year. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Advertising on ATMs continued its success allowing for the spread of non-banking advertisements as well as those for own products, thus validating the service as an
important tool for promotion. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Internet - Franc&eacute;s Net:</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Stemming from the high quality of internet service demanded by customers used to operating
through this channel, Franc&eacute;s Net has registered the highest rates of acceptability and growth rate, reporting over 5 million monthly transactions made by more than 160,000 customers. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During 2005, 3.2 million pesos in investment transactions in shares, bonds, mutual funds and time deposits, transfers, payments and purchases were operated through
&#145;Tienda Virtual&#146;.Purchases deserve a special mention, since this method is the first safe means of payment over the Internet through a debit account, allowing payment transactions online and providing total security in transactions.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During the last 12-month period transactions grew over 70%, from a total of 2.9 million to more than 5 million. This rate of growth is continuing with new clients
joining as they discover the advantages of Home Banking as well as new transactions for all users. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Means of payment:</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> The year 2005 saw the relaunching of means of payment in Banco Franc&eacute;s: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The product was strongly
promoted in the market through differentiation strategies. With a more aggressive
investment in</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">advertising
 and promotion campaigns, the Bank linked itself to chains dealing in household
appliances, cell phones, fuel,</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">clothing
and supermarkets, to offer substantial discounts and interest-free  installment-payment
plans to those paying for</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">their
purchases by these means.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Personalized activities (micromarketing) were carried out seeking to increase volume activity, average consumer spending</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">and adherence
of services to automatic debit.</FONT><br>
</LI>
</UL>
<P align="center">
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<br>
<UL>
  <LI> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Several commercial
      strategies implying area discount plans were carried out in businesses
      with regional presence in the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">interior
      of the country.</FONT></LI>
</UL>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">An
    improvement in the product brought about an increase in sales and activity,
    in an extremely competitive market. Sales reached 85,000 plastic cards, 117%
    over last year, consumer spending increased 40% and the stock of active cards
    25%. </FONT></P>
<P align="left"> <I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit
      Cards and Debit Cards:</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Since
      the economic crisis of 2001, the first major credit product to regain acceptance
      was the credit card, which was easy for consumers to acquire and for financial
      institutions to sell. The economic jump of this product started in 2004
      and steadfastly increased in 2005, with big players investing strongly
      in publicity and promotion. Debit cards were promoted along credit cards,
      as a way of increasing not only sales but also consumption volume.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit
    and debit cards generate income for the Bank in the form of renewal fees,
    maintenance fees, retailer transaction fees, merchant processing fees, and,
    in the case of credit cards, financing and penalty charges. </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We issue mainly &#147;Visa&#148; and &#147;MasterCard&#148; credit cards, with the latter brand launched in 2005 to give our clients two strong options and increase
  the use of our credit cards, and debit-only cards (i.e. Visa Electron). We had a total credit card base of 783,966 as of December 31, 2005. We hold the third largest Visa card market share, gaining one position from 2004, with 10.48% of the
  consumption volume market and 10.00% in current credit cards. Our Visa Electron client base as of December 31, 2005 consists of approximately 1.16 million debit-only cards, representing 15.30% market share, and generates 19.35% of the consumption
  volume market making us the second largest player in that arena. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In 2005, we continued offering securities brokerage services to our individual clients whereby over-the-counter transactions are executed directly through us, and
Stock Exchange related transactions through Franc&eacute;s Valores. We similarly offer the services of Franc&eacute;s Inversiones, a telephone banking advisory service, and Franc&eacute;s Net, an electronic service, through which our clients may
conduct securities and other transactions. Although clients are not charged for these services, we collect fees for brokerage services performed on behalf of any customer. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trust Banking</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. Since 1996, we have organized a wide variety of trusts for large, medium and small customers in the private
sector, for governmental entities and for multilateral organizations. Our Trust Banking division excelled in organizing guarantee trust funds for export pre-financing, bringing together producers and investors. Trust banking transactions decreased
8.3% as compared to fiscal year 2004, generating an 11.1% drop in receivable fees. This decrease was due to the maturity of trust agreements, in especially with the Provincial Development Trust Fund. Our commercial strategy was focused on
strengthening the synergies between the activities of the Trust Banking division and other banking activities, aiming to maximize profitability. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Asset and Pension Fund Management</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA Banco Franc&eacute;s continued to be a reference in investments advisory services and management, whether directly through portfolio management or indirectly
through the offer of Mutual Funds that are part of the group of funds known as the &#147;FBA Management&#148;. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Mutual Funds</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Franc&eacute;s Administradora de Inversiones S.A, in its capacity of Fund Manager, continued during 2005 to manage FBA Management products. This resulted in good
performance of investments both from individual and institutional customers, and for FBA products to rank in leading positions in terms of yield as compared to competitors, in the following categories: variable income funds Argentina (FBA
Calificado), Latinamerican Flexible Dollar Fixed Income Funds (FBA Bonos) and Dollar Mixed Income (FBA Total). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The FBA family grew from an equity management of 521.52 million pesos at the end of 2004 to 799.86 million pesos upon the closing of 2005 fiscal year, with a market
share of 7.21%<sup><font size=1>(1)</font></sup> of total mutual funds. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In respect to fixed term funds, FBA Renta Pesos, which is the only fund that allows subscriptions and redemptions, ended the year with a net worth of 176.51 million
pesos. Like in the previous fiscal year, the rest of the fixed term funds (FBA Ahorro Pesos, FBA Renta D&oacute;lares, FBA Ahorro D&oacute;lares) continued allowing only the redemption option all year round. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In
mutual funds asset management, FBA Management Fondos de Mercado showed a significant
growth: from Ps.325.09<sup><font size=1>(1)</font></sup> million
under management in December 2004 to Ps.595.55<sup><font size=1>(1)</font></sup> million
by 2005 year-end, with a 7.92%<sup><font size=1>(1)</font></sup> market share.
It should be noted that while total Market Funds showed an 82.89%<sup><font size=1>(1)</font></sup> increase
in net worth, during the period, the Market Funds of the FBA </FONT></P>
<P align="center">
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<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">family increased their
net worth by 149.53%<sup><font size=1>(1)</font></sup>. Among the different funds,
FBA Calificado had a remarkable performance ending with a 327.24 million pesos
net worth compared to 195.42 million pesos in 2004. Likewise, FBA Horizonte increased
its net worth from 10.57 million pesos in 2004 to 159.78 million pesos in December
2005. </FONT>&nbsp;</P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005, our mutual funds had the following Net Asset Values: </FONT></P>
<div align="center">
<TABLE border=0 width=80% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Name of Mutual Fund</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Thousands<br>
of Pesos</FONT></B> </TD>
</TR>
<TR>
 <TD width="90%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Acciones Globales</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">41,821</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Total</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,839</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Renta</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,817</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Renta Pesos</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">176,512</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Renta D&oacute;lares</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,761</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Bonos</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,780</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Calificado</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">327,246</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA International</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">526</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Ahorro D&oacute;lares</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,443</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Ahorro Pesos</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">550</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Renta Fija</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,452</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Renta Premium</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,952</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Horizonte</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">159,783</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Europa</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,031</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA EE.UU.</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">781</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FBA Renta Corto Plazo</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">567</FONT></TD>
</TR>
<TR>
 <TD width="90%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">799,861</FONT></TD>
</TR>
<TR>
 <TD width="90%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
</div>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><sup>(1)</sup> Source: </FONT><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#147;C&aacute;mara
Argentina de Fondos Comunes de Inversi&oacute;n&#148; </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Portfolio Management</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During the 2005 fiscal year, Banco Franc&eacute;s renewed its commitment to customized portfolio management, an exclusive service for companies and high-income
individuals, by providing professional and efficient investment management, tailored to each customer&#146;s particular needs and investor profile. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial institutions and insurance companies are permitted to invest in pension and retirement fund management companies in Argentina. Such funds, which are
modeled after those currently in existence in Chile, are funded strictly by pension and retirement contributions made by Argentine employees. As of December 31, 2005, we owned 53.89% of Consolidar AFJP, a pension fund manager that is operated
jointly with BBVA. As of December 31, 2005, Consolidar AFJP managed Ps.12.8 billion in pension fund holdings (with a 18.81% market share in collections). </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We provide advisory services to our customers in the selection of the adequate coverage of risks related to life, personal accident and home insurance and ATM&#146;s
theft insurance, with a range of products offered by certain insurance companies. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Additionally, as part of our overall business, we have equity interests in some of the following companies: 12.22% of the capital stock of BBVA Seguros S.A., 65.96%
of Consolidar Compa&ntilde;&iacute;a de Seguros de Vida S.A. (a company that offers life insurance to the persons with retirement accounts at Consolidar AFJP), 66.67% of Consolidar Compa&ntilde;&iacute;a de Seguros de Retiro S.A. (a company that
</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">27</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">offers
    retirement plans) and 12.5% of Consolidar ART S.A. (a workers compensation
    insurance company that offers labor risk insurance to corporations pursuant
    to a statutory framework established by the Labor Risks Law). BBVA holds
the remaining shares in these four companies. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At
    December 31, 2005, Consolidar Retiro reached a 22.81% market share in the
    number beneficiaries. Labor risk insurance provider, Consolidar ART increased
    its insured clients from 56,535 companies and 794,021 employees in December
    2004 to 62,442 companies and 865,867 employees by 2005 year-end (equivalent
    to a 10.45% and 9.05% respective growth.) </FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">International
      Operations</FONT></B></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Since
    the economic and financial crisis that started at the end of year 2001 the
    access to international markets for Argentine companies have been very limited. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Notwithstanding
    this constraint we have been able to assist our clients with traditional
    foreign trade services, including letters of credit, collections, bank drafts,
    fund transfers and foreign currency transactions.</FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During fiscal year 2005 we have signed an agreement with Inter American Development Bank (IADB) that will guarantee trade related transactions up to three years. Also we have signed a similar
  program with International Finance Corporation (IFC) with similar characteristics. As of the end of fiscal year 2005 BBVA Banco Franc&eacute;s was the only Argentine bank to have signed such agreements.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">These aforementioned agreements signify our confidence in our ability to assist and service the increasing demand for imports of capital goods.</FONT></P>
<P align="left">
<I><FONT size=2 face="serif">Cost Controls and Efficiency Improvements </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During fiscal year 2005, we continued to maintain a strict control on administrative expenses, keeping expenses in line with the inflation target for the period. Leveraged by increasing recurrent
earnings, we were able to substantially improve the efficiency ratio (measured as administrative expenses over ordinary margin) lower than 50%. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Furthermore, our corporate guidelines include an efficiency follow-up model that was applied during 2005 to strictly control immobilized assets as well as the reinvestment of assets not related
to the business.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table shows the revenue derived from the business areas described above for the fiscal years ended December 31, 2005, 2004 and 2003:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=28% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD colspan="22" align=center>
               <B><FONT size=1 face="serif">As of December 31, 2005</FONT></B>          </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD colspan="10" align=center>
         <B><FONT size=1 face="serif">Banking Financial</FONT></B>    </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="28%" align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">&nbsp;</TD>
 <TD width="1%" align="left" GUTTER> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">&nbsp;</TD>
 <TD width="1%" align="left" GUTTER> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">&nbsp;</TD>
 <TD width="1%" align="left" GUTTER> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">&nbsp;</TD>
 <TD width="1%" align="left" GUTTER> </TD>
</TR>

<TR valign="bottom">
 <TD width=28% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
  <B><FONT size=1 face="serif">BBVA Banco<br>
    Franc&eacute;s S.A.</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
   <B><FONT size=1 face="serif">Credilogros<br>
      C&iacute;a.<br>
      Financiera<br>
    S.A.</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
  <B><FONT size=1 face="serif">PSA Finance<br>
    S.A.</FONT></B></TD>
 <TD width=2% align="center" nowrap>&nbsp; </TD>
 <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD width=2% align="center" nowrap>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
  <B><FONT size=1 face="serif">Pension Fund<br>
    Manager</FONT></B></TD>
 <TD width=2% align="center" nowrap>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT size=1 face="serif">Insurance</FONT></B></TD>
 <TD width=2% align="center" nowrap>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT size=1 face="serif">Eliminations</FONT></B></TD>
 <TD width=2% align="center" nowrap>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT size=1 face="serif">Total</FONT></B></TD>
  </TR>
<TR>
 <TD width="28%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD width="28%" align="left">&nbsp; </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=28% align=left>
<FONT size=2 face="serif">Total assets</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,839,847</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">86,734</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">64,107</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,990,688</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">346,858</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,787,736</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(141,534</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,983,748</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left>
<FONT size=2 face="serif">Financial income</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,412,036</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">27,469</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,093</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,442,598</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">40,067</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">183,627</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(12,140</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,654,152</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=28% align=left>
<FONT size=2 face="serif">Service charge income</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=28% align=left>
      <font size="2">&nbsp;<FONT face="serif">and other income</FONT></font> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">757,620</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,267</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,965</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">779,852</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">294,071</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">299,133</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(168,038</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,205,018</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap>
      <FONT size=2 face="serif">Total income </FONT><font size="2"><SUP><FONT face="serif">(1)</FONT></SUP> </font></TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,169,656</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">43,736</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9,058</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,222,450</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">334,138</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">482,760</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(180,178</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,859,170</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=28% align=left>
<FONT size=2 face="serif">Financial expenses</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(617,332</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,551</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(79</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(620,962</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(124</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,140</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(608,949</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap>
<FONT size=2 face="serif">Allowances for doubtful</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left>
      <font size="2">&nbsp;<FONT face="serif">loans</FONT></font> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(109,265</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,970</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(393</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(114,628</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(114,628</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=28% align=left>
<FONT size=2 face="serif">Operating expenses</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(564,742</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(24,751</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,550</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(592,043</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(141,146</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(44,302</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,656</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(775,835</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left>
<FONT size=2 face="serif">Other expenses</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(791,684</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,703</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,314</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(796,701</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(175,995</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(419,089</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">166,382</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,225,403</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=28% align=left>
      <FONT size=2 face="serif">Total expenses </FONT><font size="2"><SUP><FONT face="serif">(2)</FONT></SUP> </font></TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,083,023</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(36,975</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,336</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,124,334</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(317,265</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(463,394</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">180,178</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,724,815</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD align="left"><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left>
<FONT size=2 face="serif">Loss on minority interest</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left>
      <font size="2">&nbsp;<FONT face="serif">in subsidiaries</FONT></font> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,850</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(999</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,850</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,843</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6,458</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(17,151</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD align="left">&nbsp;  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=28% align=left nowrap>
<FONT size=2 face="serif">Total net income / (loss)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">86,632</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,911</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,723</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">95,266</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9,030</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,908</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">117,204</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
</TR>
<TR>
 <TD width="28%" align="left">&nbsp; </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">28</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="22" align=center><B><FONT size=1 face="serif">As of December
          31, 2004</FONT></B> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="10" align=center><B><FONT size=1 face="serif">Banking Financial</FONT></B> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD GUTTER align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD GUTTER align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD GUTTER align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="left" GUTTER></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="left" GUTTER></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="left" GUTTER></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="left" GUTTER></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">BBVA Banco<br>
      Franc&eacute;s S.A.</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Credilogros<br>
      C&iacute;a.<br>
      Financiera<br>
      S.A.</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">PSA Finance<br>
      S.A.</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Pension
          Fund<br>
      Manager</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Insurance</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Eliminations</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD width="28%" align="left"><font size="2">&nbsp;</font> </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=28% align=left> <FONT size=2 face="serif">Total assets</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">14,275,608</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">98,603</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">29,119</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">14,403,330</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">311,420</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,545,654</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(218,732</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">16,041,672</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=28% align=left> <FONT size=2 face="serif">Financial income</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">951,586</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">23,915</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,251</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">976,752</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">35,812</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">148,700</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(6,439</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,154,825</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=28% align=left> <FONT size=2 face="serif">Service charge income</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=28% align=left> <font size="2">&nbsp;<FONT face="serif">and other
          income</FONT></font> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">675,257</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">14,191</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,340</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">690,788</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">245,905</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">514,454</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(136,887</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,314,260</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=28% align=left> <FONT size=2 face="serif">Total income </FONT><font size="2"><SUP><FONT face="serif">(1)</FONT></SUP> </font></TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,626,843</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">38,106</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,591</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,667,540</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">281,717</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">663,154</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(143,326</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,469,085</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=28% align=left> <FONT size=2 face="serif">Financial expenses</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(461,014</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1,727</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(64</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(462,805</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1,642</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(352</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6,439</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(458,360</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=28% align=left> <FONT size=2 face="serif">Allowances for doubtful</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=28% align=left> <font size="2">&nbsp;<FONT face="serif">loans</FONT></font> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(49,464</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2,260</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(278</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(52,002</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(52,002</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=28% align=left> <FONT size=2 face="serif">Operating expenses</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(474,568</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(26,907</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2,018</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(503,493</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(133,296</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(44,143</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,103</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(679,829</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=28% align=left> <FONT size=2 face="serif">Other expenses</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(719,669</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(5,495</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(383</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(725,547</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(141,392</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(588,884</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">135,784</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1,320,039</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=28% align=left> <FONT size=2 face="serif">Total expenses </FONT><font size="2"><SUP><FONT face="serif">(2)</FONT></SUP> </font></TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1,704,715</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(36,389</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2,743</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1,743,847</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(276,330</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(633,379</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">143,326</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2,510,230</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=28% align=left> <FONT size=2 face="serif">Loss on minority interest</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right>&nbsp; </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=28% align=left> <font size="2">&nbsp;<FONT face="serif">in subsidiaries</FONT></font></TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(7</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(779</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">505</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(281</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2,484</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(10,136</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER width=1% align=left>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(12,901</FONT> </TD>
    <TD GUTTER width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=28% align=left nowrap> <FONT size=2 face="serif">Total net income
        / (loss)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(77,879</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">938</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">353</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(76,588</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,903</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">19,639</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=1% align=left GUTTER>&nbsp; </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(54,046</FONT> </TD>
    <TD width=1% align=left GUTTER> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD align="left"><HR noshade size=2></TD>
    <TD align="left"><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="left" GUTTER><HR noshade size=2>
    </TD>
    <TD align="left"><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="left" GUTTER><HR noshade size=2>
    </TD>
    <TD align="left"><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="left" GUTTER><HR noshade size=2>
    </TD>
    <TD align="left"><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="left" GUTTER><HR noshade size=2>
    </TD>
    <TD align="left"><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="left" GUTTER><HR noshade size=2>
    </TD>
    <TD align="left"><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="left" GUTTER><HR noshade size=2>
    </TD>
    <TD align="left"><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="left" GUTTER><HR noshade size=2>
    </TD>
    <TD align="left"><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="left" GUTTER><HR noshade size=2>
    </TD>
  </TR>
</TABLE>
<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="25" align=center><B><FONT size=1 face="serif">As of December
        31, 2003</FONT></B></TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=1 face="serif">Banking Financial</FONT></B></TD>
  <TD align=left GUTTER>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="left" GUTTER></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="left" GUTTER></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="left" GUTTER></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">BBVA Banco<br>
    Franc&eacute;s S.A.</FONT></B></TD>
  <TD align=center GUTTER>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">BBVA<br>
    Franc&eacute;s<br>
    (Cayman)<br>
    Ltd.</FONT></B></TD>
  <TD align=center GUTTER>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Credilogros<br>
    C&iacute;a.<br> Financiera<br>
    S.A.</FONT></B></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">PSA Finance<br>
    S.A.</FONT></B></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Pension Fund<br>
    Manager</FONT></B> </TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Insurance</FONT></B></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Eliminations</FONT></B></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Total assets </FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,248,072</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,506,379</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">54,992</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,846</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,857,289</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">298,830</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,332,840</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(131,120</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,357,839</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="19%" align="left" nowrap>
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Financial income</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,163,181</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">563,068</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,628</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">600</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,737,477</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">46,580</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">118,211</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(19,032</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,883,236</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Service charge income</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">and other income </FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,094,203</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">89,612</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">22,230</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">147</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,206,192</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">186,902</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">342,025</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(82,995</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,652,124</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Total income </FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,257,384</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">652,680</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">32,858</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">747</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,943,669</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">233,482</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">460,236</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(102,027</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,535,360</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="19%" align="left" nowrap>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Financial expenses</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,181,831</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(468,884</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(10,540</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,709</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,662,964</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(12,925</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(54,436</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">19,032</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,711,293</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Allowances for doubtful</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
 &nbsp;<FONT size=1 face="serif">loans</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(73,203</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,164</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(139</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(77,506</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(77,506</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Operating expenses</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(539,465</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6,155</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(23,165</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,713</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(570,498</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(105,906</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(35,655</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">652</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(711,407</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Other expenses </FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(972,796</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,985</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,114</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(284</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(981,179</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(95,052</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(395,347</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">82,343</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,389,235</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Total expenses </FONT><SUP><FONT size=1 face="serif">(2)</FONT></SUP> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,767,295</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(478,024</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(42,983</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,845</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,292,147</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(213,883</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(485,438</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">102,027</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,889,441</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD align="left" nowrap><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Gain on minority interest</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
 &nbsp;<FONT size=1 face="serif">in subsidiaries </FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,027</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,812</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,839</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(8,065</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,070</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,844</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="19%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Net monetary loss</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,548</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(100</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(195</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,253</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,099</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(245</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,091</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="19%" align="left" nowrap>&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
 <TD align="left"><HR noshade size=1></TD>
 <TD align="right"><HR noshade size=1>    </TD>
 <TD align="left" GUTTER><HR noshade size=1>    </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=1 face="serif">Total net income / (loss)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(508,363</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">174,656</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,198</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,481</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(342,386</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9,435</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(17,377</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(350,328</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD align="left" nowrap><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
     <TD colspan="2" nowrap><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR valign="top">
 <TD width="5%" nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT size=1 face="serif">Includes: financial income, service charge income and other income.</FONT></TD>
</TR><TR valign="top">
 <TD width="5%" nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width=95%>
<FONT size=1 face="serif">Includes: financial expenses, provision for loan losses, service charge expenses, operating expenses, other expenses and income tax.</FONT></TD>
</TR><TR valign="top">
 <TD width="5%" nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width=95%>
<FONT size=1 face="serif">Restated from its original version to apply the adjustments to prior years income to these Consolidated Financial Statements relating to Argentine Central Bank regulations (see Note 3.5.18. to the Consolidated Financial
Statements).</FONT></TD>
</TR></TABLE>
<P align="left">
<B><FONT size=2 face="serif">Information technology</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During the year 2005, we focused on four main subjects:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Update of the whole technological infrastructure at branch offices,</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Biannual plan for the updating and upgrading of the central technological infrastructure, including high, middle and low</FONT> <FONT size=2 face="serif">platforms.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Strong support to the business during the launch of products, and </FONT><br>
<br></LI>
<LI>
<FONT size=2 face="serif">Corporate projects related to internal control and risk management.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As for the 2002 crisis, in a setting in which the financial sector was adversely affected, the Bank concentrated on dealing with the crisis and holding down costs; this led to the postponement of
infrastructure update projects.</FONT></P>
<P align="center">
<FONT size=2 face="serif">29</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In view
    of the clear recovery in the levels of activity and profitability registered
    since 2004, the launching of a significant number of technological updating
    projects was reconsidered. These projects were already necessary to ensure
    operating continuity and go along with growth in business.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The
    most important project taken up this year was the update of the whole technological
    infrastructure at our branches, which includes communications, servers, user
    desktop and peripherals. This project not only involves the change of hardware,
    but also the implementation of a new and completely innovative technological
    architecture and the replacement of existing proprietary terminals with ones
    in compliance with JAVA standards. Some of the benefits associated with its
    implementation are:</FONT></P>
<UL>
  <LI> <FONT size=2 face="serif">Substantially improved efficiency, with significant
      reduction in processing time at branches,</FONT><br>
      <br>
  </LI>
  <LI> <FONT size=2 face="serif">Reduction of equipment maintenance costs,</FONT><br>
      <br>
  </LI>
  <LI> <FONT size=2 face="serif">Cost savings on software leases,</FONT><br>
      <br>
  </LI>
  <LI> <FONT size=2 face="serif">Improved information security,</FONT><br>
      <br>
  </LI>
  <LI> <FONT size=2 face="serif">Higher availability in jobs,</FONT><br>
</LI>
</UL>
<UL>
<LI>
<FONT size=2 face="serif">Facilitates implementation of new applications and tools,</FONT> <font size="2" face="Times New Roman, Times, serif">and</font> <br>
<br></LI>
<LI>
<FONT size=2 face="serif">Lays the foundations for further incorporation of technology into the processes of branches.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the first semester of 2006, deployment of new technology will be completed at all branches.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">An ambitious biannual plan gained momentum during 2005, which consisted of updating and expanding the of central processing resources of high, middle and low platforms.</FONT></P>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among the main actions implemented are:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Extension of processing capacity of Mainframe.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Change in storage technology and extension of its capacity.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Reengineering of intermediate platform with SUN technology.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">High availability for Windows-Intel platform.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Changes in communication infrastructure.</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actions regarding the
support of business areas</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">The sales process flow was automated, which will allow decentralization of product provisioning over the branches</FONT> <FONT size=2 face="serif">networks,</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Alternative channels were given new and significant functionality,</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">The mass sale process was redesigned,</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Continued implementation of document digitalization technology for various processes,</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Optimized foreign trade business using image technology and strengthened transactions available over Franc&eacute;s Net,</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Full reengineering of the net collection system,</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Deployed NetCash (a new corporate product for banking
over the Internet), and</FONT></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">30</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>


<br>
<UL>
  <LI> <FONT size=2 face="serif">Continued progress on relaunching </FONT><FONT size=2 face="serif">the
      following products:</FONT></LI>
</UL>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" align="right">&#150;&nbsp;&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="94%"><font size=2 face="serif">Credit cards (models and processes)</font></td>
  </tr>
  <tr>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="right">&#150;&nbsp;&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="94%"> <font size=2 face="serif">Mortgage loans</font></td>
  </tr>
  <tr>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="right">&#150;&nbsp;&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="94%"><font size=2 face="serif">Insurance</font></td>
  </tr>
  <tr>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="right">&#150;&nbsp;&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="94%"> <font size=2 face="serif">Foreign currency (processes, accounts,
        channels, costs)</font></td>
  </tr>
  <tr>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right">&#150;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">New financial products</font></td>
  </tr>
</table>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In terms
    of internal control and risk management, the year was marked by the continuation
    of large corporate projects, which have entered into more advanced stages: </FONT></P>
<UL>
  <LI> <FONT size=2 face="serif">Sarbanes Oxley</FONT><br>
      <br>
  </LI>
  <LI> <FONT size=2 face="serif">Basle II &#150; RAR</FONT><br>
  </LI>
</UL>
<UL>
<LI>
<FONT size=2 face="serif">Business Continuity Plan</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Prevention of money laundering</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Lastly, also worthy of mention is the realization of infrastructure to facilitate growing commercial plans (opening of branches, remodeling, Mortgage center, banca Vip), and the construction of
new facilities to house and protect the magnetic media of the Computing Center</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">ORGANIZATIONAL STRUCTURE</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">Banco Bilbao Vizcaya Argentaria S.A. (BBVA)</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of December 31, 2005 and 2004, BBVA owned approximately 75.59% and 75.97%, respectively, of Banco Franc&eacute;s&#146; capital stock.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">BBVA is the result of a merger by absorption of Argentaria, Caja Postal y Banco Hipotecario, S.A., formerly a Spanish retail banking, asset management and insurance provider, into Banco Bilbao
Vizcaya, S.A. The merger was approved by the shareholders of both institutions on December 18, 1999. As of December 31, 2005, BBVA, through its subsidiaries, has a presence in 14 American countries and several countries throughout Europe, with 3,578
branch offices in Spain and 3,832 branch offices outside Spain, and 31,154 employees in Spain and 63,527 employees outside of Spain.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">BBVA is a global financial group, organized in four major business areas: Retail Banking in Spain and Portugal, Wholesale and Investment Banking, Banking in America (includes Mexico) and
Corporate Activities. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The tangible benefits provided by the BBVA Group to the Bank are the following:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Sharing of technology;</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Development of new banking products that have been customized for the Argentine market;</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Leveraging BBVA&#146;s global client relationships to serve those clients operating in Argentina; and</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">BBVA&#146;s participation in Banco Franc&eacute;s as a shareholder is both long term and strategic.</FONT></LI>
</UL>
<P align="left">
<B><FONT size=2 face="serif">Subsidiaries of Banco Franc&eacute;s </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We conduct our securities trading operations on the BCBA through our brokerage affiliate, Franc&eacute;s Valores Sociedad de Bolsa S.A., or Franc&eacute;s Valores. Among other subsidiaries
engaged in a range of financial businesses, it is important to mention Consolidar AFJP, a pension fund administrator, which as of December 31, 2005, managed Ps.12.8 billion in pension fund holdings, with a </FONT></P>
<P align="center">
<FONT size=2 face="serif">31</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<P align="left"><FONT size=2 face="serif">18.83% market share in collections
    in Argentina. Banco Franc&eacute;s currently has a 53.89% equity interest
    in Consolidar AFJP, with the remaining interest held by BBVA.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Until
    recently we provided certain financial services to customers in the lower-income
    segment through our subsidiary Credilogros. On March 9, 2005 we entered into
    sale-purchase agreement with Banco de Servicios y Transacciones and Grupo
    de Servicios y Transacciones S.A., whereby we sold our equity investment
    in Credilogros. Prior to that transaction, the capital stock structure of
    Credilogros, as of December 31, 2005, was as follows:</FONT></P>
<div align=center>
  <TABLE width=40% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD width=9% align=left>&nbsp;</TD>
      <TD width=73% align=left> <FONT size=2 face="serif">Banco Franc&eacute;s</FONT> </TD>
      <TD width=11% align=right> <FONT size=2 face="serif">69.5271</FONT> </TD>
      <TD GUTTER width=7% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=9% align=left>&nbsp;</TD>
      <TD width=73% align=left> <FONT size=2 face="serif">Banco Bilbao Vizcaya
          Argentaria S.A.&nbsp;&nbsp;</FONT> </TD>
      <TD width=11% align=right> <FONT size=2 face="serif">29.9475</FONT> </TD>
      <TD GUTTER width=7% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=9% align=left>&nbsp;</TD>
      <TD width=73% align=left> <FONT size=2 face="serif">Inversora Otar S.A.</FONT> </TD>
      <TD width=11% align=right> <FONT size=2 face="serif">0.5254</FONT> </TD>
      <TD GUTTER width=7% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    </TR>
  </TABLE>
</div>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Rombo
    Compa&ntilde;&iacute;a Financiera S.A., with a single branch located in Buenos
    Aires, grants loans on the retail market to finance the purchase of new and
    second hand cars offered by the Renault dealership network. During 2005,
    total transactions increased from 4,468 to 7,174, with total financing &#150; including
    leasing operations &#150; amounting to approximately Ps.100 million. Out
    of total transactions, 320 correspond to financing the purchase of Nissan
    cars, 717 to second hand cars and the remaining 6,010 to Renault cars. We
    hold a 40% equity interest in this company, which capital stock consists
of 20,000,000 shares of common stock with a par value of Ps.1 each.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">PSA Finance is located in Buenos Aires. This financial entity was organized in 2001 and its original shareholders were Credilogros Compa&ntilde;ia Financiera S.A. (50%) and Banque PSA Finance
(50%), a company owned by the PSA French group. The company&#146;s business is to finance brand new Peugeot and Citro&euml;n vehicles, as well as second-hand vehicles of all brands, through motor-vehicle secured loans or leasing transactions. On
October 31, 2003, subject to the approval of the Central Bank, Banco Franc&eacute;s acquired 50% of the shares of PSA Finance from Credilogros for Ps.11.9 million and the latter settled the call received from Banco Franc&eacute;s for a total of
Ps.11.7 million plus interest.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Until March 2004, we offered financial services in the Cayman Island through Banco Franc&eacute;s (Cayman) Ltd. On March 18, 2004 we sold our interest in Banco Franc&eacute;s (Cayman) Ltd. to
BBVA. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Until May 2002, we offered financial services in Uruguay through BBVA Uruguay. On May 13, 2002 we sold our 60.88% interest in BBVA Uruguay to BBVA.</FONT></P>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following chart reflects Banco Franc&eacute;s&#146;s subsidiaries as of December 31, 2005:</FONT></P>
<div align="center"><IMG SRC="dp02929_pg32.jpg">
</div>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR valign="top">
          <TD colspan="2" nowrap><HR align="left" width="15%" size=1 noshade></TD>
     </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT size=1 face="serif">The Bank sold its entire equity interest in Credilogros
Compa&ntilde;&iacute;a Financiera S.A. to Banco de Servicios y Transacciones
S.A and Grupo de Servicios y Transacciones in March 2005 (see Note 1.4. to the
Consolidated  Financial Statements).</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width=95%>
<FONT size=1 face="serif">On February 4, 2004, Atuel Fideicomisos S.A. acquired 95% of the capital stock of Franc&eacute;s Administradora de Inversiones S.A. from Banco Franc&eacute;s (Cayman) Limited.</FONT> </TD>
</TR></TABLE>
<P align="center">
  <FONT size=2 face="serif">32</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<P align="left"><FONT size=2 face="serif">The following information is related
    to subsidiaries and affiliates as of December 31, 2005:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR align="center" valign="bottom">
    <TD width=40%> <B><FONT size=1 face="serif">Subsidiary or Associated Company</FONT></B></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12%> <B><FONT size=1 face="serif">Country of<br>
      </FONT></B><B><FONT size=1 face="serif">Incorporation/<br>
      Residence</FONT></B></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10%> &nbsp; &nbsp;<b><font size=1 face="serif">Banco Franc&eacute;s<br>
      Ownership<br>
      and Voting Power</FONT></B></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22%> <B><FONT size=1 face="serif">Principal Activity</FONT></B></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8%> <B><FONT size=1 face="serif">Stockholders&#146;<br>
      Equity<br>
      (in millions of<br>
      pesos) (4)</FONT></B></TD>
  </TR>
  <TR>
    <TD width="40%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD width="12%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD width="10%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD width="22%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=40% align=left> <FONT size=2 face="serif">Atuel Fideicomisos S.A.
        and subsidiary<SUP>(1)(3)</SUP></FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">99.99%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Trust services</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">13.5</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Stock exchange</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Franc&eacute;s Valores
        Sociedad de Bolsa S.A.</FONT><SUP><FONT size=2 face="serif">(1)(3)</FONT></SUP> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">99.97%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">brokerage</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">8.7</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=40% align=left> <FONT size=2 face="serif">Credilogros Compa&ntilde;&iacute;a
        Financiera S.A.</FONT><SUP><FONT size=2 face="serif">(1)(3)</FONT></SUP> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">69.53%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Financial Institution</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">38.8</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Consolidar C&iacute;a.
        de Seguros de Retiro S.A.</FONT><SUP><FONT size=2 face="serif">(1)(3)</FONT></SUP> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">66.67%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Insurance</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">46.7</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=40% align=left> <FONT size=2 face="serif">Consolidar Seguros de
        Vida S.A.</FONT><SUP><FONT size=2 face="serif">(1)(3)</FONT></SUP> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">65.96%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Insurance</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">82.7</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Pension and Retirement</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Consolidar AFJP S.A.</FONT><SUP><FONT size=2 face="serif">(1)(3)</FONT></SUP> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">53.89%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Fund Administrators</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">263.2</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=40% align=left> <FONT size=2 face="serif">PSA Compa&ntilde;&iacute;a
        Financiera S.A.</FONT><SUP><FONT size=2 face="serif">(1)(3)</FONT></SUP> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">50.00%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Financial Institution</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">24.1</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Rombo Compa&ntilde;&iacute;a
        Financiera S.A.</FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">40.00%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Financial Institution</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">30.2</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=40% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Workers Compensation</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=40% align=left> <FONT size=2 face="serif">Consolidar ART S.A.</FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">12.50%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Insurance</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">151.9</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">BBVA Consolidar Seguros
        S.A.</FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=center> <FONT size=2 face="serif">Argentina</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">12.22%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <FONT size=2 face="serif">Insurance Company</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">43.7</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD align=left><FONT size=2 face="serif">Assurex S.A.<sup>(2)</sup> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Argentina</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">12.50%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Insurance Broker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">0.1</FONT></TD>
  </TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="top">
    <TD colspan="2" nowrap><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT size=1 face="serif">(1)</FONT></TD>
    <TD width=95% valign="top"> <FONT size=1 face="serif">For information regarding
        the number of shares we hold in such entities, see Note 2. to the Consolidated
        Financial Statements.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT size=1 face="serif">(2)</FONT></TD>
    <TD width=95% valign="top"> <FONT size=1 face="serif">Total stockholders&#146; equity
        as of June 30, 2002.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT size=1 face="serif">(3)</FONT></TD>
    <TD width=95% valign="top"> <FONT size=1 face="serif">Total stockholders&#146; equity
        as of December 31, 2005.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT size=1 face="serif">(4)</FONT></TD>
    <TD width=95% valign="top"> <FONT size=1 face="serif">Statutory Stockholders&#146; Equity,
        adjusted for purposes of consolidation so as to apply an accounting criterion
        being uniform with that of Banco Franc&eacute;s, if applicable.</FONT></TD>
  </TR>
</TABLE>
<P align="left">
 <B><FONT size=2 face="serif">Equity Investments</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following are all positions that we hold in non-financial institutions wherever such a position represented an ownership in excess of 2% of the invested companies&#146; equity as of December
31, 2005.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
 <TD width=24%> &nbsp;<B><FONT size=1 face="serif">Investment</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10%>
<B><FONT size=1 face="serif">Country</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10%>
<B><FONT size=1 face="serif">% of Shares Owned</FONT></B> </TD>
 <TD width=4%>&nbsp; </TD>
 <TD width=38%> <B><FONT size=1 face="serif">Principal Activity</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8%>
<B><FONT size=1 face="serif">Total<br>
Stockholders&#146;<br>
Equity <br>
(in millions of <br>
pesos)</FONT></B></TD>
</TR>
<TR>
 <TD width="24%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="10%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="10%">
<HR noshade size=1> </TD>
 <TD width="4%">&nbsp;</TD>
 <TD width="38%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
<FONT size=2 face="serif">Coelsa S.A.</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=center>
<FONT size=2 face="serif">Argentina</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">10.00%</FONT> </TD>
 <TD width=4%>&nbsp; </TD>
 <TD width=38% align=left>
<FONT size=2 face="serif">Clearing house</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.5</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
<FONT size=2 face="serif">Interbanking S.A. </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=center>
<FONT size=2 face="serif">Argentina</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">9.09%</FONT> </TD>
 <TD width=4%>&nbsp; </TD>
 <TD width=38% align=left>
<FONT size=2 face="serif">Information services for financial markets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12.3</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
<FONT size=2 face="serif">Argencontrol S.A. </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=center>
<FONT size=2 face="serif">Argentina</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">7.71%</FONT> </TD>
 <TD width=4%>&nbsp; </TD>
 <TD width=38% align=left>
<FONT size=2 face="serif">Agent Mandatary</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.9</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
<FONT size=2 face="serif">Sedesa S.A. </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=center>
<FONT size=2 face="serif">Argentina</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">8.12%</FONT> </TD>
 <TD width=4%>&nbsp; </TD>
 <TD width=38% align=left>
<FONT size=2 face="serif">Deposit Guarantee Fund</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">11.8</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
<FONT size=2 face="serif">Banelco S.A. </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=center>
<FONT size=2 face="serif">Argentina</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">11.43%</FONT> </TD>
 <TD width=4%>&nbsp; </TD>
 <TD width=38% align=left>
<FONT size=2 face="serif">Nationwide ATM network &amp; credit card</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=left>&nbsp; </TD>
 <TD width=4%>&nbsp; </TD>
 <TD width=38% align=left>
<FONT size=2 face="serif">Administration</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">48.4</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
<FONT size=2 face="serif">Visa Argentina S.A. </FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=center>
<FONT size=2 face="serif">Argentina</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">5.00%</FONT> </TD>
 <TD width=4%>&nbsp; </TD>
 <TD width=38% align=left>
<FONT size=2 face="serif">Credit card issuer</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">23.2</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left><FONT size=2 face="serif">AIG Latin American Fund </FONT><SUP><FONT size=2 face="serif">(5)</FONT></SUP> </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><FONT size=2 face="serif">Virgin Islands </FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">19.48%</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=left><FONT size=2 face="serif">Investment Funds </FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">27.6</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR valign="top">
          <TD colspan="2" nowrap><HR align="left" width="15%" size=1 noshade></TD>
     </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Total Stockholders&#146; Equity as of December 31, 2004.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Total Stockholders&#146; Equity as of December 31, 2003.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Total Stockholders&#146; Equity as of May 31, 2005.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(4)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Total Stockholders&#146; Equity as of November 30, 2005.</FONT></TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap><FONT size=1 face="serif">(5)</FONT></TD>
  <TD width="95%" valign="top"><FONT size=1 face="serif">Total Stockholders&#146; Equity as of December 31, 2000. The Bank maintains an allowance for the 100% of the amounts.</FONT></TD>
</TR>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">PROPERTY, PLANTS AND EQUIPMENT</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Franc&eacute;s is domiciled in Argentina and has its principal executive offices at Reconquista 199, C1003ABB Buenos Aires, Argentina. The principal executive offices, which we own, are
approximately 16,000 square meters in area.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At December 31, 2005, our branch network consisted of 230 branches, of which 114 were located in properties that we own and 116 were located in properties leased to us. The branches are located
throughout all of the 23 Argentine provinces as well as the City of Buenos Aires.</FONT></P>
<P align="center">
<FONT size=2 face="serif">33</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<P align="center"><B><FONT size=2 face="serif">SELECTED STATISTICAL INFORMATION</FONT></B></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The
    following information is included for analytical purposes and should be read
    in conjunction with the Consolidated Financial Statements as well as </FONT><I> <FONT size=2 face="serif">&#147;Operating
    and Financial Review and Prospects&#148;</FONT></I><FONT size=2 face="serif">.
    This information has been prepared from our financial records, which are
    maintained in accordance with the regulations established by the Central
    Bank and do not reflect adjustments necessary to state the information in
    accordance with U.S. GAAP. See Note 17. to the Consolidated Financial Statements
    for a summary of the significant differences between Argentine Banking GAAP
    and U.S. GAAP.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The
    dollar-denominated assets and liabilities reflect balances held by Banco
    Franc&eacute;s and Banco Franc&eacute;s (Cayman) Ltd. (for fiscal years ended
    up to December 2003). Banco Franc&eacute;s (Cayman) Ltd operated exclusively
    in dollars, while Banco Franc&eacute;s operates both in dollars and in pesos.</FONT></P>
<P align="left"> <B><FONT size=2 face="serif">Average Balance Sheets and Income
      From Interest-Earning Assets and Interest-Bearing Liabilities</FONT></B></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For
    the fiscal year ended December 31, 2003, the average balances of interest-earning
    assets and interest-bearing liabilities, including the related interest earned
    or paid, was calculated on a monthly basis restated into February 2003 pesos
    in the case of the financial information of Banco Franc&eacute;s and its
    Argentine subsidiaries. Average balances have been separated between those
    denominated in pesos and in dollars.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For
    the fiscal years ended December 31, 2004 and 2005, the average balances of
    interest-earning assets and interest-bearing liabilities, including the related
    interest earned or paid, were calculated on a monthly basis in the case of
    the financial information of Banco Franc&eacute;s and its Argentine subsidiaries.
    Average balances have been separated between those denominated in pesos and
    in dollars.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The
    nominal interest rate is the amount of interest earned or paid during the
period divided by the related average balance.</FONT></P>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nominal average
rates for each fiscal year were converted to average real rates as follows:</FONT></P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td>&nbsp;</td>
          <td align="center"><IMG SRC="dp02929_pg34a.jpg" WIDTH="307" HEIGHT="43"></td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td><font size=2 face="serif">Where:</font></td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr>
          <td width="2%">&nbsp;</td>
          <td width="98%"><font size=2 face="serif">Rp: real average rate for
                    Argentine peso-denominated (in the case of Banco Franc&eacute;s),
          assets and liabilities of Banco Franc&eacute;s, </font></td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr>
          <td width="2%">&nbsp;</td>
          <td width="98%"><font size=2 face="serif">Rd: real average rates for
                    dollar-denominated assets and liabilities of Banco Franc&eacute;s
          and Banco Franc&eacute;s (Cayman) Ltd,</font></td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr>
          <td width="2%">&nbsp;</td>
          <td width="98%"><font size=2 face="serif">Np: nominal peso average
                    rate in peso-denominated (in the case of Banco Franc&eacute;s),
          assets and liabilities for the period;</font></td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr>
          <td width="2%">&nbsp;</td>
          <td width="98%"><font size=2 face="serif">Nd: nominal dollar average
                    rate in dollar-denominated assets and liabilities for the
          period; </font></td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td><font size=2 face="serif">D: devaluation rate of the Argentine
                    peso (in the case of Banco Franc&eacute;s), to the dollar
          for the period; and </font></td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td><font size=2 face="serif">I: Argentine inflation rate (WPI) (in
          the case of Banco Franc&eacute;s).</font></td>
     </tr>
</table>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The formula for the average real rates for dollar-denominated assets and liabilities (Rd), when compared with the corresponding nominal rates, reflects the loss, or gain, in purchasing power of
the dollar caused by the difference between peso, devaluation and inflation in Argentina, for each period.</FONT></P>
<P align="center">
<FONT size=2 face="serif">34</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Included
    in interest earned are the net gains on our portfolio of Government securities
    and related differences in market quotations. We manage our trading activities
    in Government Securities as an integral part of our business. We do not,
    as a matter of practice, distinguish between interest income and gain or
    loss on our Government Securities portfolio. Non-accrual loans have been
    included in the related average loan calculation.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Negative
    interest rates in real terms occur in periods when the inflation rate in
    each country exceeds the nominal interest rate in pesos or exceeds the combination
    of the nominal interest rate on dollar-denominated assets or liabilities
    and the devaluation rate.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The
    following illustrates the calculation of the real interest rate in pesos
    for a dollar-denominated asset yielding a nominal annual interest rate of
    20.0% (Nd=0.20) using different combinations of devaluation and inflation
    rates. If devaluation is 15.0% per annum (D=0.15) and inflation runs at a
    rate of 25.0% per annum (I=0.25), the result is as follows:</FONT></P>
<P align="center"><font size="2" face="serif"><IMG SRC="dp02929_pg34b.jpg" WIDTH="260" HEIGHT="40"></font></P>
<P align="left"> <FONT size=2 face="serif">which in this case means that, because
    inflation exceeds devaluation, the real interest rate in pesos is less than
    the nominal interest rate in dollars. In this example, if the devaluation
    rate had been 30.0% per annum, and the other assumptions had remained the
    same, then the real interest rate in pesos would have been 24.8% per annum,
    which is more than the nominal interest rate in dollars. If the inflation
    rate were to exceed 38.0% per annum, then the real interest rate in pesos
on this dollar denominated asset would become negative.</FONT></P>
<P align="center"><br>
  <FONT size=2 face="serif">35</FONT><br>
</P>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
 <br>
<br>

<P align="left">
<B><FONT size=2 face="serif">Average Balance Sheets, Interest Earned on Interest-Earning Assets and Interest Paid on Interest-Bearing Liabilities</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following tables show average balances, interest amounts and real rates for our interest-earning assets and interest-bearing liabilities for the fiscal years ended December 31, 2005, 2004 and
2003. Average balances do not include the adjustments to prior years income (loss) mentioned in Note 3.5.18. to the Consolidated Financial Statements. These adjustments do not have an impact on Interest-earning assets or Interest-bearing
liabilities.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center"><b><font size=1 face="serif">Fiscal
                         Years ended December 31, </font></b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2005</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2004</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2003</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          real<br>
          rate<SUP>(2)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
          earned<br>
          /paid</font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><p><B><FONT size=1 face="serif">Average<br>
               real<br>
               rate<SUP>(2)</SUP></FONT></B></p></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          real<br>
          rate<SUP>(2)</SUP></FONT></B></TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center" valign="top"><b><FONT size=1 face="serif">(in
                         thousands of pesos, except percentages)</font> </b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
<TR valign="bottom">
 <TD width=24% align=left>
<B><FONT size=2 face="serif">ASSETS</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
<B><FONT size=2 face="serif">Interest-earning assets</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
<FONT size=2 face="serif">Government securities </FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,103,943</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">207,703</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(0.65</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">1,060,651</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">170,136</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7.53</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">770,114</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">69,593</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6.87</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">542,603</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,242</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.76</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">870,829</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">33,282</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.13</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,244,896</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,454</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(44.00</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,646,546</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">213,945</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1.90</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">1,931,480</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">203,418</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.19</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,015,010</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">75,047</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(31.00</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
<FONT size=2 face="serif">Loans</FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
 &nbsp;<FONT size=2 face="serif">Private Sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,640,539</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">304,134</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.84</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">1,680,780</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">229,900</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5.34</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,271,305</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">227,591</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15.56</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">695,066</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">37,074</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.90</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">496,364</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">26,471</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.59</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">907,028</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">34,459</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(42.01</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,335,605</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">341,208</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.06</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">2,177,144</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">256,371</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.48</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,178,333</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">262,050</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(8.41</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
 &nbsp;<FONT size=2 face="serif">Public Sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,150,407</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">899,429</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3.65</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">6,561,812</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">555,672</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.51</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,065,043</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">533,892</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5.42</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">49,099</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">138,936</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,615</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(39.46</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,199,506</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">899,429</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3.62</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">6,561,812</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">555,672</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.51</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,203,979</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">545,507</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.55</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
<FONT size=2 face="serif">Deposits with the Central</FONT> <font size=2 face="serif">Bank</font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">729,166</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">17,434</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7.41</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">108,931</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">643</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.79</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">942,216</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,723</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1.08</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">431,764</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,927</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.13</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,160,930</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">25,361</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.94</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">108,931</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">643</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.79</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">942,216</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,723</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1.08</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
<FONT size=2 face="serif">Other assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,164,771</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">85,821</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.91</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">787,658</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">44,587</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.09</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">456,619</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">52,335</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9.25</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">101,121</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,422</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6.24</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">262,881</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,666</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.56</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">324,895</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">37,295</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(37.72</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,265,892</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">101,243</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.18</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">1,050,539</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">61,253</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(0.93</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">781,514</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">89,630</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(10.28</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
<FONT size=2 face="serif">Total interest-earning assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,788,826</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,514,521</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.13</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">10,199,832</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,000,938</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.76</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,505,297</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">892,134</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6.34</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,819,653</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">66,665</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4.44</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">1,630,074</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">76,419</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.97</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,615,755</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">88,823</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(42.76</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=24% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,608,479</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,581,186</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.44</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">11,829,906</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,077,357</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.65</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,121,052</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">980,957</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.24</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="24%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>

<P align="center">
<FONT size=2 face="serif">36</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="20" align=center><b><font size=1 face="serif">Fiscal Years
                         ended December 31, </font></b></TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><hr noshade size=1></TD>
          <TD GUTTER align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD GUTTER align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD GUTTER align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD GUTTER align=center>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><b><font size=1 face="serif">2005</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD GUTTER align=center>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><b><font size=1 face="serif">2004</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD GUTTER align=center>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><b><font size=1 face="serif">2003</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><hr noshade size=1></TD>
          <TD GUTTER align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><hr noshade size=1></TD>
          <TD GUTTER align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><hr noshade size=1></TD>
          <TD GUTTER align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align="center"><hr noshade size=1></TD>
          <TD align=center><hr noshade size=1></TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align=center nowrap GUTTER>&nbsp;</TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
          earned/<br>
          paid</font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Average<br>
          real
          rate<sup>(2)</sup></font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align=center nowrap GUTTER>&nbsp;</TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
          earned/<br>
          paid</font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Average<br>
          real
          rate<sup>(2)</sup></font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></font></b></TD>
          <TD align=center nowrap GUTTER>&nbsp;</TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
          earned/<br>
          paid</font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Average<br>
          real
          rate<sup>(2)</sup></font></b></TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><HR noshade size=1></TD>
          <TD GUTTER align=center><HR noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><HR noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><HR noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><HR noshade size=1></TD>
          <TD GUTTER align=center><HR noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><HR noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><HR noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><HR noshade size=1></TD>
          <TD GUTTER align=center><HR noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><HR noshade size=1></TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center><HR noshade size=1></TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="20" align=center valign="top"><b><font size=1 face="serif">(in
                         thousands of pesos, except percentages)</font> </b></TD>
          <TD align=center>&nbsp;</TD>
     </TR>
<TR valign="bottom">
 <TD width=27% align=left>
<B><FONT size=2 face="serif">Non interest-earning assets</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<FONT size=2 face="serif">Cash and due from banks</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">323,807</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,000,398</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">189,076</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">315,285</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">630,871</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">400,202</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">639,092</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,631,269</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">589,278</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<FONT size=2 face="serif">Investments in other</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<FONT size=2 face="serif">companies</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">62,218</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">295,773</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">49,004</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">783</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">786</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">63,001</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">295,773</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">49,790</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<FONT size=2 face="serif">Property and equipment and</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=18% align=left>
<FONT size=2 face="serif">miscellaneous and intangible assets and</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<FONT size=2 face="serif">items pending of allocation</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,201,801</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,427,228</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,438,254</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,201,801</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,427,228</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,438,254</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<FONT size=2 face="serif">Allowance for loan losses</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(172,559</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(192,320</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(645,982</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(69,057</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(161,137</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(351,663</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(241,616</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(353,457</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(997,645</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<FONT size=2 face="serif">Other assets</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">541,249</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">275,729</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">809,324</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">63,143</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">65,698</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">71,991</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">604,392</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">341,427</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">881,315</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<FONT size=2 face="serif">Total non interest-earning</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<FONT size=2 face="serif">assets</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,956,516</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,806,808</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,839,676</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">310,154</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">535,432</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">121,316</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,266,670</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,342,240</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,960,992</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
<B><FONT size=2 face="serif">TOTAL ASSETS</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>&nbsp;

 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,745,342</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,006,640</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,344,973</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,129,807</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,165,506</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,737,071</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=27% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,875,149</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,172,146</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,082,044</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="27%">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%" align="right">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR valign="top">
          <TD colspan="2" nowrap><HR align="left" width="15%" size=1 noshade></TD>
     </TR>
<TR valign="top">
 <TD width="5%" nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT size=1 face="serif">Average Balances are derived from month-end balances.</FONT></TD>
</TR><TR valign="top">
 <TD width="5%" nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width=95%>
<FONT size=1 face="serif">Annualized on a 360-day basis.</FONT></TD>
</TR><TR valign="top">
 <TD width="5%" nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width=95%>
<FONT size=1 face="serif">Includes trading gains and losses in all fiscal years. Unrealized gains and losses arising from changes in the market value of our trading portfolio of Government Securities and yield on our investment portfolio of Government
Securities are included.</FONT></TD>
</TR><TR valign="top">
 <TD width="5%" nowrap>
<FONT size=1 face="serif">(4)</FONT></TD>
 <TD width=95%>
<FONT size=1 face="serif">Loan amounts are stated before deduction of the allowance for loan losses. Non-accrual loans are included in loans as interest-earning assets.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">37</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>










<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center"><b><font size=1 face="serif">Fiscal
          Years ended December 31, </font></b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2005</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2004</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2003</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
<TR valign="bottom">
     <TD align=left nowrap>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
balance<SUP>(1)</SUP></FONT></B></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
earned/<br>
paid</FONT></B></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          real rate<SUP>(2)</SUP></FONT></B></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
balance<SUP>(1)</SUP></FONT></B></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
earned/<br>
paid</font></b></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
real rate<SUP>(2)</SUP></FONT></B></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
balance<SUP>(1)</SUP></FONT></B></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
earned/<br>
paid</FONT></B></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
real rate<SUP>(2)</SUP></FONT></B></TD>
  </TR>
<TR>
     <TD align="left" nowrap>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center" GUTTER>
          <HR noshade size=1>     </TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center" GUTTER>
          <HR noshade size=1>     </TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center" GUTTER>
          <HR noshade size=1>     </TD>
</TR>
<TR>
     <TD align="left" nowrap>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="19" align="center" valign="top"><b><FONT size=1 face="serif">(in
          thousands of pesos, except percentages)</font> </b></TD>
     <TD align="center" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
<B><FONT size=2 face="serif">LIABILITIES</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
<B><FONT size=2 face="serif">Interest-bearing liabilities</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
<FONT size=2 face="serif">Savings accounts</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,189,515</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,536</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(9.35</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,061,226</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,652</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.86</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">733,310</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,226</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1.42</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">583,270</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">379</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7.76</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">363,986</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">306</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.47</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">273,838</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,582</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(43.81</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,772,785</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,915</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(9.01</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,425,212</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,958</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.35</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,007,148</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,808</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(12.95</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
<FONT size=2 face="serif">Time deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,852,674</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">332,452</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.38</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,972,531</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">176,391</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.22</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,563,821</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">475,201</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8.22</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">379,025</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,244</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.79</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">195,105</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,925</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.60</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">454,065</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,695</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(43.43</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,231,699</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">336,696</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.63</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,167,636</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">178,316</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.19</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,017,886</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">480,896</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3.54</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
<FONT size=2 face="serif">Borrowing from the Central</FONT> <font size=2 face="serif">Bank</font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,247,803</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">171,537</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.86</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,947,353</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">170,252</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.77</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,167,645</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">123,675</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3.60</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,503</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7.63</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,272</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">21</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.66</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,907</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">124</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(41.75</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,249,306</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">171,540</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.84</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,949,625</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">170,273</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.76</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,170,552</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">123,799</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3.54</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
<FONT size=2 face="serif">Borrowings from other</FONT> <font size=2 face="serif">financial
institutions</font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">38,267</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,483</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6.07</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">67,013</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,727</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4.95</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">127,074</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,096</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6.57</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">257,832</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,373</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.04</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">469,015</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,690</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(0.74</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,443,772</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">59,732</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(41.82</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">296,099</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,856</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.43</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">536,028</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,417</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1.27</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,570,846</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">70,828</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(37.91</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
<FONT size=2 face="serif">Corporate Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,573</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,232</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5.98</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">17,205</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,043</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9.65</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">317,516</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,612</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.29</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">406,627</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,929</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(0.96</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">465,590</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">17,451</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(42.04</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">317,516</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,612</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.29</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">415,200</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,161</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(0.82</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">482,795</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">19,494</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(40.20</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
<FONT size=2 face="serif">Other liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">391,081</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">31,522</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.29</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">528,554</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">25,426</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.88</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">707,313</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,563</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.17</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">37,018</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">43</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7.71</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">143,762</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,318</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.00</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">399,434</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,820</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(43.18</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">428,099</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">31,565</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.76</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">672,316</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">27,744</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.69</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,106,747</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">22,383</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(15.48</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
<FONT size=2 face="serif">Total Interest-bearing</FONT> <font size=2 face="serif">liabilities</font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,719,340</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">542,530</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.95</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,585,250</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">385,680</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3.17</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,316,368</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">631,804</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5.46</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,576,164</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">33,654</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5.85</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,580,767</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">29,189</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1.77</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,039,606</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">91,404</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(42.45</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=25% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,295,504</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">576,184</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4.24</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,166,017</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">414,869</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2.96</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,355,974</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">723,208</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7.37</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="25%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">38</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center"><b><font size=1 face="serif">Fiscal
                         Years ended December 31, </font></b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2005</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2004</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2003</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          real rate<SUP>(2)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
          earned/<br>
          paid</font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          real rate<SUP>(2)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          real rate<SUP>(2)</SUP></FONT></B></TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center" valign="top"><b><FONT size=1 face="serif">(in
                         thousands of pesos, except percentages)</font> </b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<B><FONT size=2 face="serif">Non-interest bearing</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<B><FONT size=2 face="serif">liabilities and Stockholders&#146;</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<B><FONT size=2 face="serif">equity</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<FONT size=2 face="serif">Demand accounts</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,636,017</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,122,143</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">791,205</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,007</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,578</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,306</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,649,024</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,127,721</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">792,511</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<FONT size=2 face="serif">Other liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,789,191</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,100,406</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,865,066</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">210,525</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">180,886</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">90,733</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,999,716</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,281,292</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,955,799</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<FONT size=2 face="serif">Minority Interest</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">182,288</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">167,069</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">160,582</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">182,288</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">167,069</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">160,582</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<FONT size=2 face="serif">Stockholders equity</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,748,617</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,430,047</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,817,178</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,748,617</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,430,047</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,817,178</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<FONT size=2 face="serif">Total non&#150;interest bearing</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<FONT size=2 face="serif">liabilities and stockholders</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<FONT size=2 face="serif">equity</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,356,113</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,819,665</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,634,031</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">223,532</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">186,464</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">92,039</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,579,645</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,006,129</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,726,070</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<B><FONT size=2 face="serif">TOTAL LIABILITIES</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<B><FONT size=2 face="serif">AND STOCKHOLDERS</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
<B><FONT size=2 face="serif">EQUITY</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,075,453</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,404,915</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,950,399</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,799,696</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,767,231</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,131,645</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,875,149</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,172,146</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,082,044</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="26%" nowrap>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD colspan="2" valign=top nowrap><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Average balances are derived from month-end balances.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Annualized on a 360-day basis.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">39</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following tables show average balances, interest amounts and nominal rates for our interest-earning assets and interest-bearing liabilities for the fiscal years ended December 31, 2005, 2004
and 2003.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center"><b><font size=1 face="serif">Fiscal
                         Years ended December 31, </font></b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2005</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2004</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2003</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          nominal<br>
rate<SUP>(2)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
          earned<br>
          /paid</font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><p><B><FONT size=1 face="serif">Average<br>
          nominal<br>
 rate<SUP>(2)</SUP></FONT></B></p></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          nominal<br>
rate<SUP>(2)</SUP></FONT></B></TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center" valign="top"><b><FONT size=1 face="serif">(in
                         thousands of pesos, except percentages)</font></b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">ASSETS</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">Interest-earning assets</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Government securities </FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,103,943</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">207,703</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">9.87</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,060,651</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">170,136</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">16.04</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">770,114</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">69,593</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">9.04</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">542,603</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,242</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.15</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">870,829</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">33,282</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.82</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,244,896</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,454</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.24</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,646,546</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">213,945</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.08</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,931,480</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">203,418</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">10.53</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,015,010</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">75,047</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.49</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Loans</FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Private Sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,640,539</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">304,134</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11.52</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,680,780</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">229,900</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">13.68</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,271,305</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">227,591</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">17.90</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">695,066</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">37,074</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.33</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">496,364</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">26,471</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.33</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">907,028</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">34,459</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.80</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,335,605</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">341,208</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">10.23</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,177,144</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">256,371</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11.78</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,178,333</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">262,050</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">12.03</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Public Sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,150,407</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">899,429</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">14.62</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,561,812</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">555,672</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.47</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,065,043</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">533,892</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">7.56</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">49,099</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">138,936</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,615</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.36</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,199,506</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">899,429</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">14.51</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,561,812</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">555,672</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.47</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,203,979</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">545,507</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">7.57</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Deposits with the Central</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Bank</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">729,166</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">17,434</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.39</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">108,931</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">643</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.59</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">942,216</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,723</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.93</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">431,764</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,927</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.84</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,160,930</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">25,361</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.18</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">108,931</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">643</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.59</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">942,216</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,723</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.93</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Other assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,164,771</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">85,821</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">7.37</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">787,658</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">44,587</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.66</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">456,619</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">52,335</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11.46</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">101,121</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,422</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">15.25</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">262,881</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,666</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6.34</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">324,895</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">37,295</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11.48</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,265,892</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">101,243</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.00</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,050,539</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">61,253</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.83</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">781,514</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">89,630</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11.47</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Total interest-earning assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,788,826</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,514,521</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11.84</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,199,832</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,000,938</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">9.81</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,505,297</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">892,134</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.49</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,819,653</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">66,665</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.66</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,630,074</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">76,419</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.69</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,615,755</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">88,823</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.46</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,608,479</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,581,186</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">10.82</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,829,906</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,077,357</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">9.11</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,121,052</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">980,957</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6.95</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%" align="left">&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD>&nbsp;</TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<P align="center">
<font size="2" face="serif">40</font></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="20" align=center><b><font size=1 face="serif">Fiscal Years
          ended December 31, </font></b></TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
     <TD GUTTER align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD GUTTER align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD GUTTER align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD GUTTER align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><b><font size=1 face="serif">2005</font></b></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD GUTTER align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><b><font size=1 face="serif">2004</font></b></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD GUTTER align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><b><font size=1 face="serif">2003</font></b></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
     <TD GUTTER align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
     <TD GUTTER align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
     <TD GUTTER align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align="center"><hr noshade size=1></TD>
     <TD align=center><hr noshade size=1></TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
balance<SUP>(1)</SUP></FONT></B></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
earned/<br>
paid</font></b></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><b><font size=1 face="serif">Average<br>
nominal<br>
rate<sup>(2)</sup></font></b></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
balance<SUP>(1)</SUP></FONT></B></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
earned/<br>
paid</font></b></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><b><font size=1 face="serif">Average<br>
nominal<br>
rate<sup>(2)</sup></font></b></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD colspan="2" align=center nowrap><b><font size=1 face="serif">Average<br>
balance<SUP>(1)</SUP></font></b></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
earned/<br>
paid</font></b></TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align=center nowrap><b><font size=1 face="serif">Average<br>
nominal<br>
 rate<sup>(2)</sup></font></b></TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD GUTTER align=center><HR noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD GUTTER align=center><HR noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD GUTTER align=center><HR noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="20" align=center valign="top"><b><font size=1 face="serif">(in
          thousands of pesos, except percentages)</font> </b></TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">Non interest-earning assets</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Cash and due from banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">323,807</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,000,398</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">189,076</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">315,285</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">630,871</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">400,202</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">639,092</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,631,269</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">589,278</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Investments in other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">companies</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">62,218</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">295,773</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">49,004</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">783</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">786</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">63,001</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">295,773</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">49,790</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Property and equipment and</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">miscellaneous and intangible assets and</FONT> </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">items pending of allocation</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,201,801</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,427,228</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,438,254</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,201,801</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,427,228</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,438,254</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Allowance for loan losses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(172,559</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(192,320</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(645,982</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(69,057</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(161,137</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(351,663</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(241,616</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(353,457</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(997,645</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Other assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">541,249</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">275,729</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">809,324</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">63,143</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">65,698</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">71,991</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">604,392</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">341,427</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">881,315</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Total non interest-earning</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,956,516</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,806,808</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,839,676</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">310,154</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">535,432</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">121,316</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,266,670</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,342,240</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,960,992</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">TOTAL ASSETS</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,745,342</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,006,640</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,344,973</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,129,807</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,165,506</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,737,071</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,875,149</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,172,146</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,082,044</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD colspan="2" valign=top nowrap><HR align="left" width="15%" size=1 noshade></TD>
     </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Average Balances are dived from month-end balances.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Annualized on a 360-day basis.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Includes trading gains and losses in all fiscal years. Unrealized gains and losses arising from changes in the market value of our trading portfolio of Government Securities and yield on our investment portfolio of Government
Securities are included.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(4)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Loan amounts are stated before deduction of the allowance for loan losses. Non-accrual loans are included in loans as interest-earning assets.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">41</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center"><b><font size=1 face="serif">Fiscal
                         Years ended December 31, </font></b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2005</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2004</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2003</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          nominal<br>
          rate<SUP>(2)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
          earned/<br>
          paid</font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><p><B><FONT size=1 face="serif">Average<br>
               nominal<br>
          rate<SUP>(2)</SUP></FONT></B></p></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          nominal<br>
          rate<SUP>(2)</SUP></FONT></B></TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center" valign="top"><b><FONT size=1 face="serif">(in
                         thousands of pesos, except percentages)</font> </b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">LIABILITIES</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">Interest-bearing liabilities</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Savings accounts</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,189,515</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,536</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.25</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,061,226</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,652</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.52</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">733,310</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,226</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.58</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">583,270</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">379</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.07</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">363,986</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">306</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.08</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">273,838</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,582</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.58</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,772,785</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,915</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.21</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,425,212</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,958</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.45</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,007,148</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,808</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.58</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Time deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,852,674</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">332,452</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6.85</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,972,531</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">176,391</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.44</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,563,821</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">475,201</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">10.41</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">379,025</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,244</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.12</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">195,105</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,925</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.99</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">454,065</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,695</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.25</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,231,699</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">336,696</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6.44</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,167,636</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">178,316</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.28</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,017,886</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">480,896</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">9.58</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Borrowing from the Central</FONT> <font size=2 face="serif">Bank</font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,247,803</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">171,537</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">13.75</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,947,353</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">170,252</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.74</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,167,645</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">123,675</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.71</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,503</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.21</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,272</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">21</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.93</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,907</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">124</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.26</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,249,306</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">171,540</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">13.73</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,949,625</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">170,273</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.73</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,170,552</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">123,799</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.70</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Borrowings from other</FONT> <font size=2 face="serif">financial
institutions</font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">38,267</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,483</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.87</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">67,013</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,727</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.58</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">127,074</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,096</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.73</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">257,832</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,373</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.19</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">469,015</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,690</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.92</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,443,772</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">59,732</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.14</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">296,099</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,856</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.02</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">536,028</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,417</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.88</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,570,846</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">70,828</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.51</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Corporate bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,573</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,232</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">14.37</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">17,205</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,043</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11.87</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">317,516</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,612</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.92</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">406,627</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,929</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.69</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">465,590</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">17,451</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.75</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">317,516</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,612</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.92</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">415,200</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,161</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.93</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">482,795</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">19,494</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.04</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Other liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">391,081</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">31,522</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.06</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">528,554</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">25,426</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.81</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">707,313</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,563</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.20</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">37,018</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">43</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.12</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">143,762</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,318</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.61</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">399,434</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,820</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.71</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">428,099</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">31,565</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">7.37</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">672,316</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">27,744</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.13</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,106,747</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">22,383</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.02</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Total Interest-bearing</FONT> <font size=2 face="serif">liabilities</font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=left>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,719,340</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">542,530</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6.22</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,585,250</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">385,680</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.49</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8,316,368</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">631,804</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">7.60</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,576,164</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">33,654</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.14</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,580,767</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">29,189</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.85</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,039,606</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">91,404</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.01</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,295,504</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">576,184</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.60</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,166,017</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">414,869</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.08</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,355,974</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">723,208</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6.37</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">42</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center"><b><font size=1 face="serif">Fiscal
                         Years ended December 31, </font></b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2005</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2004</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center"><b><font size=1 face="serif">2003</font></b></TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          nominal<br>
          rate<SUP>(2)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><b><font size=1 face="serif">Interest<br>
          earned/<br>
          paid</font></b></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><p><B><FONT size=1 face="serif">Average<br>
               nominal<br>
          rate<SUP>(2)</SUP></FONT></B></p></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Average<br>
          balance<SUP>(1)</SUP></FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
          earned/<br>
          paid</FONT></B></TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Average<br>
          nominal<br>
 rate<SUP>(2)</SUP></FONT></B></TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD align="center" GUTTER>
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD align="left" nowrap>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD colspan="19" align="center" valign="top"><b><FONT size=1 face="serif">(in
                         thousands of pesos, except percentages)</font> </b></TD>
          <TD align="center" GUTTER>&nbsp;</TD>
     </TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">Non interest-bearing</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">liabilities and Stockholders&#146;</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">equity</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Demand deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,636,017</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,122,143</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">791,205</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,007</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,578</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,306</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,649,024</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,127,721</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">792,511</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Other liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,789,191</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,100,406</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,865,066</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">210,525</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">180,886</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">90,733</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,999,716</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,281,292</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,955,799</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Minority Interest</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">182,288</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">167,069</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">160,582</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">182,288</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">167,069</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">160,582</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Stockholders equity</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,748,617</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,430,047</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,817,178</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,748,617</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,430,047</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,817,178</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Total non-interest-bearing</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">liabilities and stockholders</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">equity</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,356,113</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,819,665</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,634,031</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">223,532</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">186,464</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">92,039</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,579,645</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,006,129</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,726,070</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">TOTAL LIABILITIES</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">AND STOCKHOLDERS</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<B><FONT size=2 face="serif">EQUITY</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>&nbsp; </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,075,453</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,404,915</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,950,399</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,799,696</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,767,231</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,131,645</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,875,149</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,172,146</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,082,044</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">&nbsp;</TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%">&nbsp;</TD>
 <TD width="5%" align="right">
<HR noshade size=1> </TD>
     <TD width="1%"><HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD colspan="2" valign=top nowrap><HR align="left" width="15%" size=1 noshade></TD>
     </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Average balances are derived from month-end balances.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT size=1 face="serif">Annualized on a 360-day basis.</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">43</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>





<P>
<B><FONT size=2 face="serif">Changes in Interest Income and Interest Expense; Volume and Rate Analysis</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following tables allocate, by currency of denomination, changes in our interest income and interest expense between changes in the average volume of interest-earning assets and
interest-bearing liabilities and changes in their respective nominal interest rates for the fiscal year ended December 31, 2005 compared to the fiscal year ended December 31, 2004, for the fiscal year ended December 31, 2004 compared to the fiscal
year ended December 31, 2003 and for the fiscal year ended December 31, 2003 compared to the fiscal year ended December 31, 2002. Volume and rate variances have been calculated based on movements in average balances over the period and changes in
nominal interest rates on average interest-earning assets and average interest-bearing liabilities. The net change attributable to changes in both volume and rate has been allocated to volume. Trading and yield on government trading and investment
accounts results are included in the computation of interest income in all fiscal years. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=center> <B><FONT size=1 face="serif">December 2005/December
        2004<br>
  </FONT></B><B><FONT size=1 face="serif">Increase (Decrease) Due to<br>
  </FONT></B><B><FONT size=1 face="serif">Changes in</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="8" align=center> <B><FONT size=1 face="serif">December 2004/December
        2003<br>
  </FONT></B><B><FONT size=1 face="serif">Increase (Decrease) Due to<br>
  </FONT></B><B><FONT size=1 face="serif">Changes in</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="8" align=center><B><FONT size=1 face="serif">December 2003/December
        2002<br>
  </FONT></B><B><FONT size=1 face="serif">Increase (Decrease) Due to<br>
  </FONT></B><B><FONT size=1 face="serif">Changes in</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=left><HR noshade size=1></TD>
</TR>
<TR align="center" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><B><FONT size=1 face="serif">Volume</FONT></B></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><B><FONT size=1 face="serif">Rate</FONT></B></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><B><FONT size=1 face="serif">Net<br>
Change</FONT></B></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><B><FONT size=1 face="serif">Volume</FONT></B></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><B><FONT size=1 face="serif">Rate</FONT></B></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><B><FONT size=1 face="serif">Net<br>
Change</FONT></B></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><B><FONT size=1 face="serif">Volume</FONT></B></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><B><FONT size=1 face="serif">Rate</FONT></B></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><B><FONT size=1 face="serif">Net<br>
Change</FONT></B></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="25" align=center> <B><FONT size=1 face="serif">(in thousands of
        pesos, except percentages)</FONT></B></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<B><FONT size=2 face="serif">ASSETS</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<B><FONT size=2 face="serif">Interest-earning assets</FONT></B></TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Government securities</FONT></TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">102,995</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(65,428</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">37,567</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">46,604</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">53,939</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">100,543</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(22,649</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">67,107</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">44,458</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,776</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(23,264</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(27,040</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(52,515</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">80,343</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">27,828</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(929</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(145,454</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(146,383</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">99,219</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(88,692</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,527</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,911</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">134,282</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">128,371</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(23,578</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(78,347</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(101,925</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Loans</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
 &nbsp;<FONT size=2 face="serif">Private sector</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">110,544</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(36,310</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">74,234</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">56,009</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(53,700</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,309</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(256,304</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(259,413</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(515,717</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,599</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,603</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(21,900</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,912</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,988</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,581</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(126,439</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(134,020</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">121,143</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(39,306</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">84,837</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">34,109</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(39,788</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,679</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(263,885</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(385,852</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(649,737</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
 &nbsp;<FONT size=2 face="serif">Public sector</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(60,163</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">403,920</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">343,757</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(42,616</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">64,396</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">21,780</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(96,370</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,257,332</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,353,702</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(11,615</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(11,615</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,615</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,615</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(60,163</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">403,920</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">343,757</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(54,231</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">64,396</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,165</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(84,755</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,257,332</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,342,087</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Deposits with the Central</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Bank</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,829</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,962</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,791</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,915</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,165</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(8,080</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,530</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,280</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,250</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,927</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,927</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">22,756</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,962</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">24,718</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,915</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,165</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(8,080</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,530</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,280</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,250</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Other assets</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">27,786</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,448</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">41,234</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">18.739</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(26,487</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,748</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">241</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(248,581</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(248,340</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(24,670</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">23,426</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,244</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,931</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(16,698</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(20,629</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(14,266</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">18,325</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,059</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,116</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">36,874</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">39,990</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,808</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(43,185</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(28,377</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(14,025</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(230,256</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(244,281</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Total interest-earning</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">assets</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">195,991</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">317,592</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">513,583</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">73,821</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">34,983</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">108,804</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(370,552</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,699,499</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,070,051</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(9,920</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">166</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(9,754</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(89,961</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">77,557</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(12,404</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(11,161</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(253,568</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(264,729</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">186,071</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">317,758</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">503,829</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(16,140</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">112,540</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">96,400</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(381,713</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,953,067</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,334,780</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">44</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=center> <B><FONT size=1 face="serif">December 2005/December
          2004<br>
      </FONT></B><B><FONT size=1 face="serif">Increase (Decrease) Due to<br>
    </FONT></B><B><FONT size=1 face="serif">Changes in</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="8" align=center> <B><FONT size=1 face="serif">December 2004/December
          2003<br>
      </FONT></B><B><FONT size=1 face="serif">Increase (Decrease) Due to<br>
    </FONT></B><B><FONT size=1 face="serif">Changes in</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="8" align=center><B><FONT size=1 face="serif">December 2003/December
          2002<br>
      </FONT></B><B><FONT size=1 face="serif">Increase (Decrease) Due to<br>
    </FONT></B><B><FONT size=1 face="serif">Changes in</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=left><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=left><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=left><HR noshade size=1></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">Volume</FONT></B></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">Rate</FONT></B></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">Net<br>
    Change</FONT></B></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">Volume</FONT></B></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">Rate</FONT></B></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">Net<br>
    Change</FONT></B></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">Volume</FONT></B></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">Rate</FONT></B></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">Net<br>
    Change</FONT></B></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=left><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=left><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="25" align=center> <B><FONT size=1 face="serif">(in thousands
          of pesos, except percentages)</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
 <TD width=17% align=left>
<B><FONT size=2 face="serif">LIABILITIES</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<B><FONT size=2 face="serif">Interest-bearing liabilities</FONT></B></TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Savings accounts</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">324</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,440</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,116</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,862</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(436</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,426</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,419</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">419</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,000</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">142</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(69</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">73</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">76</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,352</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,276</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,873</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">226</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,647</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD width="17%"></TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">466</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,509</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,043</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,938</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,788</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,150</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,292</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">645</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,647</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Time deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">60,297</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">95,764</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">156,061</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(26,255</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(272,555</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(298,810</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,456</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,231,464</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,232,920</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,059</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">260</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,319</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,555</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,215</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,770</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,707</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(24,133</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(29,840</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD width="17%"></TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">62,356</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">96,024</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">158,380</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(28,810</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(273,770</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(302,580</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,163</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,255,597</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,262,760</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Borrowings from the</FONT> </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Central Bank</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(96,169</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">97,454</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,285</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(19,259</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">65,836</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">46,577</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">33,486</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(470,221</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(436,735</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(16</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(18</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(97</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(103</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(744</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(166</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(910</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD width="17%"></TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(96,171</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">97,438</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,267</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(19,265</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">65,739</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">46,474</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">32,742</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(470,387</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(437,645</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Borrowings from other</FONT> </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">financial institutions</FONT> </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,113</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">869</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(244</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,549</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,820</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(9,369</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(31,598</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(26,481</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(58,079</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(10,953</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,636</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(317</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(28,452</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(17,590</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(46,042</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(21,673</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(45,668</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(67,341</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD width="17%"></TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(12,066</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,505</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(561</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(30,001</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(25,410</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(55,411</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(53,271</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(72,149</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(125,420</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Corporate Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,232</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,232</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,240</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">429</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(811</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(536</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(8,609</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(9,145</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,382</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9,065</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,683</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,585</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,937</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6,522</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(29,755</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,182</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(34,937</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD width="17%"></TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,382</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,833</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,451</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,825</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,508</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,333</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(30,291</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(13,791</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(44,082</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Other liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(11,081</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">17,177</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,096</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(8,599</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">18,462</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9,863</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">109</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(234,960</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(234,851</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(125</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,150</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,275</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,123</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(379</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,502</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">975</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(142,882</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(141,907</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD width="17%"></TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(11,206</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15,027</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,821</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(12,722</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">18,083</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,361</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,084</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(377,842</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(376,758</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Total interest-bearing</FONT> </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(47,742</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">204,592</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">156,850</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(50,040</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(196,084</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(246,124</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,414</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,971,316</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,973,730</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(13,261</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">17,726</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4,465</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(36,645</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(25,570</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(62,215</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(58,777</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(217,805</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(276,582</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD width="17%"></TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD width=17% align=left>&nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(61,003</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">222,318</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">161,315</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(86,685</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(221,654</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(308,339</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(61,191</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,189,121</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,250,312</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">45</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<B><FONT size=2 face="serif">Interest-Earning Assets: Net Interest Margin and Spread</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table analyzes, by currency of denomination, our levels of average interest-earning assets and net interest income, and illustrates the comparative margins and spreads for each of
the fiscal years indicated. </FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center> <B><FONT size=1 face="serif">Fiscal Years ended December
    31,</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2005</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2004</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2003</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><B><FONT size=1 face="serif">(in thousands of
    pesos, except percentages)</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Average interest-earning assets</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12,788,826</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,199,832</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,505,297</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,819,653</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,630,074</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,615,755</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="67%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">14,608,479</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">11,829,906</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">14,121,052</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Net interest income </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">971,991</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">615,258</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">260,330</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">33,011</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">47,230</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2,581</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
</TR>
<TR>
 <TD width="67%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,005,002</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">662,488</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">257,749</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Net interest margin </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7.60</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.48</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.81</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.90</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(0.07</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
</TR>
<TR>
 <TD width="67%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Weighted average rate</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6.88</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5.60</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.83</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="67%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Yield spread nominal basis </FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5.62</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5.32</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.90</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.52</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.84</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(0.55</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
</TR>
<TR>
 <TD width="67%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Weighted average rate</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5.22</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.58</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="67%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="10%" size="1" noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Net interest income is defined as interest earned less interest paid. Trading results from our portfolio of Government Securities are included in interest.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Net interest margin is net interest income stated as a percentage of average interest-earning assets.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Yield spread nominal basis is defined as the difference between the average nominal rate on interest-earning assets and the average nominal rate on interest-bearing liabilities.</FONT> </TD>
</TR></TABLE>

<p><B><FONT size=2 face="serif">Return on Equity and Assets</FONT></B></p>
<P>
<FONT size=2 face="serif">The following table presents certain selected financial information and ratios of Banco Franc&eacute;s for the fiscal years indicated.</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center> <B><FONT size=1 face="serif">Fiscal Years ended
          December 31,</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2005</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2004</FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2003</FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><B><FONT size=1 face="serif">(in thousands of
          pesos, except percentages)</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Net (loss) / income</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">117,204</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(54,046</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(350,328</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Average total assets </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">16,012,710</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">16,199,756</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">16,260,329</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Average stockholders&#146; equity </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,742,945</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,629,160</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,749,141</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity at the end of the fiscal year</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,801,547</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,684,343</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,573,977</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Net income as a percentage of:</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Average total assets</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.73</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(0.33</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2.15</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Average stockholders&#146; equity</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6.72</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3.32</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(20.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Declared cash dividends </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">27,000</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Dividend payout ratio </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">23.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Average stockholders&#146; equity as a percentage of Average Total Assets</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10.88</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10.06</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10.76</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="10%" size="1" noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%" valign="top">
<FONT size=1 face="serif">Computed as the average of fiscal year-beginning and fiscal year-ending balances.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%" valign="top">
<FONT size=1 face="serif">Declared cash dividends stated as percentage of net income. No cash dividend was declared for 2002 and 2001. Since April 2002, the Central Bank has suspended the payment of dividends. As of June 2, 2004, by Communication
&#147;A&#148; 4152 financial institutions are allowed to make distributions will have no effect with the prior authorization of the Central Bank and provided that certain conditions are met. See </FONT><I><FONT size=1 face="serif">&#147;Financial
Information &#150; Dividends&#148;</FONT></I></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%" valign="top">
<FONT size=1 face="serif">Restated from its original version to apply the adjustments to prior years income to these Consolidated Financial Statements related with Argentine Central Bank regulations (see Note 3.5.18. to the Consolidated Financial
Statements).</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(4)</FONT></TD>
 <TD width="95%" valign="top">
<FONT size=1 face="serif">In thousands of pesos.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">46</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>






<B><FONT size=2 face="serif">Investment Portfolio: Government and Private Securities</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We own, manage and trade a portfolio of securities issued by the Argentine and other governments and private issuers. The following table sets out our investments in Argentine and other
governments and private securities as of December 31, 2005, 2004 and 2003 by type and currency of denomination. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center> <B><FONT size=1 face="serif">Fiscal Years ended
    December 31,</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2005</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2004</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2003</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><B><FONT size=1 face="serif">(in thousands of pesos)</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Government Securities</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">In Pesos:</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Investment Accounts</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Treasury Bills</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">58,169</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">64,379</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">360,516</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Holding for Trading or Financial Transactions</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Debt Consolidation Bonds&#151;Social Security (BOCON)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">45,238</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,670</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,495</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">456,637</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">54,453</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">56,245</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Treasury Bills</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9,032</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9,047</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other Debt Bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,077</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12,539</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">11,711</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Instruments issued by the Argentine Central Bank</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Central Bank Bills (LEBAC)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,160,312</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">958,979</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">480,917</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Central Bank Notes (NOBAC)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,088,526</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">40,584</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Unlisted Government Securities</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds (BOGAR 2018)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">451,121</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">979,507</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Provinces Bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Tax credit certificates due in 2003/2006</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">41,151</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">86,225</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other Debt Bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">630</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">39</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total Government Securities in pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,112,312</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,628,328</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,698,565</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">In Foreign Currency:</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Investment Accounts</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">74,588</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">78,384</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,025,022</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine External Bills (VEY4D)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">594,593</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">88,323</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other Debt Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">11,756</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">15,633</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Holding for Trading or Financial Transactions</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">151,682</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">32,789</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">19,758</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Medium Term Treasury Bonds (BONTE)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5,165</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7,399</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">United States Treasury Notes</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">14,610</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other Debt Bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,203</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">13,140</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,409</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Other</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds (9%)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,071</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total Government Securities in foreign currency</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">236,473</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">735,827</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,182,225</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total Government Securities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,348,785</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,364,155</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,880,790</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Investments in Listed Private Securities</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Shares</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">28,284</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">40,965</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">41,076</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Corporate Bonds&#151;Listed</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">87,541</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">93,102</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">40,573</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Mutual Funds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">18,925</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">45,145</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">98,772</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Certificates of Participation in Financial Trusts</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">21,099</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,184</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total Private Securities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">155,849</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">179,212</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">184,605</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Subtotal Government and Private Securities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,504,634</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,543,367</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,065,395</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Allowances</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(323</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(66,419</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(22,944</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total Government and Private Securities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,504,311</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,476,948</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,042,451</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<B><FONT size=2 face="serif">Corporate Bonds&#151;Unlisted</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">78,228</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">99,691</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">223,830</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">47</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table analyzes the remaining maturities of our investment portfolio as of December 31, 2005 in accordance with issuance terms. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=center><B><FONT size=1 face="serif">Maturing</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Within 1 year</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">After 1 year but<br>
    </FONT></B><B><FONT size=1 face="serif">within 5 years</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">After 5 years but<br>
    within 10 years</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">After 10 years</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=center><B><FONT size=1 face="serif">Book value</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=center><B><FONT size=1 face="serif">(in thousands of pesos, except
    percentages)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Government Securities</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">In Pesos:</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Investment Accounts</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,580</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">584</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">584</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">356,768</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">360,516</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Holding for Trading on Financial Transactions</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Debt Consolidation Bonds-Social Security</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">(BOCON) </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,342</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">34,880</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">16</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">45,238</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">20,716</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">87,793</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">37,439</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">310,689</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">456,637</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other Debt Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">58</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">937</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">82</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,077</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Instruments issued by the Argentine Central Banks</FONT></B>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=left>&nbsp;</TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Central Bank Bills (LEBAC) </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">993,113</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">167,199</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,160,312</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Central Bank Notes (NOBAC) </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">36,215</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,052,311</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,088,526</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Unlisted Government Securities</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Tax credit certificates due in 2003/2006</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6</FONT> </TD>
</TR>
<TR>
 <TD width="46%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Total Government securities in pesos</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,063,030</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,343,704</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">38,121</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">667,457</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,112,312</FONT>
 </TD>
</TR>
<TR>
 <TD width="46%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">In Foreign Currency:</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Investment Accounts</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bond </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">22,960</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">42,855</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8,671</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">102</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">74,588</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Holding for Trading on Financial Transactions</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds (BODEN 2012) </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7,033</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">31,605</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">14,149</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">52,787</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds (BODEN 2013) </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">83</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">416</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">167</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">666</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds (BODEN 2015) </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5,629</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,518</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,888</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,035</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds (Others)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">73</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">73</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Argentine Bonds (Discounts) </FONT><SUP><FONT size=2 face="serif">(*)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,673</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">86,448</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">88,121</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other Debt Bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,739</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,296</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,145</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">23</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,203</FONT>
 </TD>
</TR>
<TR>
 <TD width="46%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Total Government securities in foreign</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">currency</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">41,117</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">81,690</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">27,020</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">86,646</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">236,473</FONT> </TD>
</TR>
<TR>
 <TD width="46%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Total Government securities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,104,147</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,425,394</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">65,141</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">754,103</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,348,785</FONT>
 </TD>
</TR>
<TR>
 <TD width="46%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Certificates of Participation on Financial Trust</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,256</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12,055</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5,788</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">21,099</FONT> </TD>
</TR>
<TR>
 <TD width="46%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Corporate Bonds&#151;Listed</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">26,948</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">43,140</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">17,453</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">87,541</FONT>
 </TD>
</TR>
<TR>
 <TD width="46%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=46% align=left>
<B><FONT size=2 face="serif">Corporate Bonds &#151;Unlisted</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,191</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">18,485</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">56,552</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">78,228</FONT> </TD>
</TR>
<TR>
 <TD width="46%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<FONT size=2 face="serif">Weighted average yield (for the securities indicated</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=left>&nbsp;</TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=46% align=left>
<FONT size=2 face="serif">with * )</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5.76</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6.03</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.95</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5.98</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">48</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<B><FONT size=2 face="serif">Loan Portfolio</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table analyzes our loan portfolio by types of loan at December 31, 2005, 2004 and 2003. Loans are stated before deduction of the allowance for loan losses. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center> <B><FONT size=1 face="serif">Fiscal Years ended December
    31,</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2005</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2004</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2003</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><B><FONT size=1 face="serif">(in thousands of pesos)</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Principal</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Advances </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">733,514</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">272,275</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">154,098</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Notes discounted and purchased </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">560,863</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">251,332</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">200,061</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Secured with mortgages</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">394,678</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">401,064</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">415,885</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Consumer loans </FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">962,281</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">572,675</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">301,900</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Financial loans </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">142,307</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">169,509</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">78,786</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Loans to governmental sector </FONT><SUP><FONT size=2 face="serif">(5)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,623,626</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,927,719</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,693,431</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Other loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,364,291</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">964,177</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">903,467</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Less: Unaccrued interest and unused collections </FONT><SUP><FONT size=2 face="serif">(6)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(154,763</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(112,764</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(630</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Less: Difference arising from purchase of portfolio</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(89</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(88</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Plus: Interest and exchange differences receivable</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">39,653</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">25,517</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">48,927</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
<FONT size=2 face="serif">Less: Allowance for loan losses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(184,885</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(202,693</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(459,573</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8,481,476</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9,268,723</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8,336,352</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="67%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="10%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Advances include short and long-term loans to companies and overdraft lines of credit.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Notes discounted and purchased are endorsed promissory notes.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Consumer loans include credit card loans and other consumer loans. Overdrafts to individuals are included under &#147;Advances&#148;.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(4)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Financial loans are defined as loans to financial institutions.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(5)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Loans to governmental sector are secured by tax rights.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(6)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Unaccrued interest is defined as the discount on notes and bills.</FONT></TD>
</TR></TABLE>
<P>
<B><FONT size=2 face="serif">Secured Loans </FONT></B></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=center> <B><FONT size=1 face="serif">Fiscal Years ended December
    31,</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">2003</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=center><B><FONT size=1 face="serif">(in thousands of pesos)</FONT></B></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Liquid guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,722,686</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,992,645</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,718,381</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Preferred guarantees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">483,234</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">445,306</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">458,887</FONT>
 </TD>
</TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%"><HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%"><HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5,205,920</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7,437,951</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7,177,268</FONT> </TD>
</TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%"><HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%"><HR noshade size=1>
 </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="serif">Credit Policy </FONT></B></P>
<I><FONT size=2 face="serif">Overview</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The credit policy of the Bank aims to maintain adequate controls on and consistent monitoring of credit risk. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Risk is conceived in a global sense. Our Risk Department is responsible for credit risk, market risk and operational risk.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Risk Management reports to an Assistant Executive Director, the Accounting and Risk Management Director, and is composed of five main areas: Admission and Follow-up, Credit Recoveries,
Operational Risk, Market Risk and Global and Strategic Risk Management. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Risk Management represents us as a member of the Risk Commission in the A.B.A., the Argentine Banking Association. </FONT></P>
<P align="center">
<FONT size=2 face="serif">49</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<I><FONT size=2 face="serif">Risk Management in 2005</FONT></I>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During 2005, banks continued working on asset quality to reach normalized standards, which led to an improved profitability level and strengthen their asset and liability structure. In this
sense, BBVA Banco Franc&eacute;s strongly reduced the outstanding non-performing financing loans; from Ps.117 million at December 31, 2004 to Ps.95 million by the end of 2005. Similarly, the conservative provisioning policy implemented during the
previous fiscal years, which resulted in a stock of allowance for financing losses of Ps.134 million at December 31, 2004 with a 114.31% coverage ratio, allowed us to register during the 2005 fiscal year Ps.6 million, in spite of an increasing
growth trend in business. We ended fiscal year 2005 with a stock of Ps.140 million for provisions, and a 146.90% coverage ratio. This had a positive impact on our profitability. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Institutional, political and economical stability led to more flexible risk policies for the future. Liquidity improvements coupled with the stabilization of the rate of exchange, provided the
necessary basis to increase our activities as credit providers. We issued credit cards, granted short and middle term loans and personal and mortgage loans in the retail segment, while we financed working capital mainly to exporters, middle market
and corporations that produce for local and external demand. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Admission and Follow-Up Department worked together with other areas of the Bank in the last restructuring of defaulted debts, a process which, albeit complex and slow, helped to normalize
the corporate portfolio. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Credit Recoveries Department achieved a high rate of recovery of the charged-off portfolio. During fiscal year 2005, we recovered Ps.57 million, ranking BBVA Banco Franc&eacute;s as one of
the best banks in Argentina, in terms of recovery level, according to information published by the Central Bank.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Operational Risk Department continued with the implementation risk management tools in compliance with its medium-term plan, reaching all their goals. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the fiscal year 2005, the Market Risk unit increased its responsibility to include liquidity and structural risk matters.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Risk Management, following its medium term strategy, continued working on internal processes to reach the advanced model standards of the new Basle Accord (BIS II). In this sense, during 2005,
we created a new team exclusively dedicated to this strategic project. We moved towards the development and implementation of methodologies aimed at achieving the concept of risk related to profitability, within a more ambitious plan for 2006 and
2007 that involves its implementation by segments, products and customers. </FONT></P>
<P align="center">
<font size="2" face="serif">50</font></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>






<B><FONT size=2 face="serif">Loans by Economic Activity</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The table below analyzes our loan portfolio according to the borrowers&#146; main economic activity as of December 31, 2005, 2004 and 2003. Where appropriate, personal loans are allocated to
the economic activity of the borrower. Loans are stated before deduction of the allowance for loan losses. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align=center><B><FONT size=1 face="serif">Fiscal year ended December 31,</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=center><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" align=center><B><FONT size=1 face="serif">2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="4" align=center><B><FONT size=1 face="serif">2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="4" align=center><B><FONT size=1 face="serif">2003</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Loan<br>
    </FONT></B><B><FONT size=1 face="serif">Portfolio</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">% of Loan<br>
    </FONT></B><B><FONT size=1 face="serif">Portfolio</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Loan<br>
    </FONT></B><B><FONT size=1 face="serif">Portfolio</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">% of Loan<br>
    </FONT></B><B><FONT size=1 face="serif">Portfolio</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Loan<br>
    </FONT></B><B><FONT size=1 face="serif">Portfolio</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">% of Loan<br>
    </FONT></B><B><FONT size=1 face="serif">Portfolio</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align=center><B><FONT size=1 face="serif">(in thousands of pesos, except
    percentages)</FONT></B></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Agricultural and Livestock</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">238,549</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.75</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">96,136</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.02</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">84,571</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.96</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Beverage</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">136,097</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.57</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">41,335</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.44</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">29,168</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.33</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Chemicals</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">53</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">38,400</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.44</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Construction</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">79,900</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.92</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">66,068</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.70</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">182,213</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.07</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Consumer</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,336,441</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">15.42</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">941,556</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9.94</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">544,741</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6.19</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Electrical Machinery</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">29,667</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.34</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">31,512</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.33</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,223</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.05</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Electricity, Oil, Water and Sanitary Services</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">303,862</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3.45</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Financial Sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">142,307</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.64</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">169,509</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.79</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">78,786</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.90</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Foodstuff</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">175,622</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">152,421</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.61</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">173,428</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.97</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Furniture and Accessories</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">429</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Government Services</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,623,626</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">53.35</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,927,719</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">73.14</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,693,431</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">76.10</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Industrial Metals</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">70,012</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.81</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">106,839</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.13</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,980</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.02</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Leather and Fur Product</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">52,580</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.61</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9,976</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.11</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,261</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.07</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Machinery and Tools</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,853</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.02</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Mining Products</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">402,258</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4.64</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">152,492</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.61</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">53,964</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.61</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Oil and Carbon</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">351,029</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4.05</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">173,849</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.84</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">56,415</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.64</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Others</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">509,333</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5.88</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">207,860</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.17</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">57,312</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.67</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Other Manufacturing</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">76,672</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.88</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">11,409</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.12</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,240</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Paper Products</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,959</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Printers, Publishers and Related Industries</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,527</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,984</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">40,456</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.46</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Rubber Products</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">42,366</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.49</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">23,263</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.25</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,186</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Retail Trade</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">198,933</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.30</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">135,851</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.43</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">45,047</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.51</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Services</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">256</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">111,322</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.18</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">201,504</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.29</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Shoes, Apparel and Other Textile Products</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7,660</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.09</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5,144</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.05</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.774</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Textile</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">13,336</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.15</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8,278</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.09</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5,456</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.06</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Tobacco</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">11,927</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.14</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,523</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Transportation Material</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">77,613</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.90</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">37,967</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.40</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">27,791</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.32</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
<FONT size=2 face="serif">Wholesale Trade</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">78,267</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.90</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">48,030</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.51</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">151,500</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.72</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=37% align=left>
<FONT size=2 face="serif">Wood Products and Cork</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8,472</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.10</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,408</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.07</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,975</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="37%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=37% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8,666,450</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9,471,504</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8,795,925</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="37%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">51</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<B><FONT size=2 face="serif">Maturity Composition of the Loan Portfolio</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table analyzes our loan portfolio as of December 31, 2005 by type and by the time remaining to maturity. Loans are stated before deduction of the allowance for loan losses. We
expect most loans to be repaid at maturity in cash or through refinancing at market terms. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="11" align=center><B><FONT size=1 face="serif">Maturing</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="10" align=center><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">Amount at<br>
    </FONT></B><B><FONT size=1 face="serif">December 31,<br>
    </FONT></B><B><FONT size=1 face="serif">2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">Within<br>
    </FONT></B><B><FONT size=1 face="serif">3 months</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">After 3<br>
    </FONT></B><B><FONT size=1 face="serif">months but<br>
    </FONT></B><B><FONT size=1 face="serif">within 1 year</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">After 1 year<br>
    </FONT></B><B><FONT size=1 face="serif">but within<br>
    </FONT></B><B><FONT size=1 face="serif">5 years</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">After 5 years</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=center><B><FONT size=1 face="serif">(in thousands of pesos, except
    percentages)</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=45% align=left>
<FONT size=2 face="serif">To the non-financial public sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,623,626</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">90,601</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">96,446</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,640,642</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,795,937</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=45% align=left>
<FONT size=2 face="serif">To the financial sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">142,307</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">46,159</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">84,710</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">11,438</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=45% align=left>
<FONT size=2 face="serif">To the non-financial private sector and residents</FONT> </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=left>&nbsp;</TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=45% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">abroad</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,900,517</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,068,970</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">975,035</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">623,623</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">232,889</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=45% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Overdraft</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">738,636</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">641,421</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">95,567</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,648</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=45% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">With privileged guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">459,044</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">25,924</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">55,171</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">159,356</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">218,593</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=45% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Credit cards</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">546,906</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">546,906</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=45% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">2,155,931</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">854,719</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">824,297</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">462,619</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">14,296</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=45% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">8,666,450</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">2,205,730</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">1,156,191</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">3,275,703</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">2,028,826</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=45% align=left>
<FONT size=2 face="serif">Percentage of total loan portfolio</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">25.45</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">13.34</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">37.80</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">23.41</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
 <TD width=45% align=left>
<B><FONT size=2 face="serif">Foreign Country Outstanding Positions</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth, as of December 31, 2005, 2004 and 2003, the aggregate amount of our cross-border outstanding exceeding 1% of total assets at each date. Cross-border outstanding
are defined as loans, interest-bearing deposits in other banks, and other monetary assets held by borrowers outside of Argentina (in the case of Banco Franc&eacute;s) and the Cayman Islands (in the case of Banco Franc&eacute;s (Cayman) Ltd.).
Cross-border outstanding of Banco Franc&eacute;s and Banco Franc&eacute;s (Cayman) Ltd are denominated exclusively in dollars, converted into pesos in the chart below. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center> <B><FONT size=1 face="serif">Fiscal Year Ended December 31,</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">2005</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">2004</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">2003</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><B><FONT size=1 face="serif">(in thousands of pesos)</FONT></B></TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Outstanding of Banco Franc&eacute;s (Cayman) Ltd. to American borrowers</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">40,145</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Outstanding of Banco Franc&eacute;s (Cayman) Ltd. to Argentine borrowers</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,896,858</FONT>
 </TD>
</TR>
<TR>
 <TD width="70%">
 </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,937,003</FONT> </TD>
</TR>
<TR>
 <TD width="70%">
 </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
 <TD width=70% align=left>
<B><FONT size=2 face="serif">Interest Rate Sensitivity of Outstanding Loans as
of December 31, 2005</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table analyzes, by currency of denomination, the interest rate sensitivity of our loan portfolio as of December 31, 2005. Loans are stated before deduction of the allowance for
loan losses. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=85% align=left>

 </TD>
 <TD width=15% align=center>
<B><FONT size=1 face="serif">Fiscal Year Ended<br>
</FONT></B><B><FONT size=1 face="serif">December
31, 2005</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD width=85% align=left></TD>
  <TD width=15% align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=85% align=left>

 </TD>
 <TD width=15% align=center>
<B><FONT size=1 face="serif">(in thousands of pesos)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=85% align=left>
<B><FONT size=2 face="serif">Variable Rate</FONT></B>
 </TD>
 <TD width=15% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=85% align=left>
<FONT size=2 face="serif">Pesos &#151; including adjustable loans</FONT> </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">4,759,779</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=85% align=left>
<FONT size=2 face="serif">Foreign Currency</FONT>
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">136,046</FONT>
 </TD>
</TR>
<TR>
 <TD width="85%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=85% align=left> </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">4,895,825</FONT> </TD>
</TR>
<TR>
 <TD width="85%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=85% align=left>
<B><FONT size=2 face="serif">Fixed Rate</FONT></B>
 </TD>
 <TD width=15% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=85% align=left>
<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">3,160,891</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=85% align=left>
<FONT size=2 face="serif">Foreign Currency</FONT>
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">516,262</FONT>
 </TD>
</TR>
<TR>
 <TD width="85%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=85% align=left> </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">3,677,153</FONT> </TD>
</TR>
<TR>
 <TD width="85%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=85% align=left>
<B><FONT size=2 face="serif">Non-performing </FONT></B><SUP><FONT size=2 face="serif">(1)</FONT></SUP>
 </TD>
 <TD width=15% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=85% align=left>
<FONT size=2 face="serif">Pesos</FONT> </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">86,844</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=85% align=left>
<FONT size=2 face="serif">Foreign Currency</FONT>
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">6,628</FONT>
 </TD>
</TR>
<TR>
 <TD width="85%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=85% align=left> </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">93,472</FONT> </TD>
</TR>
<TR>
 <TD width="85%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=85% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT>
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">8,666,450</FONT>
 </TD>
</TR>
<TR>
 <TD width="85%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="10%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">For additional information on non-performing loans see <I>&#147;Information on the Company&#151;Selected Statistical Information&#151;Non-performing and Restructured Loans</I>&#148;, below in this section.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">52</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> The following table sets forth a breakdown of our fixed and variable rate loans which have a maturity of one year or more at December 31, 2005. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center> <B><FONT size=1 face="serif">Interest Sensitivity in<br>
  </FONT></B> <B><FONT size=1 face="serif">Outstanding Loans Maturing<br>
  </FONT></B> <B><FONT size=1 face="serif">In More Than One Year</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Fixed Rate</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Variable Rate</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size=1 face="serif">(in thousands of pesos)</FONT></B></TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
<FONT size=2 face="serif">To the non-financial public sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,436,579</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
<FONT size=2 face="serif">To the financial sector</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,974</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">465</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
<FONT size=2 face="serif">To the non-financial private sector and residents abroad</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">755,287</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">101,224</FONT> </TD>
</TR>
<TR>
 <TD width="80%">
 </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">766,261</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,538,268</FONT>
 </TD>
</TR>
<TR>
 <TD width="80%">
 </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<B><FONT size=2 face="serif">Allowance for Loan Losses and Loan Loss Experience</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Franc&eacute;s classifies its borrowers in accordance with the regulations of the Central Bank, its primary bank regulator, and not in the manner established by the Securities and
Exchange Commission. As a result, Banco Franc&eacute;s does not keep records classifying loans as &#147;non-accrual&#148;, &#147;past due&#148;, &#147;restructured&#148; and &#147;potential problem loans&#148;, as those terms are defined by the
SEC.</FONT><FONT size=1 face="serif"> </FONT></P>
<B><FONT size=2 face="serif">Classification System According to Central Bank Regulations</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Central Bank established requirements, with respect to the classification of borrowers and the provisions for loan losses. The following is a summary of the Central Bank&#146;s loan
classification requirements up to the date of this annual report. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The loan classification system is a bifurcated system, which requires the application of one set of criteria to classify loans in a bank&#146;s &#147;consumer&#148; portfolio, and another set
of criteria to classify loans in a bank&#146;s &#147;commercial&#148; portfolio.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The principal criterion applied to loans in the consumer portfolio is delinquency aging, irrespective of the fact that, prior to the granting of financing, debtors payment capacity should be
analyzed, evaluating: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">The allocation of their periodic income in relation to the totality of credit commitments assumed, or</FONT></LI>
<LI>
<FONT size=2 face="serif">Through the use of the credit scoring method.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The principal criterion applied to loans in the commercial portfolio is the borrower&#146;s ability to pay, as measured by such borrower&#146;s future cash flow. We can opt to apply the
consumer loan classification criteria to commercial loans of up to Ps.500,000 (Ps.200,000 until April, 2005). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the regulations, consumer borrowers are classified as follows: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">&#147;Normal&#148; if all payments on its loans are current or less than 31 days overdue and, in checking account overdrafts, less than 61 days overdue;</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">&#147;Inadequate Servicing&#148; if payments with respect to principal, interest or otherwise, on any of its loans, are overdue for more than 31 and up to 90 days;</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">&#147;Deficient Servicing&#148; if payments on any of its loans are overdue for more than 90 and up to 180 days;</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">4.</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">&#147;Difficult Recovery&#148; if payments on any of its loans are overdue for more than 180 days and up to one year or if it is subject to judicial proceedings for default on any of those loans;</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">&#147;Irrecoverable&#148; if payments on any of its loans are overdue for more than one year, if the borrower is in bankruptcy or liquidation proceedings or if it is insolvent; and</FONT> </TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">53</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>










<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" valign=top>
<FONT size=2 face="serif">6.</FONT></TD>
 <TD colspan=4>
<FONT size=2 face="serif">&#147;Irrecoverable for Technical Decision&#148; if such borrower is:</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>
<FONT size=2 face="serif">(a)</FONT></TD>
 <TD colspan=3>
<FONT size=2 face="serif">In arrears for more than 180 days according to a list provided by the Central Bank, which includes:</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT size=2 face="serif">Financial institutions liquidated by the Central Bank,</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT size=2 face="serif">Entities created as a result of the privatization of public financial institutions and in the process of dissolution,</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT size=2 face="serif">Financial institutions whose licenses have been revoked by the Central Bank and are under judicial liquidation or bankruptcy,</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT size=2 face="serif">Any trust in which SEDESA is the beneficiary.</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
 <TD colspan=3>
<FONT size=2 face="serif">A foreign borrower (including banks or other financial institutions) which is not classified as &#147;investment grade&#148; by any of the rating agencies admitted by the Central Bank pursuant to the Evaluation of Financial
Entities&acute;s standards, except for the following:</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT size=2 face="serif">Foreign banks or other financial institutions controlling or controlled by the financial entity under the consolidated or other supervision systems approved by the Central Bank,</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT size=2 face="serif">Financing that is:</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>
 <TD width="5%" valign=top>&deg;</TD>
 <TD width="80%">
<FONT size=2 face="serif">Secured by foreign banks and classified as &#147;Investment Grade&#148; by any of the international rating agencies admitted by the Central Bank;</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>&deg;
     </TD>
 <TD width="80%">
<FONT size=2 face="serif">Related to the buying or selling of securities through custodian banks admitted by the Central Bank (Caja de Valores, Cedel, Euroclear or the Depositary Trust Company), arising from the usual business practices in the
market in which they are made;</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>&deg;
     </TD>
 <TD width="80%">
<FONT size=2 face="serif">Related to foreign trade transactions;</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>&deg;
     </TD>
 <TD width="80%">
<FONT size=2 face="serif">Entailing swaps of dollars and domestic government bonds at market price, with sufficient margins, involving custodians admitted by the Central Bank;</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>&deg;
     </TD>
 <TD width="80%">
<FONT size=2 face="serif">Foreign banks or financial institutions subject to the consolidated supervision system which controls local financial institutions organized as corporations (sociedades an&oacute;nimas); and</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>&deg;
     </TD>
 <TD width="80%">
<FONT size=2 face="serif">Other foreign banks authorized to take part in reciprocal payment and credit regimes to which the Central Bank is a party, to the extent the controlling financial entity is subject to a consolidated supervision
system.</FONT> </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>&deg;</TD>
 <TD width="80%">
<FONT size=2 face="serif">Non-financial private sector clients whose debt together with the amount of the financing requested at the time of granting it, exceeds the lower of 2.5% of the bank&#146;s computable equity responsibility as at the last
day of the preceding month or the equivalent to $1,000,000, and who have not submitted a sworn statement as to whether they are related or not to the respective financial agent, or whether their relationship with the latter implies the existence of
controlling influence, or who have not updated their previous statement.</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT size=2 face="serif">Assistance provided through foreign subsidiaries or branches of local financial institutions under the consolidated supervision system, to the extent the financial assistance is not funded directly or indirectly by local
financial institutions.</FONT> </TD>
</TR></TABLE>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial borrowers
are classified as follows: </FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&#147;Normal&#148; if
there is no doubt that they can meet all of their financial obligations. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">2.(a)&#147;Special Tracking-Under Observation&#148; if they are able to meet all of their financial obligations but are sensitive to changes that could compromise that ability absent timely
corrective measures. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">2.(b)&#147;Special Tracking-Under Negotiation or with Refinancing Agreements&#148; if they are unable to comply with their obligations as agreed and formally state, at least 60 days before the
date on which the payment of their obligations is due, their intention to refinance such debts. </FONT></P>
<P align="center">
<FONT size=2 face="serif">54</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The borrower must enter
into an agreement with the lender within 90 days (if up to two lenders are involved)
or 180 days (if more than two lenders are involved) after the date on which the
obligations became overdue. If no agreement has been reached within the established
deadline, the borrower must be reclassified to the next category below according
to the indicators established for each level. </FONT><br>


<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &#147;Problem&#148; if they have problems in meeting their ordinary financial obligations. </FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &#147;High Risk of Insolvency&#148; if they are highly unlikely to meet their financial obligations. </FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &#147;Irrecoverable&#148; if it is clear, at the time of the classification, that they will not meet their financial obligations to the classifying bank. </FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. &#147;Irrecoverable for Technical Decision&#148; if such borrower meets the same criteria as described above for consumer borrowers.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In classifying a commercial borrower, banks must take into account other factors depending upon the classification category, such as the quality of the borrower&#146;s management, the
borrower&#146;s operating history, its present and projected financial situation, the adequacy of its financial reporting, the general risks associated with the market in which the borrower operates, the borrower&#146;s relative position within such
market, its payment history and ability to service debt. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the case of legal proceedings, whether these proceedings are initiated by us or at the instance of the borrower, commercial borrowers must be classified according to pre-determined
circumstances, independently from the classification under which they would fall. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under this classification system, all loans to a given borrower are grouped under the highest classification assigned to that borrower by the classifying bank. The classification of a given
borrower must not differ by more than one higher category from a lower classification given to that borrower by at least two other banks whose aggregate loans outstanding to that borrower represent 40% or more of the total loans outstanding to that
borrower in the Argentine financial system at the time of the classification. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the Central Bank regulation, banks must establish the following loan loss provisions based on the amount owed on the loan (including accrued but unpaid interest). As the table suggests,
the presence of preferred guarantees reduces the level of required provisions. </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width="5%" align=left>&nbsp;</TD>
     <TD width="63%" align=left><b></b></TD>
     <TD width="2%">&nbsp;</TD>
     <TD colspan="5" align=center><b><font size=1 face="serif">Loan Loss Provision
          Required</font></b></TD>
     <TD width="2%" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width="5%" align=left>&nbsp;</TD>
     <TD width="63%" align=left>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="8%" align=center nowrap><HR noshade size=1></TD>
     <TD width="2%" align="center"><HR noshade size=1></TD>
     <TD width="8%" align=center nowrap><HR noshade size=1></TD>
     <TD width="2%" align="center"><HR noshade size=1></TD>
     <TD width="8%" align=center><HR noshade size=1></TD>
     <TD width="2%" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width="5%" align=left>&nbsp;</TD>
     <TD width="63%" align=left>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="8%" align=center nowrap><b><font size=1 face="serif">With<br>
           Preferred &#147;A&#148; <br>
          Guarantees</font></b><font size=1 face="serif">&nbsp;</font></TD>
     <TD width="2%" align="center">&nbsp;</TD>
     <TD width="8%" align=center nowrap><b><font size=1 face="serif">With <br>
          Preferred &#147;B&#148; <br>
          Guarantees</font></b></TD>
     <TD width="2%" align="center">&nbsp;</TD>
     <TD width="8%" align=center><b><font size=1 face="serif">Without <br>
          Preferred<br>
           &#147;A&#148;
            or
          <br>
          Preferred          &#147;B&#148;
            <br>
          Guarantees</font></b><font size=1 face="serif">&nbsp; </font></TD>
     <TD width="2%" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width="5%" align=left>&nbsp;</TD>
     <TD width="63%" align=left>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="8%" align=right nowrap><HR noshade size=1></TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="8%" align=right nowrap><HR noshade size=1></TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="8%" align=right><HR noshade size=1></TD>
     <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=63% align=left>
<FONT size=2 face="serif">Normal</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=63% align=left>
<FONT size=2 face="serif">Inadequate Servicing / Special tracking - under observation </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5%</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=63% align=left>
<FONT size=2 face="serif">Special tracking - under negotiation or with refinancing</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=63% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">agreements </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">6%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12%</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=63% align=left>
<FONT size=2 face="serif">Deficient Servicing / Problem</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">12%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">25%</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=63% align=left>
<FONT size=2 face="serif">Difficult Recovery / High Risk of Insolvency</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">25%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">50%</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=63% align=left>
<FONT size=2 face="serif">Irrecoverable</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">50%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">100%</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=63% align=left>
<FONT size=2 face="serif">Irrecoverable for Technical Decision</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">100%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">100% </FONT><SUP></SUP>
 </TD>
 <TD width=2% align=left><sup><font size=2 face="serif">(1)</font></sup></TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=63% align=left>
<FONT size=2 face="serif">Additional Loans </FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1%</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
     <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="90%" valign="top">
<FONT size=1 face="serif">The classification of a debtor under this category will require a loan loss provision of 100% of any financings, such as rollovers, extensions and express or implied waits, that may be granted after 90 days have elapsed
since the day following the announcement by the Central Bank of the data base that includes the debtor. The presence of preferred guarantees does not affect this obligation.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="90%" valign="top">
<FONT size=1 face="serif">The entity has not yet classified its debtors in the &#147;Special tracking -under negotiation or with refinancing agreements&#148; category.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="90%" valign="top">
<FONT size=1 face="serif">Extensions of credit that do not surpass the result of applying the percentages indicated below over the balance of the existing debt on the day prior to the extension of the additional credit:</FONT></TD>
</TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=80% align=left>
<FONT size=1 face="serif">Irrecoverable</FONT>
 </TD>
 <TD width=8% align=right>
<FONT size=1 face="serif">10</FONT>
 </TD>
 <TD width=2% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=80% align=left>
<FONT size=1 face="serif">Difficult Recovery/High Risk of Insolvency</FONT>
 </TD>
 <TD width=8% align=right>
<FONT size=1 face="serif">20</FONT>
 </TD>
 <TD width=2% align=left>
      <FONT size=1 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=80% align=left>
<FONT size=1 face="serif">Deficient Servicing/Problem</FONT>
 </TD>
 <TD width=8% align=right>
<FONT size=1 face="serif">30</FONT>
 </TD>
 <TD width=2% align=left>
      <FONT size=1 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=80% align=left>
<FONT size=1 face="serif">Inadequate Servicing/Potential Risk</FONT>
 </TD>
 <TD width=8% align=right>
<FONT size=1 face="serif">40</FONT>
 </TD>
 <TD width=2% align=left>
      <FONT size=1 face="serif">%</FONT> </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">55</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Non-compliance with the
payments for the services corresponding to this additional assistance will determine
the obligation to provision the assistance consistent with the objective standards
for overdue payments or legal requirements pursuant to the classification of
debtors included in the consumer portfolio for consumption or housing. This also
applies to borrowers in the commercial portfolio, in which case the additional
financing will be considered independently of the rest of the client&#146;s debt. </FONT><br>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Furthermore, banks are required to establish provisions equal to 100% of any interest accrued on loans to borrowers classified as &#147;problem&#148; or lower or &#147;deficient servicing&#148;
 or lower. The Bank chooses to interrupt interest accrual accounting as permitted by the regulation. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Central Bank regulations set requirements for the review by banks of their classification of borrowers. The classification given to borrowers whose outstanding loans represent at any given
time more than 5% of the lending bank&#146;s risk weighted capital must be reviewed at least on a quarterly basis. The classification given to borrowers whose outstanding loans represent at any time between 1.00% and 5.00% of the lending bank&#146;s
risk weighted capital, or are for an amount greater than Ps.1.0 million, must be reviewed at least every six months. The classification of all other types of borrowers must be reviewed at least once a year. In addition, banks must review the
classification given to a borrower in any of the following situations: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Any time the Central Bank modifies the definition of its borrower classifications;</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Any time another bank downgrades a borrower whose loan standings are greater than 10% of the total loans outstanding in</FONT> <FONT size=2 face="serif">the Argentine financial system;</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Any time a credit rating agency downgrades by more than one category the rating assigned to bonds issued by such</FONT> <FONT size=2 face="serif">borrower; and</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">If the Central Bank requires it as a result of an inspection.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">In case of discrepancy by more than one level between the rating given by the financial entity and those granted by at least</FONT> <FONT size=2 face="serif">another two financial entities or trusts in categories below that
assigned by it, and whose credits as a whole represent at least</FONT> <FONT size=2 face="serif">20% and are below 40% of the total amount informed by all creditors, as per the latest information available at the Debtors</FONT> <FONT size=2
face="serif">Department of the financial system&#148;.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are therefore fully compliant with the Central Bank requirements relating to borrower declassifications. We also fully complied with the provisioning requirements regarding all our normal
loans; that is, we had established the full 1.0% provision for normal loans, as well as the 100% provision required for loans with preferred guarantees being twenty-five months in arrears and classified as &#147;Difficult Recovery&#148;, &#147;High
Risk of Insolvency&#148; and &#147;Irrecoverable&#148;. In addition, we believe that we have adequate provisions to cover any known losses and any losses inherent in the loan portfolio. See Note 3.5.5. to the Consolidated Financial Statements.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> The Bank stops accruing interest on a loan as soon as any scheduled payment is 90 days overdue, or earlier if the customer is classified as &#147;Problem&#148;, &#147;Deficient
Servicing&#148;, &#147;High Risk of Insolvency&#148;, &#147;Difficult Recovery&#148;, &#147;Irrecoverable&#148; or &#147;Irrecoverable for Technical Decision&#148;. In the case of installment loans, which include mortgage loans, 15 days after the
second consecutive installment is overdue, the loan is assigned to the &#147;Problem Loans Department&#148; and we cease to accrue interest. The &#147;Past Due Collections Department&#148; commences follow-up collection actions 5 days after the loan
is overdue. In the case of an overdraft, the account is assigned to the Problem Loans Department after 60 days past due, and in the case of a credit card loan, after the second minimum payment is missed. </FONT></P>
<P align="center">
<FONT size=2 face="serif">56</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table
    presents our loan portfolio, before the deduction for the allowance for loan
    losses, using the classification system of the Central Bank in effect at
    the end of each fiscal year: </FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=46% align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="16" align=center><b><font size=1 face="serif">Fiscal Years Ended
          December 31, </font></b></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left></TD>
    <TD>&nbsp;</TD>
    <TD width=6% align=center><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width=6% align=center><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width=6% align=center><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width=6% align=right><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width=6% align=center><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width=6% align=center><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">2005</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">%</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">2004</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">%</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">2003</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">%</FONT></B></TD>
  </TR>
  <TR>
    <TD width="46%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="16" align=center> <B><FONT size=1 face="serif">(in thousands
          of pesos, except percentages)</FONT></B></TD>
    <TD width=1% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left> <B><FONT size=2 face="serif">Loan Portfolio</FONT></B></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left> <B><FONT size=2 face="serif">Categories</FONT></B></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=46% align=left> <FONT size=2 face="serif">Normal</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">8,489,941</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">97.96</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">9,190,677</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">97.04</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">7,942,853</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">90.30</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left> <FONT size=2 face="serif">Inadequate servicing
        and Potential Risk</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">83,037</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.96</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">175,691</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.85</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">266,840</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.03</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=46% align=left> <FONT size=2 face="serif">Deficient servicing and
        with Problem</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">11,829</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.14</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">52,118</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.55</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">252,377</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.87</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left> <FONT size=2 face="serif">Difficult recovery and
        high risk of insolvency</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">68,160</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.79</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">21,965</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.23</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">287,741</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.27</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=46% align=left> <FONT size=2 face="serif">Irrecoverable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">13,362</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.15</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">30,921</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.33</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">45,545</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.52</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=46% align=left> <FONT size=2 face="serif">Irrecoverable for Technical
        decision</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">121</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">132</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">569</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.01</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
  </TR>
  <TR>
    <TD width="46%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=46% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">8,666,450</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">100.00</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">9,471,504</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">100.00</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">8,795,925</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">100.00</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">%</FONT> </TD>
  </TR>
  <TR>
    <TD width="46%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">By Communications &#147;A&#148; 4060
and &#147;A&#148; 4242, the Permanent Text of the Debtor Rating Regulations was
amended as summarized below: </FONT>
<UL>
<LI>
<FONT size=2 face="serif">5% reduction in the percentage of cancellation determined for the different categories (1 to 5), in order to reclassify a debtor</FONT> <FONT size=2 face="serif">to a higher rating.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Private or Judicial Arrangements: 20% cancellation is required (previously 30%) for a debtor to be moved to Special</FONT> <FONT size=2 face="serif">tracking &#150; under observation situation.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Modification in the conditions for preferred &#147;A&#148; guarantees &#150; Credit Securities (checks / promissory notes/invoices).</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Extension to 18 months of the term for considering mortgage guarantees (in force until June 30, 2004).</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Flexibility of percentages for the granting of &#147;additional credit&#148;.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to this, Communication &#147;A&#148; 4467, extended until December 31, 2005 the effect of the following temporary provisions of the regulation on Classification of Debtors:
</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">It extended until June 30, 2006 the temporary provisions of Communication &#147;A&#148; 4060 which permits the reclassification of</FONT> <FONT size=2 face="serif">debtors restructured on the basis of their repayment
capacity as being in normal situation, with the agreement of the Board</FONT> <FONT size=2 face="serif">of Directors.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">It incorporated point 2.2.7 of the Allowances Exhibit, by which the situation of a debtor who has made a Refinancing with</FONT> <FONT size=2 face="serif">Capital Reduction is determined by difference between the allowances
net of debt and the amount of the referred reduction.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to these points those agreements (of whatever kind) made between the debtor and the financial institution between June 30, 2002 and December 31, 2004, may be reclassified to
&#147;Normal&#148; with the approval of the financial institution&#146;s Board of Directors, provided that it can be demonstrated that the debtor has repayment capacity based on the projected cash flows under the new loan conditions, the company is
shown to be viable, and other Normal situation conditions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For debts exceeding Ps.5 billion in the financial system, the Central Bank must be informed about the parameters considered for re-categorization, and an opinion of the external auditor of the
bank must be obtained. </FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is also possible
to waive conditions considered for a change of category, depending on the category. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the case of a refinancing with a rebate, the provision to be made should be equal to the difference between the amount of the previous provision and the rebate granted. </FONT></P>
<P align="center">
<FONT size=2 face="serif">57</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<B><FONT size=2 face="serif">Classification</FONT></B><B><FONT size=2 face="serif"> of Loan </FONT></B><B><FONT size=2 face="serif">Portfolio</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The </FONT><FONT size=2 face="serif">following</FONT><FONT size=2 face="serif"> table </FONT><FONT size=2 face="serif">presents</FONT><FONT size=2 face="serif"> our </FONT><FONT size=2
face="serif">consumer</FONT><FONT size=2 face="serif"> and </FONT><FONT size=2 face="serif">commercial</FONT><FONT size=2 face="serif"> loan </FONT><FONT size=2 face="serif">portfolio</FONT><FONT size=2 face="serif"> as of </FONT><FONT size=2
face="serif">December</FONT><FONT size=2 face="serif"> 31, 2005, 2004, 2003, 2002 and 2001 under the </FONT><FONT size=2 face="serif">classification</FONT><FONT size=2 face="serif"> system of the Central Bank, before the </FONT><FONT size=2
face="serif">deduction</FONT><FONT size=2 face="serif"> of the </FONT><FONT size=2 face="serif">allowance</FONT><FONT size=2 face="serif"> for loan losses:</FONT><FONT size=1 face="serif"> </FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width=17% align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD colspan="28" align=center><b><font size=1 face="serif">Fiscal Years
          Ended </font></b><b><font size=1 face="serif">December</font></b><b><font size=1 face="serif"> 31, </font></b></TD>
     <TD width=1% align=center></TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
     <TD width=17% align=left></TD>
     <TD>&nbsp;</TD>
     <TD colspan="5" align=center><b><font size=1 face="serif">2005</font></b></TD>
     <TD width=1% align="center">&nbsp;</TD>
     <TD colspan="5" align=center><b><font size=1 face="serif">2004</font></b></TD>
     <TD width=1% align="center">&nbsp;</TD>
     <TD colspan="5" align=center><b><font size=1 face="serif">2003</font></b></TD>
     <TD width=1% align="center">&nbsp;</TD>
     <TD colspan="5" align=center><b><font size=1 face="serif">2002</font></b></TD>
     <TD width=1% align="center">&nbsp;</TD>
     <TD colspan="5" align=center><b><font size=1 face="serif">2001</font></b></TD>
  </TR>
<TR valign="bottom">
     <TD width=17% align=left></TD>
     <TD>&nbsp;</TD>
     <TD width=7% align=center><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=5% align=center><HR noshade size=1></TD>
     <TD width=1% align=center><HR noshade size=1></TD>
     <TD width=1% align="center">&nbsp;</TD>
     <TD width=7% align=center><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=5% align=center><HR noshade size=1></TD>
     <TD width=1% align=center><HR noshade size=1></TD>
     <TD width=1% align="center">&nbsp;</TD>
     <TD width=7% align=center><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=5% align=center><HR noshade size=1></TD>
     <TD width=1% align=center><HR noshade size=1></TD>
     <TD width=1% align="center">&nbsp;</TD>
     <TD width=7% align=center><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=5% align=center><HR noshade size=1></TD>
     <TD width=1% align=center><HR noshade size=1></TD>
     <TD width=1% align="center">&nbsp;</TD>
     <TD width=7% align=center><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=1% align="center"><HR noshade size=1></TD>
     <TD width=5% align=center><HR noshade size=1></TD>
     <TD width=1% align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">%</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B></TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="5%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD width="7%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="5%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD width="7%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="5%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD width="7%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="5%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD width="7%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="5%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD colspan="28" align=center valign="top"><b><font size=1 face="serif">(in thousands
          of pesos, except percentages) </font></b><b><sup><font size=1 face="serif">(1)</font></sup></b> </TD>
     <TD align=center></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
<FONT size=2 face="serif">Normal (Consumer)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">1,442,324</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">98.09</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">936,401</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">96.61</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">747,257</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">92.05</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">783,601</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">79.94</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">3,338,647</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">89.07</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Normal (Commercial)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">7,047,617</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">97.94</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">8,254,276</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">97.08</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">7,195,596</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">90.12</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">7,986,855</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">85.27</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">13,132,326</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">96.23</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">8,489,941</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">97.96</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">9,190,677</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">97.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">7,942,853</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">90.30</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">8,770,456</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">84.77</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">16,470,973</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">94.69</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Inadequate servicing (Consumer)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">8,518</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.58</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">7,576</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.78</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">8,892</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.10</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">21,528</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.20</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">111,171</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.97</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
<FONT size=2 face="serif">Special tracking (Commercial)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">74,519</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">168,115</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.98</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">257,948</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.23</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">396,957</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.24</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">125,055</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.92</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">83,037</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.96</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">175,691</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.85</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">266,840</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">418,485</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">236,226</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.36</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
<FONT size=2 face="serif">Deficient servicing (Consumer)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">5,040</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.34</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">11,115</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.15</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">10,660</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.31</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">17,229</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.76</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">60,639</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.62</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Problem (Commercial)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">6,789</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.09</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">41,003</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.48</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">241,717</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">245,855</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.62</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">115,128</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.84</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">11,829</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.14</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">52,118</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.55</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">252,377</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.87</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">263,084</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.54</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">175,767</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Difficult recovery (Consumer)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">6,395</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.43</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">4,351</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.45</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">6,587</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.81</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">62,302</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6.36</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">117,365</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.13</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
<FONT size=2 face="serif">High risk of insolvency (Commercial)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">61,765</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.86</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">17,614</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.21</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">281,154</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.52</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">371,400</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.97</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">173,122</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.27</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">68,160</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.79</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">21,965</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.23</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">287,741</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.27</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">433,702</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.19</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">290,487</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.67</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
<FONT size=2 face="serif">Irrecoverable (Consumer)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">8,007</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.55</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">9,696</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">37,812</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.66</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">94,872</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">9.68</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">118,267</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.16</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Irrecoverable (Commercial)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">5,355</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.07</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">21,225</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.25</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">7,733</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.10</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">365,155</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.90</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">100,626</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.74</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">13,362</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.15</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">30,921</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.33</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">45,545</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.52</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">460,027</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.45</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">218,893</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.26</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Irrecoverable for technical decision (Consumer)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">121</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">132</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">569</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.07</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">729</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.06</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">2,016</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.05</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
<FONT size=2 face="serif">Irrecoverable for technical decision (Commercial)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">121</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">132</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">569</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">729</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0,01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">2,016</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
<FONT size=2 face="serif">Total consumer loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">1,470,405</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">969,271</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">811,777</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">980,261</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">3,748,105</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=17% align=left>
<FONT size=2 face="serif">Total commercial loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">7,196,045</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">8,502,233</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">7,984,148</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">9,366,222</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">13,646,257</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=17% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">8,666,450</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">9,471,504</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">8,795,925</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">10,346,483</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=7% align=right>
<FONT size=2 face="serif">17,394,362</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="17%"> </TD>
 <TD> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="7%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="5%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
     <TR valign="top">
          <TD colspan="2" nowrap><hr align="left" width="15%" size=1 noshade></TD>
     </TR>
<TR valign="top">
     <TD width="5%" nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Percentages for each category are of total consumer, commercial or total loans, as the context requires.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">58</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<B><FONT size=2 face="serif">Non-performing and Restructured Loans</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Applying the Central Bank&#146;s loan classification criteria described above, the following table analyzes at each of the dates indicated below our gross non-performing and restructured loan
portfolio, and further breaks down the total into loans with preferred guarantees and those which are unsecured:</FONT><FONT size=1 face="serif"> </FONT></P>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
     <TD width=51% align=left><b></b></TD>
     <TD width=3%>&nbsp;</TD>
     <TD colspan="9" align=center><b><font size=1 face="serif">Fiscal Years Ended
          December 31, </font></b></TD>
     <TD width=3% align=center>&nbsp;</TD>
</TR>
<TR>
     <TD width="5%" align="left"></TD>
     <TD width="51%" align="left"> </TD>
     <TD> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD width="2%" align="center"><HR noshade size=1> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD width="2%" align="center"><HR noshade size=1> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD width="2%" align="center"><HR noshade size=1> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD width="2%" align="center"><HR noshade size=1> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left></TD>
 <TD width=51% align=left>

 </TD>
 <TD width=3%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2003</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2002</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2001</FONT></B></TD>
     <TD width=3% align=center>&nbsp;</TD>
</TR>
<TR>
     <TD width="5%" align="left"></TD>
 <TD width="51%" align="left">
 </TD>
 <TD width="3%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
     <TD width="3%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left></TD>
 <TD width=51% align=left>

 </TD>
 <TD width=3%>&nbsp;
 </TD>
 <TD colspan="9" align=center>
          <B><FONT size=1 face="serif">(in thousands of pesos)</FONT></B></TD>
 <TD width=3% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=51% align=left>
<FONT size=2 face="serif">Non-performing loans </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=3%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">93,472</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">105,136</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">586,232</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,157,542</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">687,162</FONT> </TD>
     <TD width=3% align=left>&nbsp;</TD>
</TR>
<TR>
     <TD width="5%" align="left"></TD>
 <TD width="51%" align="left">
 </TD>
 <TD width="3%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%"><HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
     <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=51% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=3%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">93,472</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">105,136</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">586,232</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,157,542</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">687,162</FONT> </TD>
     <TD width=3% align=left>&nbsp;</TD>
</TR>
<TR>
     <TD width="5%" align="left"></TD>
 <TD width="51%" align="left">
 </TD>
 <TD width="3%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%"><HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
     <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=51% align=left>
<FONT size=2 face="serif">With preferred guarantees</FONT>
 </TD>
 <TD width=3%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,008</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">16,179</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">34,596</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">95,648</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">186,468</FONT>
 </TD>
     <TD width=3% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=51% align=left>
<FONT size=2 face="serif">Unsecured</FONT> </TD>
 <TD width=3%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">86,464</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">88,957</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">551,636</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,061,894</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">500,694</FONT> </TD>
     <TD width=3% align=left>&nbsp;</TD>
</TR>
<TR>
     <TD width="5%" align="left"></TD>
 <TD width="51%" align="left">
 </TD>
 <TD width="3%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%"><HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
     <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
 <TD width=51% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT>
 </TD>
 <TD width=3%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">93,472</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">105,136</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">586,232</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,157,542</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">687,162</FONT>
 </TD>
     <TD width=3% align=left>&nbsp;</TD>
</TR>
<TR>
     <TD width="5%" align="left"></TD>
 <TD width="51%" align="left">
 </TD>
 <TD width="3%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%"><HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
     <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD valign=top>&nbsp;</TD>
          <TD colspan="2" valign=top><hr align="left" width="15%" size=1 noshade></TD>
     </TR>
     <TR>
     <TD width="5%" valign=top>&nbsp;</TD>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%" valign="top">
<FONT size=1 face="serif">Non-performing loans includes all loans to borrowers classified as &#147;Problem&#148;, &#147;Deficient Servicing&#148;, &#147;High Risk of Insolvency&#148;, &#147;Difficult Recovery&#148;, &#147;Irrecoverable&#148; and
&#147;Irrecoverable for Technical Decision&#148; under the Central Bank loan classification system. Non-performing loans also include all loans contractually past due 90 days loans or more. At December 31, 2005, 2004, 2003, 2002 and 2001
non-performing loans include Ps.81,965 thousand, Ps.91,819 thousand, Ps.157,085 thousand, Ps.472,700 thousand and Ps.600,775 thousand respectively, of non-accrual loans.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">59</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The table below sets forth
non-</FONT><FONT size=2 face="serif">performing</FONT><FONT size=2 face="serif"> loans
by </FONT><FONT size=2 face="serif">economic</FONT><FONT size=2 face="serif"> activity
as of each of the  dates </FONT><FONT size=2 face="serif">indicated:</FONT><FONT size=2 face="serif"> </FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD nowrap></TD>
          <TD width="1%"></TD>
          <TD colspan="29" align="center"><b><font size=1 face="serif">Fiscal
          Years Ended </font></b><b><font size=1 face="serif">December</font></b><b><font size=1 face="serif"> 31,</font></b></TD>
     </TR>
     <TR>
          <TD nowrap> </TD>
          <TD width="1%"> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD nowrap></TD>
          <TD width="1%"></TD>
          <TD colspan="5" align="center"><b><font size=1 face="serif">2005</font></b></TD>
          <TD width="1%" align="center"></TD>
          <TD colspan="5" align="center"><b><font size=1 face="serif">2004</font></b></TD>
          <TD width="1%" align="center"></TD>
          <TD colspan="5" align="center"><b><font size=1 face="serif">2003</font></b></TD>
          <TD width="1%" align="center"></TD>
          <TD colspan="5" align="center"><b><font size=1 face="serif">2002</font></b><sup><font size=1 face="serif">(1)</font></sup><b><font size=1 face="serif"> </font></b></TD>
          <TD width="1%" align="center"></TD>
          <TD colspan="5" align="center"><b><font size=1 face="serif">2001</font></b><sup><font size=1 face="serif">(1)</font></sup><b><font size=1
face="serif"></font></b></TD>
     </TR>
     <TR>
          <TD nowrap> </TD>
          <TD width="1%"> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
     </TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">%</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">%</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">%</FONT></B> </TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B> </TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B> </TD>
</TR>
<TR>
 <TD nowrap> </TD>
 <TD width="1%"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
</TR>
<TR>
     <TD nowrap></TD>
     <TD></TD>
     <TD colspan="28" align="center" valign="top"><b><font size=1 face="serif">(in
                    thousands of pesos, except percentages) </font></b><b><sup><font size=1 face="serif">(1)</font></sup></b> <b><font size=1 face="serif"> </font></b></TD>
     <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Agricultural and Livestock</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">20</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.02</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">15</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">17,357</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.96</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">37,546</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.24</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">61,046</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">8.88</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Beverage</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4,105</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.70</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11,418</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.99</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">15,988</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">2.33</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Chemicals</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5,881</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">19,559</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.69</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8,223</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">1.20</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Construction</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,778</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.90</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2,506</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.38</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">98,146</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">16.75</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">153,309</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">13.24</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">83,653</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">12.17</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Consumer</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,423</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">15.43</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6,957</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6.62</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">38,256</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6.53</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">115,744</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">10.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">238,100</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">34.65</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Electrical Machinery</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">343</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.06</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11,946</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">15,684</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">2.28</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Electricity, Oil, Water and <br>
&nbsp;&nbsp;&nbsp;Sanitary Services</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">171,948</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">29.34</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">232,625</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">20.10</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">69</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Financial Sector</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1,077</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.18</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">18,961</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.64</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">22</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Foodstuff</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">7,396</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.26</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">30,492</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.63</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">39,398</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">5.73</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Furniture and Accessories</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">241</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1,413</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.12</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1,605</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.23</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Government Services</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">21</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">93</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Industrial Metals</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">258</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">17,886</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1.55</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">24,787</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">3.61</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Leather and Fur Products</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">412</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.04</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">10,112</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">1.47</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Machinery and Tools</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2,485</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.21</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2,455</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.36</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Mining Products</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">28,999</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4.95</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">65,392</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5.65</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">14,587</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">2.12</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Oil and Carbon</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">221</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.24</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">5,297</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.90</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">25,347</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.19</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">25,293</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">3.68</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Others</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">61,268</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">65.54</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">87,930</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">83.63</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">190</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1,312</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.12</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">15,028</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">2.21</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Other Manufacturing</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">7,671</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">7.30</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">312</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.05</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">7,227</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.62</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6,817</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.99</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Paper Products</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2,758</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.24</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6,408</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.93</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Printer, Publishers and <br>
&nbsp;&nbsp;&nbsp;Related Industries</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">22,272</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3.80</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">99,883</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">8.63</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2,895</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.42</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Rubber Products</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">14</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">169</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">732</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.11</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Retail Trade</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,142</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">14.06</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1,042</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.18</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11,322</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.98</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">22,411</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">3.26</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Services</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">14</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">109,087</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">18.62</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">139,876</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">12.08</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">41,745</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">6.08</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Shoes, Apparel and <br>
&nbsp;&nbsp;&nbsp;Other Textile Products</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">789</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.13</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3,513</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.30</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4,145</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.60</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Textile</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">6</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3,169</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.27</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3,169</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.46</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Transportation Material</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1,719</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.29</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">3,426</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.30</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2,367</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.34</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Wholesale Trade</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,614</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">2.81</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">22</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.03</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">70,241</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11.98</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">138,513</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">11.97</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">35,999</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">5.24</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Wood Products and Cork</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1,226</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.21</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1,818</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">0.16</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">4,331</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">0.63</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD nowrap> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=19% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">93,472</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">105,136</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">586,232</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">1,157,542</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">687,162</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=4% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD nowrap> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD valign="top">
<FONT size=1 face="serif">The financial statements for the fiscal years ended December 31, 2002 and 2001, were restated in the February 28, 2003 currency by applying the adjustments rate derived from the internal Price Index published by
INDEC.</FONT></TD>
</TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of </FONT><FONT size=2 face="serif">December</FONT><FONT size=2 face="serif"> 31, 2005, the </FONT><FONT size=2 face="serif">majority</FONT><FONT size=2 face="serif"> of our loan
</FONT><FONT size=2 face="serif">portfolio,</FONT><FONT size=2 face="serif"> and non-</FONT><FONT size=2 face="serif">performing</FONT><FONT size=2 face="serif"> and </FONT><FONT size=2 face="serif">restructured</FONT><FONT size=2 face="serif"> loan
</FONT><FONT size=2 face="serif">portfolio,</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">consisted</FONT><FONT size=2 face="serif"> of loans to </FONT><FONT size=2 face="serif">Argentine</FONT><FONT size=2 face="serif">
 </FONT><FONT size=2 face="serif">borrowers.</FONT><FONT size=2 face="serif"> At that date, </FONT><FONT size=2 face="serif">approximately</FONT><FONT size=2 face="serif"> Ps.27.7 million or 0.32% of our total loan </FONT><FONT size=2
face="serif">portfolio,</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">consisted</FONT><FONT size=2 face="serif"> of loans to foreign </FONT><FONT size=2 face="serif">borrowers.</FONT><FONT size=2 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Gross interest income that would have been </FONT><FONT size=2 face="serif">recorded</FONT><FONT size=2 face="serif"> on non-</FONT><FONT size=2 face="serif">performing</FONT><FONT size=2
face="serif"> loans during the fiscal years ended </FONT><FONT size=2 face="serif">December</FONT><FONT size=2 face="serif"> 31, 2005, 2004, 2003, 2002 and 2001 </FONT><FONT size=2 face="serif">amounted</FONT><FONT size=2 face="serif"> to Ps.57.8
</FONT><FONT size=2 face="serif">million,</FONT><FONT size=2 face="serif"> Ps.59.4 </FONT><FONT size=2 face="serif">million,</FONT><FONT size=2 face="serif"> Ps.75.2 </FONT><FONT size=2 face="serif">million,</FONT><FONT size=2 face="serif"> Ps.99.5
million and Ps.157.4 </FONT><FONT size=2 face="serif">million,</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">respectively.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">60</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<B><FONT size=2 face="serif">Analysis of the Allowance for Loan Losses</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The table below sets forth the activity in the allowance for loan losses for the fiscal years ended December 31, 2005, 2004, 2003, 2002 and 2001. See Note 16.6. to the Consolidated Financial
Statements. In conformity with Central Bank requirements, we charge off non-performing loans when we believe that recovery is unlikely and in any event no later than seven months after a loan has been classified as &#147;irrecoverable&#148; without
preferred guarantees. We continue to try to collect all amounts past due, even if they have been charged off,
if we believe that the likelihood of collecting such amounts justifies the commitment of resources to do so.</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
     <TR align="center">
          <TD width="44%" align="left"></TD>
          <TD width="2%"></TD>
          <TD colspan="14"><b><font size=1 face="serif">Fiscal Years Ended December
          31,</font></b></TD>
     </TR>
     <TR align="center">
          <TD width="44%" align="left"> </TD>
          <TD width="2%"> </TD>
          <TD width="8%">
               <HR noshade size=1>          </TD>
          <TD width="1%">
               <HR noshade size=1>          </TD>
          <TD width="2%"><HR noshade size=1> </TD>
          <TD width="8%">
               <HR noshade size=1>          </TD>
          <TD width="1%">
               <HR noshade size=1>          </TD>
          <TD width="2%"><HR noshade size=1> </TD>
          <TD width="8%">
               <HR noshade size=1>          </TD>
          <TD width="1%">
               <HR noshade size=1>          </TD>
          <TD width="2%"><HR noshade size=1> </TD>
          <TD width="8%">
               <HR noshade size=1>          </TD>
          <TD width="1%">
               <HR noshade size=1>          </TD>
          <TD width="2%"><HR noshade size=1> </TD>
          <TD width="8%">
               <HR noshade size=1>          </TD>
          <TD width="2%">
               <HR noshade size=1>          </TD>
     </TR>
<TR align="center" valign="bottom">
 <TD width=44% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2">
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2">
<B><FONT size=1 face="serif">2004</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2">
<B><FONT size=1 face="serif">2003</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2">
<B><FONT size=1 face="serif">2002</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2">
<B><FONT size=1 face="serif">2001</FONT></B></TD>
  </TR>
<TR align="center">
 <TD width="44%" align="left"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=44% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="13" align=center valign="top"><b><font size=1 face="serif">(in thousands
                of pesos, except percentages)</font></b> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=44% align=left>
<FONT size=2 face="serif">Balance at the beginning of the year</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">202,693</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">459,573</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,062,512</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,281,432</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">449,806</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=44% align=left>
<FONT size=2 face="serif">Provisions for loan losses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">114,220</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">62,509</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">317,993</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,097,613</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,132,699</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=44% align=left>
<FONT size=2 face="serif">Charge-offs </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(132,028</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(319,389</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(920,932</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,316,533</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(301,073</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=44% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Advances</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(18,136</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(10,545</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(11,433</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(91,197</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(80,566</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=44% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Consumer</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(39,081</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(30,182</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(38,146</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(65,751</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(95,347</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=44% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Notes discounted and purchased</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(17,418</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(159</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(30</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3,472</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(14,660</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=44% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(57,393</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(278,503</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(871,323</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,156,113</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(110,500</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="44%" align="left"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=44% align=left>
<FONT size=2 face="serif">Balance at the end of year</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">184,885</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">202,693</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">459,573</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,062,512</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,281,432</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR>
 <TD width="44%" align="left"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=44% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net charge-off / average loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.49</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3.63</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7.72</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.35</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.55</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
     </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%" valign="top">
<FONT size=1 face="serif">Charge-offs are not concentrated in any particular economic activity. Our management estimates that of the Ps.132.0 million charged off in the fiscal year ended December 31, 2005, Ps.111.73 million, or 84.64% were related
to corporate borrowers and Ps.20.27 million, or 15.36% were related to individual consumers. Of the Ps.319.4 million charged off in the fiscal year ended December 31, 2004, Ps.281.4 million, or 88.09% were related to corporate borrowers and Ps.38.0
million, or 11.91% were related to individual consumers. Of the Ps.920.9 million charged off in the fiscal year ended December 31, 2003, Ps.861.6 million, or 93.56% were related to corporate borrowers and Ps.59.3 million, or 6.44% were related to
individual consumers. Of the Ps.1,316.5 million charged off in the fiscal year ended December 31, 2002, Ps.1,157.7 million, or 87.94% were related to corporate borrowers and Ps.158.8 million, or 12.06% were related to individual consumers. Of the
Ps.301.1 million charged off in the fiscal year ended December 31, 2001, Ps.161.5 million, or 46.32% were related to corporate borrowers and Ps.161.3 million, or 53.68% were related to individual consumers. Charge-offs include reversal and
applications.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<B><FONT size=2 face="serif">Allocation of the Allowance for Loan Losses</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table allocates the allowance for loan losses and sets forth the percentage distribution by each category of loans in the total loan portfolio (principals only) for each of the
fiscal years ended December 31, 2005, 2004, 2003, 2002 and 2001.</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD width="20%"></TD>
          <TD width="1%"></TD>
          <TD colspan="28" align="center"><b><font size=1 face="serif">Fiscal
          Years Ended December 31, </font></b></TD>
          <TD width="1%">&nbsp;</TD>
     </TR>
     <TR>
          <TD width="20%"> </TD>
          <TD width="1%"> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD width="6%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%">
               <HR noshade size=1>          </TD>
     </TR>
<TR valign="bottom">
     <TD width=20% align=left></TD>
     <TD width=1%>&nbsp;</TD>
     <TD colspan="5" align="center"><b><font size=1 face="serif">2005</font></b></TD>
     <TD width="1%" align="center"></TD>
     <TD colspan="5" align="center"><b><font size=1 face="serif">2004</font></b></TD>
     <TD width="1%" align="center"></TD>
     <TD colspan="5" align="center"><b><font size=1 face="serif">2003</font></b></TD>
     <TD width="1%" align="center"></TD>
     <TD colspan="5" align="center"><b><font size=1 face="serif">2002</font></b><b><font size=1 face="serif"> </font></b></TD>
     <TD width="1%" align="center"></TD>
     <TD colspan="5" align="center"><b><font size=1 face="serif">2001</font></b></TD>
</TR>
<TR>
     <TD width="20%"> </TD>
     <TD width="1%"> </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1></TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"></TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1></TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"></TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1></TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"></TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1></TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"></TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1></TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD width="1%" align="center"><HR noshade size=1>
     </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B></TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B></TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B> </TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B> </TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD align="center">&nbsp;</TD>
 <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B> </TD>
</TR>
<TR>
 <TD width="20%"> </TD>
 <TD width="1%"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD colspan="28" align=center valign="top">
          <B><FONT size=1 face="serif">(in thousands of pesos, except percentages)</FONT></B></TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=20% align=left>
<FONT size=2 face="serif">Advances</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,550</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11.24</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,707</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.90</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,903</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.77</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">81,721</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.60</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,150</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.39</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>
<FONT size=2 face="serif">Notes discounted and</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>
<FONT size=2 face="serif">purchased</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,393</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8.60</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,478</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.67</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,697</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.29</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,181</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.28</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">59,698</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=20% align=left>
<FONT size=2 face="serif">Secured with mortgages</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7,082</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6.05</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,310</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.27</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">17,857</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.97</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">32,055</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.96</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">57,979</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9.68</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>
<FONT size=2 face="serif">Chattel mortgage</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">760</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.93</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">474</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.28</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">871</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.06</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,061</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.10</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,779</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.39</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=20% align=left>
<FONT size=2 face="serif">Consumers loans</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">14,664</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11.49</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,343</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.64</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">16,623</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3.42</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">66,052</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3.34</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">91,287</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8.14</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>
<FONT size=2 face="serif">Financial Loans</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,691</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.10</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.79</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">122</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.47</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">431,312</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.62</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,340</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">0.36</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=20% align=left>
<FONT size=2 face="serif">Other loans to</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=20% align=left>
<FONT size=2 face="serif">governmental sector</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">49,324</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">38.67</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">80,729</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">73.14</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">103,417</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">76.10</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">200,298</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">72.35</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">750,043</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">49.53</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>
<FONT size=2 face="serif">Other</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">92,421</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">20.92</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">79,647</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10.31</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">305,083</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9.92</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">237,832</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13.75</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">301,156</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">15.51</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="20%"> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">184,885</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">202,693</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">459,573</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,062,512</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,281,432</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">100.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="20%"> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
 <TD width="1%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">61</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<B><FONT size=2 face="serif">Composition of Deposits</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets out the composition of each category of deposits that exceeded 10% of average total deposits in each of the fiscal years ended December 31, 2005, 2004, and
2003.</FONT></P>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width="66%" align=left>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD colspan="7" align=center><b><font size=1 face="serif">Fiscal Year ended
          December 31,</font></b><font size=1 face="serif">&nbsp; </font></TD>
     <TD width="2%" align=left></TD>
</TR>
<TR valign="bottom">
     <TD width="66%" align=left></TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="8%" align=right><HR noshade size=1></TD>
     <TD width="1%" align=left><HR noshade size=1></TD>
     <TD width="2%"><HR noshade size=1></TD>
     <TD width="8%" align=right><HR noshade size=1></TD>
     <TD width="1%" align=left><HR noshade size=1></TD>
     <TD width="2%"><HR noshade size=1></TD>
     <TD width="8%" align=right><HR noshade size=1></TD>
     <TD width="2%" align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=1% align=center>

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
 <TD width=1% align=center>

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2003</FONT></B></TD>
 <TD width=2% align=center>

 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="7" align=center valign="top">
<B><FONT size=1 face="serif">(in thousands of pesos)</FONT></B></TD>
 <TD width=2% align=center>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">Deposits in Domestic Bank&acute;s Offices</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=center>&nbsp;</TD>
 <TD width=1% align=center>

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>

 </TD>
 <TD width=1% align=center>

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>

 </TD>
 <TD width=2% align=center>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">Non-interest-bearing Demand Deposits</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=left>&nbsp;</TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,636,017</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,122,143</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">791,205</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">13,007</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5,578</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,306</FONT>
 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,649,024</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,127,721</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">792,511</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">Saving Accounts</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,189,515</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,061,226</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">733,310</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">583,270</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">363,986</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">77,829</FONT>
 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,772,785</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,425,212</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">811,139</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average real rate</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(9.35</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(6.86</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(0.16</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(7.76</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3.47</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(43.38</FONT>
 </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(9.01</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(6.35</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(4.31</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">Time Deposits</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,852,674</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,972,531</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,563,821</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">379,025</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">195,105</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">50,748</FONT>
 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5,231,699</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,167,636</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,614,569</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average real rate</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3.38</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3.22</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9.60</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(6.79</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2.60</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(43.17</FONT>
 </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3.63</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3.19</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9.02</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">Deposits in Foreign Bank&acute;s Offices </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=left>&nbsp;</TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">Savings Accounts</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">196,009</FONT>
 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">196,009</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average real rate</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(42.98</FONT>
 </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(42.98</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">Time Deposits</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">403,317</FONT>
 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">403,317</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average real rate</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pesos</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(42.65</FONT>
 </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT>
 </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=66% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(42.65</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR>
 <TD width="66%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
<HR noshade size=1>
 </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR>
          <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
     </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">On March 18, 2004, we sold our 100% interest in Banco Franc&eacute;s (Cayman) Limited to BBVA. Consequently, as of December 31, 2004, the Bank did not register deposits in Foreign Bank&acute;s Offices.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">62</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<B><FONT size=2 face="serif">Maturity of Deposits at December 31, 2005</FONT></B><P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding the maturity of our deposits at December 31, 2005.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width=48% align=left></TD>
     <TD>&nbsp;</TD>
     <TD width=8% align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD width=8% align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD width=8% align=center><b><font size=1 face="serif">Maturing,</font></b></TD>
     <TD align="center">&nbsp;</TD>
     <TD width=8% align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD width=8% align=center>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR>
     <TD> </TD>
     <TD> </TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD align="center">
          <HR noshade size=1>     </TD>
     <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=48% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">Total</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">Within<br>
3
months</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">After 3 but<br>
within <br>
6 months</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">After 6 but <br>
within 12<br>
months</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">After 12 months</FONT></B></TD>
     <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
 <TD width="48%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
     <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=48% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="9" align=center valign="top">
          <B><FONT size=1 face="serif">(in thousands of pesos)</FONT></B></TD>
 <TD width=2% align=center></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=48% align=left>
<FONT size=2 face="serif">Checking</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,886,905</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,886,905</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=48% align=left>
<FONT size=2 face="serif">Savings</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,000,508</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,000,508</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=48% align=left>
<FONT size=2 face="serif">Time deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">5,034,949</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,574,046</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">784,288</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">443,101</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">233,514</FONT> </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=48% align=left>
<FONT size=2 face="serif">Investment accounts</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">212,013</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">64,134</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12,181</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">20,269</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">115,429</FONT>
 </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=48% align=left>
<FONT size=2 face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">478,711</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">473,814</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">259</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,624</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">14</FONT> </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="48%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=48% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,613,086</FONT></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8,999,407</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">796,728</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">467,994</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">348,957</FONT>
 </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="48%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%"><HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are including in Other Deposits the CEDROS, as established by Decree No. 905/02 and Communication &#147;A&#148; 3656 of the Central Bank. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth information regarding the maturity of our time deposits and investment accounts in denominations of Ps.100,000 or more at December 31, 2005. </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><b><font size=1 face="serif">Maturing,</font></b></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR>
     <TD> </TD>
     <TD> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1>
     </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left> </TD>
     <TD>&nbsp; </TD>
     <TD align=center> <B><FONT size=1 face="serif">Total</FONT></B> </TD>
     <TD align="center">&nbsp; </TD>
     <TD align=center> <B><FONT size=1 face="serif">Within<br>
          3 months</FONT></B> </TD>
     <TD align="center">&nbsp; </TD>
     <TD align=center> <B><FONT size=1 face="serif">After 3 but<br>
          within <br>
          6 months</FONT></B> </TD>
     <TD align="center">&nbsp; </TD>
     <TD align=center> <B><FONT size=1 face="serif">After 6 but <br>
          within 12<br>
          months</FONT></B> </TD>
     <TD align="center">&nbsp; </TD>
     <TD align=center> <B><FONT size=1 face="serif">After 12 months</FONT></B> </TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR>
     <TD> </TD>
     <TD> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"> </TD>
     <TD align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left> </TD>
     <TD>&nbsp; </TD>
     <TD colspan="9" align=center valign="top"> <B><FONT size=1 face="serif">(in
                    thousands of pesos)</FONT></B> </TD>
     <TD align=center></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=48% align=left>
<FONT size=2 face="serif">Domestic offices</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,259,081</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,048,643</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">567,189</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">306,982</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">336,267</FONT>
 </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="48%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=48% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Total</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,259,081</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,048,643</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">567,189</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">306,982</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">336,267</FONT>
 </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="48%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>

<P>
<B><FONT size=2 face="serif">Short-Term Borrowings</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our short-term borrowings totaled approximately Ps.0.9 billion, Ps.1.3 billion and Ps.2.3 billion for the fiscal years ended December 31, 2005, 2004 and 2003, respectively. The table below
shows those amounts at the end of each fiscal year. </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width="50%" align=left><b></b></TD>
     <TD>&nbsp;</TD>
     <TD colspan="11" align=center><b><font size=1 face="serif">At December 31,</font></b></TD>
     <TD align=center></TD>
</TR>
<TR>
     <TD width="50%"> </TD>
     <TD> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center">&nbsp;
     </TD>
</TR>
<TR valign="bottom">
     <TD width="50%" align=left></TD>
     <TD>&nbsp;</TD>
     <TD colspan="3" align=center><b><font size=1 face="serif">2005</font></b></TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="3" align=center><b><font size=1 face="serif">2004</font></b></TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="3" align=center><b><font size=1 face="serif">2003</font></b></TD>
     <TD align=center></TD>
</TR>
<TR>
     <TD width="50%"> </TD>
     <TD> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center"><HR noshade size=1> </TD>
     <TD width="6%" align="center">
          <HR noshade size=1>
     </TD>
     <TD align="center">&nbsp;
     </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">Amount</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">Average<br>
Annualized<br>
Rate</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">Amount</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">Average<br>
Annualized<br>
Rate</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">Amount</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">Average<br>
Annualized<br>
Rate</FONT></B></TD>
 <TD width=2% align=center>

 </TD>
</TR>
<TR>
 <TD width="50%">
 </TD>
 <TD>
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD align="center">&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="11" align=center valign="top">
          <B><FONT size=1 face="serif">(in thousands of pesos, except percentages)</FONT></B></TD>
 <TD width=2% align=center>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left>
<FONT size=2 face="serif">Total amount outstanding at the end</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>

 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>

 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>

 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>

 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>

 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>

 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">of the reported period</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">867,039</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,291,458</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,256,450</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>
<FONT size=2 face="serif">Average during year</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,224,225</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10.2%</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,157,430</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6.3%</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,455,176</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.4%</FONT>
 </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif"></FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left>
<FONT size=2 face="serif">Maximum month-end balance</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,049,672</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,291,458</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,529,138</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2% align=left>

 </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">63</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">THE ARGENTINE BANKING SYSTEM AND ITS REGULATORY FRAMEWORK</FONT></B></P>
<B><FONT size=2 face="serif">Argentine Banking System</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On December 31, 2005, Argentina&#146;s banking system consisted of 71 commercial banks, including 13 government-owned or government-related banks and 58 privately owned banks. The principal
regulators of financial institutions in Argentina are the Central Bank, the </FONT><I><FONT size=2 face="serif">Superintendencia de Entidades Financieras y Cambiarias</FONT></I><FONT size=2 face="serif"> (the Superintendency of Financial
institutions and Exchanges, referred to as the &#147;Superintendency&#148;) and, in the case of financial institutions that publicly offer their own securities in Argentina or otherwise engage in the offering or trading of third parties&#146;
 securities in Argentina, the CNV. </FONT></P>
<I><FONT size=2 face="serif">Private Sector Banks</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On December 31, 2005, the largest privately owned locally based commercial banks, in terms of total assets, were the following: Banco de Galicia y Buenos Aires S.A., Banco Franc&eacute;s, Banco
R&iacute;o de la Plata S.A., Bank Boston N.A., and Banco Macro Bansud S.A. Some of these banks, including Banco Franc&eacute;s, have one or more significant foreign investors. According to information published by the Central Bank, at December 31,
2005, private financial institutions accounted for approximately 54.46% of deposits and approximately 67.76% of gross loans in the Argentine financial system. In addition, the ten largest private financial institutions accounted for 39.40% of all
deposits and 51.81% of all loans in the Argentine financial system. The largest foreign banks at such date were Bank Boston N.A. and HSBC Bank. Foreign banks compete under the same regulatory conditions as Argentine banks. </FONT></P>
<I><FONT size=2 face="serif">Public Sector Banks</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The principal state owned banks are: Banco Naci&oacute;n, Banco de la Provincia de Buenos Aires and Banco Ciudad de Buenos Aires. As of December 31, 2005, based on the available data of the
Central Bank, such entities accounted for approximately 39.24% of deposits and approximately 25.60% of gross loans in the Argentine banking system. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> Under the provisions of the Argentine financial institutions Law No. 21,526 (the &#147;Financial Institutions Law&#148;), government owned or government-related banks and private banks have
comparable rights and obligations except that the former have the sole right and obligation to handle public revenues and promote regional development. Government-owned banks are required to meet the credit needs of public sector entities. Moreover,
the by-laws of some government-owned banks, which include federal, provincial and locally owned banks, require that the principalities which own them guarantee their commitments. </FONT></P>
<B><FONT size=2 face="serif">Central Bank</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Financial Institutions Law regulates banking activities in Argentina and places the supervision and control of the Argentine banking system in the hands of the Central Bank, an autonomous
institution. The Financial Institutions Law provides the Central Bank with broad access to the accounting systems, books, correspondence, documents and other papers of banking institutions. The Central Bank regulates the provision of credit and
supervises the liquidity and the general operation of the Argentine financial markets. The Central Bank enforces the Financial Institutions Law and authorizes banks to operate in Argentina. This law distinguishes between public and private financial
institutions. It was amended in February 1994 to eliminate the previous distinctions between locally owned and foreign owned private financial institutions. The Central Bank does not have the authority to supervise the liquidation of financial
institutions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Moreover, the Central Bank establishes &#147;technical ratios&#148; to limit the levels of indebtedness, liquidity, maximum credit that may be granted per customer and foreign exchange assets
and liabilities positions, among others. The Central Bank carries out formal inspections from time to time of all banking institutions to monitor their compliance with legal and regulatory requirements. If a bank does not comply with the technical
ratios, it must explain such noncompliance to the Central Bank. There are specific regulations governing reinstatement plans and other measures arising from the failure of these plans. Furthermore, the Central Bank has the power to impose sanctions
for noncompliance, which vary from a strong reprimand to revocation of banking licenses. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Central Bank requires banks to submit information to it on a daily, monthly, quarterly, semiannual and annual basis. These reports contain, among other important information, balance sheets
and income statements, information relating to reserve funds, use of deposits and indications on portfolio quality, including details on principal debtors and any loan-loss provisions established. The reports are designed to allow the Central Bank
to monitor the banks&#146; business practices. If the Central Bank&#146;s rules are breached, various sanctions may be imposed depending on the gravity of the violation, ranging from calling attention to the infraction to the imposition of fines or
even the revocation of a bank&#146;s operating license. Moreover, noncompliance with certain rules may result in the obligatory presentation to the Central Bank of specific capital adequacy or regularization plans. These plans must be approved by
the Central Bank for a bank to maintain its license. </FONT></P>
<P align="center">
<FONT size=2 face="serif">64</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Additionally, the Central Bank can make on-site inspections in order to confirm the accuracy of information it receives from banks. Since September 1994, the Central Bank has supervised banks
on a consolidated basis. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During 1997, the Central Bank organized a supervision area of internal and external auditors of financial institutions that evaluate performance comprehensively in internal audit areas as well
as firms and professionals working as external audit of financial institutions. See </FONT><I><FONT size=2 face="serif">&#147;Information on the Company&#151;The Argentine Banking System and its Regulatory Framework&#151;BASIC System&#148;
 </FONT></I><FONT size=2 face="serif">below. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On January 23, 2002 the Congress amended the charter of the Central Bank, eliminating certain restrictions on the Central Bank&#146;s ability to provide financial assistance to financial
institutions with liquidity constraints. On February 4, 2002, by virtue of Decree No. 214/02 the Central Bank was also allowed until December 2003 to grant financial assistance to financial institutions whose solvency had been affected. Before these
measures, the Central Bank had limitations on its ability to make loans or otherwise extend financial assistance to banks with financial difficulties. Primarily, such assistance could not be granted, other than in exceptional circumstances, for more
than 30 days or if it would affect the Central Bank&#146;s foreign currency reserves. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On September 5, 2003, Law No. 25,780 was enacted, which introduced amendments to the Financial Institutions Law Corporate and the Central Bank charter. Among the most significant of such
modifications we may mention the following: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Except by express provision to the contrary established by-law, the Central Bank will not be affected by any regulations of a</FONT> <FONT size=2 face="serif">general character which may have been or shall have been enacted
with reference to Public Administration bodies and</FONT> <FONT size=2 face="serif">which may introduce limitations to the authority or powers of the Central Bank as set forth in its own Charter.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">The Central Bank is empowered to make temporary advances to the Government up to an amount equivalent to 12% of the</FONT> <FONT size=2 face="serif">monetary base, which for this purpose includes amounts constituted by the
monetary circulation plus the sight deposits of</FONT> <FONT size=2 face="serif">the financial institutions with the Central Bank, in current account or in special accounts. It may also grant advances up to</FONT> <FONT size=2 face="serif">an amount
not exceeding 10% of the cash resources obtained by the Government in the past twelve months. At no time may</FONT> <FONT size=2 face="serif">the amount granted as temporary advances, excluding those exclusively allocated to the payment of
obligations with the</FONT> <FONT size=2 face="serif">multilateral credit institutions, exceed 12% of the monetary base. All advances so granted must be reimbursed within the</FONT> <FONT size=2 face="serif">next twelve months; should any of these
advances remain unpaid after its due date, it will not be possible to use these</FONT> <FONT size=2 face="serif">powers again until all owed amounts shall have been reimbursed.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">The provisions of Decree No. 1131/01 are abrogated, and the validity of Articles 44, 46 paragraph (c), 47 and 48 of the</FONT> <FONT size=2 face="serif">Central Bank Charter, regarding the powers and authority of the
Superintendency of Financial and Foreign Exchange</FONT> <FONT size=2 face="serif">Entities, is reestablished in terms of the text approved as Article 1 of Law No. 24,144.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">A temporary regulation was introduced, applicable until December 2005, authorizing the Central Bank to: (i) provide</FONT> <FONT size=2 face="serif">assistance to financial institutions with liquidity and/or solvency
problems, including those undergoing restructuring by</FONT> <FONT size=2 face="serif">resolution of the Central Bank in terms of Article 35 bis of the Financial Institutions Law; and (ii) authorize the integration</FONT> <FONT size=2
face="serif">of the reserve requirements for financial institutions with financial assets other than cash, in the form of sight deposits with</FONT> <FONT size=2 face="serif">the Central Bank or in foreign currency accounts as per Art. 28 of the
Central Bank Charter.</FONT><br><br></LI>
<LI>
<FONT size=2 face="serif">Decree N&ordm; 1599/05, as amended by Law 23,928: Reserves exceeding 100% of the monetary base may be allocated to</FONT> <FONT size=2 face="serif">the payment of obligations assumed with international financial
entities.</FONT></LI>
</UL>
<I><FONT size=2 face="serif">Supervision on a Consolidated Basis</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Communication &#147;A&#148; 2227 dated July 15, 1994 and its amendments and correlative provisions, since 1994 the Argentine financial entities are subject to supervision in
consolidated form by the Central Bank (irrespective of the observance on an individual basis of the regulations applicable thereto). In other words, the financial statements and other information regarding them must reflect the transactions of their
head office as well as those of their branches in the country and abroad, and those of any significant local and foreign subsidiaries. Consequently, the requirements as to liquidity, solvency, minimum capital, risk concentration, and provisions for
loan losses, among others, must be calculated on a consolidated basis. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">From the above-mentioned communication it is clear that the financial institutions must submit certain information to the Central Bank, including the following: </FONT></P>
<P align="center">
<FONT size=2 face="serif">65</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"><br>
</p>
<UL>
<LI>  <FONT size=2 face="serif">Financial statements and other quarterly and annual
reports reflecting in consolidated form the transactions of the financial</FONT> <FONT size=2 face="serif">entity,
its local and foreign branches, and its local and foreign &#147;significant subsidiaries&#148; (as
defined below); and</FONT><br>
</LI>
<li><FONT size=2 face="serif">Financial statements and other quarterly and annual reports reflecting in consolidated form the transactions of the financial</FONT> <FONT size=2 face="serif">entity, its local and foreign branches, its local and foreign
&#147;subsidiaries&#148; (as defined below), or entities or companies in the</FONT> <FONT size=2 face="serif">country and abroad where the financial entity has possession or control over more than 12.5% of the shares entitled to vote,</FONT> <FONT
size=2 face="serif">in those cases determined by the Superintendency of Financial and Foreign Exchange Institutions, and those companies not</FONT> <FONT size=2 face="serif">subject to consolidated supervision which the financial entity may have
  chosen to include with the prior approval of the</FONT> <FONT size=2 face="serif">Superintendency of Financial and Foreign Exchange Institutions.</FONT></li>
</UL>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of these regulations:</FONT><TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
     <TD width="2%" valign=top nowrap>&nbsp;</TD>
 <TD width="2%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT size=2 face="serif">A &#147;subsidiary&#148; of a local financial entity is any local or foreign financial entity or company in any of the following positions:</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
     <TD width="2%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD> <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
 <TD width="92%">
<FONT size=2 face="serif">The local financial entity has direct or indirect control of more than 50% of the total votes of any instrument with voting rights in such entity or company,</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
     <TD width="2%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD> <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
 <TD width="92%">
<FONT size=2 face="serif">The local financial entity has direct or indirect control as to determining by itself the composition of most of the management bodies of such entity or company,</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
     <TD width="2%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD> <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(3)</FONT></TD>
 <TD width="92%">
<FONT size=2 face="serif">A majority of the directors of the local financial entity is also a majority of the directors of such entity or company.</FONT> </TD>
</TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The possession or control by the financial entity is considered indirect if exercised through another legal person, its controlling shareholders or directors appointed by such controlling
shareholders or persons linked to them, in control of more than 50% &#150;measured as a whole&#150; of the total votes of any instrument with voting rights in another entity or company. Also considered indirect is any other form of control or
interest where, in the opinion of the Superintendency of Financial and Foreign Exchange Institutions, and even if the shareholders&#146; interest does not exceed 50%, a situation of control, and therefore the subsidiary character of an entity or
company is configured or can be inferred from the evidence collected. </FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD width="2%" valign=top nowrap>&nbsp;</TD>
 <TD width="2%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT size=2 face="serif">A &#147;significant subsidiary&#148; is any subsidiary:</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
     <TD width="2%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD> <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
 <TD width="92%">
<FONT size=2 face="serif">Whose assets, possible commitments and other transactions recorded in memorandum accounts represent 10% or more of the Computable Net Worth of the local financial entity and its subsidiaries abroad; or</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
     <TD width="2%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD> <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
 <TD width="92%">
<FONT size=2 face="serif">Whose results of operations corresponding to the current fiscal year represent 10% or more of the results of operations for the current fiscal year of the local financial entity and its subsidiaries abroad.</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<B><FONT size=2 face="serif">Legal Reserve</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Central Bank requires that on an annual basis banks allocate a certain percentage of their net income, set by the Central Bank, to a legal reserve, which is currently set at 20%. This
reserve can only be used during periods in which a bank has incurred losses and has exhausted all unappropriated retained earnings and other reserves on profit. Banks may not pay dividends if the legal reserve has been impaired. However, as of April 24, 2006 the Central Bank has established by Communication &#147;A&#148; 4526 that whenever the Legal Reserve is used to absorb losses, profits could be distributed if the balance prior to absorption were greater than 20% of the corporate capital
plus capital adjustment, once this last amount is achieved. </FONT></P>
<B><FONT size=2 face="serif">Reserve Requirements and Liquidity Requirements</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The minimum cash system determines what portion of their deposits or obligations the entities must keep available, that is to say, not as part of their lending capacity. The minimum cash
requirement is calculated on the monthly average of daily balances for comprised obligations as recorded at the close of each calendar month, and must be observed separately for each currency of denomination of the comprised obligations. The minimum
cash must be made effective in any of the instruments indicated below: </FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" align="center" valign=top nowrap>
<FONT size=2 face="serif">(i)</FONT></TD>
 <TD>
<FONT size=2 face="serif">Cash in the country;</FONT> </TD>
</TR>
<TR><TD colspan=2 align="center">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="center" valign=top nowrap>
<FONT size=2 face="serif">(ii)</FONT></TD>
 <TD>
<FONT size=2 face="serif">Current accounts in Pesos, special guarantee accounts and accounts in connection with the attention of pension benefits, of the financial entities with the Central Bank; and</FONT> </TD>
</TR>
<TR><TD colspan=2 align="center">&nbsp;</TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">66</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="5%" align="center" valign=top nowrap> <FONT size=2 face="serif">(iii)</FONT></TD>
    <TD> <FONT size=2 face="serif">Minimum cash accounts of the financial entities
        with the Central Bank, denominated in U.S. dollars or other foreign currencies.</FONT> </TD>
  </TR>
</TABLE>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Minimum daily cash: on
no day of the month may the sum of the balances admitted for integration as mentioned
in (ii) and (iii) above, as at the close of each day, be less than 50% of the
total  minimum cash required, as determined for the immediately preceding month,
or less than 70% if the immediately preceding calculation period showed a monthly
average deficiency exceeding the admitted margin to be transported. </FONT>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The balances maintained on accounts opened with the Central Bank as eligible for minimum cash integration are remunerated up to those amounts corresponding to legal requirements, that is to
say, no remuneration applies for any excess reserves. Commencing on  April 2006 and according to Communication &#147;A&#148; 4509 of the Central Bank, the accounts mentioned above will only be remunerated up to the amounts set forth for term transactions.
Therefore, no interest will be acknowledged for the payment of the pertinent sight deposits and obligations. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">By Communication &#147;A&#148; 4147 of May 28, 2005 and in effect as of June 1, 2004, the Central Bank set forth the application of different requirements for deposits in pesos as opposed to
foreign currencies. In addition, the requirements applicable to deposits in pesos were reduced and as of August 2004 an increase in requirements for deposits in foreign currency took effect.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table discloses the minimum cash requirements with respect to each type of account in force since December 2003:</FONT></P>
<P align="center">
<FONT size=2 face="serif">67</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>





<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=30% align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Type of Account</FONT></B> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Dec-2003</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Jun-2004</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Aug-2004</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Jan-2005</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Jun-2005</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Jul-2005</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Aug-2005</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Dec-2005</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Feb-2006</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
Apr-2006</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Mutual Funds sight deposits (made accordingly CNV rules)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">80</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">80</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B></TD>
 <TD width=1% align=left nowrap GUTTER><font basesize=1 size=1 baseface="serif" face="serif"><sup>(4)</sup></font>  </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&nbsp;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER><font basesize=1 size=1 baseface="serif" face="serif"><sup>(4)</sup></font> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&nbsp;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER><font basesize=1 size=1 baseface="serif" face="serif"><sup>(4)</sup></font>
</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&nbsp;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER><font basesize=1 size=1 baseface="serif" face="serif"><sup>(4)</sup></font>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Current accounts</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">17</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Other demand deposits</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In pesos</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">17</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In foreign currency</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Savings accounts</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In pesos</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">17</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In foreign currency</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Current accounts of financial institutions </FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></SUP> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Unused balances from current-account advances effected</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">17</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Fixed-term deposits (including &#147;CEDROS &#148; and others with &#147;CER&#148; clauses), bonds for</FONT>
 <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">acceptances&#151;including liabilities for the sale or assignment of credits to subjects other than</FONT>
 <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">financial institutions, reverse repurchases, bonds and stock-exchange reverse swaps, investments at</FONT>
 <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">constant term, with advanced cancellation or renewal option with the exception of fixed-term</FONT>
 <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">deposits in US dollars payable in pesos and of sight and fixed-term deposits made under court order</FONT>
 <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">with funds allocated in cases under court jurisdiction, and their immobilized balances by residual</FONT>
 <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">term </FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(3) </FONT></SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">:</FONT></TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>

<TR valign="bottom">
  <TD width=30% align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In pesos</FONT> </TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Up to 29 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 30 to 59 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">13</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">13</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">13</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">13</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 60 to 89 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 90 to 179 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 180 to 365 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">More than 365 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In foreign currency</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Up to 29 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 30 to 59 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 60 to 89 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 90 to 179 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 180 to 365 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">More than 365 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Bonds for foreign financial lines</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Debt securities (including corporate bonds)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">a) Debt issued as of January 1, 2002, including<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;those from restructured bonds, as per their</FONT> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">residual term:</FONT></TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>

<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In pesos</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Up to 29 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 30 to 59</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">13</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">13</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">13</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">13</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 60 to 89 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 90 to 179 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 180 to 365 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">More than 365 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">68</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Type of Account</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Dec-2003</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Jun-2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Aug-2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Jan-2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Jun-2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Jul-2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Aug-2005</FONT></B> </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Dec-2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Feb-2006</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From<br>
      Apr-2006</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  </TR>


<TR valign="bottom">
 <TD nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In foreign currency</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Up to 29 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 30 to 59</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 60 to 89 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">20</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 90 to 179 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 180 to 365 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">More than 365 days</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">b) Others</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD nowrap align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Fixed-term deposits in US dollars, payable in pesos</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B> </TD>
 <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><SUP>(2)</SUP></FONT>
 </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B></TD>
 <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><SUP>(2)</SUP></FONT>
 </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"></FONT></TD>
 <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><SUP>(2)</SUP></FONT>
 </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"></FONT></TD>
 <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><SUP>(2)</SUP></FONT>
 </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"></FONT></TD>
 <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><SUP>(2)</SUP></FONT>
 </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
      <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"></FONT></TD>
 <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><SUP>(2)</SUP></FONT>
</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"></FONT></TD>
 <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><SUP>(2)</SUP></FONT>
 </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B> </TD>
 <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><SUP>(2)</SUP></FONT>
</TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#8212;</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"></FONT></TD>
 <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><SUP>(2)</SUP></FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Bonds with the Trust Fund for Assistance to Financial and Insurance Institutions</FONT></TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>

<TR valign="bottom">
 <TD align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Sight and term deposits made by judicial order with funds originated in legal actions currently under course and their immobilized balances</FONT></TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In pesos</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">8</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">8</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">8</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">8</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">8</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In foreign currency</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">15</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Special accounts in US dollars for the deposit of guarantees required in futures and options</FONT>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">transactions at self-regulated markets subject to the control of the National Securities Commission</FONT></TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>&nbsp;</TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD nowrap align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Special at-sight accounts in foreign currency</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD nowrap align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Mutual Funds deposits (except mutual funds sight deposits made accordingly CNV rules)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In pesos</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">25</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">25</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">25</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">25</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">25</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In foreign currency</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">40</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">40</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">40</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">40</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">40</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">40</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">40</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">40</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Special deposits related to funds revenues from abroad &#150; Decree No. 616/05</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>

<TR valign="bottom">
 <TD align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Deposits and other demand obligations in pesos, whose return exceeds 50% BADLAR rate of private financial institutions&#146; average </FONT><SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(5)</FONT></SUP></TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD nowrap align=left>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=5% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Computable for payment of their Minimum Required Reserves.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">This type of funding was left without effect as of May 15, 2004 by Communication &#147;A&#148; 4140 of Central Bank. The different provisions derived from the applicability of this type of
operation will remain effective until the maturity of existing obligations is reached.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(3)</FONT>  </TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Except, term deposits made by judicial order with funds originated in legal actions currently under course and their immobilized balances, mutual funds term deposits and Special deposits related
to funds revenues from abroad &#150; Decree No. 616/05.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(4)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">This type of funding was left without effect as of August 17, 2005 by Communication &#147;A&#148; 4406 of Central Bank.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(5)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">In accordance with the Communication &#147;A&#148; 4532, effective as of April 1, 2006, this concept not included the unemployment fund for the construction workers.</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">69</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition to the above mentioned requirements, the following requirements must be observed:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100% reserve for any defect in the application of resources in foreign currency for the month in respect to which the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">calculation of
the minimum cash requirement is made. See </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Information on the Company&#151;The Argentine Banking System</FONT></I> <I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">and its
Regulatory Framework&#151;Lending Capacity Provided by Deposits in Foreign Currency&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100% reserve for any defect in the application of resources deriving from sight bonds in pesos for the month in respect of</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">which the
calculation of the minimum cash requirement is made (effective as October 2003). See </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Information on the</FONT></I> <I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Company&#151;The Argentine Banking System and its Regulatory Framework&#151;Minimum Application of Resources Deriving</FONT></I> <I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">from Sight and Term Obligations in
Pesos&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.</FONT></LI>
</UL>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minimum Application of Resources Deriving from Sight and Term Obligations in Pesos </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Through Communication &#147;A&#148; 3598, the Central Bank created a system for the application of resources from sight bonds in pesos whose observance was optional
from March 2002 to May 2002 and mandatory after such date. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 3824 the Central Bank incorporated certain obligations in pesos among the items included in the system. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Any defect in the application of resources under this system must be computed for an amount equivalent in order to calculate the minimum cash requirement in pesos
for the same period. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">These resources must be used for the following purposes:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credits acquired, participation certificates or debt securities issued by financial trusts and amounts otherwise contributed for</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">any
of the above destinations in transactions closed or to be closed as of November 26, 1998, on occasion of the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">restructuring of within the framework of the Argentine Law.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Central Bank drafts in pesos adjustable by the reference stabilization coefficient, and acquired either in bidding transactions</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">or
through secondary negotiation (until April 30, 2003).</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">These rules were in force until October 31, 2003 and have no effect as of November 1, 2003 as per Communication &#147;A&#148; 4032 issued by the Central Bank on
October 10 of the same year. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Lending Capacity Provided by Deposits in Foreign Currency</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to Communication &#147;A&#148; 3528 and complementary communications of the Central Bank, the lending capacity provided by deposits denominated in foreign
currency must be applied in the denomination of the currency of the deposits. This includes those deposits denominated in dollars and payable in pesos and applies to the following purposes: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Prefinancing or financing of exports, carried out directly or through agents, consignees or other proxies acting for the account and order of the owner of the goods. This comprises those
operations for the purpose of financing working capital and/or the acquisition of objects related to the production of goods to be exported, provided the flow of income in foreign currency deriving from such exports is sufficient to settle such
transactions.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financing transactions granted to goods, producers or processors, provided they have firm sale contracts for the goods to be produced for an exporter, with prices fixed in a foreign currency and
involving fungible goods with a regular and customary quotation in foreign currency which is widely known and easily accessed by the public in local or international markets.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financing transactions for producers of goods to be exported, either in the same condition or as part of other goods, by third-party purchasers, provided they have total pledges or guarantees in
foreign currency from such third parties.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financing of investment projects, working capital and/or the acquisition of any kind of goods, including temporary importation of commodities, which may increase or be related to the production
of goods for exportation. Even though income from exporter companies does not totally derive from sales abroad, financing may only be allocated if the income flow deriving from exportation is sufficient. It comprises those transactions where
financing is granted via the Bank&#146;s participation in &#147;syndicated loans&#148;, be they with local or foreign entities (in force as from 23 September 2005 as per Central Bank Communication &#147;A&#148; 4423).</FONT> </TD>
</TR>
</TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">70</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financing to clients from the commercial portfolio and of a commercial nature who receive treatment for their consumption or housing credits &#150;under the provisions of the &#147;Debtors&#146;
 Classification&#148; regulations&#150;destined for the importation of capital goods (&#147;BK&#148; according to the Common Nomenclator for the MERCOSUR attached as Annex I to Decree 690-02 and other complementary provisions) which will result in an
increase in the production of goods destined for domestic consumption.</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In order to grant such financing, the financial entities must verify that their clients have sufficient paying capacity considering at least two scenarios which contemplate
significant exchange rate variations within a term of up to one year and which, in either case, exceed the latest estimate available resulting from the &#147;Market Expectations Survey&#148; published by this institution (in force since 9 December
2005 under Central Bank Communication &#147;A&#148; 4453).</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debt securities or certificates of participation in financial trusts -including other collection rights specifically acknowledged in the trust agreement to be constituted within the framework
&#147;IDB Loan N&ordm; 1192/OC-AR&#147;- whose assets under management are loans originated by financial entities under the terms described in points (1) through (3) above.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(7)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debt securities or certificates of participation in financial trusts, issued in foreign currency and with public offer authorized by the CNV, whose assets under management are documents
guaranteed by mutual guarantee companies or by provincial funds created for the same purpose, and admitted by the Central Bank, acquired by the trustee for the purpose of financing transactions under the terms and conditions described in points (1)
through (3) above.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financing transactions for purposes other than those mentioned in the preceding points, included in the credit program to which the IDB loan makes reference as mentioned in the fourth point
above, without exceeding 10% of the lending capacity.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(9)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interfinancing loans (any interfinancing loans granted with such resources must be identified).</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Central Bank bills in U.S. dollars acquired by bidding or secondary negotiation (such application must be as a minimum equivalent to the amount of deposits in U.S. dollars payable in pesos) ceased to be effective on July 29, 2005 according to Communication "A" 4395 of the Banco Central.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The lending capacity will result from the sum of all deposits in foreign currency plus all inter-financial loans received originated in the lending capacity for this
type of deposit, after deduction of the minimum reserve requirements applicable to deposits. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Any application defects must be subject to an equivalent increase in the minimum cash requirement, unless they correspond to the minimum application contemplated in
(10) above. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Those defects contemplated in (10) above must be subject to a charge equivalent to twice the annual interest rate on maturity resulting from the offers of bills in
pesos made by the Central Bank. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Effective as of May 15, 2004 and in terms of Communication &#147;A&#148; 4140, the Central Bank canceled the possibility of taking fixed-term deposits in U.S.
dollars payable in pesos as mentioned in the first paragraph, providing that the provisions contemplated for this type of deposits will remain valid until expiration of those in existence. As of December 31, 2004, the Bank does not maintain any deposits of this
type. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reporting Requirements</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On September 26, 1995, the Central Bank issued Communication &#147;A&#148; 2374, the latest restated text of Communication &#147;A&#148; 2879 and amendments. It
complements the regulations designed to limit the liquidity risk that financial institutions in Argentina assume. Under this regulation, beginning in April 1996, banks have to draw up monthly reports on cash flow, detailing the following:
</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Contractual cash flow of assets and liabilities,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current cash flow to renew assets and liabilities,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash flow designed to prevent illiquidity of the bank, and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash flow designed to anticipate illiquidity in the financial system, both with and without compliance with minimum</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">requirements.</FONT></LI>
</UL>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial institutions also have to adopt management and control policies to assure reasonable levels of liquidity to effectively manage the different potential
scenarios which may affect deposits and other financial obligations. These policies must establish procedures to evaluate and sufficiently anticipate the liquidity of the institutions in the context of the market so as to revise projections, adopt
measures to eliminate liquidity problems and obtain funds on market terms sufficient to maintain a prudent level of assets over the long term. These policies must also address: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The concentration of assets and liabilities in particular clients;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The general economic situation, probable trends and the impact on available credit; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The ability to obtain funds through the sale of public debt instruments and/or liquid assets.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Furthermore, Communication &#147;A&#148; 2374 requires financial institutions to establish a &#147;daily tracking&#148; of its liquidity and of the market, calling
for the participation of and coordination with the highest level management of the institution. Additionally, financial institutions must appoint one member of the board of directors to be informed at least weekly of the changes in the liquidity
condition of the institutions and the market which may require new strategies to protect the liquidity of the institution. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Communication &#147;A&#148; 3465 of the Central Bank dated February 7, 2002 suspended the implementation of this scheme from December 2001. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Limitations on Types of Business</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine commercial banks may conduct all activities and operations that are not specifically prohibited by law or by regulations of the Central Bank, banks are
permitted, among other things, to: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Make loans in pesos and foreign currency,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Receive deposits in pesos and foreign currency,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Issue guarantees,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Underwrite, place and broker equity and debt securities in the over-the-counter market, subject to the prior approval of the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">CNV,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Conduct transactions in foreign currency,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Act as fiduciary, and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Issue credit cards.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to the Financial Institutions Law, banks in Argentina are prohibited from investing in commercial, industrial or agricultural entities, or other entities
without the express authorization of the Central Bank. The Central Bank may then impose conditions and limits to guarantee the safety and soundness of the financial institutions. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">These limitations include:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The prohibition of a bank from pledging its shares,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Restriction on incurring any liens upon its properties without prior approval from the Central Bank, and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Limitations on transactions with directors or officers, including any company or person related to such directors or officers,</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">on
terms more favorable than those normally provided to clients. See </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Information on the Company&#151;The Argentine</FONT></I> <I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Banking System and its Regulatory Framework&#151;Lending and Investment Limits&#151;Related Persons&#148; </FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">below in this section.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Notwithstanding the foregoing, banks may own shares in other financial institutions with prior approval of the Central Bank and in public service companies if
necessary to obtain those services. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">72</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital Adequacy Requirements</FONT></B>
</P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Basle Accord</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In July 1988, the Basle Committee on Banking Regulations and Supervisory Practices (the &#147;Basle Committee&#148;), which includes the supervisory authorities of
twelve major industrial countries, adopted an international framework (the &#147;Basle Accord&#148;) for capital measurement and capital standards of banking institutions. The Basle Accord established a risk asset ratio as the principal measure of
capital adequacy. The framework provides: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Definitions for Tier I (core) capital (&#147;Tier I Capital&#148;) and Tier II (supplemental) capital (&#147;Tier II Capital&#148;),</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A system for weighing assets and off-balance sheet items according to credit risk (this weighted total referred to as the &#147;Basle Risk Weighted Assets&#148;), and</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of the end of 1992, a requirement that banks engaged in international operations maintain</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=85%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tier I Capital at least equal to 4.0% of Basle Risk Weighted Assets; and</FONT> </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=85%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Total Capital&#148;, equal to Tier I Capital plus up to an equal amount of Tier II Capital, at least equal to 8.0% of Basle Risk Weighted Assets.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">These requirements, subject to certain transition rules which effectively reduce the amount of capital required in the first two years, went into effect at the end
of 1990. If the Basle Accord had been applied to us at December 31, 2005, our Total Capital would have been approximately 4.37 times the minimum required. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Central Bank Rules</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under the Financial Institutions Law, Argentine financial institutions must comply at all times with the minimum capital requirements described by the Central Bank.
In July 1991, the Central Bank amended its minimum capital adequacy rules to follow those recommended by the Basle Committee more closely. However, the Central Bank&#146;s capital adequacy rules remain stricter than the Basle Committee&#146;s
recommendations. Under rules issued by the Central Bank in July 1993 and its amendments, a commercial bank must maintain its &#147;Minimum Capital&#148; above a certain level. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Minimum Capital&#148; is equal to the sum of:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Basic Net Worth&#148;, which includes:</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital stock,</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital adjustments,</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reserves and irrevocable capital contributions,</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4)</FONT></TD>
 <TD>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unappropriated earnings,
and</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5)</FONT></TD>
 <TD>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Third parties&#146; participations for those corporations subject to a supervision system on a consolidated basis;</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD colspan=2>
<I><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minus:</FONT></U></I> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balances favorable to the entity as registered in the assets, corresponding to the minimum presumed income tax for such portion as exceeds 10% of the Basic net equity without computing this item,
or 10% of the Bank&acute;s Computable Net Worth for the preceding period, whichever is smaller (Communication &#147;A&#148; 4296 dated February 11, 2005);</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD colspan=2>
<I><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Plus:</FONT></U></I> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Complementary Net Worth&#148;, which includes 50% of loan loss provisions for loans to borrowers classified as &#147;Normal&#148; under Central Bank rules, certain subordinated debt and
certain unaudited net income, minus unaudited losses and certain items such as permanent investments in other financial institutions and intangible assets.</FONT> </TD>
</TR>
</TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">73</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minimum Capital must be, at least, the greater of:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minimum basic capital, and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minimum capital required for credit risk, which includes the minimum capital requirement for market risk, plus the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">minimum capital
requirement for interest rate risk.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The entities in operation as of October 31, 1995 must maintain as of January 1, 1999 a basic minimum capital of Ps.5 million if at December 31, 1998 they were
subject to basic requirements lower than Ps.5 million, or about Ps.8.9 million for the rest of the entities. As of January 1, 2003 the basic minimum capital is fixed at Ps.15 million for all commercial banks (excepting wholesale banks subject to a
basic minimum capital of Ps.10 million). Effective as of July 1, 2005, changes were made to the minimum capital requirements applicable to financial entities. Differential requirements were established for banks and other financial entities, mainly
based on the area where their head offices are located, in order to benefit those areas with smaller banking coverage according to Central Bank criteria, which now enjoy less stringent requirements as regards minimum basic capital. However, those
banks in operation as at June 30, 2005 will maintain their differentiated minimum capital if it does not exceed Ps.15 million. On the other hand, the above-mentioned differences in force with respect to wholesale banks have disappeared, all banking
institutions now being subject to the same minimum capital requirements. Those banks which act as custodians and/or registration agents of securities representing the investments of the retirement and pension funds and/or as registration agents for
registered mortgage letters must certify a minimum capital equal to or above the greater of Ps.50 million or the equivalent of 5% of the securities under custody (in the case of mortgage letters, considering the net value of any amortizations
effected). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 3959 dated May 30, 2003 and other complementary communications, the Central Bank modified the regulations for calculating minimum
capital requirements for credit, interest rate and market risk. These modifications became fully effective as of January 2004. There follows a description of such regulations as are applicable as of the date of this report. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The minimum capital requirement for credit risk is the sum of:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(a)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10% of the value of our fixed or illiquid assets; and</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(b)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8% of the value of certain categories of financial or liquid assets, net of certain allowances and reserves, multiplied by a coefficient based on the perceived risk of such assets.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(c)</FONT></TD>
 <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8% of certain assets of the non-financial public sector as accounted for in investment accounts or under special valuation criteria determined by the Central Bank.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The sum of (a), (b) and (c) shall then be multiplied by a second coefficient ranging from 0.970 to 1.15 based on the rating that the Superintendency grants to the
bank based on the its net worth, asset quality, management, profitability and liquidity. To determine a bank&#146;s risk-weighted assets, the Central Bank has assigned to each category of liquid asset a risk value based on the type of asset,
borrower, collateral or guarantee, if any. For example, consider the risk values assigned to the following assets: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash, gold, public securities subject to minimum capital requirements for market risk, and debt instruments issued by the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Central Bank
were assigned a 0% risk value;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Correspondents&#146; accounts and other accounts at sight with banks of the country and abroad rated as &#147;investment grade&#148; and</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">bonds issued by governments of member countries of the Organization of Economic Cooperation and Development</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(&#147;OECD&#148;), which are internationally rated &#147;AA&#148;
 or higher, were assigned a 20% risk value;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debt instruments issued by Argentine provinces, municipalities or other public sector agencies, which are not expressly</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">guaranteed by
the national government were assigned a 100% risk value;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans to the non-financial private sector with preferred guarantees in cash, gold or bonds on fixed-term deposit certificates</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">issued
by the creditor entity itself and with automatic reimbursements for export transactions corresponding to multilateral</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">and bilateral foreign trade agreements were assigned a 0% risk
value;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans to the non-financial private sector with preferred guarantees granted by mutual guarantee companies registered with</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the Central
Bank, export credit insurance policies and documentary credits in use were assigned a 50% risk value;</FONT></LI>
</UL>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">74</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Purchase money, home mortgage loans and automobile-backed loans were assigned a 50% risk value, provided they do not</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">exceed 75% of
their appraisal value; </FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The amount of a loan exceeding 75% of their appraisal value and most unsecured loans and debt instruments as well as</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">holdings of
listed stock were assigned a 100% risk value; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans to the non-financial public sector not guaranteed by the national government were assigned a 100% risk value.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On July 25, 2003, the Central Bank introduced Communication &#147;A&#148; 3986, effective as of January 2004, which provided for the application of a correction
coefficient (ALFA 1), for the purpose of temporarily reducing the minimum capital requirement for credit risk with respect to assets in investment accounts and financing transactions granted to the non-financial public sector up to May 31, 2003, for
instruments received by the financial entities on account of the compensation implemented under articles 28 and 29 of Decree No. 905/02, for instruments issued by the Trust Fund for Provincial Development under Decree No. 1579/02, even if their
reception or incorporation takes place alter the established date, and for &#147;Discount Bonds&#148; and the corresponding &#147;GDP-related negotiable securities issued under the conditions of Annexes IV and V, respectively, of Decree No. 1735/04,
received in exchange for assets on record as May 31, 2003 as a consequence of the sovereign debt restructurings. Therefore, the application of this coefficient excludes those financing and refinancing transactions -including express or tacit
renewals or time extensions- to the national non-financial public sector granted as of June 1, 2003. Such coefficient was fixed in the following values: </FONT></P>


<div align="center">
<TABLE border=0 width=60% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=88% nowrap align=center><B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Period</FONT></U></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ALFA1</FONT></U></B></TD>
</TR>
<TR align="center">
 <TD colspan=3>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=88% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">January / December 2004</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.05</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=88% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">January / December 2005</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.15</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=88% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">January / December 2006</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.30</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=88% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">January / December 2007</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.50</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=88% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">January / December 2008</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.75</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=88% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">From January 2009</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.00</FONT></TD>
</TR>
</TABLE>
</div>



<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Finally, any excesses incurred for noncompliance with other technical regulations must be added to the credit risk requirement calculated as indicated in the
preceding paragraphs.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minimum Capital Requirement for Market Risk:</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> under Communication &#147;A&#148; 2435, dated May
16, 1996, as amended by Communication &#147;A&#148; 2461, dated August 30, 1996, the Central Bank implemented, effective from September 1, 1996, additional minimum capital requirements in relation to market risk associated with positions held by
financial institutions in &#147;local assets&#148;, &#147;foreign assets&#148;, &#147;foreign currency&#148; and &#147;gold&#148;, including derivatives bought or sold on such positions. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Local Assets&#148; include:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debt securities issued by the National Government, except for those held in investment accounts, and quotas in common</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">investment funds
that invest in those securities; provided that, such securities and/or holdings are usually listed on a national</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">securities exchange; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Shares of capital stock of Argentine companies included in the Argentine stock market index (or &#147;Merval Index&#148;) and</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">quotas
in common investment funds that invest in those shares.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Foreign Assets&#148; are defined to include:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debt securities (i.e., positions held in debt securities issued by foreign companies, sovereign securities issued by foreign</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">governments and quotas in common investment funds; provided that, such securities and/or holdings are usually listed on a</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">national securities exchange); and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Shares (i.e., positions held in shares of capital stock of foreign companies, quotas in common investment funds; provided</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">that, such
securities, holdings and/or indexes are usually listed on a national securities exchange). If any of the assets</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">mentioned in this clause are listed in different stock markets in diverse
foreign currencies, the listing price and foreign</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">currency of the most representative stock market (in terms of the volume of transactions in the relevant asset) will be taken</FONT> <FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">into consideration for purposes of these new capital requirements.</FONT></LI>
</UL>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">75</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The positions under consideration must be separated according to the currency of issue of each instrument, regardless of the issuer&#146;s residence. In the cases of
assets expressed in foreign currency, the entity must consider the risk for two positions: that which corresponds to the assets and the position in foreign currency, the relevant capital requirement being determined on the basis of the latter. The
value of all positions will be expressed in pesos by using the reference exchange rate published by the Central Bank for the U.S. dollar, after application of the swap rate corresponding to the other currencies. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Foreign currency&#148; includes the net positions for each foreign currency, considering the totality of assets and liabilities in such currencies, and the
gold position. Those positions in foreign currency which, individually considered at the close of each day of transactions, are below the equivalent of Ps.300,000 may be excluded. This exclusion will not apply if the computable foreign currencies
considered as a whole at the close of each day exceeds Ps.1,500,000. Purchase or sale of contracts that give the right to buy or sell local assets and foreign assets, are taken into consideration in calculating minimum capital requirements. The
swaps and other derivatives on assets not affected by these regulations will be excluded from the portfolios that are subject to risk value calculation, provided such transactions are for the purpose of covering financial intermediation
risks.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The market risk-related capital requirements are determined by using specific risk methodologies and based on the financial institution&#146;s daily net positions in
any of the above-mentioned assets. These requirements follow, in general, standards established by the Basle Committee and the European Union. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minimum Capital Requirement for Rate Risk:</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> under Communication &#147;A&#148; 2793, dated October
27, 1998, the Central Bank has implemented certain modifications, to be made effective by March 1999, to the methodology financial institutions use to calculate minimum capital requirements. This regulation requires that additional items be
considered for purposes of determining minimum capital requirements, including risks associated with fluctuations in interest rates, credit quality and certain types of market risk. Communication &#147;A&#148; 3959 dated May 30, 2003 and effective
as of January 2004 included the calculation of risk for those transactions adjustable by CER and CVS (see Note 15.3. to the Consolidated Financial Statements). However, the following items are excluded from this Regulation: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Securities and derivative instruments that are already subject to minimum capital requirements;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Holdings in foreign currency not subject to minimum capital for market risk as they are below the minimum applicable</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">limits;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banker&#146;s acceptances;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Assets affected, covered by derivatives agreements made with foreign banks with international risk rate &#147;A&#148; or above,</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">granted by international rating agencies accepted by the Central Bank; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Subordinated debt that is included in the calculation of Complementary Net Worth, and other assets deductible from</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">minimum capital
integration;</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Effective as of January 2004 according to the terms of Communication &#147;A&#148; 3986 dated July 25, 2003, the Central Bank determines the application of an
&#147;ALFA2&#148; coefficient in order to temporarily reduce the requirement for interest rate risk. For these purposes, the following values are fixed: </FONT></P>


<div align="center">
<TABLE border=0 width=60% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=80% nowrap align=center><B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Period</FONT></U></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ALFA2</FONT></U></B></TD>
</TR>
<TR>
 <TD colspan=3>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">January / December 2004</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.20</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">January / December 2005</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.40</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">January / December 2006</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.70</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">From December 2007</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.00</FONT> </TD>
</TR>
</TABLE>
</div>



<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to the Central Bank regulations on Minimum Capitals, the financial entities must adjust to such regulations on an individual and consolidated basis.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Although the Bank fully complied on a consolidated basis with the ratios for minimum capital and spreading of credit risk, it fell short from meeting those ratios on
the basis of the Bank&#146;s individual financial statements. This shortfall did not constitute a violation of Central Bank requirements through December 31, 2003. On January 21, 2004 the Bank filed the reformulation of the Regularization and
Reorganization Plan, which would enable the Bank to fully meet the mentioned technical ratio. On March 18, 2004, the Central Bank deemed the reformulation of the plan to have been effected, which plan included the sale of Banco Franc&eacute;s
(Cayman) Ltd. to</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">76</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA. As a consequence of such sale, consummated on March 18, 2004, the Banks&acute; Computable Net Worth has been substantially increased on an individual level, thus enabling the Bank to meet
the minimum capital requirements set by the Central Bank both on an individual and consolidated basis since April 2004. The Shareholders Meeting of April 22, 2004, authorized a capital increase (see Note 1.2.1. to the Consolidated Financial
Statements). The subscription and payment for shares issued in connection with this capital increase were completed in November 2004, thus increasing the capital reserves beyond the level of compliance attained in April 2004 (see Note 15.5. to the
Consolidated Financial Statements). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">If a financial institution does not comply with all these minimum capital requirements, it must submit a regulatory and redress plan to the Central Bank, which may
impose various penalties, including: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Temporary limitation on the amount of deposits a bank may accept,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Institutional restrictions as per expansion capacity and dividends distribution in cash,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Revocation of the license of a bank to conduct foreign exchange transactions, and in some extreme cases;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Revocation of the license of a bank to operate.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table presents, at December 31, 2005, both the calculation of our ratio of capital to risk-weighted assets computed under the Basle Accord and our
capital under the minimum capital rules of the Central Bank. In addition, see Note 16.14 to the Consolidated Financial Statements. </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=87% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">At December 31, 2005</FONT></B></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD width="87%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=center><hr align="center" width="100%" size=1 noshade></TD>
  <TD GUTTER nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=87% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in millions of Pesos,<br>
except percentages)</FONT></B></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=87% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=center>&nbsp;</TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=87% nowrap align=left>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Basle Accord</FONT></U> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=87% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total Capital</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,698.7</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=87% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Risk-weighted asset</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,861.2</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=87% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ratio of total capital to risk-weighted assets </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34.9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=87% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Required capital</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">388.9</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=87% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Excess capital</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,309.8</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=87% nowrap align=left>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Central Bank&acute;s Rules </FONT></U><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=87% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total Capital</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,889.9</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=87% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Risk and Fixed weighted assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,375.7</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=87% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ratio of total capital to risk-weighted assets </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.6</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=87% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Required capital </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">868.5</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=87% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Excess capital</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,021.4</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Under the risk-based capital requirements of the Basle Accord, the Bank would be required to maintain a minimum ratio of total capital to risk- weighted assets of 8%.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Calculated on a consolidated basis in accordance with Central Bank requirements.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Under the risk-based capital requirements of the Central Bank, we are required to maintain a minimum ratio of total capital to risk and fixed weighted assets of 10% and 8% (depending upon the
nature of the asset) by application of an alpha correction factor equal to 0.05 over financing to the national public sector granted up to May 31, 2003.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(4)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">The Bank must maintain a surplus of minimum paid-in capital amounting to at least Ps.38,440, equivalent to 0.25% of the amount of values under custody for securities representing investments from
pension funds, as well as in connection with its function as registrar of mortgage- backed bonds, invested in national public securities and other destinations authorized by the BCRA and guaranteed in favor of the said Entity.</FONT></TD>
</TR>
</TABLE>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">System Governing the Holding of Securities in Investment Accounts</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 2793, dated March 1, 1999, the Central Bank abolished the previous system of holdings in investment accounts available and for sale.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As a result of this change, the Central Bank established in paragraph 7 of Communication &#147;A&#148; 2859 the canceling of the balance of the account entitled
&#147;Unrealized Valuation Differences in Government Bonds Available for Sale&#148; as of February 28, 1999, which was charged against unappropriated earnings. This reclassification did not result in any change in our net worth as of that date.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The new system included in the &#147;Attachment&#148; to Communication &#147;A&#148; 2793 permits placing in investment accounts government and private debt
instruments which must comply with minimum capital requirements due to market risk (published on a monthly basis by the Central Bank). </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">77</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Holdings were recorded at their cost value and increased in accordance with their internal rate of return and the time elapsed since the beginning of the holding
period. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The positive differences between accounting value and market value increased by 20% at the end of each month constitute an item deductible from the minimum paid-in
capital. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of March 1, 2000 and according to Communication &#147;A&#148; 3039 of the Central Bank, the holdings in investment accounts are recorded at cost value increased
by the interest resulting from the current coupon. The book value of the holdings on the last day of each month will be reduced by an amount resulting from the positive difference between the book value for the position of each security as of that
date and its market value increased by 20% (this treatment was suspended as of April 2001 until December 2001 as set forth by Communications &#147;A&#148; 3269 and &#147;A&#148; 3303 of the Central Bank). As a compensation, the obligation to deduct
from the computable net worth the difference between the book value of the securities and their market value increased by 20% was eliminated.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of June 1, 2001, according to Communication &#147;A&#148; 3083 of the Central Bank, the criteria for the accounting registration of the holdings in investment
account was modified. Such holdings are registered at cost value exponentially increased up to each service due date according to its internal return rate and the time elapsed since their incorporation to such accounts. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the case of holdings incorporated to investment accounts prior to June 1, 2001, the basis to be considered will be the value registered at May 31, 2001, resulting
from the use of the valuation procedures admitted so far and the internal return rate resulting as of May 31, 2001 for such securities. With respect to the treatment of valuation differences, the criteria set forth by Communication &#147;A&#148;
 3039 of the Central Bank is maintained. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 3857 the Central Bank restricts the application of these provisions to those securities incorporated up to December 31, 2002, except
for those received by the financial institutions as part of the compensation implemented by articles 28 and 29 of Decree No. 905/02. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 3785 the Central Bank added a new chapter to the regulations, applicable only to those bonds received under the compensation mechanism
implemented by the National Government in order to reimburse the entities for certain negative equity effects generated by the conversion into pesos at different exchange rates of those credits and obligations denominated in foreign currency, as
well as by the negative net position deriving from such conversion (Articles 28 and 29, Decree No. 905/02). Such bonds may be registered by the entities at their technical value. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 4114 dated March 12, 2004, the Central Bank included in the above-mentioned chapter those bonds to be received by the financial
institutions as compensation for the transformation of loans adjustable by CER into loans adjustable by CVS (Chapter II of Law No. 25,796 and Annex II to Decree No. 117/04). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For so long as this procedure is in force the entities may only distribute cash dividends for such amount as the profits exceed the difference between the
above-mentioned accounting value for registration purposes and the quotation of the bonds after all legal and statutory appropriations have been made. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to Communication &#147;A&#148; 4084 dated January 30, 2004, those securities in respect of which the Central Bank ceases to publish daily volatility
reports as they do not comply with the liquidity requirements for such purpose, must be excluded from this regulatory framework and considered as &#147;Without Quotation&#148;. Those securities excluded for this reason may not be reincorporated to
the system in the future. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CAMEL Quality Rating System</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under Law No. 24,144 the Central Bank established the &#147;CAMEL&#148; quality rating system which is based on weighting consistent and comparable criteria,
creditworthiness, compliance with the Financial Institutions Law, its administrative order and the general operating solvency of the entity. Each letter of the CAMEL system corresponds to the following areas of the operations of each bank that is
being rated: &#147;C&#148; represents capital, &#147;A&#148; represents assets, &#147;M&#148; represents management, &#147;E&#148; represents earnings and &#147;L&#148; represents liquidity. Each factor is evaluated and rated on a scale from 1 to 5,
1 being the highest rating an institution can receive. By combining the individual factors that are under evaluation, a combined index can be obtained which represents the final rating for the entity. The rating a bank receives from the CAMEL system
can be used by the Central Bank in making decisions such as determining the levels of minimum capital or the amount of contributions a bank is required to contribute to the insurance guarantee system. According to the letter presented by the Central
Bank on November 30, 2000, we were granted a quality rating of 1. Since then no new ratings have been published by the Central Bank. </FONT></P>
<P align="center">
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<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BASIC System</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Central Bank established a control system known as &#147;BASIC&#148; which requires that all financial institutions comply with a set of procedures affecting
their transactions. The system allows public access to a higher level of information and security as regards its placements in the Argentine banking system. Each letter in the name of the BASIC system identifies one of the following procedures:
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">B (&#147;Bonds&#148;). By decision of the Central Bank&acute;s board, banks were expected to issue bonds and other securities or obtain placements from international
top-rated banks for an equivalent of 2% of their deposits in pesos and foreign currency. The placement of such bonds would make it possible for depositors to know the perception of the market on the equity situation of each financial entity. The
Central Bank required that all financial institutions in Argentina should once a year perform at least one of the following actions:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A debt issue in a country which must be a member of the OECD and at the same time have an &#147;AAA&#148; rating in respect of</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">its
sovereign debt;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">An issue of capital stock approved by the relevant local authorities and according to which the shares could be freely traded</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">either
in such local market or in the market of a member nation of the OECD with an &#147;AAA&#148; rating in respect of its</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">sovereign debt;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A debt issue to an Argentine financial entity which complies with the alternative procedure described in (a) above; or</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A transaction with a foreign bank with a minimum credit rating of &#147;A&#148;, by which the Argentine entity would receive</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">deposits
or take loans from such foreign bank. The purpose of such requirement was to have the Argentine financial</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">institutions exposed to scrutiny and analysis by third parties considered by the
Central Bank to be rating demanding in</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">matters that have to do with credit analysis and quality control. The need to respond to the expectations of such third parties</FONT> <FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">at the same time created for the Central Bank an additional source of quality control over the Argentine banking system.</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">While this requirement remained in force the Bank complied with it at all times.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The requirement was abrogated by Communication &#147;A&#148; 3498 of the Central Bank, dated March 1, 2002.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A (&#147;Audit&#148;). The Central Bank requires a number of auditing procedures which include:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The creation of a registry of auditors;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The implementation of strict accounting procedures to be observed by auditors;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The payment of a guarantee of compliance by such auditors so as to induce them to fully comply with the procedures; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The creation of a Central Bank division in charge of verifying the observance of the established regulations by the external</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">auditors.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The purpose of this requirement is to ensure accurate representations by the financial institutions to both the Superintendency and to the public. It involves
verifying the figures presented by the entity as well as an in-depth investigation into whether such figures appropriately reflect the activities of the bank in question. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">S (&#147;Supervision&#148;). The supervision by the monetary authorities is not replaced but is naturally complemented and reinforced by the information from market
sources and continues to be a basic element for controlling the financial system. In Argentina, as in most of the world, what is in use is a combination of remote analysis and inspections in the bank itself. The Argentine supervision system
specifically applies an internationally recommended classification system, known as the above-mentioned CAMEL system. In summary, this requirement implies that the Central Bank reserves the right to regularly inspect all financial institutions.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">I (&#147;Information&#148;). This is a fundamental element in banking supervision and also as regards the control exercised by the market. It is clear that no
effective supervision is possible without relevant, reliable and timely information. No discipline can be imposed by the market on the banks and no control will be effective on the supervision if there is no access to such information. This is why
the Central Bank requires that the financial institutions disclose certain statistical information on a daily, weekly, monthly and quarterly basis. </FONT></P>
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">C (&#147;Calificaci&oacute;n&#148; (Spanish for Rating)). The rating agencies play a quite significant role in banking supervision. The rating work pays attention to
the available guarantees and informs the less-specialized investors about the risk involved in the different securities. The investor&#146;s information universe is thus expanded and this increases the efficiency of the information process. It would
be economically inefficient for the smaller investors to conduct their own collection and analysis of information for each alternative present in the marketplace. This is the reason that justifies the existence of the rating agencies which naturally
appear in the marketplace to fulfill such role. The Central Bank established a system that requires that a credit evaluation be regularly performed by internationally recognized rating agencies.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign Currency Position</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As at the date of this Prospectus, the maximum limit for the general foreign exchange position that must be maintained on a daily basis by the financial institutions
is the greater of : </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15% of the equivalent in dollars of their Bank&acute;s Computable Net Worth (Responsabilidad Patrimonial Computable or</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">&#147;RPC&#148;), as registered at the close of the month that is two months prior to the relevant month plus the amount that results</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">from multiplying 5% of the total amount
transacted with clients in the purchase and sale of foreign currencies in the month</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">that is two months prior to the relevant month, and 2% of the total deposits at sight and at term
locally constituted and</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">payable in foreign bank notes (excluding deposits under custody), as registered at the close of the calendar month that is two</FONT> <FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">months prior to the relevant month.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">And a minimum equivalent to US&#36;1,500,000 (for the banks), these minimum limits may be increased according to the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">number of
establishments devoted to foreign exchange transactions and by operations with holdings in foreign currencies</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">other than the dollar or the Euro and other permitted transactions. Banco
Franc&eacute;s maintains the limit indicated in the point</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">above mentioned.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The maximum limit is reduced by 50% if the financial entity has a debt on record for rediscounts and/or advances with the Central Bank for an amount exceeding 50% of
the latest RPC recorded by the entity, excluding from the calculation of the indebtedness those transactions which the entity chose to refinance in terms of Communication &#147;A&#148; 3941 of the Central Bank. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To this effect, the Central Bank defined the general foreign-exchange position as the sum of the following items: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gold and foreign currency resources available in the country;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gold and foreign currency resources available abroad;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign public and private securities;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash or future foreign-exchange purchases pending settlement;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash or future public and private security purchases pending settlement;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash or future foreign-exchange sales pending settlement;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash or future public and private security sales pending settlement; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign-exchange holdings in the form of deposits and investments at any term in banks from abroad and all kinds of liquid</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">investments
abroad.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The general foreign exchange position does not include foreign assets of third parties under custody, balances with correspondents of third parties pending
settlement, purchases and sales of foreign currencies or securities at a term and direct investments abroad. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition to the limit described above, all funds from foreign currency deposits and received financial loans granted with funds from foreign currency deposits
must be applied mainly to the financing of foreign trade transactions, any defects of application being subject to an equivalent increase in the minimum cash requirements. See </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">&#147;Information on the Company&#151;The Argentine Banking System and its Regulatory Framework&#151;Lending Capacity Provided by Deposits in Foreign Currency&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.
</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">80</FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Effective May 1, 2003 in terms of Communication &#147;A&#148; 3889 of the Central Bank, the global net position in foreign currency may not exceed the following
limits: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Negative global net position (liabilities exceeding assets), 30% of the Computable Net Worth.</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Positive global net position (assets exceeding liabilities), the least of the following:</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width="85%">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30% of the Computable Net Worth.</FONT> </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width="85%">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Own liquid resources.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Own liquid resources means Computable Net Worth minus the immobilized assets and related persons assistance. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The global net position in foreign currency will include all assets and liabilities from financial intermediation in foreign currency and securities in foreign
currency (deriving from cash and term transactions) including those contracts for derivatives linked to these concepts, those items which must be included in the General Foreign Exchange Position, all deposits in such currency in accounts opened
with the Central Bank, as well as the gold position, the fixed-term deposits in U.S. dollars payable in pesos and any Central Bank bills in U.S. dollars.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition to the above and irrespective of the observance of the limit set forth above, the net global position, considering the balances of accounts at sight and
other related assets and liabilities &#150;whichever the nature or character of the transaction- (be they assets negotiated on a customary basis or by significant volumes in institutionalized markets) realized or expiring within the following 180
days, may not exceed the percentage applied over the computable equity responsibility of the month prior to that duly indicated by the Central Bank. In order to determine the above position, only the securities registered on the accounts at market
value will be considered, irrespective of the calculation in the position of the services whose expiration falls within 180 days (Communication &#147;A&#148; 4135 of May 5, 2004). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 4350 dated May 12, 2005, the Central Bank suspended as of May 1, 2005 the limits for the global positive net position and the
additional short-term limit (transactions due within 180 days), as mentioned above. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Any excess above the limits will be subject to a charge amounting to the greatest of twice the annual rate at due date for Central Bank drafts in dollars or twice
the LIBOR rate at thirty days for transactions in such currency. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For financial information regarding our net foreign currency exposure, see Note 25. to the Consolidated Financial Statements.</FONT><B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif"
face="sans-serif"> </FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fixed assets and other items</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Central Bank determines that the fixed assets and other items maintained by the financial entities must not exceed 100% of the entity&#146;s RPC. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Such fixed assets and other items include the following:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Shares of local companies.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Various credits (including the net balance favorable to Entity corresponding to the Minimum Presumed Income Tax.</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Undeductible of Basic
Net Worth).</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Property for own use.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Various property items.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Organization and development expenses.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Goodwill.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financing transactions for related clients.</FONT></LI>
</UL>
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Excluded from the above concepts are those assets deductible for calculating the entity&#146;s RPC and assets affected as guarantee for certain operations mainly
related to swaps and derivatives, as well as the financing transactions with certain related companies provided the participation in the company exceeds 50% of the corporate capital and 50% of the votes. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The calculation of such assets will be effected according to the balances at the close of each month, net of depreciations, accumulated amortizations and bad debt
risk allowances (except for 50% of the allowance on the portfolio in normal situation). It will also be possible to deduct certain liabilities related to the assets being calculated. In the case of financing transactions with related clients, the
calculation will be based on the balance at the close of each month or the largest assistance provided to each client during the period in question. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Any excesses in this relationship generate an equivalent increase of the minimum capitals. Furthermore, any entity incurring noncompliance violations in three
consecutive or four non-consecutive months within a period of twelve consecutive months must submit a regularization and normalization program. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Lending and Investment Limits</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT></P>
<P align="left"><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Lending and Investment Limits (except for the public sector)</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Central Bank rules limit the amount of credit, including guarantees, that a commercial bank may extend to, and the amount of equity that it may invest in, any entity
at any time. These limits are based on the Bank&#146;s Computable Net Worth on the last day of the immediately preceding month. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to Central Bank rules, a commercial bank may not extend credit to a single non-related client and its affiliates, or invest in that client&#146;s equity,
in an amount in excess of 15% of the bank&#146;s Computable Net Worth. However, we may extend additional credit to that client up to 25% of the Bank&#146;s Computable Net Worth if that additional credit is secured with certain senior preferred
liquid assets, including public or private debt securities. Total loans or other extensions of credit that a commercial bank may grant to any particular borrower and its affiliates are also limited based on the borrower&#146;s net worth. Total loans
or other extensions of credit to any particular borrower and its affiliates may not exceed, in general, 100% of such borrower&#146;s net worth, but such limit may be increased to 300% of the borrower&#146;s net worth if such amount does not exceed
2.5% of the Bank&#146;s Computable Net Worth. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Effective October 1, 1995, the Central Bank requires that extensions of credit in any form in excess of 2.5% of a Bank&#146;s Computable Net Worth must be approved
by the relevant branch manager, regional manager, relevant first line administrative officer of the credit area, general manager and credit committee, if any, of the bank, as well as by its board of directors, administration council or similar
corporate body. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, an equity investment of a commercial bank in another company that does not provide services that are complementary to the services provided by a
commercial bank may not exceed 12.5% of the stockholders&#146; equity of such company. Temporarily until December 31, 2003, the entities may receive up to 20% as protection for their credits. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Related Persons</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Central Bank limits the amount a bank can lend to, and the amount of equity it may invest in, a &#147;Related Person&#148;. A Related Person is defined to
include: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Any individual or entity controlling a bank, controlled by a bank or affiliated with a bank, as defined by the Central Bank;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Any entity that both controls the bank and has common directors to the extent such directors, voting together, will constitute</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a
simple majority of the boards of directors of the bank and such entity; or</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In certain exceptional cases, any individual or entity whom the Central Bank has determined to be in a position to adversely</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">affect
the financial condition of the bank.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Control&#148; is defined as:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Holding or controlling, directly or indirectly, 25% of the voting stock of the controlled person;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Having held 50% or more of the voting stock of the controlled person at the time of the last election of that entity&#146;s board of</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">directors;</FONT></LI>
</UL>
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<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Any type of equity holding which creates the ability to vote or direct the vote so as to prevail on any issue considered at the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">controlled person&#146;s general shareholders&#146; meeting or meeting of the board of directors, or</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">When a person is determined by the Board of Directors of the Central Bank to be exercising any influence, directly or</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">indirectly, on
the management or policies of the bank.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under Communication &#147;A&#148; 3129 dated June 30, 2000, applied from July 1, 2000, the Central Bank established that the total amount of the operations of a
company or related person may not exceed the following percentages of their computable equity as of the last day of the month prior to that to which they apply : </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
 <TD nowrap valign=top>
<LI></LI>  </TD>
 <TD colspan=3>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Local financial institutions whose transactions are subject to consolidation by lender or borrower in terms of regulations on consolidated supervision and which are rated CAMEL 1 or
2:</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100% when the entity receiving the loan is rated 1.</FONT> </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">If the receiving entity is rated 2, 10% without limitations and an additional 90% to be used if the term for the loans and other credit facilities not exceed 180 days.</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
 <TD nowrap valign=top>
<LI></LI>  </TD>
 <TD colspan=3>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Local financial institution not included in the above definition: 10%.</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
 <TD nowrap valign=top>
<LI></LI>  </TD>
 <TD colspan=3>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Local companies consolidated by the financial entity in terms of the consolidated supervision regulations issued by the Central Bank and whose only object is one of the activities defined as
&#147;complementary services of the financial activity&#148; that are mentioned below:</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stock-exchange or over-the-counter agent in stock exchanges or markets.</FONT> </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Issuance of credit or debit or similar cards.</FONT> </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial assistance through lease transactions in capital goods, durable goods or real property acquired for such purpose or in connection with credits from sales.</FONT> </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4)</FONT></TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Temporary acquisition of shareholdings in companies to facilitate their development in order to sell such holdings afterwards. The granting of financing or management and planning advice to such
companies.</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(a)</FONT></TD>
 <TD width=80%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">If the controlling financial entity is rated 1: 100%.</FONT> </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(b)</FONT></TD>
 <TD width=80%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">If the rating is 2, 10% without limitations, plus an additional 90% to be used if the term of the loans and other credit facilities does not exceed 180 days.</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
 <TD nowrap valign=top>
<LI></LI>  </TD>
 <TD colspan=3>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">All other domestic companies not complying with the provisions mentioned in the preceding point: 10%.</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=3>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign financial institutions rated as &#147;Investment Grade&#148;: 10%; all others, 5% for non-guaranteed operations and up to 10% for guaranteed operations, without exceeding 10% as a
whole.</FONT> </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=3>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">All other transactions: 5% without guarantee and up to 10% with guarantees, without exceeding 10% as a whole.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">General Limit: the total amount of the operations of all companies or persons related to the financial institutions referred under the second, fourth, fifth and
sixth points above, may not in any case exceed 20% of the company&#146;s Computable Net Worth as of the last day of the preceding month. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of November 13, 1998, pursuant to Communication &#147;A&#148; 2800 of the Central Bank, as supplemented, all lending to or investing in Related Persons is
prohibited for any financial institution having a CAMEL rating of 4 or 5 (Communication &#147;A&#148; 2829 of the Central Bank) except in the following situations and under the following limitations: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign financial institutions which are subsidiaries of the domestic institution subject to oversight on a consolidated basis</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">(Communication &#147;A&#148; 2829 of the Central Bank),</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign banks controlling domestic financial institutions or their branches or subsidiaries abroad (Communication &#147;A&#148; 2829</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">of the Central Bank),</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">When the Related Person is a company that has been fully consolidated by the bank and is exclusively involved in certain</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">activities
that are complementary to financial intermediation, the foregoing traditional restrictions with regard to</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">investments and loans apply; and</FONT></LI>
</UL>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">83</FONT></P>

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<br>
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<br>
<br>


<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">When the Related Person is a company expressly referred to as an exempted entity under Article 28 of Law No. 21,726 and</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">only in
respect of equity investments, the bank is limited to lending to such Related Person and only in accordance with the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">previous traditional restrictions.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, with respect to Related Persons who are natural persons, the total amount of loans to those Related Persons cannot exceed Ps.50,000, which must be used
exclusively for personal or family purposes. Failure to properly observe these requirements can result in an increase of the minimum capital requirements for credit risk in an amount equal to 100% of the daily excess amounts over the requirements
beginning on the month when the excess amounts are not corrected and continuing while the excess amounts remain. In the case of information registered out of term, this increase will be applied beginning on the month when the information is
registered and for as long as the default exists. Moreover, once the default has been corrected, the increase will be applied for a number of months equal to the period during which the Central Bank was not informed. For repeated defaults the
increase can reach up to 130% of the excess amount. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2005 the aggregate of computable loans, other extensions of credit and equity investments by Banco Franc&eacute;s on a consolidated basis to Related
Persons amounted to Ps.131.6 million, or 6.98% of Banco Franc&eacute;s&#146; Computable Net Worth. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Non-financial Public Sector:</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 3911 dated March 28, 2003 and effective as of April 2003, the Central Bank set forth new limits for those transactions carried out
with the non-financial public sector. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The non-financial public sector includes inter alia:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">National Government</FONT>;<br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provincial Governments;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">City of Buenos Aires;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Municipal Governments; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Central administration, ministries, departments and their decentralized and autonomous entities and other official bodies.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Communication "A" 4527 dated  April 25, 2006 determines that the Central Bank may apply to public sector companies governed by Law 20,705 the general treatment
foreseen for the non-financial private sector in connection with all effects of the rules applicable on the subject, provided they comply with the following requirements: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In order to develop their activities, they should not require resources from the state budget &#150;be it the  national, municipal,</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">provincial or belonging to the Autonomous City of Buenos Aires- for such concepts as transfers, capital contributions &#150;</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">excepting those corresponding to their
incorporation &#150; or reimbursable financial assistance- destined for covering expenses</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">and/or investments made in the course of their normal and customary businesses, with the only
exception of those which</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">may have been contemplated in the 2001 and 2003 budgets.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Technical and professional independence of their managerial bodies for implementing corporate policies.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To trade their goods and/or services at market prices.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To possess fixed assets; the use of which in the activity is not subject to any condition from their shareholders.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">No distribution of dividends among their shareholders.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Compliance with all the above conditions must have been verified uninterruptedly during at least the ten years immediately preceding the date of the granting of
financial assistance. </FONT></P>
<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">All financing granted to the above entities may not exceed the following limits with respect to the entity&#146;s equity liability as at the last day of the
preceding month: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Transactions of the national public sector: 50%, this limit include loans granted to governments from other jurisdictions</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">guaranteed
by their participation in the federal tax collection system.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total of transactions granted to each provincial jurisdiction and the city of Buenos Aires (excluding those comprised in the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">previous
paragraph which must be guaranteed by the collection of local taxes or by pledge or implemented under leasing</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">agreements: 10%. This limit includes financing operations granted to municipal
governments in the respective jurisdiction</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">and guaranteed by their participation in the collection of provincial taxes.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total of transactions with each municipal jurisdiction, which must be guaranteed by the collection of local taxes or by</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">pledge, or
implemented under leasing agreements: 3%. Total financing granted to the above-mentioned jurisdictions</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(excluding those mentioned in the previous paragraph) : 15%.</FONT><br>
<br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total of transactions comprised in the first three points above: 75%.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On the other hand, the Central Bank determined that any excesses to the above relations and to the limit mentioned in the last paragraph of this point, exclusively
originated in the application of the new limits and conditions for computing financing transactions, will not be considered as non-compliances, provided that such excesses result from transactions existing prior to March 31, 2003, or are determined
or increased by the receipt of compensation bonds or promissory notes as per Articles 28 and 29 of Decree No. 905/02, or of those eventually received by application of other specific provisions after that date, and deriving from Law No. 25,561 of
Public Emergency and Foreign Exchange Reform (including bonds issued in terms of Decree No. 1735/04 which may be received within the framework of the Argentine debt restructuring, in exchange for eligible securities pre-existing as at March 31,
2003), as well as those received within the framework of the Mortgage Refinancing System established by Law No. 25,798. Those excesses registered in the case of new transactions will also not be considered as non-compliances, provided that they
originate exclusively in the granting of financing to the non-financial public sector with funds originated in amortization services or partial or total payments of the aforementioned debt. These funds must be applicable within 180 calendar days
following the due date. In the case of a primary subscription of National Government debt securities, point 2 of Communication &#147;A&#148; 4343 authorizes the reinvestment of the funds to be collected for amortizations or partial or total
payments, with an anticipation of up to 180 calendar days to their due date.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, by point 1 of Communication &#147;A&#148; 4455 and effective as of  December 1, 2005, a margin has been admitted for those entities exceeding the
observance of the limits (due to the above-mentioned preexisting operations) to carry out purchase and sale of, or financial transactions with, national public securities responsible for applying minimum capital requirements for market risk &#150;that is to
say, with such volatility as informed by the Central Bank-, provided it does not exceed the equivalent to 15% of the RPC. Such limit will be constituted with the allocation, as from the date referred to above, of any of the following: i) the
realization of non-financial public sector assets in the portfolio which are computable for determining such limits, ii) the allocation at market value of national public securities holdings, and iii) funds received for amortization services
corresponding to the public sector assets involved. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">However, no financing will be granted in those cases where the ratio of transactions comprised with respect to the Bank&acute;s Computable Net Worth determined as of
March 31, 2003 is exceeded owing to reductions in this last parameter and until such relationship is reestablished.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Apart from the above-mentioned limits, the guarantee provided to all effects by the collection of taxes (either federal or local) and/or by the collection of
royalties by provincial or municipal jurisdictions may not exceed 40% of the total of such income at the time of evaluating the granting of new financing, and considering the new financing about to be granted. This requirement does not apply for
transactions guaranteed by pledge or leasing agreements. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Effective July 1, 1993, the amount of non-exempted credit to and equity stakes in a single client, whether related to us or not, of a given bank which individually
exceeds 10% of that bank&#146;s Computable Net Worth may not exceed, in the aggregate, three or five times the bank&#146;s Computable Net Worth, excluding loans in domestic financial institutions and including equity stakes in domestic financial
institutions. This last limit does not consider those guaranteed loans received in exchange for national public debt securities implemented through guaranteed loans (Communication &#147;A&#148; 3366). Also excluded until December 31, 2005 will be
the compensation bonds or promissory notes received according to the provisions of Articles 28 and 29 of Decree No. 905/02 as amended (point 3 of Communication &#147;A&#148; 4093, as amended by point 7 of Communication &#147;A&#148; 4467).
</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">85</FONT></P>

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<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loan Loss Allowance</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Central Bank has established specific loan loss allowance requirements for loans to borrowers in the &#147;Risk of insolvency&#148;, &#147;Legal proceeding&#148;
 and &#147;Bankruptcy or liquidation&#148; categories under the old Central Bank loan classification system in effect prior to June 30, 1994, and loans to borrowers classified as &#147;Inadequate Servicing&#148;, &#147;Potential Risk&#148; or
&#147;Special Tracking&#148; (as of October 2001), &#147;Problem&#148;, &#147;Deficient Servicing&#148;, &#147;High Risk of Insolvency&#148;, &#147;Difficult Recovery&#148;, &#147;Irrecoverable&#148; and &#147;Irrecoverable for Technical
Decision&#148; under the new Central Bank loan classification system effective on June 30, 1994. In addition, effective in 1993, the Central Bank established a mandatory general allowance requirement for all performing loans. See
&#147;</FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Information on the Company&#151;Selected Statistical Information&#151;Allowance for Loan Losses and Loan Loss Experience</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">&#148;. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Priority of Deposits</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Law No. 24,485 in force since April 18, 1995, as amended by Law No. 25,089, provides that in the event of judicial liquidation or bankruptcy of the Bank, all
depositors, irrespective of the type, amount or currency of their deposits, will have general and absolute preferential rights with respect to all other creditors (such as Holders), except for certain labor credits and credits secured with pledge or
mortgage, or such credits granted under Article 17, subparagraphs (b), (c) and (f) of the Central Bank&#146;s Charter (including rediscounts granted by financial institutions due to temporary lack of liquidity, advance payments made to financial
institutions with security interest, assignment of security interest, pledge or special allocation of certain assets) and credits granted by the Bank Liquidity Fund (Fondo de Liquidez Bancaria) secured by pledge or mortgage, to be paid with 100% of
the funds deriving from the liquidation of the Bank&#146;s assets. Moreover, the holders of any type of deposit have a special priority right over all other creditors of the bank, except certain employee creditors, to be paid out of (i) any funds of
the bank that may be in the possession of the Central Bank as Minimum Cash Reserve, (ii) any other funds of the bank existing as of the date on which the bank&acute;s license is revoked, or (iii) any proceeds resulting from the mandatory transfer of
certain assets of the financial institution to another as determined by the Central Bank pursuant Section 35 of the Argentine Financial Institutions Law, according to the following order of priority: (a) deposits of up to Ps.50,000 per person
(including all amounts such person deposited in one financial entity), or its equivalent in foreign currency, (b) all deposits of an amount higher than Ps.50,000 , or its equivalent in foreign currency, and (c) all other deposits on a pro rata
basis.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Furthermore, pursuant to section 53 of Law No. 21,526 as amended, credits of the Central Bank shall have priority over other credits, except for credits secured by
pledge or mortgage, certain labor credits and depositors, credits granted under Article 17, subparagraphs (b), (c) and (f) of the Central Bank&#146;s Charter (including rediscounts granted by financial institutions due to temporary lack of
liquidity, advance payments made to financial institutions with security interest, assignment of security interest, pledge or special allocation of certain assets) and credits granted by the Bank Liquidity Fund (Fondo de Liquidez Bancaria) secured
by pledge or mortgage. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital Markets</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under the Financial Institutions Law, banks may underwrite and place both equity and debt securities. There are currently no statutory limitations on the size of a
bank&#146;s underwriting commitments. However, a bank&#146;s underwriting commitment would be treated as an extension of credit subject to the limitations discussed under &#147;Lending and Investment Limits&#148;. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Commercial banks are authorized to trade public and private debt securities in the Argentine over-the-counter market if they are members of the MAE and authorized to
act as over-the-counter brokers (&#147;agentes de mercado abierto&#148;). The MAE is a self-regulatory institution that has been authorized by the CNV. In our capacity as an over-the-counter broker, we are subject to the supervision of the MAE as a
self-regulatory institution, and of the CNV as primary regulator, and accordingly, must comply with certain reporting requirements. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Since 1990, the Buenos Aires Stock Market (Mercado de Valores de Buenos Aires&#151;&#147;MERVAL&#148;) has authorized brokerage firms or houses organized as sole
purpose corporations to operate as securities brokers on the Buenos Aires Stock Exchange. Commercial banks may freely own a Securities Brokerage Company, there are no current restrictions on ownership, and most of the principal commercial banks
operating in Argentina have already established their own Securities Brokerage Company. All brokers, individuals or firms, are required to own at least one share of stock in the MERVAL to be admitted as a securities broker on the Buenos Aires Stock
Exchange. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">An agreement between the Buenos Aires Stock Exchange and representatives of the MAE dealers provides that trading in shares and other equity securities will be
conducted exclusively on the Buenos Aires Stock Exchange and that all debt securities listed on the Buenos Aires Stock Exchange may also be traded on the MAE. Trading in Argentine government securities, which are not covered by the agreement, is
conducted mainly on the MAE. The agreement does not extend to other Argentine exchanges. </FONT></P>
<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Commercial banks may operate as both managers and and custodians of Argentine mutual funds; provided, however, that a bank may not act simultaneously as manager and
custodian for the same fund. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We have been registered as an over-the-counter broker since 1989. In 1991, we established Franc&eacute;s Valores Sociedad de Bolsa </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">S.A.</FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Institutions with Economic Difficulties</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under the Financial Institutions Law, if a financial institution:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Evidences a cash reserve deficiency,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Has not satisfied certain technical standards,</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Has not maintained minimum net worth standards, or</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Is deemed by the Central Bank to have impaired solvency or liquidity,</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Such financial entity must submit a regularization and normalization plan under such terms and conditions as may be established by the Central Bank within a term
that may not exceed thirty days. This notwithstanding, the Central Bank may appoint overseers with veto powers and/or demand the creation of guarantees and restrict or prohibit the distribution of remittances or profits. The lack of submission, the
rejection or any noncompliance with the regularization or normalization plans entitle the Central Bank to revoke the authorization to operate as a financial entity and to apply sanctions. Stet if the plan is accepted, the Central Bank may grant a
temporary exemption with respect to the observance of the technical regulations and excuse or postpone the payment of fines (if any). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Likewise, and prior to the revocation of the authorization to operate as a financial entity, the Central Bank may authorize the restructuring of the entity for the
protection of its depositors, by applying any of the following decisions or a combination thereof in a sequential, gradual or direct manner: reduction, increase and assignment of the corporate capital, exclusion of assets and liabilities and their
transfer to other financial institutions, judicial intervention, responsibility and transfer of excluded assets or liabilities. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Dissolution and liquidation of financial institutions</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As provided in the Argentine Financial Institutions Law, the Central Bank must be notified of any decision adopted by a financial institution&#146;s legal or
corporate authorities concerning its dissolution. The Central Bank, in turn, must then notify such decision to a competent court, which should determine who will liquidate the entity between the corporate authorities or an independent liquidator
appointed for the purpose. The court&#146;s decision will be based on whether or not there is sufficient assurance that the corporate authorities are capable of carrying out such liquidation properly. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Pursuant to the Argentine Financial Institutions Law, the Central Bank no longer acts as liquidator of financial institutions. However, if a restructuring plan has
failed or is not deemed feasible, or violations of local laws and regulations have been incurred, or significant changes have occurred in the institution&#146;s condition since the original authorization was granted, then the Central Bank may revoke
a bank&#146;s license to operate as a financial institution. In this event, the law allows for judicial or extra judicial liquidation. During the liquidation process and once the license to operate as a financial institution has been revoked, a
court of competent jurisdiction may adjudge the former financial institution in bankruptcy or a petition in bankruptcy may be filed by any creditor of the bank after a period of 60 calendar days has elapsed since the license was revoked. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Money laundering</FONT></B>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The concept of money laundering is generally used to denote transactions intended to introduce criminal proceeds into the institutional system and thus to transform
profits from illegal activities into assets of a seemingly legitimate origin. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On April 13, 2000, the Argentine congress passed Law No. 25,246, which defines money laundering as a type of crime. In addition, the law creates the so-called
Financial Information Unit, establishing an administrative criminal system, and supersedes several sections of the Argentine criminal code.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Money laundering is defined as a crime under the criminal code, which states that a crime will be committed whenever a person converts, transfers, manages, sells,
encumbers, or otherwise uses money or any other assets stemming from a crime in which that</FONT></P>
<P align="center">
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<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">person has not participated, with the possible result that the original or substituted assets may appear to be of a legitimate origin, provided the value of the assets exceeds Ps.50,000 whether
such amount results from one or more transactions. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The main purpose of Law No. 25,246 is to prevent money laundering. In line with internationally accepted practice, it does not attribute responsibility for
controlling these criminal transactions only to government agencies, but also assigns certain duties to diverse private sector entities such as banks, stockbrokers, brokerage houses and insurance companies. These duties consist basically in
information capturing functions. The Central Bank regulation requires banks to take certain minimum precautions to prevent money laundering. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Each institution must appoint a senior management officer as the person responsible for money laundering prevention in charge of centralizing any information the
Central Bank may require on its own initiative or at the request of any competent authority. In addition, this officer or other person reporting to the general manager, the board of directors, or equivalent authority, will be responsible for the
implementation, tracking, and control of internal procedures to ensure compliance with the regulations. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, financial institutions are required to report to the Superintendence any transaction that appears suspicious or unusual, or lacks economic or legal
justification, or is unnecessarily complex, whether performed on isolated occasions or repeatedly. In July 2001, the Central Bank released a list of &#147;non cooperative&#148; jurisdictions so that financial institutions would pay special attention
to transactions to and from those areas. Some of those jurisdictions include: Egypt, Guatemala, Cook Islands, Indonesia, Hungary, Lebanon, Marshall Islands and the Philippines.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We comply with all applicable money laundering regulations as provided for by the Central Bank and the Financial Information Unit; in particular with Resolution No.
2 of the Financial Information Unit, dated October 25, 2002, which regulates Section 21 paragraphs a) and b) of Law No. 25,246 that provides for the gathering of information regarding suspicious operations and its reporting to the authorities.
</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deposit Guarantee Insurance System</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Law No. 24,485, published on April 18, 1995 and Decree No. 540/95 of the same date provided for the organization of a Bank Deposit Guarantee Insurance System. This
system is limited, mandatory, and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, as a subsidiary and supplementary protection to that offered by the system of bank deposit privileges and protection
created by the Financial Institutions Law. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">That Law provided for the organization of the company &#147;Seguros de Dep&oacute;sitos Sociedad An&oacute;nima&#148; to manage the Deposit Guarantee Fund, whose
shareholders, as amended by Decree No. 1292/96, will be the Central Bank, with one share, as a minimum, and the trust made up of the financial institutions in such proportion as may be determined by the Central Bank for each one, based on their
contributions to the Deposit Guarantee Fund. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">This guarantee system does not include:</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deposits made by other financial institutions, including certificates of deposit acquired by secondary trading;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deposits made by persons directly or indirectly related to the financial institution;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deposits acquired by means of offering incentives, including deposits under the El Libret&oacute;n program;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Certificates of deposit of securities, acceptances or guarantees;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Those deposits made after July 1, 1995 and to September 17, 1998, at a rate exceeding by two percentage points per annum</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">or more than
paid by the Banco Naci&oacute;n for similar terms and, after such date, at a rate exceeding by two percentage points</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">per annum the rolling average for the last five banking days of the
deposit rates found by the survey performed by the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Central Bank; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Certificates of deposit transferable whose ownership has been acquired by way of endorsement.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In August 1995, Seguros de Dep&oacute;sitos Sociedad An&oacute;nima was organized. We hold a 12.5657% equity interest in the company. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Communication &#147;A&#148; 2337 of May 19, 1995, the Central Bank notified the financial institutions of the approval of the regulations on the application of
the guarantee system as of April 18, 1995. </FONT></P>
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Decree No. 1127/98 dated September 24, 1998, increased the amount covered by the deposit guarantee system to Ps.30,000, irrespective of the term. In the case of
transactions in the name of two or more persons, the guarantee will be prorated among the respective holders. The total guarantee amount by persons may not exceed Ps.30,000, regardless of the number of accounts and/or deposits. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The deposits for amounts over Ps.30,000 are also included in the guarantee system up to the Ps.30,000 limit. The Central Bank may decide at any time to amend the
guarantee system cover amount based on continued consolidation of the Argentine financial system or any other indicators. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Argentine insurance system was financed with monthly contributions by all financial institutions operating in Argentina, ranging from 0.03% to 0.06% of average
peso and foreign currency deposits held by such financial institutions. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to Communication &#147;A&#148; 3064 of the Central Bank, applicable to contributions from January 2000, financial institutions may choose to make a
contribution to the Deposit Guarantee Fund equivalent to 50% of the amount mentioned in the preceding paragraph, and arrange a loan with Seguros de Dep&oacute;sitos Sociedad An&oacute;nima to provide for the remaining 50%. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Such loans are for a maximum term of 36 months, for each monthly loan, due on the twelfth day of the month in question. The balances owed for Deposit Guarantee Fund
accrue an interest equivalent to the yield obtained from the placement to the Deposit Guarantee Fund resources in instruments that are similar to those chosen for the investment of foreign currency reserves of the Central Bank. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under Communication &#147;A&#148; 3153 dated August 24, 2000, the Central Bank decided to cancel, effective September 2000, the obligation to lend to SEDESA 50% of
the monthly contributions, and reduced these contributions to a rate ranging from 0.015% to 0.03% of the monthly average of deposits in pesos and foreign currency held at each entity. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 2004 the contribution to the deposit guarantee fund made by the financial entities has had the following evolution: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;A&#148; 3358 of November 9, 2001 of the Central Bank, contributions percentage increased to 0.03% effective as of the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">contribution due December 2001.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;A&#148; 4206 of September 14, 2004 of the Central Bank, contributions percentage decreased to 0.02% effective as of the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">contribution due September 2004.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;A&#148; 4271 of December 30, 2004 of the Central Bank, contributions percentage decreased to 0.015% effective as of the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">contribution due January 2005.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During 2002, Decree No. 214/02 of the Executive, in its Article 16, made changes to the provisions of Decree No. 540/95 as amended, which allowed SEDESA to issue
nominative non-endorsable securities to be offered to depositors as payment of the deposit guarantee whenever it did not have sufficient funds to that effect. Such securities, whose conditions would be established for general purposes by the Central
Bank, must be accepted by the financial entities in order to constitute deposits. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit Cards Law No. 25,065</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Law No. 25,065, enacted in 1999, governs different aspects of the credit, purchase and debit card system. In its main aspects, this law: (i) creates an obligation to
sign a contract between the bank and the holder of the credit card before the card is issued, (ii) fixes a maximum limit to financial interest charged on balances, which may not exceed by more than 25% the rate applied to personal loan transactions,
(iii) sets a maximum 3% fee to be charged by the banks to commercial establishments, and is not entitled to charged commercial establishments in the same line of business with different rates and (iv) prohibits providing information to financial
background databases regarding particulars of credit card holders in delinquent payment situations. </FONT></P>
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<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Considerations on Politics and Economy in Argentina</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Argentine economy has experienced significant volatility in recent decades characterized by periods of low or negative growth and high and variable levels of
inflation. Although inflation was tempered and the economy experienced growth during most of the period from 1991 to the middle of 1998, in the third quarter of 1998 the economy entered into a long-lasting recession. In addition, the government
experienced an increasing fiscal deficit which rose from approximately US&#36;4.2 billion in 1998 to US&#36;8.8 billion in 2001. By December of 2001, Argentina&#146;s sovereign debt had increased to approximately US&#36;143.9 billion, an increase of
more than 84% from the end of 1994, primarily due to the inability of the Government to reduce public spending and increase tax collections. In the last quarter of 2001, Argentina&#146;s economic conditions deteriorated significantly, precipitating
a political and economic crisis. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the context of marked uncertainty following political and regulatory changes, in the first quarter of 2002 the economy recorded its largest reversal in the last
20 years (-16.3%
on a year-over-year basis). The main declines were recorded by consumption and domestic investment, as a result of shrinking incomes following the devaluation and subsequent pesification, combined with the absence of a stable legal
framework. In the following quarters, GDP showed a slight improvement in seasonally adjusted terms, driven by exporting and import substitution sectors, which benefited from the depreciation of the peso. Even so, output was down 10.9% for the year,
because of the predominance of the fall in activity in service sectors that represent over 60% of the GDP. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The year 2003 started with strong political uncertainties, which decreased with the newly elected administration. President Kirchner, who won the elections with only
22% of the votes, thereafter consolidated his political power through provincial elections and reinforced his positive image. Moreover, the exchange and price stability allowed for a significant recovery of consumer confidence that translated into
higher consumption levels in the second semester. The growing economic activity, GDP increased by 8.8 % in 2003, was also driven by fixed gross investment, mainly in the construction industry, which rose by 38 %. Local demand recovery, however, did
not result in a larger pressure on prices as on average the economic figures are still below full use of resources. Showing strong differences between goods and services, consumer prices increased only 3.7% in 2003.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A favorable evolution in the Argentine economy was recorded during year 2004. In this respect, the following indicators are worth mentioning: i) an increase in the
Treasury primary surplus which exceeded the targets agreed on in the short-term agreement with the International Monetary Fund; ii) a decrease and stabilization in the foreign exchange parity as a result of substantial trade surplus; iii) an
increase of 9% in the Gross Domestic Product during the year 2004; iv) stabilization of wholesale and retail inflation rates; v) a more steady financial context with an increase in the financial system deposits; and vi) a marked increase in the
prices of publicly traded Government securities. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Moreover, unemployment levels also showed considerable improvements reaching 12.1% during the fourth quarter of 2004, over 2 percentage points below the same rate of
the same period of the previous year.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exports from Argentina also benefited from the high prices of commodities, especially the soy sector during the first semester. While export prices rose 9.4% during
the year, the amounts exported only grew 6.6% mainly due to the fall in volumes of primary products exported as result of the weather conditions that impacted on the soy harvest. Exports of industrial products rose by almost 24% during the year, led
by automobile, chemical and plastic products. However, the trade surplus (of 12,105 million dollars) fell in comparison to the previous year due to the strong increase in imports that expanded 62 % once again led by capital goods purchases.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The key economic event during 2005 was the restructuring of the public debt in default since 2001 launched by the Government in February pursuant to which the
Argentine government offered its creditors three types of bonds (par, discount &amp; quasi-par) in exchange for the Argentine sovereign debt they held, as well as bonds in lieu of past due interest on such sovereign debt. The exchange offer
encompassed 81,836 million dollars in securities held by residents and non residents, and achieved an acceptance rate of 76.15%. The new bonds issued after the exchange amounted to 35,261 million dollars, among which 44% were denominated in pesos.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For the third consecutive year, the economy grew by 9.2% . With an economy growing at high rates, inflationary pressures started to appear during the first quarter
of the year. Regulated prices (mainly public utilities&acute; tariffs) had a moderating impact on inflation in spite of which, the year ended with a 12.3% increase in prices.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Greater optimism following the successful debt restructuring resulted in the return of positive capital flows to Argentina which added to the dollar surplus stemming
from the trade balance. Increased export dynamics, mainly in manufactured industrial goods,</FONT></P>
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<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">was reflected in a 14.2% accrued growth of volumes exported in 2005. Thus, the trade surplus for the year closed at 11,418 million dollars, only 5.7 % below 2004&#146;s, despite the 23.6 % growth
of imports. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In this environment of abundant foreign exchange supply and with the public sector as the main buyer of dollars with the purpose of honoring debt commitments with
multilateral organizations, the exchange rate closed 2005 at 3.03 pesos per dollar, slightly above December 2004 levels. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During 2005 the Government was able to sustain fiscal solvency and the primary result of the non financial public sector reached 19,661 million pesos, more than 13%
above previous year&#146;s surplus. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In general, improvements in collection were the result of an increased inflation, economic activity growth and reduction of tax evasion. As of the second half of the
year primary expenses started to grow at a rate stronger than that of revenues and this performance continued during the first quarter of 2006. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The year 2005 was characterized by the higher interest payments and debt amortizations, of approximately 12,000 million dollars, that the government had to
face due to different reasons, including the completion of the debt restructuring process and the lack of agreement with the IMF during the year. By mid-December, the government decided to pay off, completely and in advance, its 9,500 million dollar
debt with the IMF making use of accrued international reserves at the Central Bank. This transaction was carried out at the beginning of January 2006, replacing those reserves at the Central Bank by a dollar-denominated government security with
similar yield. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Effects of Recent Events on Banco Franc&eacute;s</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Substantially all of our operations, property and customers are located in Argentina. Consequently, following the 2002 crisis and the package of government measures
described elsewhere in this annual report, our financial condition and results of operations were deeply affected. During 2002 our business activities contracted compared to historical levels since December 2001, and a liquidity needs led to a
suspension of most of new loans. Our structural strengths, our reaction capacity and our adjustment to the new economic environment were the pillars of our performance in 2002. We responded to the deepening of the crisis by prioritizing liquidity,
substituting foreign currency funds with domestic currency funds and satisfying the growing demand for transactional business, while adjusting the operating structure to the new business profile. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Following a four-year recession period, the economy began to recover in 2003 and deposits flowed back into the system. This positive trend continued during 2004 both
in terms of economic activity and fiscal solvency, with stable prices and exchange rates, while in the financial system peso and dollar deposits continued to grow and loans to the private sector accelerated their recovery. Similarly the economy
showed a solid performance during 2005, with a robust 9% GDP growth. The successful conclusion of the sovereign debt restructuring process by the beginning of the year led to a capital inflow, which in turn, combined with a positive trade balance,
allowed to maintain the national government&#146;s fiscal surplus, while the monetary policy implemented by the Central Bank focused on increasing international reserves. Deposits also have recovered, spurred by the strong performance of private
sector deposits, and private sector loans outperformed with cumulative expansion of over 30%.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In 2005, we concentrated our efforts on implementing the following measures: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Increase private sector loans with a conservative risk assessment strategy;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reduce our public sector exposure in order to comply with regulations that limit public sector holdings to 40% of total</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">assets;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Further develop the transactional business as a source of fee income;</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Improve our assets and liabilities structure (including the payment of the loans granted by the Central Bank during the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">liquidity
crisis) given the increase in public sector assets&#146; market value; and</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Engage in discussions with the Government on the solution of pending issues, such as: 1) compensation of losses related to</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the payment
of judicial injunctions; and 2) reduction of structural mismatches between our assets and liabilities accounts</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(term and rate).</FONT></LI>
</UL>
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<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Critical Accounting Policies</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our Consolidated Financial Statements are prepared in accordance with the rules prescribed by the Central Bank, which differ in certain respects from generally
accepted accounting principles in Argentina, as described in Notes 3. and 4. to the Consolidated Financial Statements. These rules require Banco Franc&eacute;s and its subsidiaries to make some estimates and assumptions. Some of these estimates
require difficult, subjective or complex judgments about matters that are inherently uncertain, and as a result, actual results could differ from those estimates. Due to the estimation process involved, the following summarized accounting policies
and their applications are considered to be critical to understanding the business operations, financial condition and results of operations of Banco Franc&eacute;s and its subsidiaries. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Allowance for Commercial Loan Losses</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s provides for estimated possible losses on loans and the related accrued interest generally through the establishment of an allowance for loan
losses. The allowance for commercial loan losses charged to expense is determined by management based on a periodic analysis of updated financial information provided by the debtor at the request of Banco Franc&eacute;s. The basic assessment
criterion is the future debt payment capacity or the collateral granted to Banco Franc&eacute;s on the basis of the estimated cash flow. Banco Franc&eacute;s also takes into account other circumstances such as timely compliance with obligations,
qualified and honest management, whether the company is engaged in economic activities with acceptable prospects and the competitiveness of the debtor within its industry. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On the basis of these conditions, the customer is placed in any of the six categories established by the Central Bank that have been assigned minimum fixed allowance
requirements. Based on its analysis, Banco Franc&eacute;s books additional allowances for certain debtors, which does not require recategorizing the debtor under the rules of the Central Bank. The use of different estimates or assumptions could
result in different allowances for commercial loan losses. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Contingent Liabilities</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We are subject to proceedings, lawsuits and other claims related to labor, commercial, civil and other matters. We make determinations of the amount of reserves
required, if any, for these contingencies after a careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in the settlement strategy. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank is a defendant in several actions in which the petitioner claims the government measures taken with respect to their deposits during the economic crisis was
a violation of constitutional law. Several judges in these actions have issued injunctions against Banco Franc&eacute;s ordering: 1) the reimbursement of deposits in amounts larger than those provided for under current legislation or 2) the release
of rescheduled deposits or 3) inapplicability of the "emergency framework" legislation passed by the National Congress and the measures issued by the Federal Executive or the Central Bank. Because no city, state, or supreme court has ruled on the
matter as of the date of filing of this report, the final outcome of these legal actions is unknown. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2005, as described in Note 15.2. to the Consolidated Financial Statements, the Bank records as an intangible asset the difference in nominal terms
between the deposit at the free market exchange rate at the moment of each payment compared to the book value of 1.40 pesos per dollar plus CER to that date. This asset is being amortized in 60 monthly installments from April 2003. As of December
31, 2005, Banco Franc&eacute;s keeps registered under this concept Ps.1,119.4 million less accumulated amortization of Ps.554.0 million under Intangible Assets. Moreover, Banco Franc&eacute;s has stated in a note to the Financial Statements that the
amortization described above is charged solely to comply with the regulations of the Central Bank and that it should not be interpreted as an implicit waiver of possible compensation or recovery of the exchange rate differences resulting from the
compliance with court orders granted in actions seeking the protection of civil rights or other legal actions derived from the mandatory conversion of bank deposits into pesos. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fair Value</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We prepare our financial statements in accordance with the rules of the Central Bank related thereto, which differ from U.S. GAAP in valuing financial instruments.
U.S. GAAP require financial instruments to be valued at fair value. We estimated the fair value as the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or
liquidation, and such value was best evidenced by a quoted market price, if one existed. In cases where quoted market prices were not available, fair value estimation was based on the quoted market price of a financial instrument with similar
characteristics, the present value of expected future cash flows, or other valuation techniques, all of which were significantly affected by the assumptions used (see Note 17.16. to Consolidated Financial Statements). </FONT></P>
<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Although we used our best judgment in estimating the fair value of these financial instruments, there are inherent weaknesses in any estimation technique. As a
result, the fair value may not be indicative of the net realizable or liquidation value. Moreover, minor changes in the assumptions used could have a significant impact on the resulting estimated fair values. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For a detailed description of the applicable accounting principles, please see Note 3. to the Consolidated Financial Statements. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Differences between Central Bank Rules and Generally Accepted Accounting Principles Effective in the City of Buenos Aires </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The most significant valuation differences between the rules prescribed by the Central Bank and the professional accounting standards effective in Buenos Aires City
are detailed below (see Note 4. to the Consolidated Financial Statements). </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
 <TD nowrap valign=top>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Restatement of the financial statements to recognize the changes in the purchasing power of the currency</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Consolidated Financial Statements recognize the effects of changes in the purchasing power of the currency up to February 28, 2003 following the restatement method established by Technical
Pronouncement No. 6 of the F.A.C.P.C.E. (amended by TP No. 19). In accordance with Decree No. 664/03 of the National Executive Branch, Communication &#147;A&#148; 3921 of the Central Bank and Resolution No. 441 of the C.N.V., application of that
method was discontinued by the Bank and, therefore, it the Bank did not recognize the effects of changes in the purchasing power of the currency arising after March 1, 2003.</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Professional accounting standards effective in Buenos Aires City established the discontinuance of the restatement into homogenous currency as of October 1, 2003 on the understanding that the
country had a stable monetary context. The change in the Wholesale Price Index between March 1, 2003 and September 30, 2003 was 2.14% (negative). Had the accounting information been restated in accordance with professional accounting standards,
effective in the City of Buenos Aires, the effect on the net loss for each fiscal year and total stockholders' equity would not have been significant considering the financial statements as a whole.</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" valign=top nowrap>
<LI></LI>  </TD>
 <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Valuation Criteria</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
 <TD valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Federal Government Secured loans</FONT></U> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
 <TD width="85%">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As detailed in Note 3.5.3. to the Consolidated Financial Statements, and as a consequence of the provisions of Decree No. 1387/01, on November 6, 2001, the Bank and its subsidiaries exchanged
national government securities, bonds, treasury bills and/or unsecured loans with the National Government for a face value of US&#36;3,291,795 thousand for Federal Secured loans. At December 31, 2005 and 2004, those loans are recorded under
&#147;Loans &#150; to the Public Sector&#148; amounting to Ps.3,809,264 thousand and Ps.6,181,489 thousand, respectively, in accordance with Central Bank regulations.</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
 <TD width="85%">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In accordance with current professional accounting standards, effective in the City of Buenos Aires, at December 31, 2005 and 2004, the value of these assets should have been calculated by
considering the respective quotation values of the swapped bonds at November 6, 2001, which as from that date are considered as transaction costs, plus interest accrued through the end of each period, converted into pesos at the rate of Ps.1.40 per
dollar plus CER. However, the recoverable values of these assets exceed their book values.</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
 <TD valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government Securities and Other credit assistance with the Public Sector</FONT></U> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD> <TD>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005 and 2004, the Bank and its subsidiaries own Government Securities and other assets with the Public Sector, valued in accordance with the criterion described in Notes
3.5.2., 3.5.3. and 3.5.8. to the Consolidated Financial Statements. In accordance with accounting standards currently in effect in the City of Buenos Aires, these assets are to be valued at current value.</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD> <TD>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The net balance sheet effect resulting from considering current values would imply a decrease in shareholders&#146; equity in approximately Ps.265,000 and Ps.518,000 thousand as of December 31,
2005 and 2004, respectively.</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Effects caused by court measures related to deposits (constitutional protection actions)</FONT></U> </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As mentioned in Note 15.2. to the Consolidated Financial Statements, at December 31, 2005 and 2004, the Bank recorded assets amounting to Ps.565,352 thousand and Ps.739,289 thousand,
respectively, under &#147;Intangible Assets &#150;</FONT></TD>
</TR>
</TABLE>



<P align="center"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">93</FONT></P>

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<P align="left">&nbsp;</P>
<TABLE border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Organization and
        Development Expenses&#148; corresponding to differences resulting from
        compliance with the court measures generated by the repayment of deposits
        in the financial system within the framework of Law No. 25,561, Decree
        No. 214/02 and complementary regulations, as established by Communication
  &#147;A&#148; 3916 of the Central Bank. In accordance with current professional
  accounting standards, effective in the City of Buenos Aires, those amounts
  should be recognized based on the best possible estimate of amounts receivable,
  considering  the circumstances mentioned in that note.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" valign=top nowrap><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4)</FONT></TD>
    <TD width="85%"><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tax Effects</FONT></U></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="85%"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As it is indicated in Note 5.1. to the Consolidated Financial Statements., the Bank has received various communications from the Central Bank pursuant to which that Central Bank indicates that
the capitalization of items arising from the application of the deferred tax method is not allowed. In accordance with current professional accounting standards, effective in the City of Buenos Aires, a deferred tax asset should be recognized to the
extent the reversal of temporary differences generates a future decrease in the tax effectively determined. As a result, the provisions set up by the Bank in this respect, for Ps.360,000 thousand and Ps.118,000 thousand as of December 31, 2005 and
2004, respectively, should be recovered.</FONT></TD>
  </TR>
</TABLE>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In all other material respects, Central Bank rules are consistent with generally accepted accounting principles in Buenos Aires City.</FONT><I><FONT BASESIZE=2
size=2 BASEFACE="serif" face="serif"> </FONT></I></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Differences Between Other Regulatory Bodies and Accepted Accounting Principles Effective in the City of Buenos Aires</FONT></I> </P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> In 2005, Consolidar C&iacute;a de Seguros de Retiro S.A. included the balance from the technical commitments incurred with the insured in the Other Liabilities
caption. The Other Subsidiaries&acute; Liabilities caption includes Ps.29,819 corresponding to the regularizing account called &#147;Unaccrued Secured Loans Valuation Difference&#148; which, as established by the Superintendency of Insurance, will
be settled through subsequent accrual of the regularizing accounts of secured loans. In accordance with the current professional accounting standards, effective in the City of Buenos Aires, such amount should have been recorded as a loss for the
year ended December 31, 2003. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Operating Results</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Changes to Argentine law have had a significant impact on our operations. The conversion of certain of our dollar-denominated assets and liabilities into
peso-denominated assets and liabilities and the devaluation of the peso, took place during fiscal year 2002 and therefore are reflected in our Financial Statements for the fiscal year ended December 31, 2002. Furthermore, the changes in Argentine
law and their impact on our operations are expected to render any comparison of financial statements of ours for periods ended after December 31, 2001 with those for periods ended on or prior to December 31, 2001 meaningless. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank presents its financial statements in equivalent purchasing power, following the restatement method established by FACPCE Technical Resolution No. 6
(modified by Technical Resolution No. 19), using an adjustment rate derived from the internal WPI published by the INDEC. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to the above mentioned method, the accounting measurements were restated according to the purchasing power changes of August 31, 1995. As of that date,
based on the prevailing economic stability conditions and according with CNV General Resolution No. 272 and Central Bank Communication &#147;A&#148; 2365, the accounting measures were not restated through December 31, 2001. In light of CNV General
Resolution No. 415 and Central Bank Communication &#147;A&#148; 3702, the method was reinstated effective as of January 1, 2002, considering the previous accounting measures restated as of December 31, 2001. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By means of Communication &#147;A&#148; 3921 of the Central Bank and CNV General Resolution No. 441/03 in compliance with Decree No. 664/03 of the Executive Branch
the application of the restatement method on financial statements in equivalent purchasing power has been suspended as of March 1, 2003. Accordingly, Banco Franc&eacute;s applied the mentioned restatement only until February 28, 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following discussion is based upon information contained in the Consolidated Financial Statements and should be read in conjunction with them. The Consolidated
Financial Statements have been prepared in accordance with the rules of the Central Bank related thereto (Argentine Banking GAAP), which differ in certain respects from Argentine GAAP and U.S. GAAP. The principal differences between Argentine
Banking GAAP and U.S. GAAP are discussed in Note 17 to the Consolidated Financial Statements as they relate to us, together with a reconciliation to U.S. GAAP of our net income and total stockholders&#146; equity. For a more detailed description of
the accounting principles and considerations used in preparing the following discussion, see </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Presentation
of Financial </FONT></I></P>
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<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Information&#148;</FONT></I><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">. Additionaly the information set below for the
fiscal years ended December 2004 and 2003 has been modified from its</FONT> original
version to apply the adjustments to prior years&#146; income (loss). As fully
explained in Note 3.5.18. to the Consolidated Financial Statements. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Within the framework of the Regularization and Reorganization Plan filed by the Bank with the Central Bank, and Resolution No. 52/04 of the Superintendency of
Financial and Exchange Institutions, dated March 17, 2004, on March 18, 2004, the Bank sold to BBVA S.A. its 100% interest in Banco Franc&eacute;s (Cayman) Ltd. Accordingly, the Financial Statements for the fiscal years ended up to December 31, 2003
include the consolidation of Banco Franc&eacute;s (Cayman) Ltd. For more information see Notes 1.5. and 15.5. to the Consolidated Financial Statements. </FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Results of Operations for the Fiscal Years Ended December 31, 2005, 2004 and 2003. </FONT></B></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Overview</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our net income for fiscal year ended December 31, 2005 was Ps.117.2 million. This income was mainly due to a 50.07% increase in Gross Intermediation Margin, a 23.29%
increase in Service Charge Income, a 4.98% decrease in Other Expenses and a 75,73% decrease in Income Tax. This income was partially offset by a 120.43% increase in Provisions for Loan Losses, a 41.83% increase in Service Charge Expense, a 14.12%
increase in Operating Expenses, a 33.66% decrease in Other Income and a 32.94% increase in loss on Minority Interest in Subsidiaries. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our net loss for fiscal year ended December 31, 2004, was Ps.54.0 million. This loss was mainly due to a 10.56% increase in Service Charge Expense, a 38.93% decrease
in Other Income, a 3.28% increase in Other Expense and a 366.33% increase in loss on Minority Interest in Subsidiaries. The loss was partially offset by a 305.06% increase in Gross Intermediation Margin, a 32.91% decrease in Provisions for Loan
Losses, a 27.77% increase in Service Charge Income, a 4.44% decrease in Operating Expenses, a 59.26% decrease in Income Tax and the elimination of monetary loss. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Income</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our Financial Income increased 43.24% to Ps.1,654.2 million for the fiscal year ended December 31, 2005 from Ps.1,154.8 million for the fiscal year ended December
31, 2004 which in turn decreased 5,86% from Ps.1,226.7 million for the fiscal year ended December 31, 2003. The components of our Financial Income are reflected in the following table. </FONT></P>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=76% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Fiscal Year Ended December 31, </FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD width=76% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003<SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></SUP></FONT></B></TD>
  </TR>
<TR>
 <TD width="76%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD nowrap colspan=5 align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos)</FONT></B></TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on cash and due from banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25,364</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,641</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,045</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on loans to the financial sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,245</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,675</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,997</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on overdraft</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">41,346</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25,184</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,710</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on loans with privileged guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">45,109</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,256</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">48,696</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on credit card loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,095</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,606</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32,992</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on other loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">498,423</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">354,247</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">384,035</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net income from government and private securities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">209,438</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">182,183</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">179,667</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest from other receivables from financial transactions</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,374</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,921</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,181</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Indexation by benchmark stabilization coefficient (CER)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">663,743</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">375,921</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">284,274</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Listed-price differences</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">193,147</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">115,015</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">128,191</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">50,993</FONT> </TD>
  </TR>
<TR>
 <TD width="76%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,654,152</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,154,825</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,226,737</FONT> </TD>
  </TR>
<TR>
 <TD width="76%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Some reclassifications in both financial income and financial expenses have been carried out to make comparisons easier.</FONT> </TD>
</TR>
</TABLE>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The
    increase in Financial Income during fiscal year ended December 31, 2005,
    was mainly due to an increase in CER, Net income on Government and Private
    Securities, Interest on Other Loans, Interest on Overdraft, Interest on Loans
    to the Financial Sector, Interest on Cash and Due from Banks and Interest
    on Credit Card Loans. These increases were partially offset by decreases
    in Interest on Loans with Privileged Guarantees and Other Financial Income.
    This variation reflected the increase in average volume and average nominal
interest rate on interest earning assets. </FONT></P>
<P align="center"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">95</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<br>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The decrease in Financial Income during the fiscal year ended December 31, 2004, was mainly due to a decrease in listed-price differences, Interests on Other Loans,
Interest on Overdraft, Interest on Credit Card Loans, Interest on Loans with Privileged Guarantees and Interest on Loans to the Financial Sector. These decreases were partially offset by increases in CER, Interest on Cash and Due from Banks, Net
Income from Government and Private Securities and increases in Other Income. This variation reflected the decrease in average volume on interest earning assets partially offset by increases in average nominal rates on interest earning assets
(increase in average real rates). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table sets forth the changes in financial income due to increases/decreases in volume and increases/decreases in nominal rates of average
interest-earning assets. Such financial income excludes exchange differences and premiums or forward sales of foreign exchange. </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=78% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31 2005<br>
vs.<br>
December 31 2004<br>
Increase (Decrease)</FONT></B></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31 2004<br>
vs.<br>
December 31 2003<br>
Increase (Decrease)</FONT></B></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%"></TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos)</FONT></B> </TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos)</FONT></B> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Income due to changes in the volume of interest-earning assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">253,128</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(159,235</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Income due to changes in average nominal rates of interest-earning assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">202,735</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">305,015</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Income due to changes in the volume and average nominal rates of interest-earning</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left nowrap>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">47,966</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(49,380</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%"></TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net Change</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">503,829</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">96,400</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%"></TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Expenses</FONT></I>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Expenses increased 32.85% to Ps.608.9 million in the fiscal year ended December 31, 2005 from Ps.458.4 million in the fiscal year ended December 31, 2004,
which in turn was decrease of 56.55% from Ps.1,054.8 million in the fiscal year ended December 31, 2003. The components of our Financial Expenses are reflected in the following table. </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Fiscal Year Ended December 31, </FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><hr align="center" width="100%" size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003<SUP><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></SUP></FONT></B> </TD>
  </TR>
<TR>
 <TD width="76%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD nowrap colspan=5 align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos)</FONT></B>   </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on checking accounts</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,782</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,359</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,454</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on savings deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,675</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,639</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,282</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on time deposit </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">152,660</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">116,569</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">413,390</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest from other liabilities from financial transactions</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,001</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,845</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">173,568</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Indexation by benchmark stabilization coefficient (CER)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">306,815</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">166,712</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">101,091</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Listed-price differences</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">525</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">225,463</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">93,491</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">129,236</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">119,546</FONT> </TD>
  </TR>
<TR>
 <TD width="76%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">608,949</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">458,360</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,054,794</FONT> </TD>
  </TR>
<TR>
 <TD width="76%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Some reclassifications in both financial income and financial expenses have been carried out to make comparisons easier.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Includes interest on &#147;CEDROS&#148;.</FONT></TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Taxes on Financial Income and Contributions to the Bank Deposit Guarantee Insurance System, included in Financial Expense&#151;Other, amounted to Ps.32.2 million as
of December 31,2005, Ps.43.1 million as of December 31, 2004 and Ps.33.9 million as of December 31, 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Contributions to the Bank Deposit Guarantee Insurance System decreased during fiscal year 2005 due to the decrease in the rate of contribution from 0.03% - 0.02%
during fircal year ended December 31, 2004 to 0.015% in the fiscal year ended December 31, 2005. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Contributions to the Bank Deposit Guarantee Insurance System increased during fiscal year 2004 due to increases in volume of savings and demand deposits. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The
    following table sets forth the changes in Financial Expenses due to the increases/decreases
    in volume and decreases/increases of nominal rates of average interest-bearing
    liabilities. Such Financial Expense excludes exchange rate variations and
    premiums on forward purchases of foreign exchange, contributions to Bank
    Deposit Guarantee Insurance System, mandatory contributions and taxes on
interest income. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">96</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>


<P align="left">&nbsp;</P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=78% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2005<br>
vs<br>
December 31, 2004<br>
Increase (Decrease)</FONT></B></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2004<br>
vs<br>
December 31, 2003<br>
Increase (Decrease)</FONT></B></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%"></TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos)</FONT></B> </TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos)</FONT></B> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Expense due to changes in the volume of interest-bearing liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,283</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(75,800</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Expense due to changes in average nominal rates of interest-bearing liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">154,165</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(260,052</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Expense due to changes in the volume and average nominal rates of interest-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left nowrap>&nbsp; </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">bearing liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,867</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">27,513</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%"></TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net Change</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">161,315</FONT> </TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(308,339</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%"></TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our
average interest-bearing liabilities increased 1.27% from Ps.10.2 billion in
fiscal 2004 to Ps.10.3 billion in the fiscal year ended December 31, 2005. This
 increase was mainly attributable to a increase in volume of saving deposits
and time deposits, partially offset by decreases in volume of loans from the
Central Bank, other financial institutions, corporate bonds and Other liabilities.
Average  dollar-denominated time deposits increased 94.27% from Ps.195.1 million
in the fiscal year ended December 31, 2004 to Ps.379.0 million in the fiscal
year ended December 31, 2005. Average peso-denominated time deposits increased
22.16% to Ps.4,852.7  million in the fiscal year ended December 31, 2005, from
Ps.3,972.5 million in the fiscal year ended December 31, 2004. Average dollar-denominated
and peso-denominated saving deposits increased 60.25% and 6.22% from Ps.364.0
million and Ps.2,061.2  million in the fiscal year ended December 31, 2004, to
Ps.583.3 million and Ps.2,189.5 million in the fiscal year ended December 31,
2005, respectively. Average corporate bonds issued decreased 23.53% from Ps.415.2
million in the fiscal year ended  December 31, 2004 to Ps.317.5 million in the
fiscal year ended December 31, 2005. Borrowings from the Central Bank decreased
35.928% from Ps.1,949.6 million in the fiscal year ended December 31, 2004 to
Ps.1,249.3 million in the fiscal year ended  December 31, 2005 mainly due to
the payments made during the fiscal year and the full prepayment in September
2005 of the Advances received from BCRA during the liquidity crisis of fiscal
2002. See </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">&#147;Information on the Company</FONT></I><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></I></B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Selected
Statistical Information&#151;Changes in
Interest Income and Interest Expense; Volume and Rate Analysis&#148;. </FONT></I>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our average interest-bearing liabilities decreased 10.5% from Ps.11.4 billion in fiscal 2003 to Ps.10.2 billion in the fiscal year ended December 31, 2004. This
decrease was mainly attributable to a decrease in volume of time deposits, loans from the Central Bank, other financial institutions, corporate bonds and Other liabilities, partially offset by an increase in volume of saving deposits. Average
dollar-denominated time deposits decreased 57.03% from Ps.454.1 million in the fiscal year ended December 31, 2003 to Ps.195.1 million in the fiscal year ended December 31, 2004. Average peso-denominated time deposits decreased 12.96% to Ps.3,972.5
million in the fiscal year ended December 31, 2004, from Ps.4,563.8 million in the fiscal year ended December 31, 2003. Average dollar-denominated and peso-denominated saving deposits increased 32.92% and 181.09% from Ps.273.8 million and Ps.733.3
million in the fiscal year ended December 31, 2003, to Ps.364.0 million and Ps.2,061.2 million in the fiscal year ended December 31, 2004, respectively. Average corporate bonds issued decreased 14.0% from Ps.482.8 million in the fiscal year ended
December 31, 2003 to Ps.415.2 million in the fiscal year ended December 31, 2004. Borrowings from the Central Bank decreased 10.18% from Ps.2,170.6 million in the fiscal year ended December 31, 2003 to Ps.1,949.6 million in the fiscal year ended
December 31, 2004 mainly due to the payments made during the fiscal year. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gross Intermediation Margin</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our Gross Intermediation Margin (defined as Financial Income less Financial Expenses) of Ps.1,045.2 million in the fiscal year ended December 31, 2005, represented a
50.07% increase over Gross Intermediation Margin of Ps.696.5 million in the fiscal year ended December 31, 2004, which in turn represented a 305.06% increase over Gross Intermediation Margin of Ps.171.9 million in the fiscal year ended December 31,
2003. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">97</FONT></P>



<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>







<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table sets forth the changes in Gross Intermediation Margin: </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=79% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2005<br>
vs.<br>
December 31, 2004<br>
Increase (Decrease)</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, 2004<br>
vs.<br>
December 31, 2003<br>
Increase (Decrease)</FONT></B></TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="79%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=79% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos</FONT></B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=79% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gross Intermediation Margin due to changes in the volume of interest-earning assets and</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=79% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">interest-bearing liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">247,845</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(83,435</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=79% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gross Intermediation Margin due to changes in average nominal rates of interest-earning</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=79% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">assets and interest-bearing liabilities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">48,570</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">565,067</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=79% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gross Intermediation Margin due to changes in the volume and average nominal rates of</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=79% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">interest-earning assets and interest-bearing liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,099</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(76,893</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="79%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=79% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net Change</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">342,514</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">404,739</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="79%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The increase in the Gross Intermediation Margin in the fiscal year ended December 31, 2005 was principally due to an increase in the yield spread (nominal basis)
from 5.03% in the fiscal year ended December 31, 2004 to 5.22% in the fiscal year ended December 31, 2005, and to the increases in volume and average nominal rates of interest-earning assets partially offset by increases in volume and nominal rates
of interest-bearing liabilities. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The increase in the Gross Intermediation Margin in the fiscal year ended December 31, 2004 was principally due to an increase in the yield spread (nominal basis)
from 0.87% in the fiscal year ended December 31, 2003 to 5.03% in the fiscal year ended December 31, 2004, and to the decreases in volume and average nominal rates of interest-bearing liabilities and increase in average nominal rates of
interest-earning assets partially offset by decrease in volume of interest-earning assets. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">See </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Information on the Company&#151;Selected Statistical Information&#151;Average Balance
Sheets, Interest Earned on Interest-Earning Assets and Interest Paid on Interest-Bearing Liabilities&#148;, &#147; Interest-Earning Assets: Net Interest Margin and Spread&#148;.</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">
 </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision for Loan Losses</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loan loss provisions totaled Ps.114.6 million in the fiscal year ended December 31, 2005, a 120.43% increase over Ps.52.0 million in the fiscal year ended December
31, 2004, which in turn represents a 32.91% decrease over the Ps.77.5 million in the fiscal year ended December 31, 2003. The increase in fiscal 2005 was mainly due to direct charge offs derived from the sale of Public Sector Loans done during the
year. The decrease in fiscal 2004 was mainly due to the improvement of the economic situation in some economic sectors, which allowed for a better recovery of the loans portfolio and due to the sale of nonperforming loans in connection to the Banco
Franc&eacute;s (Cayman) Ltd. transaction. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our non-performing loan portfolio amounted to Ps.93.5 million at December 31, 2005, a 11.10% decrease over Ps.105.1 million at December 31, 2004, which in turn
represented a 82.07% decrease over the Ps.586.2 million at December 31, 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The non-performing loan portfolio ratio decreased from 6.66% at December 31, 2003 to 1.11% as of December 31, 2004 and decreased to 1.08% as of December 31, 2005.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our management believes that our allowance for loan losses is adequate to cover any known losses and any losses inherent in its loan portfolio. For a discussion of
our policy with respect to the establishment of our allowance for loan losses see </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Information on the Company&#151;Selected Statistical Information&#151;Allowance for Loan Losses
and Loan Loss Experience&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">98</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Service Charge Income</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Service Charge Income was Ps.721.2 million for fiscal year ended December 31, 2005, Ps.584.9 million for fiscal year ended December 31, 2004 and Ps.457.8 million for
fiscal 2003. The fiscal year 2005 amount represented a 23.29% increase from the amount earned in fiscal 2004. The fiscal 2004 amount represented a 27.77% increase from the amount earned in 2003. The following table provides a breakdown of our
Service Charge Income by category. </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=76% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=5 align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Fiscal Year Ended December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="76%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="6%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1>
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003</FONT></B></TD>
</TR>
<TR>
 <TD width="76%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="5" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos)</FONT></B></TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Service charges on deposit accounts</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">141,885</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">136,537</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">114,046</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit card operations</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">75,913</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">74,540</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">55,309</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other fees related to foreign trade</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">33,051</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,215</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,734</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit-related fees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,391</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,668</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,231</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fund management fees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">317,633</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">257,520</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">193,225</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital markets and securities activities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,496</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,798</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,604</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Rental of safety deposit boxes</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,419</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,210</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,314</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fees related to guarantees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,791</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,547</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,813</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance agency</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,409</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,101</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,493</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">95,179</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">45,777</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">38,009</FONT>
 </TD>
</TR>
<TR>
 <TD width="76%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">721,167</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">584,913</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">457,778</FONT> </TD>
</TR>
<TR>
 <TD width="76%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Service charges on deposit accounts are comprised principally of maintenance fees on checking and savings accounts and transaction fees on current accounts. These
fees increased 19.32% from Ps.114.0 million in the fiscal year ended December 31, 2003 to Ps.136.1 million in the fiscal year ended December 31, 2004 which in turn increased 4.26% to Ps.141.9 million in the fiscal year ended December 31, 2005. The
increase in fiscal 2005 was mainly due to increases in the volume and number of transactions of such accounts. The increase in fiscal 2004 was mainly due to an increase in activity. At December 31, 2005, we had 1,285,428 of such accounts compared to
1,211,006 such accounts at December 31, 2004 and compared to the 1,271,479 such accounts at December 31, 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income from credit card operations, which consists of customer fees, retailer transaction fees, merchant processing fees and penalty charges, increased 34.77% from
Ps.55.3 million in the fiscal year ended December 31, 2003 to Ps.74.5 million in the fiscal year ended December 31, 2004, and in turn increased 1.84% to Ps.75.9 million in fiscal 2005. The increase in the fiscal year 2005 was mainly due to increases
in activity, in the use of credit cards and in the volume of credit cards issued. The increase in the fiscal year 2004 was mainly due to the recovery of the Argentine economic situation during the fiscal year. At December 31, 2005, the total number
of credit cards we issued amounted to 672,558 compared to 558,864 at December 31, 2004 and to 507,687, at December 31, 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fees related to foreign trade increased 2.03% from Ps.23.7 million in the fiscal year ended December 31, 2003, to Ps.24.2 million in the fiscal year ended December
31, 2004, and in turn increased 36.49% to Ps.33.1 million in the fiscal year ended December 31, 2005. The increase in fiscal 2005 was mainly due to increases in volume of foreign trade and to the increase in the exchange rate. The increase in the
fiscal year 2004 was mainly because of increases in volume of foreign trade (imports) which we attribute to the stability of the rate of exchange during the fiscal year. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit related fees increased 81.23% from Ps.4.2 million in the fiscal year ended December 31, 2003 to Ps.7.7 million in the fiscal year ended December 31,
2004, which in turn increased 87.68% to Ps.14.4 million in the fiscal year ended December 31, 2005. These increases were mainly due to the increase in granting of new loans due to the improvement in the economic situation of Argentina. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fees related to fund management increased 33.27% from Ps.193.2 million in the fiscal year ended December 31, 2003 to Ps.257.5 in the fiscal year ended December 31,
2004, as a result of an increase in fund management and pension fund management activities. Similarly these fees increased 23.34% to Ps.317.6 million in the fiscal year ended December 31, 2005, as a result of an increase in fund management and
pension fund management activities. Funds under management grew 19.0% to Ps.12.5 billion in the fiscal year 2005 from Ps 10.5 billion in the fiscal year 2004, which in turn increased 17.5% from Ps.9.5 billion in fiscal 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We placed special emphasis on creating funds under the concept of managing an investment portfolio diversified among the various kinds of financial assets, both
local and foreign (shares, bonds and certificates of deposit). These fees increased during fiscal years 2004 and 2005 mainly due to the recovery of the economic environment in Argentina. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income from capital markets and securities activities principally represents fees from underwriting and placement of corporate bonds, commercial paper and equity
securities. It also reflects fees for our corporate advisory business, but excludes gains from trading Government Securities. Trading gains are included in &#147;Financial Income&#148; under &#147;Income from Government and Private Securities&#148;.
Finally, income from capital markets and securities activities also includes brokerage commissions earned by Franc&eacute;s Valores, Banco Franc&eacute;s&#146; securities brokerage subsidiary, but does not include similar income earned by Banco
Franc&eacute;s itself, which is recorded as &#147;Financial Income&#148; under &#147;Income from Government and Private Securities&#148;. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income from capital markets and securities activities decreased 17.03% from Ps.10.6 million in the fiscal year ended December 31, 2003, to Ps.8.8 million in the
fiscal year ended December 31, 2004, mainly due to a decrease in activity related to private debt restructuring, and increased 7.93% to Ps.9.5 million in the fiscal year ended December 31, 2005 mainly due to increase in activity in placement of
bonds of private sector enterprises. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Rental of safety deposit boxes increased 45.87% from Ps.6.3 million in the fiscal year ended December 31, 2003 to Ps.9.2 million in the fiscal year ended December
31, 2004, and further increased 23.98% to 11.4 million in the fiscal year ended December 31, 2005. These increases were mainly due to the increase in activity due to the improvement of the economic situation in Argentina. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fees related to Insurance Agency increased 72.51% from Ps.10.5 million in the fiscal year ended December 31, 2003 to Ps.18.1 million in the fiscal year ended
December 31, 2004 and increased 12.75% to Ps.20.4 million in the fiscal year ended December 31, 2005. These increases were mainly due to the increase in consumer economic activity. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fees related to guarantees increased 40.49% from Ps.1.8 million in the fiscal year ended December 31, 2003 to Ps.2.5 million in the fiscal year ended December 31,
2004 and in turn decreased 29.68% to Ps.1.8 million in the fiscal year ended December 31, 2005. The increase in fiscal 2004 was mainly due to increase in activity. The decrease in fiscal 2005 was mainly due to a decrease in activity. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other service charge income increased 21.63% from Ps.38.0 million in the fiscal year ended December 31, 2003 to Ps.46.2 million in fiscal 2004. This service charge
income increased 105.88% to Ps.95.2 million in the fiscal year ended December 31, 2005. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Service Charge Expenses</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Service Charge Expenses, which consist of fees that we paid principally to other financial institutions, and taxes on service charge income increased 10.56% from
Ps.49.6 million in the fiscal year ended December 31, 2003 to Ps.54.8 million in the fiscal year ended December 31, 2004, mainly as a result of the increase in commissions paid and due to the increase in Service Charge Income. These expenses
increased 41.83% to Ps.77.8 million in the fiscal year ended December 31, 2005 mainly as a result of the increase in Service Charge Income. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Operating Expenses</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our operating expenses increased 14.12% to Ps.775.8 million in the fiscal year ended December 31, 2005 from Ps.679.8 million in the fiscal year ended December 31,
2004, which in turn decreased 4.44% from Ps.711.4 million in the fiscal year ended December 31, 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Operating expenses increased in the fiscal year 2005 mainly because of: (i) a 20.66% increase in personnel expenses, (ii) a 22.19% increase in taxes, (iii) a 34.10%
increase in credit card advertising and issuance expenses, (iv) a 45.72% increase in advertising and promotion, (v) a 10.57% increase in maintenance and repairs, (vi) a 19.40% increase in staff welfare, (vii) a 13.82% increase in rentals, (viii) a
18.03% increase in business travel and development, (ix) a 5.68% increase in utilities, (x) a 6.12% increase in fees and external administrative services and (xi) a 15.41% increase in other operating expenses. Such increases were partially offset by:
(i) a 15.78% decrease in depreciation of Bank premises and equipment, (ii) a 38.29% decrease in courier transportation and (iii) a 26.30% decrease in amortization of organization and development expenses. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Operating expenses decreased in the fiscal year 2004 mainly because of: (i) a 63.59% decrease in amortization of organization and development expenses, (ii) a 10.80%
decrease in utilities (iii) a 33.13% decrease in depreciation of bank premises and equipment, (iv) a 9.8% decrease in fees and external administrative services and (v) a 0.92% decrease in courrier transportation. Such decreases were partially offset
by: (i) a 10.17% increase in personnel expenses, (ii) a 209.34% increase credit card advertising and issuance expense, (iii) a 45.51% increase in advertising and promotion, (iv) a 20.19% increase in taxes and (v) a 4.08% increase in other expenses.
</FONT></P>
<P align="center">
<font size="2" face="serif">100</font></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The components of our Operating Expenses are reflected in the following table: </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=76% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=5 align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Fiscal Year Ended December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="76%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="6%" align="center"><HR noshade size=1></TD>
 <TD width="2%"><HR noshade size=1></TD>
 <TD width="6%"><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT><sup><font basesize=1 size=1 baseface="serif" face="serif"> (1)</font></sup></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003 </FONT><sup><font basesize=1 size=1 baseface="serif" face="serif">(1)</font></sup></B></TD>
  </TR>
<TR>
 <TD width="76%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=5 align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos)</FONT></B></TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Personnel expenses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">372,128</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">308,400</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">279,935</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fees and external administrative services</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,852</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,226</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,337</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Taxes</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">37,818</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,949</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25,749</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Utilities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,989</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19,860</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,265</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation of Bank property and equipment</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,248</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34,727</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">51,935</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit card advertising and issuance expense</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,302</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,157</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,930</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Courier transportation</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,213</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,688</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,797</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Advertising and promotion (excluding credit card advertising)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34,146</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,433</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,104</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Maintenance and repairs</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26,157</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,656</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,669</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Business travel and development</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,961</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,981</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,945</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Staff welfare</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25,565</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,411</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,613</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amortization of organization and development expenses</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,082</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">38,104</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">104,660</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Rentals</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">38,968</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34,237</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">33,388</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">115,406</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,000</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">96,080</FONT>
 </TD>
  </TR>
<TR>
 <TD width="76%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%"><HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">775,835</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">679,829</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">711,407</FONT> </TD>
  </TR>
<TR>
 <TD width="76%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
  </TR>
</TABLE>
<BR>
<table width="95%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td colspan="2" nowrap><hr align=left width=15% size=1 noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%" nowrap> <font basesize=1 size=1 baseface="serif" face="serif">(1)</font></td>
    <td width=95%> <font basesize=1 size=1 baseface="serif" face="serif">Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</font></td>
  </tr>
</table>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The largest component of Operating Expenses in each of these years was personnel expenses, which increased 20.66% during fiscal year 2005 and 10.17% during fiscal
year 2004 principally as a result of increases in salaries (which include payroll, termination payments and bonuses). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The number of our full-time employees decreased from 3,753 in the fiscal year ended December 31, 2003 to 3,541 in the fiscal year ended December 31, 2004 and
increased to 3,618 in the fiscal year ended December 31, 2005 (not including 1,907; 1,884 and 1,908 employees from non-banking subsidiaries, at December 31, 2005, 2004 and 2003, respectively). The decrease in total personnel from fiscal year 2003 to
fiscal year 2004 was principally due to the reduction in the number of bank personnel because of cost-cutting efforts. The increase in fiscal 2005 was mainly due to the recovery of our business activity. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During fiscal 2005 we opened 3 branch offices while during fiscal year 2004, we closed 8 branch offices (including four branch offices of Credilogros) and during
fiscal year 2003, we closed 10 branch offices. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fees and external administrative services increased 6.12% to Ps.10.9 million in the fiscal year ended December 31, 2005 from Ps.10.2 million in the fiscal year ended
December 31, 2004, which in turn decreased 9.8% from Ps.11.3 million in the fiscal year ended December 31, 2003. The decrease in the fiscal year ended December 31, 2004 was mainly due to a decrease in hiring external administrative resources. The
increase in fiscal 2005 was mainly due to increases in the costs of services and in hiring external resources. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Taxes other than income tax increased 22.19% to Ps.37.8 million in the fiscal year ended December 31, 2005 from Ps.30.9 million in the fiscal year ended December 31,
2004, which in turn increased 20.19% from Ps.25.7 million in the fiscal year ended December 31, 2003. The increases in fiscals 2005 and 2004 were mainly due to increase in activity.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation of property and equipment decreased 15.78% to Ps.29.2 million in the fiscal year ended December 31, 2005, from Ps.34.7 million in the fiscal year ended
December 31, 2004, which in turn decreased 33.13% from Ps.51.9 million in the fiscal year ended December 31, 2003. The decreases in fiscal 2005 and 2004 were mainly due to reductions in additions to the Bank&acute;s properties and equipment.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit card advertising and issuance expense increased 34.09% to Ps.16.3 million in the fiscal year ended December 31, 2005 from Ps.12.2 million in the fiscal year
ended December 31, 2004, which in turn increased 209.34% from Ps.3.9 million in the fiscal year ended December 31, 2003. The increases in fiscals 2005 and 2004 were mainly a result of an increases in the use of credit cards due to the improving
economic situation of Argentina, and the relaunching of all credit products by the Financial System. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">101</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Advertising and promotion fees increased 45.71% to Ps.34.1 million in the fiscal year ended December 31, 2005, from Ps.23.4 million in the fiscal year ended December
31, 2004, which in turn increased 45.51% from Ps.16.1 million in the fiscal year ended December 31, 2003. The increases in fiscal 2005 and 2004 were mainly due to an increase of advertising expenses related to products relaunched during those fiscal
years. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Utility costs increased 5.68% to Ps.21.0 million in the fiscal year ended December 31, 2005, from Ps.19.9 million in the fiscal year ended December 31, 2004, which
in turn decreased 10.79% from Ps.22.3 million in fiscal 2003. The increase in the fiscal year 2005 was mainly due to a higher activity level. The decrease in the fiscal year ended December 31, 2004 was mainly due to the different plans adopted in
order to reduce administrative expenses, the negotiation of contracts with suppliers at corporate level, the closing of branches and improvements in efficiency derived from new processing systems. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amortization of organization and development expenses decreased 26.30% to Ps.28.1 million in the fiscal year ended December 31, 2005, from Ps.38.1 million in the
fiscal year ended December 31, 2004, which in turn decreased 63.59% from Ps.104.7 million in the fiscal year ended December 31, 2003. The decreases in fiscals 2005 and 2004 were mainly due to reductions in additions during those fiscal
years.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Rental expenses increased 13.82% to Ps.39.0 million in the fiscal year ended December 31, 2005, from Ps.34.2 million in the fiscal year ended December 31, 2004,
which in turn increased 2.54% from Ps.33.4 million in the fiscal year ended December 31, 2003. The increases in the fiscal years 2005 and 2004 were mainly due to higher rental costs. At December 31, 2005 our branch network consisted of 230
branches, of which 114 were located in properties we own and 116 were located in properties we lease. At December 31, 2004 our branch network consisted of 227 branches, of which 114 were located in properties we own and 113 were located in
properties we lease.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other operating expenses increased 15.40% to Ps.115.4 million in the fiscal year ended December 31, 2005 from Ps.100.0 million in the fiscal year ended December 31,
2004, which in turn increased 4.07% from Ps.96.1 million in the fiscal year ended December 31, 2003. The increases in fiscal 2005 and 2004 were mainly due to increases in costs and to the increase in activity. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other Income</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other Income decreased 33.66% to Ps.483.9 million in the fiscal year ended December 31, 2005 from Ps.729.3 million in the fiscal year ended December 31, 2004, which
in turn decreased 38.93% from Ps.1,194.3 million in the fiscal year ended December 31, 2003. The decrease in fiscal 2005 was mainly due to a 72.10% decrease in recoveries of charged off loans and reversal of allowances, an 85.67% decrease in income
from long-term investments and a 37.24% decrease in income from disposal of assets, partially offset by increases in rentals, punitive interest and interest on other assets. The decrease in fiscal 2004 was mainly due to a 65.59% decrease in
recoveries of charged-off loans and reversal of allowances, and decreases in punitive interest and interest on other assets, partially offset by increases in income from long-term investments, rentals and income from disposal of fixed assets.
</FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other Expenses</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other Expenses decreased 4.98% to Ps.1,128.9 million in the fiscal year ended December 31, 2005 from Ps.1,188.1 million in the fiscal year ended December 31, 2004,
which in turn increased 3.28% from Ps.1,150.4 million in the fiscal year ended December 31, 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The decrease in the fiscal year ended December 31, 2005 was mainly due to a 26.51% decrease in Other Expenses (from Ps.608.6 million in the fiscal year ended
December 31, 2004 to Ps.447.2 million in the fiscal year ended December 31, 2005), partially offset by a 8.13% increase in depreciation on differences paid on constitutional protection actions (from Ps.203.4 million in the fiscal year ended December
31, 2004 to Ps.220.0 million in the fiscal year ended December 31, 2005) and a 20.31% increase in provision for other receivables and other allowances (from Ps.351.5 million in the fiscal year ended December 31, 2004 to Ps.422.9 million in the
fiscal year ended December 31, 2005). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The increase in the fiscal year 2004 was mainly due to: (i) a 53.65% increase in depreciation on differences paid on constitutional protection actions (from Ps.132.4
million in the fiscal year ended December 31, 2003 to Ps.203.4 million in the fiscal year ended December 31, 2004) and (ii) a 61.99% increase in Other Expenses&#151;other (from Ps.375.7 million in the fiscal year ended December 31, 2003 to Ps.608.6
million in the fiscal year ended December 31, 2004). These increases were partially offset by: (i) a 42.58% decrease in provision for other receivables and other allowances (from Ps.612.2 million in the fiscal year ended December 31, 2003 to
Ps.351.5 million in the fiscal year ended December 31, 2004) and (ii) a 31.82% decrease in amortization in goodwill (from Ps.9.9 million in the fiscal year ended December 31, 2003 to Ps.6.8 million in the fiscal year ended December 31, 2004).
</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">102</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income Tax</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income Tax expense was Ps.18.7 million in the fiscal year ended December 31, 2005, a 75.73% decrease from Ps.77.1 million of the fiscal year ended December 31, 2004,
which in turn represents a 59.26% decrease over the Ps.189.2 million posted in the fiscal year ended December 31, 2003. The decreases in the fiscal years 2005 and 2004 were mainly due to the temporary differences originated in each fiscal year
according to the deferred tax method of accounting. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table illustrates, for each of the last three fiscal years, our income before income tax, the income tax expense that would have been payable at the
statutory rate, various adjustments, and our actual income tax expense. </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=73% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="8" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Fiscal Year Ended<br>
December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="73%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="center"><HR noshade size=1>
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="center"><HR noshade size=1>
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="2" align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B> </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD colspan="2" align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004 <sup><font basesize=1 size=1 baseface="serif" face="serif">(2)</font></sup></FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD colspan="2" align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003 <sup><font basesize=1 size=1 baseface="serif" face="serif">(2)</font></sup></FONT></B>
<SUP></SUP> </TD>
  </TR>
<TR>
 <TD width="73%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=8 align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos, except percentages)</FONT></B>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net Income before income tax and minority interest</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">153,067</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">35,954</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(165,940</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Statutory tax rate</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">35</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">35</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">35</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income tax (at statutory rate)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">53,573</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,584</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(58,079</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred tax</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(84,700</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,176</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Inflation adjustment not deductible</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,636</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tax-exempt income</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(54,363</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(71,766</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12,360</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unrealized valuation difference</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loss on capital contribution in kind to subsidiaries</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(227,455</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Allowances on deferred tax assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">84,700</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(23,624</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">64,924</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12,815</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(73,881</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">323,063</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="73%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income tax (gain) / loss</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(13,605</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(156,687</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">175,905</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Allowances)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(83,552</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(49,133</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
</TR>
<TR>
 <TD width="73%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income tax (gain) / loss, net</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(13,605</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(73,135</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">225,038</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Actual income tax</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,605</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,638</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,178</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred income tax </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">67,497</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">216,860</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align=left width=15% size=1 noshade>    </TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Included in Other Income and Income Tax.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note
3.5.18.).</FONT></TD>
</TR></TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our effective income tax rates differ significantly from the statutory income tax rate applicable to us. The difference between the statutory rate and the effective
rate is principally due to the following factors. First, the income from local subsidiaries is tax exempt, and depreciation of goodwill is not tax deductible. Second, effective tax rate is affected by the different treatment of loan loss provisions
for financial and tax reporting purposes. Additionally, the allowance made on public loans is not tax deductible. Finally, Government Securities are generally marked-to-market for tax reporting purposes, with unrealized gains and losses included in
taxable income, even if such securities are carried on a cost-plus-yield basis for financial reporting purposes. See Note 17.1. to the Consolidated Financial Statements. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minority interest in subsidiaries</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loss on minority interest was Ps.17.1 million in the fiscal year ended December 31, 2005; Ps.12.9 million in the fiscal year ended December 31, 2004 and Ps.4.8
million (income) in the fiscal year ended December 31, 2003. These changes were mainly due to the changes in net income of Consolidar Group (through which we hold a 53.89% interest in Consolidar AFJP S.A., a 65.96% in Consolidar
Compa&ntilde;&iacute;a de Seguros de Vida S.A. and a 66.67% interest in Consolidar Seguros de Retiro S.A.) and the changes in net income of Credilogros Compa&ntilde;&iacute;a Financiera S.A. (in which we have a 69.52% interest) and PSA
Compa&ntilde;&iacute;a Financiera S.A. (in which we hold a 50% interest). </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Monetary loss</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Monetary loss reflects the effect derived from inflation (since January 1, 2002 up to February 2003) for maintaining monetary assets and liabilities. See Note 3.2.
to the Consolidated Financial Statements. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">103</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial Condition</FONT></B></P>
<P align="left"><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total Assets</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2005 we had total assets of Ps.15,983.7 million, which represented a 0.36% decrease from the Ps.16,041.7 million as of December 31, 2004. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The decrease was mainly due to the following: an 8.49% decrease in Loans net of allowances (from Ps.9,268.7 million at December 31, 2004 to Ps.8,481.5 million at
December 31, 2005) mainly due to the sale of Public Sector loans during the present fiscal year; a 14.74% decrease in Other Receivables from Financial Transactions (from Ps.975.2 million at December 31, 2004 to Ps.831.5 million at December 31,
2005), mainly due to the decrease of spot and forward sales of government securities; a 22.98% decrease in Intangible Assets (from Ps.850.8 million at December 31, 2004 to Ps.655.3 million at December 31, 2005), mainly due to the amortization of
differences on constitutional protection actions paid; a 33.81% decrease in Other Assets (from Ps.95.5 million at December 31, 2004 to Ps.63.2 million at December 31, 2005), a 3.31% decrease in Cash and due from Banks (from Ps.1,666.6 million in the
fiscal year ended December 31, 2004 to Ps.1,611.5 million in the fiscal year ended December 31, 2005), a 1.47% decrease in Bank Premises and Equipment (from Ps.381.4 million at December 31, 2004 to Ps.375.8 million at December 31, 2005) and a 21.85%
decrease in Suspense items (from Ps.1,2 million al December 321, 2004 to Ps.0.9 million al December 31, 2005). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">These decreases were partially offset by: a 41.48% increase in Government and private securities (from Ps.2,476.9 million at December 31, 2004 to Ps.3,504.3 million
at December 31, 2005), mainly due to the increase in Instruments issued by the Argentine Central Bank, a 122.22% increase in Assets Subject to Financial Lease (from Ps.58.6 million at December 31, 2004 to Ps.130.2 million at December 31, 2005), a
6.06% increase in Investments in Other Companies (from Ps.47.4 million at December 31, 2004 to Ps.50.3 million at December 31, 2005), a 27.9% increase in Other Receivables (from Ps.186.8 million at December 31, 2004 to Ps.239.0 million at December
31, 2005) and a 24.47% increase in Other Subsidiaries Assets (from Ps.32.3 million at December 31, 2004 to Ps.40.3 million at December 31, 2005). </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total Liabilities and Stockholders&#146; Equity</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2005, we had total liabilities and minority interests in subsidiaries of Ps.14,182.2 million, representing a 1.22% decrease from the Ps.14,357.3
million at December 31, 2004. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The decrease was mainly due to the following: a 61.98% decrease in Other Liabilities from Financial Transactions (from Ps.3,274.4 million at December 31, 2004 to
Ps.1,244.8 million at December 31, 2005) mainly due to the anticipated payment of the advances owed to the Argentine Central Bank, a 100% decrease in Subordinated Corporate Bonds (from Ps.60.3 million at December 31, 2004 to Ps.0 million at December
31, 2005), a 93.2% decrease in Suspense Items (from Ps.33.8 million at December 31, 2004 to Ps.2.3 million at December 31, 2005), and a 0.94% decrease in Allowances (from Ps.265.7 million at December 31, 2004 to Ps.263.2 million at December 31,
2005). These decreases were partially offset by: an 18% increase in Deposits (from Ps.8,993.8 million at December 31, 2004 to Ps.10,613.1 million at December 31, 2005), mainly due to the increase in certificates of deposits and savings accounts, a
14.47% increase in Other Subsidiary Liabilities (from Ps.1,413.4 million at December 31, 2004 to Ps.1,617.9 million at December 31, 2005), a 74.93% increase in Other liabilities (from Ps.144.0 million at December 31, 2004 to Ps.252.0 million at
December 31, 2005) and an 8.31% increase in Minority Interest in Subsidiaries (from Ps.171.9 million at December 31, 2004 to Ps.189.0 million at December 31, 2005), mainly due to the income in subsidiaries. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stockholders&#146; Equity increased from Ps.1,684.3 million at December 31, 2004 to Ps.1,801.5 million at December 31, 2005. The 6.96% increase reflected the Net
income of the year (Ps.117.2 million). </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Liquidity and Capital Resources</FONT></B></P>
<P align="left"><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Asset and Liability Management</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The purpose of asset and liability management is to structure our consolidated balance sheet in light of interest rate, liquidity and foreign exchange risks, as well
as market risk, public sector risk and capital structure. We have an Asset and Liability Committee, which meets weekly, and is composed of the Chief Executive Officer, the Assistant Executive Director, Accounting and Risk Management, the Wholesale
Banking Director, the Retail Banking Director, the Chief Financial Officer and the Treasury Manager. The Asset and Liability Committee establishes specific limits with respect to risk exposure, sets policy with respect to pricing and approves
commercial policies which may have a financial impact on our balance sheet. It is also responsible for the follow-up of monetary aggregates and financial variables, our liquidity position, regulations from the Central Bank and the competitive
environment in assets, liabilities and interest rates. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">104</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Liquidity</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our asset and liability management policy attempts to ensure that sufficient liquidity is available to meet our funding requirements. As a measure of our liquidity,
we had a ratio of liquid assets to total deposits of 44.11%, 33.07% and 30.26% at December 31, 2005, 2004 and 2003, respectively. Liquid assets include cash, debt from banks and government and corporate securities (excluding holdings in investment
accounts and unlisted government securities). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our primary source of funds is our deposit base, which primarily consists of peso and dollar denominated deposits in current accounts, savings accounts and time
deposits from individuals and corporations, which deposits at December 31, 2005 totaled Ps.10,613.1 million. Approximately 12% of our deposits at such date were dollar denominated.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under a medium-term note program, that expired in December 2005, we issued the first series of subordinated corporate bonds, on March 31, 1998, in the amount of
US&#36;150 million, at an annual floating interest rate of LIBOR plus 3.3 points, maturing on March 31, 2005. As of December 31, 2002 we capitalized US&#36;130 million of the above mentioned subordinated debt. As of December 31, 2004 the outstanding
capital of this debt amounted to US&#36;20 million, which was paid on March 31, 2005 upon maturity. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On April 27, 2000, the general ordinary and extraordinary shareholders meeting approved the increase of the aggregate outstanding maximum amount of the corporate
bonds to be issued under the Medium-Term Note Program to US&#36;1,000 million. The shareholders meeting also approved the creation of a short-term program to be issued in various series and classes for a total outstanding amount of up to US&#36;300
million (or its equivalent in other currency) for five years. Under this program we can issue corporate bonds (not convertible into shares) maturing in one year or less with or without third party guarantees according to the dispositions of the
Board of Directors. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On
October 31, 2000, we issued corporate bonds in the amount of US&#36;150 million
face value, at a price equal to 100% of the face value, with an annual interest
 rate of LIBOR plus 145 basis points, payable on a semi-annual basis maturing
on October 31, 2002, to be amortized upon maturity. On October 2002 we agreed
to refinance these corporate bonds through the issue of a new series of bonds.
Such  refinancing included the interest payment and a 5% payment of the capital
as of October 31, 2002, the payment of a 5.26% of the capital of the new bond
at 180 days of the issuance and the balance in one year. In November 2003 we
agreed upon the  refinancing of these bonds through the issue of a new series
of bonds. Such refinancing included the interest payment and a 10% payment of
the capital as of November 26, 2003, and the remaining in semi-annual installments
with final maturity on  October 31, 2008. As of December 31, 2005 the principal
outstanding of this debt amounts to US&#36;94.5 million. Section 36 of Law No.
23,576, states that in order for the issuance of notes to be subject to fiscal
benefits, said notes must be sold  by public offering procedures, and their proceeds
must be invested: (i) in physical assets situated in Argentina; (ii) in working
capital in Argentina; (iii) for the refinancing of debt; or (iv) for the payment
of irrevocable contributions in  affiliate companies of the issuer, if their
proceeds are exclusively invested as described in (i) and (ii). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The shareholders meeting held on July 15, 2003, approved the creation of a new medium-term note program, for five years, for the issuance and re-issuance of simple
notes (Obligaciones Negociables), non-convertible into shares with common guarantee or such guarantees determined by the Board of Directors and subordinated notes without guarantee, convertible or non-convertible into shares, for a total outstanding
amount of up to US&#36;300 million according to the provisions of the Central Bank&#146;s Communications &#147;A&#148; 2970 and &#147;A&#148; 3558 as amended under Law No. 23,576 as amended by Law No. 23,962. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On December 22, 2003 we paid a Ps.60 million seven-year loan plus CER (originally US&#36;60 million) granted by the Fiduciary Fund for Assistance to Financial and
Insurance Institutions to Banco de Cr&eacute;dito Argentino, on December 20, 1996, for the financing of the acquisition of certain assets and liabilities. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On January 10, 2003, the Federal Executive published Decree No. 53/03 which amended Decree No. 410/02. Decree No. 410/02 had the effect of not converting certain
foreign currency obligations of public and private sector companies into pesos. The Decree governed obligations to the National Government as a result of i) subsidiary or other loans and guarantees originally financed by multilateral credit entities
or ii) arising from liabilities owed by the National Treasury and refinanced with external creditors. The decision taken by the Managing Committee of the Trust Fund for Reconstruction of Companies at the meeting held on May 28, 2003 stated that 50%
of the aforementioned financing was to be converted into pesos while the difference would be remain in its original currency. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On December 29, 2004, we paid the last installment of subordinated corporate bonds issued by Corpbanca, which we thereby acquired. This debt was originally stated in
U.S. dollars for an amount of US&#36;30 million and was converted into pesos at the exchange rate Ps.1 per U.S. dollar, and indexed by applying CER in accordance with the regulations established by the Government in February, 2002. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">105</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The
Bank has filed a subsidiary appeal for reversal before a higher administrative
authority applying for a change in the aforementioned criterion and has reiterated
 its position at the time of each interest and principal payment. Upon the appeal&acute;s
 dismissal, the claims were filed with the hierarchical superior officer on March
 16, 2004. On May 17, 2004 the grounds for the appeal before the higher  administrative
 authority were expanded. On February 7, 2005, the Bank was notified of Resolution
 No. 25 dated January 17, 2005, executed by the Argentine Minister of Economy
 and Production, which dismissed the Hierarchical Remedy sought. On May 16,
 2005, an administrative action under section 100 (Decree No. 1759/72, 1991 revision)
 was filed against Resolution No. 25 issued by the Ministry of Economy and Production,
 which dismissed the Hierarchical Appeal filed by the Bank. At present, the
 case is pending determination by the Federal Executive. This notwithstanding,
 in May 2005 a liability of US&#36;23,176 thousand was recorded under Other Liabilities
 from Financial Transactions, this being the dollar amount owed estimated by
 the Bank  in the filing mentioned above. This effect should be compensated under
 the terms of the compensation mechanism for financial institutions mentioned
 in Note 15.1. to the Consolidated Financial Statements which was also recorded
 for 114,922 thousand pesos in the  line Other receivables not covered by debtor
 classification regulations under Other receivables from financial transactions
 and 72,429 thousand pesos for the corresponding liability to be paid to B.C.R.A.
 At any event, the final determination of this issue would not imply additional
 losses for the Bank. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Dividends and other payments from our Argentine non-banking subsidiaries also provide an additional potential source of liquidity, even though relatively
insignificant in amount. Each Argentine non-banking subsidiary is required to allocate 5% of its annual net income to a legal reserve until such reserve equals 20% of the subsidiary&#146;s capital stock. This reserve cannot be used to pay us
dividends. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The measures taken by the Government at the beginning of 2002, including the repeal of the Convertibility Law, the &#147;pesification&#148; of all assets and
liabilities in the formal economy and the default by the Government on its debt, led to a massive withdrawal of deposits and a breakdown in the chain of payments. We had to face a persistent drain of deposits, lawsuits brought by depositors to get
back their deposits in cash and in their original currency, and the maturing of our foreign currency liabilities. As of December 31, 2005, we have repaid a total of approximately US&#36;105.1 million and Ps.2,114.3 million in connection with
lawsuits brought by depositors. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital Resources</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At the regular and special stockholders meeting held on August 7, 2002, the stockholders approved the Bank&#146;s capital increase in the amount of up to 1,250,000
nominal value for the subscription of common, book-entry shares, entitled to one vote per share. Those shares might be paid up in cash and/or with subordinated corporate bonds in foreign currency issued by the Bank, maturing on March 31, 2005,
and/or with loans granted by BBVA to the Bank. The Bank management, at its meeting of December 5, 2002, decided to: approve the assets to be contributed, as follows: (i) cash, (ii) subordinated corporate bonds issued by the Bank, maturing March 31,
2005, and (iii) the loan granted by BBVA on April 19, 2002, in the amount of US&#36;79.3 million; establish the value of subordinated corporate bonds to capitalize in US&#36;58.10 per US&#36;100 nominal value, based on valuation reports made by
independent third parties; and establish the amount of shares to be listed as 209,631,892. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On December 31, 2002, in accordance with the issuance conditions of the new shares, 158,361,439 new shares in the exercise of preemptive rights and 135,101 new
shares in the exercise of the option to buy additional shares that were not purchased by other shareholders in exercise of their preemptive rights, were subscribed and integrated. The Bank&#146;s capital stock amounts to Ps.368,128,432 as of
December 31, 2002 and 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At the regular and special meetings held on April 22, 2004, the stockholders approved the Bank's capital increase in the amount of up to 385,000 nominal value for
the subscription of common, book-entry shares, entitled to one vote per share. The stockholders delegated to the Board of Directors the power to establish the remaining conditions. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On June 11, 2004, the Bank filed an application for public offering of shares to be sold through subscription (Chapter VI Rules of the National Securities
Commission, General Resolution No. 368/01) with the Buenos Aires Stock Exchange and the National Securities Commission. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The public offering of 103,232,874 ordinary shares of Ps.1.00 par value each, entitled to one vote per share and with equal rights than the remaining shares of the
Bank, according to what was established by the Board of Directors Meeting held on June 10, 2004, and the Meeting of Sub-Delegates appointed by the Board of Directors Meeting of October 5, 2004, was authorized by Resolution No. 14,917 of the National
Securities Commission on October 4, 2004. The stock-market listing of the referred shares was authorized by the Buenos Aires Stock Exchange on October 7, 2004. It was stated that the preferential subscription period began on October 18, 2004 and
ended on November 17, 2004. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">106</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On November 2, 2004, BBVA subscribed to 65,326,744 new shares. The integration of the amount of Ps.230,603,406.32 corresponding to the new shares is carried out by
the capitalization of BBVA by means of a loan amounting to US&#36;77,701,464.68 plus interest up to November 2, 2004 inclusive, of US&#36;21,288.07. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On November 19, 2004 the subscription procedure came to an end. An aggregate of 103,232,874 new shares was issued for a paid-in amount of Ps.364,412,045.22, which
resulted in an additional paid-in capital of Ps.261,179,171.12. </FONT></P>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest Rate Sensitivity</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A key component of our asset and liability policy is the management of interest rate sensitivity. Interest rate sensitivity is the exposure and the measure of
sensitivity to interest rate variations. The interest rate sensitivity measures the impact on the gross intermediation margin in response to a change in market interest rates. For any given period, the pricing structure is matched when an equal
amount of assets and liabilities reprice. Any mismatch of interest-earning assets and interest-bearing liabilities is known as a gap position and is shown in the following tables. A negative gap denotes liability sensitivity and normally means that
a decline in interest rates would have a positive effect on net interest income while an increase in interest rates would have a negative effect on interest income.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Our interest rate sensitivity strategy takes into account not only the rates of return and their underlying degree of risk, but also liquidity requirements,
including minimum regulatory cash reserves, mandatory liquidity ratios, withdrawal and maturity of deposits and additional demands for funds. Our gap limits are established and subsequently monitored by the Asset and Liability Management Committee.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table shows the interest rate sensitivity of our interest-earning assets and interest-bearing liabilities. Variations in interest rate sensitivity may
also arise within the repricing periods presented. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">It is important to highlight that given the devaluation of the peso and the following conversion into pesos of assets and liabilities in foreign currency, the
Government measures introduced an important interest rate gap in our Net Financial Income. While a significant part of the Bank&#146;s risk assets, mainly Public sector loans and bonds, accrue CER adjustment plus an annual interest rate, most
liabilities accrue interest at a fixed rate, except for certain discount loans granted to Banco Franc&eacute;s by the Central Bank, the remaining portfolio of rescheduled deposits, known as CEDROS, and the new CER adjusted deposits. Rescheduled
deposits &#151; Ps.459 million as of December 31, 2004 &#151; were converted into pesos at a Ps.1.4 per dollar and are subject to CER adjustment plus a 2% annual interest rate; new CER CDs &#151; Ps.1,202 million by 2004 year-end &#151; are subject
to CER adjustment plus a 0.49% interest rate. On the asset side, certain mortgages, personal and pledge loans accrued CVS instead of CER adjustment, plus an annual interest rate until April 2004, when they began to accrue a fixed interest rate (with
no adjustment) &#151; in accordance with Law No. 25,713, Decree No. 117/04. Fixed rate assets and liabilities with a maturity of no more than three months and total adjusted assets and liabilities, are included in the following chart, in the 0-3
months interval, given that CER adjustment changes on a monthly basis. The chart shows our exposure to a positive interest rate gap, but it is important to bear in mind that CER behavior may differ from that of the interest rate. In this sense, the
aforementioned adjusted CER deposits help to reduce the long CER adjusted position. </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=35% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="16" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Remaining Maturity or Earliest Repricing Intervals at December 31, 2005</FONT></B>
 </TD>
  </TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center"><HR noshade size=1>
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center"><HR noshade size=1>
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0-3 months</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3 Months-<br>
One Year</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1-5 Years</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5-10 Years</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Over 10 Years</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Total</FONT></B>
 </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="16" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos, except percentages)</FONT></B>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest-earning assets</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest earning deposits in banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,033,277</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,033,277</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,069,417</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,663</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">188,356</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">50,646</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,703</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,348,785</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">84,416</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25,837</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,870</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,649</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">168,772</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,897,495</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,002,693</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">586,150</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">97,866</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">82,246</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,666,450</FONT>
 </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,084,605</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,050,193</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">821,376</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">160,161</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,949</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,217,284</FONT> </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest-bearing liabilities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,240,329</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">368,930</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,485</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,611,744</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">286,486</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">286,486</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to other banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">766,265</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">766,265</FONT> </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,006,594</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">655,416</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,485</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,664,495</FONT>
 </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Asset/liability gap</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,078,011</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">394,777</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">818,891</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">160,161</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,949</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,552,789</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cumulative sensitivity gap</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,078,011</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,472,788</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,291,679</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,451,840</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,552,789</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cumulative sensitivity gap as a</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">percentage of total interest-earning assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15.72</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18.71</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24.90</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26.12</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26.88</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD colspan="2" align=left><hr align=left width=15% size=1 noshade>    </TD>
  </TR>
<TR valign="top">
 <TD width=5% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Loan amounts are stated before deducting the allowance for loan losses. Non-accrual loans are included with loans as interest-earning assets.</FONT></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">107</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table shows the interest rate sensitivity of our peso-denominated interest-earning assets and interest-bearing liabilities. </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=35% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="16" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Remaining Maturity or Earliest Repricing Intervals at December 31, 2005</FONT></B>
 </TD>
  </TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center"><HR noshade size=1>
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center"><HR noshade size=1>
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0-3 months</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3 Months-<br>
One Year</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1-5 Years</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5-10 Years</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Over 10 Years</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Total</FONT></B>
 </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="16" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos, except percentages)</FONT></B>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest-earning assets:</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest earning deposits in banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">357,493</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">357,493</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,930,167</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,012</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">165,413</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,761</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">77</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,116,430</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,025</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25,837</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43,070</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90,932</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,394,074</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">850,530</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">582,798</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">97,866</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">82,246</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,007,514</FONT>
 </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,703,759</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">890,379</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">791,281</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">104,627</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">82,323</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,572,369</FONT> </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest-bearing liabilities:</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,161,322</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">227,681</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,953</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,390,956</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to other banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">289,944</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">289,944</FONT> </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,451,266</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">227,681</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,953</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,680,900</FONT>
 </TD>
</TR>
<TR>
 <TD width="35%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Asset/liability gap</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,252,493</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">662,698</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">789,328</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">104,627</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">82,323</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,891,469</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cumulative sensitivity gap</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,252,493</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,915,191</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,704,519</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,809,146</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,891,469</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cumulative sensitivity gap as a</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=35% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">percentage of total interest-earning assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19.46</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25.19</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32.01</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32.92</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">33.63</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="2" align=left><hr align=left width=15% size=1 noshade>    </TD>
  </TR>
<TR valign="top">
 <TD width=5% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT>
 </TD>
 <TD width=95% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Loan amounts are stated before deducting the allowance for loan losses. Non-accrual loans are included with loans as interest-earning assets.</FONT></TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table shows the interest rate sensitivity of our foreign currency denominated interest-earning assets and interest-bearing liabilities. Variations in
interest rate sensitivity may also arise within the repricing periods presented.</FONT><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"> </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=34% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="17" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Remaining Maturity or Earliest Reprising Intervals at December 31, 2005</FONT></B>
 </TD>
  </TR>
<TR>
 <TD width="34%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center"><HR noshade size=1>
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center"><HR noshade size=1>
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=34% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">0-3 months</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3 Months-<br>
One Year</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1-5 Years</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5-10 Years</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Over 10 Years</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Total</FONT></B>
 </TD>
 <TD GUTTER width=1% align=center>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="34%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=34% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="17" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(in thousands of pesos, except percentages)</FONT></B>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest-earning assets:</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest earning deposits in banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">675,784</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">675,784</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">139,250</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,651</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,943</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43,885</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,626</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">232,355</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">62,391</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,800</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,649</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">77,840</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">503,421</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">152,163</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,352</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">658,936</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="34%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,380,846</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">159,814</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,095</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">55,534</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,626</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,644,915</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="34%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest-bearing liabilities:</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,079,007</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">141,249</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">532</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,220,788</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">286,486</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">286,486</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to other banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">476,321</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">476,321</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="34%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,555,328</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">427,735</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">532</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,983,595</FONT>
 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="34%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Asset/liability gap</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(174,482</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(267,921</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,563</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">55,534</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,626</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(338,680</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cumulative sensitivity gap</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(174,482</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(442,403</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(412,840</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(357,306</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(338,680</FONT>
 </TD>
 <TD GUTTER width=1% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>&nbsp;

 </TD>
 <TD GUTTER width=1% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cumulative sensitivity gap as a</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=34% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">percentage of total interest-earning assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10.61</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(26.90</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(25.10</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(21.72</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(20.59</FONT> </TD>
 <TD width=1% align=left GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left>&nbsp; </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr align=left width=15% size=1 noshade>
    </TD>
  </TR>
  <TR valign="top">
    <TD width=5% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT> </TD>
    <TD width=95% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Loan amounts are stated before deducting the allowance for loan losses. Non-accrual loans are included with loans as interest-earning assets.</FONT></TD>
  </TR>
</TABLE>
<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exchange Rate Sensitivity</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005, our total foreign exchange-denominated asset position was Ps.2,323.3 million and our total foreign exchange-denominated liability position
was Ps.1,605.7 million, resulting in a net asset currency position of Ps.717.6 million, which is 44.34% of stockholders&#146; equity. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For a description of the changes in the exchange rates since December 2005, see </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Information on
the Company&#151;Recent Political and Economic Developments in Argentina&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> and Note 16.13. to the Consolidated Financial Statements. For a description of foreign exchange risk, see
</FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Quantitative and Qualitative Disclosures About Market Risk&#151;Foreign Exchange Risk&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">108</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="left">
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital Requirements</FONT></I>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005 we had a consolidated excess capital of Ps.983.8 million pursuant to the Central Bank&acute;s rules. At such date, &#147;Basic Net
Worth&#148; and &#147;Complementary Net Worth&#148;, subject to applicable deductions, amounted to Ps.1,890.8 million under the Argentine risk-based capital guidelines (which are based on the Basle Committee). As of December 31, 2004, our excess
capital amounted to Ps.1,189.8 million, with a &#147;Basic Net Worth&#148; and &#147;Complementary Net Worth&#148;, subject to applicable deductions, of Ps.1,656.4 million. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005, we complied with the Central Bank&#146;s capital requirements on a consolidated basis and our capital resources were sufficient for our
capital requirements. See a description of the minimum capital requirements currently in effect in</FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Information on the Company&#151;The Argentine Banking System and its Regulatory Framework&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005 and 2004, our stockholders&#146; equity was Ps.1,801.6 million and Ps.1,684.3 million, respectively. At such dates, our ratio of average
stockholders&#146; equity/average total assets was 10.88% and 10.06%, respectively. See </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Information on the Company&#151;Select Statistical Information&#151;Return on Equity and
Assets&#148;</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In our opinion, our capital resources are sufficient for the Bank&#146;s present requirements also on an individual and a consolidated </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">basis.</FONT>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We are not aware of any legal or economic restrictions on the ability of our subsidiaries to transfer funds to Banco Franc&eacute;s in the form of cash dividends,
loans, advances - subject to the regulations of each industry- or by other means. However, there can be no assurance that in the future such restrictions will not be adopted or that, if adopted, they will not negatively affect our liquidity.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005, the Bank had no material commitments for capital expenditures. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">109</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>





<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth, for the dates indicated, the calculation of our excess capital under the Central Bank&acute;s rules and certain capital and liquidity ratios. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=center><B><FONT size=1 face="serif">At December 31,</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><HR noshade size=1></TD>
    <TD align=left><hr size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">2005</FONT><SUP><FONT size=1 face="serif">(5)</FONT></SUP></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">2004</FONT><SUP><FONT size=1 face="serif">(5)</FONT></SUP></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">2003</FONT><SUP><FONT size=1 face="serif">(5)</FONT></SUP></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><hr size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><hr size=1 noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=left><hr size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=center> <B><FONT size=1 face="serif">(in thousands of
          pesos, except ratios and percentages)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Calculation of Excess Capital </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Allocated to assets at risk</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">331,836</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">232,962</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">195,456</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Allocated to Bank premises and equipment, intangible assets and equity</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">investment assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">132,125</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">137,918</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">167,783</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Market risk</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">38,079</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">27,767</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">21,994</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest rate risk</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">97,950</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">35,612</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">38,973</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Incremental minimum capital requirements originated in excesses in</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">other regulations</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">197,645</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Public sector and securities in investment account</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">70,877</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">32,336</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">38,377</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Required minimum capital under Central Bank rules</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">868,512</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">466,595</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">462,583</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Basic net worth</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,684,343</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,703,124</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,026,123</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Complementary net worth</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">122,207</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(73,371</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(257,835</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deductions</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(105,617</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(145,632</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(187,401</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Minority interest</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">188,960</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">172,275</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">161,102</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total Capital under Central Bank rules</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,889,893</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,656,396</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,741,989</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="67%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Excess capital</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,021,381</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,189,801</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,279,406</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT size=2 face="serif">Selected Capital and Liquidity Ratios</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Average stockholders&#146; equity as a percentage of average total assets </FONT><SUP><FONT size=2 face="serif">(1)(2)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10.88</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10.06% </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10.76% </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total Liabilities as a multiple of total stockholders&#146; equity</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7.77</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">x</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8.42x </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9.29x </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cash and due from banks as a percentage of total deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">15.18</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">18.53% </FONT></TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">20.29% </FONT></TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Liquid assets as a percentage of total deposits </FONT><SUP><FONT size=2 face="serif">(1)(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">48.20</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">46.07% </FONT></TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">57.95% </FONT></TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Loans as a percentage of total assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">53.06</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">57.78% </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT size=2 face="serif">50.96% </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP> </TD>
 <TD width=1% align=left> </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="10%" size="1" noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">See </FONT><I><FONT size=1 face="serif">&#147;Information on the Company&#151;The Argentine Banking System and its Regulatory Framework &#151;Capital Adequacy Requirements</FONT></I><FONT size=1 face="serif">&#148; for a
discussion of the Central Bank&#146;s capital requirements.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Average stockholder&#146;s equity and average total assets computed as the average of period-beginning and period-ending balances.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">At December 31, 2005, 2004 and 2003, &#147;Liquid Assets&#148; includes cash and due from banks and government and private securities.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(4)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Restated from its original version to apply the adjustments to prior years income to these Consolidated Financial Statements related with Argentine Central Bank regulations (see Note 3.5.18. to the Consolidated Financial
Statements).</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(5)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">The Bank must maintain a surplus of minimum paid-in capital amounting to at least Ps.38,440, Ps.40,392 and Ps.37,969 as at December 31, 2005, 2004 and 2003, respectively, equivalent to 0.25% of the amount of values under
custody for securities representing investments from pension funds, as well as in connection with its function as registrar of mortgage-backed bonds, invested in national public securities and other destinations authorized by the BCRA and guaranteed
in favor of the said Entity.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">110</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<I><FONT size=2 face="serif">Contractual Obligations and Commercial Commitments</FONT></I>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table represents our contractual obligations and commercial commitments as of December 31, 2005:</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=50% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="9" align=center>
      <B><FONT size=1 face="serif">Payments due by Period<br>
(in thousands of Pesos)</FONT></B> </TD>
  </TR>
<TR>
 <TD width="50%">
 </TD>
 <TD width="2%">
 </TD>
 <TD colspan="9" align="center">
<HR noshade size=1>      </TD>
  </TR>
<TR valign="bottom">
 <TD width=50% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">Total</FONT></B>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">Less than<br>
</FONT></B><B><FONT size=1 face="serif">1
year</FONT></B>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">1-3<br>
years</FONT></B>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">4-5<br>
years</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">After 5<br>
</FONT></B><B><FONT size=1 face="serif">years</FONT></B></TD>
</TR>
<TR>
 <TD width="50%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Contractual obligations</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Long-term debt</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,134,115</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">745,595</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">324,596</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">37,724</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">26,200</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Capital lease obligations</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Operating leases</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">37,934</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9,996</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">13,127</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,918</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7,893</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Unconditional purchase obligations</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other long-term obligations</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
</TR>
<TR>
 <TD width="50%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,172,049</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">755,591</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">337,723</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">44,642</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">34,093</FONT>
 </TD>
</TR>
<TR>
 <TD width="50%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Commercial Commitments</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Lines of credit</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,827</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,827</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Standby letters of credit</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">80,571</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">80,526</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">45</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">171,084</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">162,528</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,114</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,637</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,805</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Standby repurchase obligations</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">110,680</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">110,680</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
</TR>
<TR>
 <TD width="50%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=50% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">366,162</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">357,561</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,159</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,637</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,805</FONT> </TD>
</TR>
<TR>
 <TD width="50%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=50% align=left>
<B><FONT size=2 face="serif">Off-Balance Sheet Arrangements</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We enter into various transactions involving off-balance sheet financial instruments (see Note 16.19 to the Consolidated Financial Statements). We use these instruments to meet the risk
management, trading and financing needs of clients or for our proprietary trading and asset and liability management purposes. These instruments are subject to varying degrees of credit and market risk. We monitor credit risk and market risk
associated with on- and off-balance sheet financial instruments on an aggregate basis. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We use the same credit policies in determining whether to enter or extend call and put option contracts, commitments, conditional obligations and guarantees as we do for granting loans. Our
management believes that the outstanding off-balance sheet items do not represent an unusual credit risk. </FONT></P>
<I><FONT size=2 face="serif">Derivatives</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The market risk of derivatives arises from the potential for changes in value due to fluctuations in market prices. We reduce our exposure to market risk, if necessary, by entering into
offsetting transactions in accordance with the hedging global policy defined by BBVA for its subsidiaries. The credit risk of derivatives arises from the potential of a counterparty to default on its contractual obligations. The effect of such a
default varies as the market value of derivative contracts changes. Credit exposure exists at a particular point in time when a derivative has a positive market value. We attempt to limit our credit risk by dealing with creditworthy counterparties
and obtaining collateral where appropriate. Our activities related to hedging and derivatives transactions in 2005 are explained in Note 16.19. to the Consolidated Financial Statements. </FONT></P>
<I><FONT size=2 face="serif">Credit Commitments</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Commitments to extend credit are agreements to lend to a customer at a future date, subject to compliance with contractual terms. Commitments generally have fixed expiration dates or other
termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent actual future cash requirements for the Bank. The Bank
evaluates each customer&#146;s creditworthiness on a case-by-case basis. Foreign trade acceptances represent Bank customers&#146; liabilities on outstanding drafts or bills of exchange that have been accepted by the Bank and the Bank&#146;s
liability to remit payment upon the presentation of the accepted drafts or bills of exchange. The credit risk involved in foreign trade acceptances and guarantees granted is essentially the same as that involved in extending loan facilities to
customers. </FONT></P>
<P align="center">
<FONT size=2 face="serif">111</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<I><FONT size=2 face="serif">Financial Trusts</FONT></I>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We act as trustee in several financial trusts established for various purposes. We are in no case personally liable for the liabilities assumed in the performance of the trust obligations. Any
liabilities resulting from the trust are satisfied with and up to the full amount of the trust assets or their proceeds. See Note 10. to the Consolidated Financial Statements. </FONT></P>
<I><FONT size=2 face="serif">Non Financial Trusts</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, we act as trustee in 63 non financial trusts. We are in no case personally liable for the liabilities assumed in the performance of the contract obligations. Any liabilities are
satisfied with and up to the full amount of the trust assets and their proceeds. The non-financial trusts at issue were set up to secure the receivables of several creditors (beneficiaries) and the trustee was entrusted with the management, care,
preservation and custody of the trust assets. The trust assets represent about Ps.4,068 million and consist mainly of cash, creditors&acute; rights, real estate and shares. See Note 10. to the Consolidated Financial Statements. </FONT></P>
<B><FONT size=2 face="serif">U.S. and Argentine Banking GAAP Reconciliation</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We prepare our financial statements in accordance with the rules of the Central Bank related thereto, which differ from U.S. GAAP in certain respects, as discussed in Note 17 to the
Consolidated Financial Statements. The differences and the most significant effects on our net income and Stockholders&#146; Equity over the fiscal years ended December 31, 2005, 2004 and 2003 are described below. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under U.S. SFAS No. 109, deferred tax assets or liabilities are recorded for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at statutory
tax rates expected to be in effect when such amounts will be realized. Deferred tax assets are recognized if it is more likely than not that such assets will be realized. As explained in Note 5.1. to the Consolidated Financial Statements, we applied
this method to determine the charge for income tax. The adjustments required in order to reconcile assets and liabilities with U.S. GAAP, as detailed in the following paragraph, are shown without considering their effect on income tax. This effect
would have caused our net income to increase by Ps.19.3 million, Ps.513.7 million and Ps.392.5 million for the fiscal years ended December 31, 2005, 2004 and 2003 respectively. In addition, stockholders&#146; equity would have increased by Ps.536.6
million and Ps.483.6 million as of December 31, 2005 and 2004, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, as mentioned in Note 5.2. to the Consolidated Financial Statements, the Bank, as requested by the Central Bank, did not record an asset for the credit for tax on minimum presumed
income. As of December 31, 2003, a valuation allowance was provided to reserve the amount recorded, in view of the deteriorating economic situation in Argentina. Several events arose after the closing of the year ended December 31, 2004 that
improved the forecast of the Argentine economy and the development of future operations in the Bank. Given that the Bank estimates that it shall have taxable income against which these tax credits shall be offset, the valuation allowance should be
reversed in accordance with U.S. GAAP. Had U.S. GAAP been applied, and as a result of the adjustment to earnings of prior years booked by the Bank under Central Bank&acute;s rules, the Bank&acute;s assets would be increased by Ps.1.0 million as of
December 31, 2004 and decrease by Ps.61.6 as of December 31, 2003. On the other hand, the Bank&acute;s net income would be decreased by Ps.1.0 million and Ps.66.5 million as of December 31, 2005 and 2003, respectively and would be increased by
Ps.62.6 million for the year ended December 31, 2004. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine Banking GAAP, loan origination and issuance credit card&#146;s fees are recognized when collected. Under U.S. SFAS No. 91, these fees are recognized over the life of the related
loan as an adjustment to yield. The effect of applying SFAS No. 91 would have been to decrease our net income by Ps.2.3 million and Ps.9.7 million for the fiscal years ended December 31, 2005 and 2004 and to increase it by Ps.19.3 million in the
fiscal year ended December 31, 2003. Since the effect of U.S. GAAP treatment would have been to decrease the principal balance of outstanding loans, application of SFAS No. 91 to our financial statements would have reduced Stockholders&#146; Equity
by Ps.23.1 million, Ps.20.8 million and Ps.11.1 million for the fiscal years ended December 31, 2005, 2004 and 2003, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine Banking GAAP, certain software development expenses are amortized over the estimated useful life of the software, for up to a maximum of 60 months. Under Argentine Banking GAAP,
the Consolidar Group capitalized expenses incurred in connection with the launching of certain activities. The Pension Fund Manager Superintendency (the agency overseeing Consolidar AFJP) authorized the capitalization of disbursements made through
September 25, 1994, for &#147;salaries, advertising, software, agent&#146;s commissions, fees, brochures, forms, printing and leases and rentals&#148;. Under U.S. SFAS No. 2, these expenses are to be charged off to income when incurred. If U.S. GAAP
had been applied, our assets would have decreased by Ps.16.9 million, Ps.16.4 million and Ps.18.9 million for the fiscal years ended December 31, 2005, 2004 and 2003, respectively. Our net income would have decreased by Ps.0.5 million for the fiscal
year ended December 31, 2005 and would be increased by Ps.2.4 million and Ps.40.1 million for the fiscal years ended December 31, 2004 and 2003, respectively. </FONT></P>
<P align="center">
<FONT size=2 face="serif">112</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine Banking GAAP, Government securities that we decided to classify as investment accounts (including those used for forward purchases under repurchase agreements) were carried at a
cost adjusted for the accrual at fiscal year-end of interest based on the internal rate of return from the time elapsed from acquisition date. According to U.S. GAAP, these securities should be considered as available for sale and carried at fair
value (market value if available) with unrealized gains and losses reported as a net amount, net of income tax within the stockholder&#146;s equity accounts. However, SFAS No. 115 requires that if the decline in fair value is judged to be other than
temporary, the cost of the security shall be written down to fair value, and the amount of the write down shall be included in earnings. Had U.S. GAAP been applied, our assets would have decreased by Ps.173.0 million, Ps.460.1 million and Ps.821.4
million for the fiscal years ended December 31, 2005, 2004 and 2003, respectively. Our net income would have increased by Ps.383.3 million and Ps.167.3 million for the fiscal years ended December 31, 2005 and 2004, respectively and would be
decreased by Ps.378.5 million for the fiscal year ended December 31, 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine Banking GAAP, we carry our unlisted Government and private securities denominated in pesos at cost and our unlisted Government and private securities denominated in foreign
currencies at par plus accrued income translated at the closing exchange rate on the day of valuation. Under U.S. GAAP for trading securities, a fair valuation methodology should be used to value securities for accounting purposes. Had U.S. GAAP
been applied, our assets would be increased by Ps.4.5 million for the fiscal years ended December 31, 2005 and would be decreased by Ps.7.9 million and Ps.372.2 million for the fiscal years ended December 31, 2004 and 2003, respectively. On the
other hand, the income for the year ended December 31, 2005, 2004 and 2003 would be increased by Ps.12.4, Ps.364.3 and Ps.542.7, respectively. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine Banking GAAP, the allowance for loans has been calculated based on the Bank&#146;s estimated loan loss risk in light of debtor compliance and the collaterals supporting the
respective transactions, as provided by Communication &#147;A&#148; 2950 and supplemented by the Central Bank. SFAS No. 114, as amended by SFAS No. 118, requires a creditor to measure impairment of a loan based on the present value of expected
future cash flows discounted at the loan&#146;s effective interest rate, or at the loan&#146;s observable market price or the fair value of the collateral if the loan is collateral dependent. This statement is applicable to all loans (including
those restructured in a troubled debt restructuring involving a modification of terms), except large groups of smaller-balance homogenous loans that are collectively evaluated for impairment. Had U.S. GAAP been applied, the Bank&#146;s assets would
be increased by Ps.49.6 million and Ps.37.6 million at December 31, 2005 and 2004, respectively and would be decreased by Ps.10.8 million at December 31, 2003. On the other hand, the income for the years ended December 31, 2005 and 2004 would be
increased by Ps.12.0 million and Ps.48.4 million, respectively and would be decreased by Ps.10.8 million for the fiscal year ended December 31, 2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine Banking GAAP, BBVA Banco Franc&eacute;s and its subsidiaries swapped Federal State Securities, bonds, treasury bills and unsecured loans at face value for secured loans. The
initial value of the certificates matched that of the prior book value as of the date of the swap. According to U.S. GAAP, a non-temporary impairment affects the swapped obligations and therefore requires that, in the event that such obligations
have been classified as &#147;held to maturity&#148;, a loss be recorded for the difference between the book value of the obligation swapped and its quotation at the date of the swap, as such quotation is considered the best measure for recognizing
the above mentioned impairment. The effects of adjustments required to state the amounts swapped in accordance with U.S. GAAP would be to decrease assets by Ps.909.5 million, Ps.1,821.8 million and Ps.2,005.5 million at December 31, 2005, 2004 and
2003 respectively. On the other hand, income would be increased by Ps.912.3 million and Ps.183.7 million for the fiscal years ended December 31, 2005 and 2004, respectively and would be decreased by Ps.289.0 million for the year ended December 31,
2003. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a result of Public Emergency and Exchange System Reform Law and the public debt default, an impairment affects the credit facilities given to non-financial provincial governmental sector and
other government agencies. Therefore according to U.S. GAAP, a loss must be recorded for the difference between their accounting value and the expected value of their future cash flows. The effects of adjustments required to state these amounts in
accordance with U.S. GAAP would decrease assets by Ps.149.0 million, Ps.175.3 million and Ps.328.6 million at December 31, 2005, 2004 and 2003, respectively. On the other hand, income for the years ended December 31, 2005, 2004 and 2003 would be
increased by Ps.26.3, Ps.153.3 million and Ps.381.1 million, respectively.</FONT><FONT size=1 face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On April 26, 2004, the Bank swapped Secured Bonds due in 2018 to conclude the Swap I of deposits for Government Bonds. This swap generated, in accordance with U.S. GAAP, gains on
extinguishments of deposit-related liabilities for the fiscal year ended December 31, 2003 by Ps.104,3 million, thus generating an increase of the Bank&#146;s assets by that amount as of December 31, 2003 and a decrease in the income for the fiscal
year ended December 31, 2004. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In August, 2004, the Bank swapped Secured Bonds due in 2018 in the framework of Swap II of Deposits for Government Bonds. This swap generated, in accordance with U.S. GAAP, gains on
extinguishments of deposit-related liabilities in the income for the year ended December, 31 2004 by Ps.108.0 million. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to Argentine
Banking GAAP, at December 31, 2003 the Bank recorded as assets: a) the difference
between the paid amounts for constitutional protection actions and the deposit
amounts registered in accordance with the existing regulations.</FONT></P>
<P align="center"><FONT size=2 face="serif">113</FONT></P>
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<br>
<br>


<P>
<FONT size=2 face="serif"> The Government has not indicated that it will compensate
the Bank for the difference between the amounts paid for constitutional protection actions and the deposit amounts registered in accordance with the existing regulations; b) the difference generated by the application of the CVS coefficient instead of the CER, on the understanding that the
Government would compensate the Bank for the loss caused by those situations. The National Congress has enacted a law contemplating that compensation. On January 23, 2004, the Federal Executive ruled the abovementioned law through Decree No. 117/04.
The Central Bank regulated the compensation through Communication &#147;A&#148; 4114. As described in Note 15.3. to the Consolidated Financial Statements, on June 2004 the Bank wrote off the relevant asset and recorded an adjustment to earnings of
prior years. This adjustment has not had impact under U.S. GAAP because these assets were not recognized under those policies; and c) in the fiscal year 2003, the Bank registered a loss because Credilogros decided to abandon the claim, after several
adverse instances, about recorded as an asset the compensation generated by the negative position in foreign currency as of December 31, 2001. SFAS No. 5 &#147;Accounting for Contingencies&#148; requires that contingencies that might result in gains
should not be reflected in the accounts since to do so might be to recognize revenue prior to its realization. Had U.S. GAAP been applied, our assets would have decreased by Ps.586.5 million, Ps.739.3 million and Ps.811.6 million at December 31,
2005, 2004 and 2003, respectively. On the other hand, net income would have increased by Ps.152.8 million and Ps.72.3 million at December 31, 2005 and 2004, respectively and would be decreased by Ps.409.8 million at December 31, 2003.</FONT><FONT
size=1 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine Banking GAAP the Bank accounted for its investment in the Buenos Aires Stock Exchange at market value. Under U.S. GAAP, such investments would have been valued at cost or at a
lesser amount where there is a non-temporary impairment in value. Additionally, the companies that are under 20% were valued by the equity method in accordance with Central Bank rules. Under U.S. GAAP, those investments, that are non-marketable
securities, would have been valued at cost. Had U.S. GAAP been applied, the Bank&#146;s assets would be decreased by Ps.18.8 million, Ps.12.8 million and Ps.8.6 million at December 31, 2005, 2004 and 2003, respectively. On the other hand, the income
for the years ended December 31, 2005, 2004 and 2003 would be decreased by Ps.5.9 million, Ps.4.3 million and Ps.3.5 million, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to Argentine Banking GAAP, we generally record the cost of vacation payments earned by employees when paid, U.S. GAAP requires that this expense be recorded on an accrual basis as the
vacations are earned. If U.S. GAAP had been applied, our liabilities would have increased by Ps.44.8 million, Ps.36.1 million and Ps.33.6 million for the fiscal years ended December 31, 2005, 2004 and 2003, respectively. Net income would have
decreased by Ps.8.8 million, Ps.2.5 million and Ps.1.5 million for the fiscal years ended December 31, 2005, 2004 and 2003, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to Argentine Banking GAAP, we do not give accounting recognition to checks drawn against the Bank or other banks or other items to be collected, until such time as the related item
clears or is accepted. Such items are recorded by the Bank in memorandum accounts. U.S. banks, however, account for such items through balance sheet clearing accounts at the time the items are presented. Had U.S. GAAP been applied, the Bank&#146;s
assets and liabilities would be increased by approximately Ps.768.7 million and Ps.740.8 million at December 31, 2005 and 2004, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine Banking GAAP, the Bank recognizes for forward and unsettled spot transactions as a receivable and a payable at the time of the agreement, which reflect the amount of cash,
currency or securities to be exchanged at the closing date. The receivable or payable representing the receipt or delivery of securities or currency is stated at the quoted market value of such securities or currency. Under U.S. GAAP, in general
entities would not recognize a receivable or payable but would recognize the differences arising from changes in the market price of securities or currency to be received or delivered if the transaction did not qualify as a hedge. Had U.S. GAAP been
applied, the Bank&#146;s assets and liabilities would be decreased by approximately Ps.84.5 million and Ps.53.3 million at December 31, 2005 and 2004, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine Banking GAAP, foreign trade acceptances are not recorded on the balance sheet by the Bank. In accordance with Regulation S-X, acceptances and related customer liabilities should
be recorded on the balance sheet. The effect of the adjustment required to state balance sheets in accordance with Regulation S-X would be to increase assets (due from customers on acceptances) and increase liabilities (bank acceptances outstanding)
by Ps.80.6 million and Ps.109.7 million at December 31, 2005 and 2004, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At December 31, 2005 and 2004, the subsidiary Consolidar AFJP, manages a retirement and pension plan for an amount of 12.8 and 10.5 billion pesos, respectively. During the period ended December
31, 2005, the Bank has performed a review and recalculation for its pension and retirement obligations&#146; activities, as well as the amounts considered to recover for any future compensation, consequently, the Bank has reconsidered the amounts
previously recorded under US GAAP for such obligations. As a result of such review, the shareholders&#146; equity and consolidated net income in accordance with accounting principles generally accepted in the United States of America have been
restated for the year ended December 31, 2004 and 2003. Therefore, the stockholders&#146; equity
for the periods ended December 31, 2004 and 2003 have been reduced in Ps.172.9
million and Ps.124.7 million, respectively, and net income has been reduced in
Ps.48.3 million and Ps.124.7 million, respectively. Additionally, for the period
ended December 31, 2005</FONT></P>
<P align="center">
<FONT size=2 face="serif">114</FONT></P>

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<br>
<br>
<FONT size=2 face="serif"> if U.S. GAAP had been applied, the stockholders&#146; equity
would be decreased by Ps.209.0 million and net income has been reduced by Ps.36.1
million. </FONT><br>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On May 4, 1998, our shareholders approved the reversal of the shares issuance premium related to the capital increase paid on December 19, 1997 and relating to the business goodwill from the
acquisition of 71.754% of the capital stock of Banco de Cr&eacute;dito Argentino. Under Argentine Banking GAAP, we recognize the issuance premium under &#147;Issuance premiums&#148; and capitalize the related amount under Intangible assets. The
effect of adjustments required to state such amounts in accordance with U.S. GAAP would be to increase assets by Ps.254.9 million for fiscal years ended December 31, 2005, 2004 and 2003. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On May 13, 1999, BBVA acquired Corp Banca S.A. and Atuel Fideicomisos S.A. and on September, 13, 1999, BBVA sold its interests in both companies to BF. For the difference between the definitive
price of the transaction and the incorporation value of both companies, the Bank recognized a goodwill and amortized it in proportion to the months of estimated useful life (120-month period). Under U.S. GAAP, we would be required to account for the
acquisition of the mentioned companies at BBVA&#146;s book balance. Had U.S. GAAP been applied, the Bank&#146;s assets would be increased by Ps.29.2 million, Ps.22.6 million and Ps.16.0 million at December 31, 2005, 2004 and 2003, respectively.
Additionally, the income would be increased by Ps.6.6 million for the fiscal years ended December 31, 2005, 2004 and 2003. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">SFAS 142 requires, effective January 1, 2002, that goodwill no longer be amortized, but is subject to an impairment test annually or more frequently if events or changes in circumstances
indicate that the asset may be impaired. Accordingly, we have recognized an impairment loss. Had U.S. GAAP been applied, our assets would be decreased by Ps.309.6 million for the fiscal years ended December 31, 2005, 2004 and 2003. On the other
hand, the income for the year ended December 31, 2003 would be increased by Ps.3,3 million. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a result of the sale of Banco Franc&eacute;s (Cayman) Ltd. during the year ended December 31, 2004, as described in Note 1.5., the income for the year then ended would be decreased by
Ps.200.0 million. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the fiscal year ended December 31, 2004 we sold our interest in Banco Franc&eacute;s (Cayman) Ltd. In consequence, the comprehensive income at December 31, 2003 was charged to income in the
fiscal year ended December 31, 2004. Had U.S. GAAP been applied, our income for the fiscal year ended December 31, 2004 and 2003 would be increased by Ps.143.4 million and Ps.159.7 million, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Consolidar C&iacute;a. de Seguros de Retiro S.A. and Consolidar C&iacute;a. de Seguros de Vida S.A. maintain reserves accounted in Other Liabilities from Subsidiaries valued in accordance with
de accounting standards established by the Superintendence of Pension Fund Administrators and the National Superintendence of Insurance (see Notes 3.5.21. and 6.). Had U.S. GAAP been applied, liabilities would be decreased by Ps.10.1 million for the
year ended December 31, 2005 and would be increased by Ps.36.8 million and Ps.41.4 million at December 31, 2004 and 2003, respectively. On the other hand, income for the year ended December 31, 2005 and 2004 would be increased by Ps.46.9 million and
Ps.4.6 million, respectively and decreased by Ps.41.4 million for the fiscal year ended December 31, 2003. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Calculated in accordance with U.S. GAAP, our net income (net loss) for the fiscal years ended December 31, 2005, 2004 and 2003 would have been Ps.1,634.6 million, Ps.1,407.5 million and
Ps.(26.4) million, respectively. Under Argentine Banking GAAP, our net income (net loss) was Ps.117.2 million, Ps.(54.0) million and Ps.(350.3) million, for the same respective periods. </FONT></P>
<B><FONT size=2 face="serif">Credit Ratings</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The international rating agencies downgraded our ratings in 2001 and 2002, following the crisis and the sovereign ceiling. Standard &amp; Poor&#146;s rated our counterparty credit risk rating
&#147;SD&#148; (selective default) and our senior debt rating &#147;CC&#148; and Moody&#146;s Investors Service rated our financial strength credit rating &#147;E&#148; and our senior debt rating &#147;Ca&#148;.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of June 15, 2002, we asked the international rating agencies to temporarily suspend the ratings of Banco Franc&eacute;s. We made this decision within cost reduction measures and because we
believed that our ratings would not improve in the medium term in light of the deep crisis in Argentina and in the financial system.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of June 1, 2005, with the completion of the sovereign debt restructuring, Standard &amp; Poor upgraded the new sovereign debt to B-. Accordingly Standard &amp; Poor&#146;s rated our local
counterparty credit risk rating &#147;A+&#148;, our senior debt rating as &#147;A+&#148;. </FONT></P>
<P align="center">
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of the filing of this
annual report, credit ratings in the banking system are still very affected by
the remaining effects of the crisis and the lack of resolution on relevant pending
issues. We intend to request for international ratings once the financial and
economic situation of Argentina, of the financial system and of the Bank gives
added value to investors and justifies the cost. </FONT><br>
<br>


<B><FONT size=2 face="serif">Research and Development, Patents and Licenses</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We incur research and development expenses in connection with technology information systems. See </FONT><I><FONT size=2 face="serif">&#147;Information on the Company-Business
Overview-Information Technology&#148;</FONT></I><FONT size=2 face="serif">. We hold no material patents and do not license to others any of our intellectual property. We plan infrastructure development (processing, telecommunications, Internet,
information security) based upon present and projected future demand of such services. We acquire the necessary technology, including equipment, from third parties. </FONT></P>
<B><FONT size=2 face="serif">Trend Information</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In light of strong economic activity and fiscal solvency, coupled with stable exchange rate and inflation under control, the financial system will continue to be focused, during 2006, on
further expanding the private sector lending activity while reinforcing the transactional business. Solid credit growth was mainly biased towards short and medium-term loans in the corporate market and personal loans and credit cards in the consumer
segment and represents a clear trend for the years to come, However, no assurance can be given that credit demand will remain strong and that this trend will continue. For a description of recent changes in our business strategy see </FONT><I><FONT
size=2 face="serif">&#147;Information on the Company-Business Overview&#148;</FONT></I><FONT size=2 face="serif">. </FONT></P>
<P>
<B><FONT size=2 face="serif">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES </FONT></B></P>
<p><B><FONT size=2 face="serif">Directors and Senior Management</FONT></B></p>
<p><I><FONT size=2 face="serif">Directors</FONT></I></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Bank is managed by a Board of Directors (the &#147;Board&#148;) consisting of a minimum of three and a maximum of nine directors, all of whom are elected by the shareholders for a period of
three years and are eligible for re-election. Although the terms of our current directors are staggered, this is not required by our bylaws. Our bylaws also contemplate the election of alternate directors. The Board regularly meets at least once per
month. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At present, the Board consists of five regular and two alternate directors. The table below indicates the names of the members of our Board, their present position in the company, their
business background and the date of expiration of the period for which they were elected. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The General Regular and Special Shareholders Meeting held on April 27, 2006 elected one regular director, re-elected two regular directors and two alternate directors, all for a period of three
years. After the relevant distribution of positions, the Board was constituted as follows: Mr. Jorge Carlos Bledel as Chairman, Mr. Jos&eacute; Carlos Pl&aacute; Royo as Vice-Chairman, and Messrs. Marcelo Gustavo Canestri, Javier D&#146;Ornellas and
Oscar Miguel Castro as Regular Directors. Messrs. Mart&iacute;n Ezequiel Zarich and Carlos Horacio Peguet were also elected as alternate members of the Board. </FONT></P>
<P align="center">
<FONT size=2 face="serif">116</FONT></P>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=12% align=center>
<B><FONT size=1 face="serif">Name</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=1 face="serif">Current<br>
Term Ends</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=1 face="serif">Position as of<br>
</FONT></B><B><FONT size=1 face="serif">December 31,<br>
</FONT></B><B><FONT size=1 face="serif">2004</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=1 face="serif">Date of Birth</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=center>
<B><FONT size=1 face="serif">Present principal occupations outside Banco Franc&eacute;s<br>
</FONT></B><B><FONT size=1 face="serif">and
business experience</FONT></B></TD>
</TR>
<TR>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="12%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="44%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Jorge Carlos</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">December</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Chairman</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">04/19/1954</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left>
<U><FONT size=2 face="serif">Present principal occupations:</FONT></U>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Bledel</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">2008</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, Rombo Compa&ntilde;&iacute;a Financiera S.A. (&#147;Rombo Compa&ntilde;&iacute;a</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Financiera&#148;); Director, Credilogros Compa&ntilde;&iacute;a Financiera S.A.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">(*)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">(&#147;Credilogros&#148;); Vice Chairman, Franc&eacute;s Valores Sociedad de Bolsa S.A.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">(&#147;Franc&eacute;s Valores&#148;); Chairman, Inversora Otar S.A. (&#147;Inversora Otar &#147;);</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Chairman, Consolidar AFJP S.A. (&#147;Consolidar AFJP&#148;); Chairman,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Consolidar ART S.A. (&#147;Consolidar ART&#148;); Chairman, Consolidar</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Compa&ntilde;&iacute;a de Seguros de Vida S.A. (&#147;Consolidar Seguros de Vida&#148;);</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Chairman, Consolidar Compa&ntilde;&iacute;a de Seguros de Retiro S.A. (&#147;Consolidar</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Seguros de Retiro&#148;); Chairman, Consolidar Seguros S.A. (&#147;Consolidar</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Seguros&#148;) and Chairman, Consolidar Salud S.A. (&#147;Consolidar Salud&#148;).</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<U><FONT size=2 face="serif">Business experience: </FONT></U><FONT size=2 face="serif">Credit
Manager, Banco del Interior y Buenos Aires;</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Business Manager, Corporaci&oacute;n Metropolitana de Finanzas; Financial</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Manager, Banco Franc&eacute;s; Wholesale Banking Director, Banco Franc&eacute;s</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">and Retail Banking Director, Banco Franc&eacute;s.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Bledel joined the staff of Banco Franc&eacute;s
in 1986 and was first elected</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">to the Board in March 2003.</FONT> </TD>
</TR>
<TR>
  <TD colspan="9">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Juan Ignacio</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">December</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Vice-chairman</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">04/01/1944</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<U><FONT size=2 face="serif">Present principal occupations:</FONT></U> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Gim&eacute;nez</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">2005</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Vice-Chairman, Inversora Otar.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Echeverr&iacute;a</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<U><FONT size=2 face="serif">Business experience: </FONT></U><FONT size=2 face="serif">Director J. Justo S.A. and Stein Baltogar.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">(**)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Jim&eacute;nez Echeverr&iacute;a was first elected to the Board in December 1996.</FONT> </TD>
</TR>
<TR>
  <TD colspan="9">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Marcelo</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">December</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">04/23/1953</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<U><FONT size=2 face="serif">Present principal occupations:</FONT></U> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Gustavo</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, Franc&eacute;s Valores; Alternate Director, Consolidar AFJP; Alternate</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Canestri</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, Consolidar Seguros de Vida; Alternate Director, Consolidar</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Seguros de Retiro; Alternate Director, Consolidar ART; Regular Director,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">(*)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Inversora Otar; Chairman, Credilogros and Alternate Director, BBVA</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Consolidar Seguros S.A. (&#147;BBVA Seguros&#148;).</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<U><FONT size=2 face="serif">Business experience: </FONT></U><FONT size=2 face="serif">Corporate
Assistant Manager, Banco Franc&eacute;s;</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Wholesale Banking Assistant Manager, Banco Franc&eacute;s; Asset</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Management Director, Banco Franc&eacute;s and Financial Director, Banco</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Franc&eacute;s.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Canestri joined the Bank in 1973 was first elected
to the Board in</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">September 2001.</FONT> </TD>
</TR>
<TR>
 <TD colspan="9">
       <HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Javier Jos&eacute;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">December</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">06/07/1940</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<U><FONT size=2 face="serif">Present principal occupations:</FONT></U> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">D&#146;Ornellas</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Chairman, Rentar S.A.; Chairman, VASA S.A.; Chairman, MASISA</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Argentina S.A.; Director, HSBC S.A. de Inversiones; Chairman, Vidrier&iacute;a</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">(***)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Argentina S.A., Chairman, Vidrios Lirqu&eacute;n S.A. and Vice-Chairman,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Santa Luc&iacute;a Cristal SACIF.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<U><FONT size=2 face="serif">Business experience: </FONT></U><FONT size=2 face="serif">Director,
HSBC Roberts S.A. de Inversiones.</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. D&#146;Ornellas was elected as Director in 1998.</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">117</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
 <TD width=12%>
<B><FONT size=1 face="serif">Name</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12%>
<B><FONT size=1 face="serif">Current<br>
Term Ends</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12%>
<B><FONT size=1 face="serif">Position as of<br>
</FONT></B><B><FONT size=1 face="serif">December 31,<br>
</FONT></B><B><FONT size=1 face="serif">2004</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12%>
<B><FONT size=1 face="serif">Date of Birth</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44%>
<B><FONT size=1 face="serif">Present principal occupations outside Banco Franc&eacute;s<br>
</FONT></B><B><FONT size=1 face="serif">and
business experience</FONT></B>
 </TD>
</TR>
<TR>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="44%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Oscar Miguel</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">December</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">12/04/1945</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left>
<U><FONT size=2 face="serif">Present principal occupations:</FONT></U>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Castro</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">2008</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Statutory auditor (s&iacute;ndico), Origenes Retiro, Internacional Vida, Origenes</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">A.F.J.P., Transportadora Gas del Sur (Alternate).</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">(***)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<U><FONT size=2 face="serif">Business experience: </FONT></U><FONT size=2 face="serif">Statutory auditor: Santander Sociedad de Bolsa,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Banco Supervielle, Banco Rio, Banco Societe Generale S.A., Axa</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Inversora, BBVA Banco Franc&eacute;s. Alternate statutory auditor: Banco</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Comafi, BNP Asset Management. Financial Executive Team member:</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Arthur Andersen Worldwide. Partner in charge of Financial Markets</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">division: Arthur Andersen Latinamerica. Partner: Pistrelli Diaz y Asoc.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">(Arthur Andersen).</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Castro was elected as director in 2003.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="10%" size="1" noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(*)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">According to the provisions of General Resolution No. 368 (New Text 2001), as amended by General Resolution No. 400 of the CNV, Messrs. Jorge Carlos Bledel and Marcelo Gustavo Canestri do not qualify as independent
directors, as they are employees of the Bank.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(**)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Mr. Juan Ignacio Gim&eacute;nez Echeverr&iacute;a, died on December 27, 2005. He had been appointed in 2003.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(***)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Mr. D&#146;Ornellas and Mr. Castro qualify as independent directors according to the independence criteria established by General Resolution No. 368 (New Text 2001), as amended by General Resolution No. 400 of the
CNV.</FONT> </TD>
</TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Regular and Special Shareholder Meeting held on April 27, 2006 appointed Mr. Jos&eacute; Carlos Pl&aacute; Royo as director for a period of three years. According to the provisions of
General Resolution No. 368, as amended by General Resolution No. 400 of de CNV, Mr. Jos&eacute; Carlos Royo Pl&aacute; does not qualify as independent director, as he is a former employee of BBVA. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Regular and Special
Shareholder Meeting held on April 27, 2006 re-elected Messrs. Jorge Carlos Bledel,
and Oscar Miguel Castro as directors for a period of three years. The Regular
and  Special Shareholders Meeting held on April 30, 2003 appointed the following
persons as alternate directors for a period of three years: Messrs. Mart&iacute;n
Ezequiel Zarich (Background: Director of Banking Development in the Americas
for BBVA;  Retail Banking Director; Financial Director; Banco Franc&eacute;s
Merger Director; Planning Director for Banco de Cr&eacute;dito; Manager, Management
Control, for Banco de Cr&eacute;dito; Economist for Banco de Cr&eacute;dito;
he joined Banco  Cr&eacute;dito in 1987); and Carlos Horacio Peguet (Background:
Vice Chairman and General Manager, Consolidar AFJP; Vice Chairman, Consolidar
ART; Vice Chairman Consolidar Salud; Vice Chairman, Consolidar Seguros de Retiro;
Vice Chairman, Consolidar  Seguros de Vida; Vice Chairman Consolidar Seguros;
Vice Chairman, Consolidar Salud; Chairman, Cl&iacute;nica y Maternidad Santa
Isabel S.A.; Chairman, Cl&iacute;nica Bazterrica S.A.; Vice Chairman, Assurex
S.A.; he joined the Consolidar Group in  1994); none of them qualify as independent
directors under the independence criteria established by General Resolution No.
400 of the CNV. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Regular and Special
Shareholder Meeting held on April 22, 2004 re-elected Messrs. Javier D&#146;Ornellas
and Marcelo Gustavo Canestri as directors for a period of three years. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Regular and Special
Shareholder Meeting held on April 27, 2006 re-elected Messrs. Mart&iacute;n Ezequiel
Zarich and Carlos Horacio Peguet as alternate directors for a period of three
years.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Until the date of this annual report, the Central Bank has not issued the corresponding authorization to the appointment of the above-mentioned director Jos&eacute; Carlos Pl&aacute; Royo.
</FONT></P>
<P align="center">
<FONT size=2 face="serif">118</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<I><FONT size=2 face="serif">Executive Officers</FONT></I>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The table below indicates the names of the members of the management committee who are our main executives, their present positions and the year of their appointment for the position, as well
as their business background. All main executives are appointed for an indefinite period. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<B></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=center>
<B><FONT size=1 face="serif">Name</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=1 face="serif">First<br>
Appointed</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center> <B><FONT size=1 face="serif">Current Position</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=1 face="serif">Date of Birth</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=center>
<B><FONT size=1 face="serif">Background and Work Experience</FONT></B></TD>
</TR>
<TR>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="12%">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="12%" align="center">
<HR noshade size=1> </TD>
 <TD>
 </TD>
 <TD width="44%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Jorge Carlos</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">2001</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Executive</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">04/19/1954</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, Rombo Compa&ntilde;&iacute;a Financiera; Director, Credilogros; Vice</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Bledel</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Chairman</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Chairman, Franc&eacute;s Valores; Chairman, Inversora Otar; Chairman,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Consolidar AFJP; Chairman, Consolidar ART; Chairman, Consolidar</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Seguros de Vida; Chairman, Consolidar Seguros de Retiro; Chairman,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Consolidar Seguros and Chairman, Consolidar Salud.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Bledel joined Banco Franc&eacute;s in 1986.</FONT> </TD>
</TR>
<TR>
  <TD colspan="9">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Jos&eacute; Carlos</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">2003</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Assistant</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">03/15/1959</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">General Assistant Director and Financial Director of Banco del Comercio</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">L&oacute;pez &Aacute;lvarez</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Executive</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">(Spain) and Vice-president, Risk Management Director and Financial</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director,</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director of BBVA Brasil.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Accounting and</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. L&oacute;pez Alvarez joined the Bank in 2003.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Risk</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Management</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap> </TD>
</TR>
<TR>
  <TD colspan="9">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Tom&aacute;s Deane</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">2003</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director, Local</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">03/29/1967</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Deane joined the Bank in 1990, in the area of Financial Funds</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Wholesale</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Management.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Banking</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap> </TD>
</TR>
<TR>
  <TD colspan="9">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Oscar Hugo</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">2002</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director, Retail</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">03/27/1951</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, Credilogros Compa&ntilde;&iacute;a Financiera S.A.; Director, Rombo</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Fantacone</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Banking</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Compa&ntilde;&iacute;a Financiera; Regular Director, Banelco S.A.; Regular Director</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Visa Argentina S.A.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Fantacone joined Banco Franc&eacute;s in 1982, as Special Credits Manager.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">He also was Client Services Manager and was promoted to Regional</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=12%>
<FONT size=2 face="serif">.</FONT>
 </TD>
    <TD align=center width=2%>&nbsp;</TD>
    <TD align=center width=12%>&nbsp;</TD>
    <TD align=center width=2%>&nbsp;</TD>
    <TD align=center width=12%>&nbsp;</TD>
    <TD align=center width=2%>&nbsp;</TD>
    <TD align=center width=12%>&nbsp;</TD>
    <TD align=center width=2%>&nbsp;</TD>
    <TD width=44% align=left nowrap><FONT size=2 face="serif">Director in 1997</FONT></TD>
</TR>
<TR>
  <TD colspan="9">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Marcelo</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">2001</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Financial</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">04/23/1953</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, Franc&eacute;s Valores; Alternate Director, Consolidar AFJP; Alternate</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Gustavo</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, Consolidar Seguros de Vida; Alternate Director, Consolidar</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Canestri</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Seguros de Retiro; Alternate Director, Consolidar ART; Alternate</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, BBVA Consolidar Seguros S.A.; Regular Director, Inversora</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Otar S.A.; Chairman, Credilogros Compa&ntilde;&iacute;a Financiera S.A. and Alternate</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, BBVA Consolidar Seguros S.A.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Canestri joined the Bank in 1973.</FONT></TD>
</TR>
<TR>
  <TD colspan="9">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Gabriel</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">2002</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Media Director</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">08/14/1958</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Organization Manager, Banco Franc&eacute;s.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Milstein</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Milstein joined the Bank in 1995.</FONT> </TD>
</TR>
<TR>
  <TD colspan="9">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Carlos E.</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">1998</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director,</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">08/10/1957</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Director, Atuel Fideicomisos S.A.; Chairman, Promoci&oacute;n y Servicios</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Montoto</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Human</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Financieros S.A.</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Resources and</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Quality</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Montoto joined Banco Franc&eacute;s in 1975.</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">119</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>&nbsp;
</TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=center>
<B><FONT size=1 face="serif">Name</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=1 face="serif">First<br>
</FONT></B><B><FONT size=1 face="serif">Appointed</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left> <B><FONT size=1 face="serif">Current Position</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=1 face="serif">Date of Birth</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=center>
<B><FONT size=1 face="serif">Background and Work Experience</FONT></B>
 </TD>
</TR>
<TR>
 <TD width="12%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="12%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="12%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="12%" align="center">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="44%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Daniel M</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">2001</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director, Global</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">05/17/1962</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Manager Recovery of Corporate Credits, Banco de Cr&eacute;dito, Manager;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Gonz&aacute;lez</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Wholesale</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Credit Recovery, Banco de Cr&eacute;dito; Manager Wholesale Banking, Banco</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Banking</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">de Cr&eacute;dito; Individual Risks Manager, Banco Franc&eacute;s and Director</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">(*)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Corporate Banking, Banco Franc&eacute;s.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Gonz&aacute;lez joined the former Banco de Cr&eacute;dito
in 1988.</FONT></TD>
</TR>
<TR>
  <TD colspan="9">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Juan Eugenio</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">2005</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Director, Risk</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=center>
<FONT size=2 face="serif">06/20/1956</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Rogero Gonz&aacute;lez joined the BBVA in 1973, his background and work</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Rogero</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>
<FONT size=2 face="serif">Management</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">experience includes: Branch Corporate Banking Director of Bilbao</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>
<FONT size=2 face="serif">Gonz&aacute;lez</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">BBVA; Risk and Corporate Director, BBVA Puerto Rico; Insurance</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Development Director, BBVA America and Global Corporate Risk</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Control Director, BBVA.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=12% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left nowrap>
<FONT size=2 face="serif">Mr. Rogero Gonz&aacute;lez joined the Bank in 2005.</FONT></TD>
</TR>
<TR>
 <TD colspan="9">
<HR align="left" width="10%" size=1 noshade> </TD>
  </TR>
<TR valign="bottom">
 <TD colspan=7 align=left>
<FONT size=1 face="serif">(*) Mr. Daniel Marcelo Gonz&aacute;lez, died on July 8, 2005.</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=44% align=left>

 </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The service contracts of the directors and the executive officers do not provide for benefits upon termination of employment. Expect for mentioned in </FONT><I><FONT size=2
face="serif">&#147;Directors, Senior Management and Employees-Compensation of Directors and Officers&#148;</FONT></I><FONT size=2 face="serif">. </FONT></P>
<I><FONT size=2 face="serif">Supervisory Committee</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table indicates the composition of the Supervisory Committee of Banco Franc&eacute;s until December 31, 2005:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=56% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=center>
<B><FONT size=2 face="serif">Expiration of term</FONT></B>
 </TD>
</TR>
<TR>
 <TD width="56%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="20%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="20%" align="center">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Regular</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Mario Rafael Biscardi</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2005</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Carlos Roberto Chiesa</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2005</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Alejandro Mosquera</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2005</FONT>
 </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Alternate</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Osvaldo Pablo Alejandro Jofr&eacute;</FONT></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2005</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Julieta Paula Pariso</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2005</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Paola Lorena Rolotti</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2005</FONT>
 </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of December 31, 2005, both the regular and alternate members of the Bank&#146;s Supervisory Committee, in their capacity as public accountants, have represented to the Bank that: (a) they
perform or are prepared to perform the function of statutory auditors with the professional independence required by Technical Resolution No. 15 of the Argentine Federation of Professional Councils in Economic Sciences, and (b) they are members of
Biscardi &amp; Asociados. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The General Ordinary and Special Shareholders Meeting of Banco Franc&eacute;s held on April 27, 2006, appointed the following members of the Supervisory Committee: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=56% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=center>
<B><FONT size=2 face="serif">Expiration of term</FONT></B> </TD>
</TR>
<TR>
 <TD width="56%"> </TD>
 <TD> </TD>
 <TD width="20%"> </TD>
 <TD> </TD>
 <TD width="20%" align="center">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Regular</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Mario Rafael Biscardi</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2006</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Carlos Roberto Chiesa</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2006</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Alejandro Mosquera</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2006</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Alternate</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Osvaldo Pablo Alejandro Jofr&eacute;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2006</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Julieta Paula Pariso</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2006</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=56% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Paola Lorena Rolotti</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=20% align=center>
<FONT size=2 face="serif">December 31, 2006</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">120</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<U><FONT size=2 face="serif">Background information</FONT></U>
<P>
<FONT size=2 face="serif">Mario Rafael Biscardi: Attorney, a partner of the firm Biscardi &amp; Asociados, he is a member of the Supervisory Committee of, inter alia, Banco Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., Banco Banex S.A., Banco
Ita&uacute; Buen Ayre S.A., GMAC Cia. Financiera S.A., General American Compa&ntilde;&iacute;a de Seguros de Vida S.A., Renault Argentina S.A., Sociedad Comercial del Plata S.A., P&amp;G Holding S.R.L and Inta S.A. </FONT></P>
<P>
<FONT size=2 face="serif">Carlos Roberto Chiesa: Attorney, a partner of the firm Biscardi &amp; Asociados, he is a member of the Supervisory Committee of, inter alia, Banco Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., Banco Banex S.A., Banco
Ita&uacute; Buen Ayre S.A., GMAC Cia. Financiera S.A., General American Compa&ntilde;&iacute;a de Seguros de Vida S.A. and Hidroel&eacute;ctrica Cerros Colorados S.A. </FONT></P>
<P>
<FONT size=2 face="serif">Alejandro Mosquera: Attorney, a partner of the firm Biscardi &amp; Asociados, he is a member of the Supervisory Committee of, inter alia, Banco Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., Banco Banex S.A., Banco
Ita&uacute; Buen Ayre S.A., GMAC Cia. Financiera S.A., General American Compa&ntilde;&iacute;a de Seguros de Vida S.A., Renault Argentina S.A., Sociedad Comercial del Plata S.A., P&amp;G Holding S.R.L, and Inta S.A. </FONT></P>
<P>
<FONT size=2 face="serif">Osvaldo Pablo Alejandro Jofr&eacute; : Attorney, a member of the firm Biscardi &amp; Asociados, he is a member of the Supervisory Committee of Banco Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., Banco Banex S.A., Banco
Ita&uacute; Buen Ayre S.A., GMAC Cia. Financiera S.A., General American Compa&ntilde;&iacute;a de Seguros de Vida S.A., Duke Energy International Southern Cone S.R.L., Sofital SAFeII and Santista Textil S.A. </FONT></P>
<P>
<FONT size=2 face="serif">Julieta Paula Pariso: Attorney, a member of the firm Biscardi &amp; Asociados, she is a member of the Supervisory Committee of Banco Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., Banco Banex S.A., Banco Ita&uacute;
 Buen Ayre S.A., General American Compa&ntilde;&iacute;a de Seguros de Vida S.A., Duke Energy International Southern Cone S.R.L., Sofital SAFeII, GMAC Cia. Financiera S.A. and Hidroel&eacute;ctrica Cerros Colorados S.A. </FONT></P>
<P>
<FONT size=2 face="serif">Paola Lorena Rolotti: Attorney, a member of the firm Biscardi &amp; Asociados, she is a member of the Supervisory Committee of Banco Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., Banco Banex S.A., Banco Ita&uacute;
 Buen Ayre S.A., General American Compa&ntilde;&iacute;a de Seguros de Vida S.A., Duke Energy International Southern Cone S.R.L., Sofital SAFeII, Santista Textil S.A. and Hidroel&eacute;ctrica Cerros Colorados S.A. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Both the regular and alternate members of the Bank&#146;s Supervisory Committee, in their capacity as attorneys, have represented to the Bank that: (i) they are members of Biscardi &amp;
 Asociados S.R.L. Law Firm and qualify as &#147;independent&#148; according to General Resolution No. 368 (New Text 2001), as amended by General Resolution No. 400 of the CNV; and (ii) have filed all the information required by the mentioned
dispositions of the CNV, regarding their professional relations with the Bank. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are no agreements between the Bank and its directors, members of the Supervisory Committee or main executives, as a consequence of which the directors, members of the Supervisory
Committee or main executives might have interests in opposition to those of the Bank, according to the provisions of Article 272 of LC. </FONT></P>
<I><FONT size=2 face="serif">Advisors</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All legal advice is provided to the Bank by its own Legal Affairs Department.</FONT></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Bank has no financial advisors.</FONT>
<p><I><FONT size=2 face="serif">External Auditors</FONT></I></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of October 1, 2002, Deloitte &amp; Co. S.R.L. acts as the Bank&#146;s external auditor. The Regular and Special Shareholders Meetings held on August 7, 2002, April 30, 2003 and April 22,
2004, April 28, 2005 and April 27, 2006 approved such appointment. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to the provisions of General Resolution No. 368 of the CNV (New Text 2001) the auditor of the financial statements for (i) the fiscal years ended December 31, 2001 was Mr. Mario A.
Bittar, National Public Accountant (University of Buenos Aires), who is registered with the Professional Council of Economic Sciences of the City of Buenos Aires, Volume 184, Page 238, (ii) the fiscal year ended December 31, 2002 was Mr. Carlos
Alberto Haehnel, National Public Accountant registered with the Professional Council of Economic Sciences of the City of Buenos Aires, Volume 60, Page 89; and (iii) the auditor of the financial statements for the fiscal years ended December 31,
2003, 2004 and 2005 was Mr. Carlos Bernardo Srulevich, National Public Accountant (University of Buenos Aires), who is registered with the Professional Council of Economic Sciences of the City of Buenos Aires, Volume 139, Page 192.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The firm Deloitte &amp; Co. S.R.L. has its domicile at Florida 234, 5th floor (C1005AAF), City of Buenos Aires, Argentina and is registered with the Professional Council in Economic Sciences of
the City of Buenos Aires, under Volume 1, Page 3. </FONT></P>
<P align="center">
<FONT size=2 face="serif">121</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<I><FONT size=2 face="serif">Audit Committee (I)</FONT></I>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Franc&eacute;s established the Audit Committee (I) as described in the Minutes of the Board of Directors No. 4,878 to comply with the provisions set out by the Central Bank in its
Communication &#147;A&#148; 2525, as supplemented, dated April 1997. </FONT></P>
<FONT size=2 face="serif">As of this date, the Audit Committee (I) is comprised of:</FONT><UL>
<LI>
<FONT size=2 face="serif">Jorge Carlos Bledel<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Oscar Hugo Fantacone<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Oscar Miguel Castro<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Javier D&#146;Ornellas<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Eduardo Zerega</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee (I) meets once a month. In each of these meetings, the Internal Audit Director presents the projects undertaken by the Internal Audit Department. The minutes of the meeting
are then drawn up detailing the issues discussed as well as those items requiring further discussion. The minutes are transcribed into an internal control book which is sent to the Board of Directors for their information. </FONT></P>
<FONT size=2 face="serif">The Audit Committee (I)&#146;s duties are to:</FONT><UL>
<LI>
<FONT size=2 face="serif">Supervise the appropriate implementation of the internal control systems defined in the institution through a regular</FONT> <FONT size=2 face="serif">evaluation;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Provide assistance to improve the effectiveness of the internal controls;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Inquire about external audit planning and comment as necessary on the nature, scope, and time for the performance of the</FONT> <FONT size=2 face="serif">audit proceedings;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Revise and approve the annual work program of the institution&#146;s internal audit area (&#147;Internal Audit Planning</FONT> <FONT size=2 face="serif">Memorandum&#148; or &#147;Annual Planning&#148;) to be carried out
under these rules, as well as the level of compliance with such</FONT> <FONT size=2 face="serif">program;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Revise the reports issued by the internal auditors pursuant to the provisions set forth in these rules;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Consider the observations made by the external and the internal auditors regarding the internal control weaknesses found</FONT> <FONT size=2 face="serif">during the performance of their duties, as well as the corrective
measures implemented by the general management to</FONT> <FONT size=2 face="serif">minimize or cure such weaknesses;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Review the results obtained by the Supervisory Committee of the Bank during the performance of its duties, as informed in</FONT> <FONT size=2 face="serif">the applicable reports;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Maintain a permanent communication with the officers of the Superintendency of Financial and Exchange Institutions in</FONT> <FONT size=2 face="serif">charge of the control of the Bank, so as to learn about their concerns,
and the problems identified during the inspections</FONT> <FONT size=2 face="serif">conducted in the Bank, and control the actions adopted to solve such problems;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Keep informed of the annual financial statements and the financial statements for the respective three-month periods as well</FONT> <FONT size=2 face="serif">as the external auditors&#146; report issued with respect to the
former, and any other applicable accounting information; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Regularly control compliance with the independence rules applicable to external auditors.</FONT></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">122</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P>
<I><FONT size=2 face="serif">Audit Committee (II) (as per Decree No. 677/01 and General Resolution No. 400/02 which complies with NYSE Listing Standards) </FONT></I></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Franc&eacute;s has an Audit Committee (II) created by resolution of the Board of Directors dated on May 21, 2004. General Ordinary and Special Shareholders Meeting held on April 27, 2006,
appointed Jos&eacute; Carlos Pl&aacute; Royo in replacement of Juan Ignacio Gim&eacute;nez Echeverr&iacute;a in order to comply with NYSE Section 303A.07(b), which states that as from July 1, 2005 all members of the Audit Committee are required to
be &#147;independent&#148;.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">With the appointment of Jos&eacute; Carlos Pl&aacute; Royo, the Audit Committee (II) consists of three members of the Board, most of them are independent directors in terms of Decree No. 677/01
and Resolution No.400/02, are elected for three years and may be re-elected. Its present composition, according Board of Directors resolution held on April 27, 2006 will be constituted as follows: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=right>&nbsp;</TD>
 <TD width=10% align=left>
<U><FONT size=2 face="serif">Members</FONT></U><FONT size=2 face="serif">:</FONT></TD>
 <TD width=95% align=left>
<FONT size=2 face="serif">Jos&eacute; Carlos Pl&aacute; Royo</FONT>
 </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
 <TD width=10% align=left>

 </TD>
 <TD width=95% align=left>
<FONT size=2 face="serif">Oscar Miguel Castro</FONT>
 </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
 <TD width=10% align=left>

 </TD>
 <TD width=95% align=left>
<FONT size=2 face="serif">Javier D&#146;Ornellas</FONT>
 </TD>
</TR>
</TABLE>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The powers and duties of the Audit Committee (II) are as follows:</FONT><UL>
<LI>
<FONT size=2 face="serif">To render an opinion on the Board&#146;s proposal to appoint the external auditors to be retained by the company, and ensure</FONT> <FONT size=2 face="serif">their independence.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To supervise the operation of internal control and administrative accounting systems, as well as ensure the reliability of the</FONT> <FONT size=2 face="serif">latter and of all financial information or other significant
facts submitted to the CNV and the self-regulated bodies in</FONT> <FONT size=2 face="serif">compliance with the applicable information regulations.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To supervise the application of policies as regards the information about the company&#146;s risk management.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To furnish the market with comprehensive information in respect of operations which may involve conflicts of interest with</FONT> <FONT size=2 face="serif">members of the corporate bodies or controlling
shareholders.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To render an opinion on the reasonableness of proposals concerning fees and share option plans for the company&#146;s directors</FONT> <FONT size=2 face="serif">and managers as submitted by the administration
body.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To render an opinion on the observance of legal requirements and the reasonableness of the conditions for the issuance of</FONT> <FONT size=2 face="serif">shares or securities convertible into shares in the event of a
capital increase, with exclusion or limitation of preference</FONT> <FONT size=2 face="serif">rights.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To verify the observance of the applicable standards of behavior.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To issue a duly grounded opinion with regard to operations with related parties in those cases contemplated by the Decree.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To issue a duly grounded opinion and forward it to the self-regulated entities as determined by the CNV whenever there is a</FONT> <FONT size=2 face="serif">conflict of interests or the possibility of such a conflict in the
company.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To prepare annually an action plan to be submitted to the Board and the Supervisory Committee.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">To examine the plans prepared by the external and internal auditors, evaluate their performance and issue an opinion on the</FONT> <FONT size=2 face="serif">matter on occasion of the presentation and publication of the
annual financial statements.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All directors, members of the Supervisory Committee, managers and external auditors must, at the request of the Audit Committee, attend its sessions and cooperate with it, facilitating its
access to such information as may be available to them. In order to ensure a more appropriate exercise of the powers and duties contemplated herein, the committee may request the advice of lawyers and other independent professionals and retain their
services for the account of the company within the budget allocated for such purposes by the shareholders meeting. The Audit Committee shall have access to such information and documentation as it may deem necessary in order to comply with its
obligations. </FONT></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We do not have a compensation committee.</FONT><P align="center">
<FONT size=2 face="serif">123</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<I><FONT size=2 face="serif">Compensation of Directors and Officers</FONT></I>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The aggregate amount of compensation paid by Banco Franc&eacute;s and its subsidiaries during the fiscal year ended December 31, 2005, to all directors and officers for services in all
capacities, including salaries and bonuses, was Ps.14.2 million. This amount also includes compensation accrued during 2004 and paid in 2005. Compensation in the amount of Ps.7.5 million accrued during 2005 and was fully paid in 2006 before the date
of this annual report. During the fiscal year ended December 31, 2005, Banco Franc&eacute;s was required to set aside Ps.4.1 million to provide defined contribution pension plans (see Note 16.16. to our Consolidated Financial Statements).
</FONT></P>
<I><FONT size=2 face="serif">Special Committees</FONT></I><P>
<FONT size=2 face="serif">The Bank has the following special committees (i) Management, (ii) Media, (iii) Risks and (iv) Disclosure, among others.</FONT></P>
<FONT size=2 face="sans-serif">&#8226; </FONT><U><FONT size=2 face="serif"> Management
Committee</FONT></U>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Management Committee is comprised of: (i) Jorge Carlos Bledel, (ii) Marcelo Gustavo Canestri, , ( iii) Carlos Eduardo Montoto, (iv) Oscar Hugo Fantacone, (v) Gabriel Milstein, (vi)
Tom&aacute;s Deane, (vii) Jos&eacute; Carlos L&oacute;pez &Aacute;lvarez and Juan Eugenio Rogero Gonz&aacute;lez. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The duties of the Management Committee are: (i) to set the business and investment strategies, general risk policies and human resources policies, together with the General Manager of the
Company, (ii) grant delegation powers to the officers, (iii) analyze and approve the annual general budget, (iv) monitor its evolution and determine the corrective measures pursuant to internal and market variables, and (v) create business synergies
with the rest of the group&#146;s companies. </FONT></P>
<FONT size=2 face="sans-serif">&#8226; </FONT><U><FONT size=2 face="serif">Media Committee</FONT></U><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Media Committee has as duties the institutional treatment of policies, objectives and the planning of the information system area and is comprised of: (i) Gabriel Milstein, (ii) Oscar Hugo
Fantacone, (iii) Marcelo Gustavo Canestri, (iv) Daniel Marcelo Gonz&aacute;lez, (v) Eduardo Zerega, (vi) Jorge Carlos Bledel and (vii) Guillermo de la Plaza. </FONT></P>
<FONT size=2 face="sans-serif"> &#8226; </FONT><U><FONT size=2 face="serif">Risk
Committee</FONT></U>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Risk Committee is comprised of: (i) Chairman and Chief Executive Officer, Jorge Bledel; (ii) Vice Chairman, Jos&eacute; Carlos L&oacute;pez Alvarez; (iii) Risk Management Director, Juan
Eugenio Rogero Gonz&aacute;lez; and (iv) Corporate Risk Manager, Gerardo Fiandrino. </FONT></P>
<FONT size=2 face="serif">The duties of the Risk Committee are:<br>
<br>
</FONT><TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Approve ratings for amounts (regularly adjusted) and those which were delegated as being Special Risks (Multiple Risk Ratings or Risks related to the media, political parties, trade unions or related to Banco Franc&eacute;s
or its officers);</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">If it is a rating proposal for an amount exceeding the limit mentioned, it shall first be approved by the Operations Technical Committee (&#147;OTC&#148;) and send it to the Credit Risk Central Unit (UCRC) for its
approval;</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">If the UCRC&acute;s decision coincides with the decision taken by the OTC, the committee shall register such resolution in the applicable record of the OTC, shall further inform the applicable area for the rating to be
included and shall send a copy to the applicable business area;</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(4)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">If the UCRC decision differs from the decision made by the OTC, a new rating shall have to be effected and informed to a new OTC; and</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(5)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Decide proposed refinancing for amounts (regularly adjusted) and as to any relief or fine pursuant to the rules in force.</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(6)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">The OTC&#146;s decisions shall be adopted upon the
consent of the committee; in the event the decision were not unanimous, such
decision shall fall within the discretion of the Committee&#146;s Chairman.</FONT></TD>
</TR></TABLE>
<P align="center">
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<FONT size=2 face="sans-serif">&#8226;</FONT><U><FONT size=2 face="serif"> Disclosure
Committee</FONT></U>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Disclosure Committee is comprised of: (i) Assistant Director to the Executive Director, Jos&eacute; Carlos L&oacute;pez &Aacute;lvarez, (ii) Director, Financial Area (Chairman), Marcelo
Gustavo Canestri , (iii) Director, Legal Advisory, Evelina Leon&iacute; Sarrailh, (iv) Auditing Director, Eduardo Zerega, (v) Accounting Manager, Claudia Gonzalez, (vi) Planning and MIS Manager, Enrique Bartolom&eacute;; (vii) Independent Director,
Oscar Miguel Castro; and (viii) Investor Relations (Secretary), Adriana Arbelbide. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The General Functions of the Disclosure Committee are to make sure that all information supplied to the Bank&#146;s shareholders, the markets where its shares are listed and the regulatory
bodies of such markets is true and complete, adequately represents its financial situation and the results of its operations, and is communicated in compliance with the terms and other requirements of the applicable regulations and with general
market operation and good corporate governance principles. It must therefore ensure the existence and maintenance by the Bank of procedures and controls regarding the preparation and content of all information included in the Financial Statements as
well as of any accounting or financial information which must be registered with the CNV and other regulatory bodies and agents of the stock exchanges where the shares of Banco Franc&eacute;s are listed. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">&#8226; </FONT><U><FONT size=2 face="serif">Terrorism Assets and Money Laundering Prevention Committee</FONT></U></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Terrorism Assets and Money Laundering Prevention Committee is comprised of: The Regulatory Compliance Direction Director (Coordinator), the Regulatory Compliance Direction&#146;s officer
(Vice-coordinator) in charge of Assets Laundering, the BBVA &#150; Banco Franc&eacute;s S.A.&#146;s Director (Vocal member) Responsible for Anti-laundering activities, a Regular Director (Vocal member) of the Board of BBVA &#150; Banco
Franc&eacute;s S.A. the Chief Financial Trading (Vocal member), the Regulatory Compliance Direction&#146;s officer (Vice-coordinator) responsible for Related Companies, the Legal Services Direction&#146;s Director (Vice-coordinator), the Auditing
Direction&#146;s Director (Vice-coordinator), a Representative (Secretary) of the Legal Services Direction, the Media Direction&#146;s Director (Vocal member), the Direction of Human Resources and Quality&#146;s Director (Vocal member), the
Commercial Banking Direction&#146;s Director (Vocal member)</FONT><STRIKE><FONT size=2 face="serif">.</FONT></STRIKE><FONT size=2 face="serif">, the Financial Companies Area Manager of the Commercial Banking Direction (Vocal member),
Consolidar&#146;s Internal Control and Regulatory Compliance Manager (Vocal member), the President of Franc&eacute;s Valores Sociedad de Bolsa S.A. (Vocal member), and the President of Franc&eacute;s Administradora de Inversiones S.A. (Vocal
member). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In order to comply with its control and prevention purposes, the Terrorism Assets and Money Laundering Prevention Committee assumes the following responsibilities: </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" align="center" valign="top">&#8211;</td>
    <td width="95%"><FONT size=2 face="serif">To deal with all matters related
    to the prevention of terrorism assets laundering and financing.</FONT></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&#8211;</td>
    <td width="95%"><FONT size=2 face="serif">To define operational policies
    and continuously monitor their degree of advancement.</FONT></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&#8211;</td>
    <td width="95%"> <FONT size=2 face="serif">To provide support for the terrorism
        assets laundering and financing Sub-Committee in order to make decisions
        on</FONT> <FONT size=2 face="serif">reporting to the competent authorities
        about any transactions which may appear unusual or suspicious, or dismissing</FONT> <FONT size=2 face="serif">such
    action as may be required.</FONT></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&#8211;</td>
    <td width="95%"><FONT size=2 face="serif">To assign duties to the different
    areas involved.</FONT></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Vocal member assumes the following
    functions:</FONT></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&#8211;</td>
    <td width="95%"><FONT size=2 face="serif">To render his or her area of activity
        more sensitive as to the importance of preventing terrorism assets laundering
    and</FONT> <FONT size=2 face="serif">financing.</FONT></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&#8211;</td>
    <td width="95%"><FONT size=2 face="serif">To detect any relevant situation
    which may occur in his or her area in this connection.</FONT></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&#8211;</td>
    <td width="95%"><FONT size=2 face="serif">To analyze any new product or service
    and evaluate potential asset laundering risks.</FONT></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&#8211;</td>
    <td width="95%"><FONT size=2 face="serif">To assume the necessary commitments
        in his or her area in order to implement prevention systems in coordination
        with</FONT> <FONT size=2 face="serif">the officer responsible for Asset
    Laundering Prevention.</FONT></td>
  </tr>
</table>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Terrorism Asset Laundering and Financing Committee
    has delegated some of its powers in order to optimize the treatment of reports
    received. To this effect a Prevention Subcommittee has been created with
    powers to receive, analyze and report any unusual or suspicious operations
    according to the procedure determined by the Bank&#146;s internal regulations. </FONT>
</P>
</p>
<P align="center">
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<br>
<br>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The committee meets every three months, or extraordinarily whenever the coordinator should deem it convenient due to the existence of relevant matters to be discussed. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Not fewer than five business days in advance of the meeting the Regulatory Compliance Director will discuss with the secretary those subjects to be treated at the quarterly meeting, and the
Secretary will submit the agenda to the members of the Committee. </FONT></P>
<UL>
<LI>
<U><FONT size=2 face="serif">Terrorism Assets Laundering and Financing Committee</FONT></U></LI>
</UL>
<P>
<U><FONT size=2 face="serif">Participants</FONT></U></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Regulatory Compliance Director (Coordinator), the Regulatory Compliance Direction&#146;s officer responsible for Asset Laundering (vice-coordinator), the Head of the Legal Services
  Direction (vice-coordinator), the Head of the Auditing Direction (vice-coordinator)</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Regulatory Compliance Director in his capacity as Coordinator is empowered to summon the involved reporting area even if it is not a member of the Subcommittee in order to clarify or
provide such information as may be necessary for the resolution of the case. </FONT></P>
<U><FONT size=2 face="serif">Functions</FONT></U><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Its mission is to analyze the information received about suspicious operations, agree upon actions to further examine them as required in each particular case and decide on such basis as to
whether the operation will be reported to the BCRA or not. </FONT></P>
<UL>
<LI>
<U><FONT size=2 face="serif">Corporate Integrity Management Committee</FONT></U> <U></U></LI>
</UL>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Participants</FONT></U></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Committee members acquire such condition as a result of their position and will cease to be such members as soon as they cease in their functions as heads of the relevant areas.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Director Legal Advisory. </FONT><br>
  <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Director Regulatory Compliance</FONT><br>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Director Human Resources </FONT><br>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Director Internal Auditing </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Committee members may appoint any executive in their area to replace them in case of absence or impossibility to attend any of its meetings. </FONT></P>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Secretary</FONT></U></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Committee will appoint a Secretary pertaining to the Legal Services Area to attend the meetings without a vote and perform the following functions: </FONT></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%" align="center">&#8211;</td>
    <td width="95%"><FONT size=2 face="serif">Convene the Committee.</FONT></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center">&#8211;</td>
    <td><FONT size=2 face="serif">Prepare the agenda for the Committee meetings
    based on the proposals received from the different members.</FONT></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Functions</FONT></U></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To authorize exemptions from compliance with concrete provisions of the Code. In all cases such exemptions will be of an exceptional character and for a justified reason which will not result
in any risks for the Corporate Integrity of BBVA Banco Franc&eacute;s and companies of the group in Argentina. </FONT></P>
<P align="center">
<FONT size=2 face="serif">126</FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To promote the adoption of such measures as are required in order to resolve about any ethically questionable behaviors which may be brought to the knowledge of any of the members, either as a
consequence of their functions in their areas or due to the reception of communications of the type mentioned in paragraph 6.28. of the Code of Behavior. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">With respect to those circumstances from which might derive significant risks for BBVA Banco Franc&eacute;s Banco Franc&eacute;s and companies of the group in Argentina, to bring the case to
the attention of the relevant: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" align="center" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Board of Directors or Auditing and Regulatory Compliance Commission as the case may be.</FONT> </TD>
</TR>
<TR><TD width="5%" align="center">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="center" valign=top nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Management Committee.</FONT></TD>
</TR>
<TR><TD width="5%" align="center">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="center" valign=top nowrap>
<FONT size=2 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Officer responsible for the preparation of financial statements, in order to ensure that such statements will reflect any relevant facts.</FONT> </TD>
</TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To resolve on any situations where the interests of BBVA Banco Franc&eacute;s and companies of the group in Argentina may appear to be in opposition to those of their clients. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To prepare and distribute interpretation notes on such aspects of the Code as may so require in order to ensure their application in practice. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To propose changes to the content of the Code in order to adjust it to the evolution of the activities and businesses of BBVA Banco Franc&eacute;s and companies of the group in Argentina, to
their operational environment and to the best practices of the financial industry. </FONT></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Regular meetings</FONT></U><P>
<FONT size=2 face="serif">The Committee will meet with such frequency as may be required for the performance of its functions.
</FONT></P>
<UL>
<LI>
<U><FONT size=2 face="serif">Discipline Committee</FONT></U>
</LI>
</UL>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Participants</FONT></U></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Human Resources: Director Human Resources, II Labor
  Relations and III Labor Relations Management.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Auditing: Auditing Director, III of the relevant Auditing area (Companies or Individuals) as the case may be and III Special Audits. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Retail Banking: Director Retail Banking and the relevant Territorial Director. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If the representation of the area involved is not included in the points above, it will correspond to its highest level or to the one delegated by it. </FONT></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Functions</FONT></U><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">It is BBVA Banco Franc&eacute;s corporate body in charge of examining labor disciplinary files.</FONT></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">It resolves restrictively on the following irregularities:<br>
<br>
</FONT>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Fraud, violation of Bank regulations, negligence in their compliance.</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Disloyalty in the tasks requested.</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Confidence abuse; theft or robbery of property belonging to the Bank, fellows, clients or any person in the Bank&#146;s premises.</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(4)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Powers abuse.</FONT> </TD>
</TR></TABLE>
<P align="center">
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Regular meetings</FONT></U>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A meeting is held once a month and only if necessary in case the matters to be considered require an urgent and immediate decision. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" align="center" valign=top nowrap>
<LI></LI>  </TD>
 <TD width="95%">
<U><FONT size=2 face="serif">Computing Security Committee </FONT></U></TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD valign=top nowrap><U><FONT size=2 face="serif">Participants </FONT></U></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD valign=top nowrap><FONT size=2 face="serif">Media Director</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD>
 <TD width="95%" valign=top nowrap>
<FONT size=2 face="serif">II</FONT>
<FONT size=2 face="serif">Computing Planning and Security</FONT> </TD>
  </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD width="95%" valign=top nowrap>
<FONT size=2 face="serif">II</FONT>
<FONT size=2 face="serif">Design and Development</FONT> </TD>
 </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD width="95%" valign=top nowrap>
<FONT size=2 face="serif">II</FONT>
<FONT size=2 face="serif">Organization</FONT> </TD>
 </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD width="95%" valign=top nowrap>
<FONT size=2 face="serif">II</FONT>
<FONT size=2 face="serif">Computing Technology</FONT> </TD>
 </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD width="95%" valign=top nowrap>
<FONT size=2 face="serif">III</FONT>
<FONT size=2 face="serif">Computing Security</FONT> </TD>
 </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="95%">
<FONT size=2 face="serif">Presidency </FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><FONT size=2 face="serif">Media Director </FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><U><FONT size=2 face="serif">Functions</FONT></U></TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The purpose is to ensure confidentiality, integrity and accuracy of information, and continuity of transaction, in any form or manner it may appear, thus protecting it against any unauthorized
use, disclosure, deliberate or accidental modification or interruption, focused on the business development in an adequate security and control encounter. To approve human resources polices. </FONT></P>
<p><U><FONT size=2 face="serif">Regular meetings</FONT></U><FONT size=2 face="serif"> </FONT></p>
<p><FONT size=2 face="serif">On a monthly basis.</FONT>
</p>
<P>
<B><FONT size=2 face="serif">Significant Differences between Banco Franc&eacute;s&#146;s Corporate Governance Practices and U.S. Companies&#146; Practices under NYSE Listing Standards </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Franc&eacute;s&#146;s corporate governance practices are governed by the applicable Argentine law (particularly, the Business Companies Law, Decree No. 677/01 and the Standards of the
CNV), as well as by its bylaws. Banco Franc&eacute;s has securities that are registered with the SEC and are listed on the NYSE, and is therefore subject to corporate governance requirements applicable to NYSE-listed non-U.S. companies. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">NYSE-listed non-U.S. companies may, in general, follow their home country corporate governance practices in lieu of most of the new NYSE corporate governance requirements codified in Section
303A of the NYSE&#146;s Listed Company Manual. However, NYSE-listed non-U.S. companies must comply with NYSE Sections 303A.06, 303A.11 and 303A.12(b) and (c). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">NYSE Section 303A.11 requires that non-U.S. companies disclose any significant ways in which their corporate governance practices differ from U.S. companies under NYSE listing standards. In
accordance with NYSE Section 303A.11, we describe below the relevant differences between Banco Franc&eacute;s&#146;s corporate governance practices and NYSE standards for listed companies. </FONT></P>
<P align="center">
<FONT size=2 face="serif">128</FONT></P>

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<br>
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<I><FONT size=2 face="serif">Director Independence</FONT></I>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.01, a NYSE-listed company must have a majority of independent directors on its board of directors. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Argentine law, the board is not required to consist of a majority of independent directors. Notwithstanding, when directors are appointed, each shareholder that nominates a director is
required to report at the meeting whether or not such director is independent. As of May 28, 2004, Argentine companies are required to have at least two independent directors to appoint to the Audit Committee. Since October 29, 1998, Banco
Franc&eacute;s has two independent directors out of its five members of the Board of Directors. </FONT></P>
<I><FONT size=2 face="serif">Standards for Evaluating Director Independence</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">NYSE Section 303A.02 establishes general standards to evaluate directors&#146; independence (no director qualifies as &#147;independent&#148; unless the board of directors affirmatively
determines that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company)), and emphasizes that the concern is independence
from management. The board is also required, on a case by case basis, to express an opinion with regard to the independence or lack of independence, of each individual director. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To qualify as an &#147;independent&#148; or &#147;non-independent&#148; director, CNV standards (General Resolution No. 400) are substantially similar to NYSE standards. CNV standards provide
that independence is required with respect to the Bank, and to its controlling shareholders or to shareholders with material holdings (35% or more), and that, for any person to be appointed as an independent director, such person must not perform
executive functions within the Bank. Close relatives of any persons who would not qualify as &#147;independent directors&#148; would also not be considered &#147;independent&#148;. </FONT></P>
<I><FONT size=2 face="serif">Non-management Directors Meetings</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.03, non-management directors must meet at regularly scheduled executive meetings not attended by management. Neither Argentine law nor Banco Franc&eacute;s&#146;s bylaws
require that any such meetings be held. </FONT></P>
<I><FONT size=2 face="serif">Nominating Corporate Governance Committee</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.04, listed companies shall have a &#147;nominating/corporate governance committee&#148; comprised entirely of independent directors. Neither Argentine law nor Banco
Franc&eacute;s&#146;s bylaws require the formation of a &#147;nominating/corporate governance committee&#148;. The right to nominate directors is vested in the shareholders and the nomination is made at the shareholders&#146; meeting. Pursuant to
CNV Standards, the person who nominates a director shall report at the shareholders&#146; meeting whether or not the nominee is an &#147;independent person&#148;, based on criteria established by CNV (which are substantially similar to NYSE
standards). </FONT></P>
<I><FONT size=2 face="serif">Compensation Committee</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.05(a), listed companies had to have a &#147;Compensation Committee&#148; comprised entirely of independent directors. Under NYSE Section 303A.05(b), the
&#147;Compensation Committee&#148; shall have a written charter establishing certain minimum responsibilities as set forth in NYSE Section 303A.05(b)(i). Banco Franc&eacute;s does not have a compensation committee because neither Argentine law nor
Banco Franc&eacute;s&#146;s bylaws require the formation of a &#147;compensation committee&#148;. </FONT></P>
<I><FONT size=2 face="serif">Audit Committee (II)</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.06, listed companies must have an &#147;audit committee&#148; that complies with SEC requirements. Foreign private issuers shall have this audit committee in place prior
to July 31, 2005. Decree No. 677/01 and CNV&acute;s standards require Banco Franc&eacute;s to have its audit committee in place on or prior to May 28, 2004. The Audit Committee (II) of Banco Franc&eacute;s currently complies with the standards of
Decree No. 677/01 and CNV. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.07(a), the audit committee shall consist of at least three members. All of its members shall be financially literate or must acquire such financial knowledge within a
reasonable period and at least one of its members shall have experience in accounting or financial administration. Argentine law also requires the Audit Committee to be comprised of at least three members. Pursuant to CNV&acute;s standards, audit
committee members are required to be conversant in business, financial, or accounting issues. CNV&acute;s rules provide for the training of its members to carry out their duties and Banco Franc&eacute;s engages in this training. </FONT></P>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.07(a), if a member of the audit committee is simultaneously a member of the audit committee of more than three public companies, and the listed company does not limit
the number of audit committees on which its members may serve, then, in each case the board shall determine whether the simultaneous service would prevent such member from effectively serving on the listed company&#146;s audit committee, and shall
report its decision in the annual proxy statement of the company or in the company&#146;s annual report filed with the SEC. No such provision regarding an audit committee member&#146;s simultaneous membership on public companies exists under
Argentine law or Banco Franc&eacute;s&#146;s bylaws. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.07(b), all members of the audit committee are required to be &#147;independent&#148;. In accordance with Decree No. 677/01, a majority of the members of Audit Committee
(II) are &#147;independent&#148;.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.07(c), the audit committee shall have a charter establishing the duties and responsibilities of its members, including, at a minimum, some of the duties and
responsibilities required by Rule 10A-3 of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) and as set forth in NYSE Section 303A.7(c) of the NYSE Manual. The functions and responsibilities of the audit committee in Argentina,
established by Decree No. 677/01 and CNV&acute;s standards, are essentially the same as provided for under Rule 10A-3 of the Exchange Act. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">NYSE Sections 303A.07(c)(iii)(B) and (C) establish audit committee objectives: (i) to discuss the annual audited financial statements and the quarterly financial statements of the company with
management and the independent auditor, including the information disclosed under the heading &#147;Management&#146;s Discussion and Analysis of Financial Conditions and Results of Operations&#148;; (ii) to discuss the company&#146;s press releases
relating to its earnings, as well as the financial information and guidelines relating to its earnings that are supplied to equity researchers and rating agencies. No such provision is contained in the Argentine law or Banco Franc&eacute;s&#146;s
bylaws. However, CNV standards establish similar functions for the audit committee, namely, &#147;to verify the reliability of athe administrative-accounting system, and of all financial data, or of any significant data submitted to CNV and to
self-regulated exchanges, in compliance with the applicable reporting regime&#148;. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">NYSE Section 303A.07(c)(iii)(B) provides that the audit committee shall establish clear policies for hiring external auditors&#146; employees. No such provision regarding hiring external
auditors&#146; employees is contained in Argentine law or Banco Franc&eacute;s&#146;s bylaws. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">NYSE Section 303A.07(d) provides that each company must have an internal audit function in order to provide to the management and to the audit committee permanent assessments on the
company&#146;s risk management processes and internal control system. No such provision regarding an internal audit function is required by Argentine law or Banco Franc&eacute;s&#146;s bylaws. However, Banco Franc&eacute;s has an Audit Committee
according to Central Bank&acute;s rules, which provides to the management permanent assessments about management and operating processes, and risks of the company. </FONT></P>
<I><FONT size=2 face="serif">Disclosure of Corporate Governance Guidelines</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">NYSE Section 303A.09 provides that companies must adopt and disclose corporate governance guidelines, including several issues for which such reporting is mandatory, and include such
information on the company&#146;s website, which should also include the charters of the Audit Committee, the Nominating Committee and the Compensation Committee.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Decree No. 677/01 required additional information that companies must include in their annual reports, including information relating to the decision-making organization (corporate governance),
the company&#146;s internal controls system, norms for director and manager compensation, stock-options, and any other compensation system applicable to Board members and managers. Decree No. 677/01 does not address the remaining issues included in
NYSE Section 303A.09. However, all relevant information sent by the Bank to the CNV is forwarded to the CNV through the CNV&#146;s Financial Reporting Highway and may be viewed on the CNV&acute;s website. </FONT></P>
<I><FONT size=2 face="serif">Evaluation of Board Performance</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.09, the board of directors must make a self-assessment of its performance at least once a year to determine if it or its committees function effectively and report
thereon. Under Argentine law, the board&#146;s performance is evaluated at the annual shareholders&#146; meeting. </FONT></P>
<P><I><FONT size=2 face="serif">Code of Ethics</FONT></I> </P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">NYSE Section 303A.10
    provides for the adoption of a Code of Business Conduct and Ethics and sets
    out the topics that such code must contain. Banco Franc&eacute;s&#146;s Board
    approved in December 18, 2003 a &#147;Code of Conduct of BBVA Banco Franc&eacute;s
    and its group of companies in Argentina&#148;, which applies to all management
    and employees, with no exceptions, the English translation of </FONT></P>
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<p><br>
  <br>


      <FONT size=2 face="serif">which is available to the public on Banco Franc&eacute;s&#146;s
  website. See &#147;Code of Ethics&#148;. Banco Franc&eacute;s believes that
its Code of Conduct complies with the NYSE requirements. </FONT></p>
<p><em><FONT size=2 face="serif">Certifications by
    the CEO</FONT>
</em></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">NYSE Section 303A.12 (a) provides that the CEO shall on a yearly basis certify to NYSE that he/she knows of no violation by the company of NYSE Sections relating to corporate governance. No
such certification is required by Argentine law or by Banco Franc&eacute;s&#146;s bylaws. </FONT></P>
<I><FONT size=2 face="serif">Notification of Non-fulfillment</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under NYSE Section 303A.12 (b), the CEO shall notify the NYSE in writing whenever any executive officer of the company becomes aware of any substantial non-fulfillment of any applicable
provision under NYSE Section 303A.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">No such provision regarding notification of non-fulfillment of NYSE Section 303A is contained in Argentine law or Banco Franc&eacute;s&#146;s bylaws, but Banco Franc&eacute;s&#146;s CEO will
comply with the notice provisions as set forth under NYSE Section 303A.12(b).</FONT><B><I><FONT size=2 face="serif"> </FONT></I></B></P>
<B><FONT size=2 face="serif">Employees</FONT></B><P>
<FONT size=2 face="serif">The following table shows the breakdown of our full-time payroll employees as of December 31, 2005, 2004 and 2003:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center> <B><FONT size=1 face="serif">As of December 31,</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">2005 </FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">2004 </FONT></B><B><SUP><FONT size=1 face="serif">(1) </FONT></SUP></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">2003 </FONT></B><B><SUP><FONT size=1
face="serif">(1)</FONT></SUP></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT size=2 face="serif">Main office</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,218</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,221</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,368</FONT>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT size=2 face="serif">Branches</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,400</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,320</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,385</FONT>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT size=2 face="serif">Foreign Subsidiaries</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right><U><FONT size=2 face="serif">-</FONT></U>

 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
  </TR>
<TR>
 <TD width="76%">
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left>
<FONT size=2 face="serif">Total</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,618</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,541</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,753</FONT>
 </TD>
  </TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="10%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Excludes 1,907, 1,884 and 1,908 employees from non-banking subsidiaries as of December 31, 2005, 2004 and 2003, respectively.</FONT> </TD>
</TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our employees are represented by a national bank union with optional membership. As of December 31, 2005, 320 employees were unionized. The union negotiates a collective bargaining agreement to
establish minimum salaries for all of its members. We have not experienced any conflicts with the union for over 20 years and we consider relations with our employees to be satisfactory. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have a personnel Training and Development Department, which is in charge of the training of all of the Bank&#146;s employees. This includes in-house training courses and seminars in all the
areas: Operations, Technology and Business (Branches, Corporate Banking). We provide bonuses to individual employees throughout the bank on a discretionary basis, taking into consideration individual merit and overall profit levels. We do not have a
formal profit-sharing plan. </FONT></P>
<B><FONT size=2 face="serif">Share Ownership</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of May 31, 2006, Gabriel Milstein (Media Director), Marcelo Canestri (Financial Director), Oscar Fantacone (Retail Banking Director) and Carlos Montoto (Human Resources and Quality
Director), owned shares in Banco Franc&eacute;s, which represented less than 1% of the capital stock of the Bank. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">None of our directors, members of the Supervising Committee or our remaining senior executives own shares or options on shares of Banco Franc&eacute;s. </FONT></P>
<P align="center">
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<P>
<B><FONT size=2 face="serif">ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</FONT></B></P>
<B><FONT size=2 face="serif">Major Shareholders</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth certain information regarding the beneficial ownership of our ordinary shares as of December 31, 2005, by each person who, to our knowledge, owns beneficially
more than 5% of our ordinary shares. These persons do not have different voting rights. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=64% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=5 align=center>
<B><FONT size=1 face="serif">Ordinary Shares Beneficially Owned At December 31,
2005</FONT></B></TD>
  </TR>
<TR>
 <TD width="64%">
 </TD>
 <TD>
 </TD>
 <TD colspan=5>
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=64% align=left>
<B><FONT size=1 face="serif">Beneficial Owner</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="2" align=center> <B><FONT size=1 face="serif">Number</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">Percent of class</FONT></B></TD>
  </TR>
<TR>
 <TD width="64%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD colspan="2">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="10%">
<HR noshade size=1>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=64% align=left>
<FONT size=2 face="serif">Banco Bilbao Vizcaya Argentaria </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right> <FONT size=2 face="serif">215,195,798</FONT> </TD>
 <TD width=6%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">45.65</FONT> </TD>
 <TD width=6% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=64% align=left>
<FONT size=2 face="serif">Bilbao Vizcaya America BV </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=right> <FONT size=2 face="serif">96,796,099</FONT>
 </TD>
 <TD width=6%>&nbsp;</TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">20.54</FONT>
 </TD>
 <TD width=6% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=64% align=left>
<FONT size=2 face="serif">Inversora Otar S.A. </FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right> <FONT size=2 face="serif">44,301,125</FONT> </TD>
 <TD width=6%>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">9.40</FONT> </TD>
 <TD width=6% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=64% align=left>
<FONT size=2 face="serif">The Bank of New York </FONT><SUP><FONT size=2 face="serif">(4)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=right> <FONT size=2 face="serif">39,245,315</FONT>
 </TD>
 <TD width=6%>&nbsp;</TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">8.33</FONT>
 </TD>
 <TD width=6% align=left>
<FONT size=2 face="serif">%</FONT>
 </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Number of shares and percent of class owned directly and indirectly by BBVA except for shares held through Bilbao Vizcaya Am&eacute;rica BV.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Banco Bilbao Vizcaya Am&eacute;rica BV is controlled by BBVA.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Inversora Otar S.A. is controlled indirectly by BBVA.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(4)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">As holder agent of ADR.</FONT> </TD>
</TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On December 31, 2002, Banco Franc&eacute;s carried out a capital increase, in the domestic market. Accordingly the capital stock of Banco Franc&eacute;s increased from 209,631,892 shares to
368,128,432 shares and BBVA increased its equity interest in the Bank from 68.2% to 79.53% .</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Franc&eacute;s carried out a new capital increase in 2004. The subscription period for the exercise of the preemptive and accretion rights regarding the issuance of 103,232,874 ordinary
shares of Ps.1 nominal value and one vote per share, entitled to dividends on the same conditions as the shares of the company outstanding ended on November 17, 2004.
The offer was carried out by the capitalization of certain eligible assets and cash, and took place in Argentina. Accordingly the capital stock of Banco Franc&eacute;s increased from 368,128,432 shares to 471,361,306 shares. As a result of the
capitalization BBVA (the main shareholder of Banco Franc&eacute;s) owns, directly and indirectly, 75.59% of Banco Franc&eacute;s&#146; capital stock. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Franc&eacute;s is a corporation registered under Argentine law whose shareholders restrict their liability to the shares they have subscribed and paid-in under the Business Companies Law.
Therefore, and in terms of Law No. 25,738, no shareholder of the Bank, whether foreign or local, is liable beyond such paid-in shares for obligations deriving from transactions made by the Bank. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Except as described above, we are unaware of any arrangements the operation of which may, at a subsequent date, result in a change of control of Banco Franc&eacute;s. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of December 31, 2005, according to our records and the records of the Depositary, 28 holders of ordinary shares and 38 registered holders of ADSs have an address in the United States,
representing, in the aggregate, 8.94% of our issued and outstanding ordinary shares. </FONT></P>
<B><FONT size=2 face="serif">Related Parties Transactions</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table presents the loans granted, guarantees given and extensions of credit granted (unused portions) to related parties for the fiscal years ended December 31, 2005 and 2004.
Related parties include controlled companies, controlling shareholders and entities under common control, key management and directors and associated entities. </FONT></P>
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<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD colspan=11 align=center nowrap> <B><FONT size=1 face="serif">Fiscal Year ended December
    31, 2005</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD colspan="11" align=center nowrap> <B><FONT size=1 face="serif">Fiscal Year ended
    December 31, 2004</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD colspan=11 align=center nowrap><HR noshade size=1></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD colspan="11" align=center nowrap><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=center><B><FONT size=1 face="serif">Related Party</FONT></B></TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Largest<br>
  </FONT></B><B><FONT size=1 face="serif">Outstanding<br>
  </FONT></B><B><FONT size=1 face="serif">Amount </FONT></B><B><SUP><FONT size=1 face="serif">(1)(2)</FONT></SUP></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
Rates</FONT></B></TD>
  <TD align=center nowrap></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Amount<br>
  </FONT></B><B><FONT size=1 face="serif">Outstanding </FONT></B><B><SUP><FONT size=1 face="serif">(2)</FONT></SUP></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
Rates</FONT></B></TD>
  <TD align=center nowrap></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Nature</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Largest<br>
Outstanding<br>
  </FONT></B><B><FONT size=1 face="serif">Amount </FONT></B><B><SUP><FONT size=1 face="serif">(1)(2)</FONT></SUP></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
Rates</FONT></B></TD>
  <TD align=center nowrap></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Amount<br>
  </FONT></B><B><FONT size=1 face="serif">Outstanding </FONT></B><B><SUP><FONT size=1 face="serif">(2)</FONT></SUP></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
  </FONT></B><B><FONT size=1 face="serif">Rates</FONT></B></TD>
  <TD align=center nowrap></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD width=10% align=center><B><FONT size=1 face="serif">Nature</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR noshade size=1></TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD width=10% align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD colspan="5" align=left>
<B><FONT size=1 face="serif">Controlled, Controlling and under common control
Entities</FONT></B></TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left><FONT size=1 face="serif">BBVA and subsidiaries</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">238,295</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">118,590</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Guarantees given,</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">48,561</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">23,003</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Guarantees given,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">other loans</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">other loans</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">BBVA Uruguay and subsidiary</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<FONT size=1 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">438</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">263</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Guarantees given</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Banco Franc&eacute;s Cayman Ltd. and Subsidiary </FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<FONT size=1 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">1,448,898</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Credilogros C&iacute;a. Financiera S.A.</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">77,635</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">4.81</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">47,339</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">7.59</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Call money, credit</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">38,946</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">3.38</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">33,487</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">3.29</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Call money, credit</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">card loans,</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">card loans,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">guarantees given</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">guarantees given</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">and Equity</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">and Equity</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Franc&eacute;s Valores Sociedad de Bolsa S.A.</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">28,016</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">18,394</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances, other</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">15,655</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">7,640</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Other loans and</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">loans and Equity</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Franc&eacute;s Administradora de Inversi&oacute;n</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">836</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">678</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Other loans and</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">775</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">766</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Other loans and</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Consolidar AFJP S.A.</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">34,000</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">34,000</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances, credit</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">35,356</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">33,697</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Advances, credit</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">card loans,</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">card loans,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">guarantees given</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">guarantees given</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">and Equity</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">and Equity</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Consolidar Seguros de Vida S.A.</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">9,973</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">9,343</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances, other</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">9,805</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">9,343</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Advances, other</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">loans and Equity</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">loans and Equity</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Consolidar Seguros de Retiro S.A.</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">13,147</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">12,918</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">23.49</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances, credit</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">14,994</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">12,910</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">25.39</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Credit cards loans,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">cards loans, other</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">other loans and</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">loans and Equity</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Consolidar ART S.A.</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">4,753</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">4,653</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">23.49</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances, credit</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">4,670</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">4,652</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">25.39</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Credit cards loans,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">cards loans, other</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">other loans and</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">loans and Equity</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Consolidar Comercializadora S.A.</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">1,253</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">1,253</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=center nowrap>
<FONT size=1 face="serif">&#151;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">PSA Finance</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">49,346</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">9.02</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">49,346</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">9.02</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Call money, other</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">17,555</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">7.16</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">17,555</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">7.16</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Call money,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">loans and Equity</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">advances, other</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">loans and Equity</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Consolidar Seguros S.A.</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">5,529</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">5,341</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances, credit</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">4,940</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">85.80</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">4,909</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">25.39</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Credit cards loans,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">cards loans and</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">other loans and</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">other loans</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Assurex S.A.</FONT></TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">303</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">31</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">15</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Advances and</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1% align=left></TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Inversora Otar</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=center nowrap>
<FONT size=1 face="serif">&#151;</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">2,442</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Other loans</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Atuel Fideicomisos S.A.</FONT>
 </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">16,292</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">13,507</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">15,589</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">15,496</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Largest amount during the period indicated.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">In thousands of pesos.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">On March 18, 2004, the Bank sold to BBVA S.A. its 100% interest in Banco Franc&eacute;s (Cayman) Limited (see Note 1.5. to our Consolidated Financial Statements).</FONT> </TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">133</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan=11 align=center nowrap> <B><FONT size=1 face="serif">Fiscal Year
          ended December 31, 2005</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="11" align=center nowrap> <B><FONT size=1 face="serif">Fiscal
          Year ended December 31, 2004</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan=11 align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="11" align=center nowrap><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><B><FONT size=1 face="serif">Related Party</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="serif">Largest<br>
      </FONT></B><B><FONT size=1 face="serif">Outstanding<br>
    </FONT></B><B><FONT size=1 face="serif">Amount </FONT></B><B><SUP><FONT size=1 face="serif">(1)(2)</FONT></SUP></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
    Rates</FONT></B></TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="serif">Amount<br>
    </FONT></B><B><FONT size=1 face="serif">Outstanding </FONT></B><B><SUP><FONT size=1 face="serif">(2)</FONT></SUP></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
    Rates</FONT></B></TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Nature</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="serif">Largest<br>
    Outstanding<br>
    </FONT></B><B><FONT size=1 face="serif">Amount </FONT></B><B><SUP><FONT size=1 face="serif">(1)(2)</FONT></SUP></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
    Rates</FONT></B></TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="serif">Amount<br>
    </FONT></B><B><FONT size=1 face="serif">Outstanding </FONT></B><B><SUP><FONT size=1 face="serif">(2)</FONT></SUP></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
    </FONT></B><B><FONT size=1 face="serif">Rates</FONT></B></TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Nature</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>
<B><FONT size=1 face="serif">Associated Entities</FONT></B>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left><FONT size=1 face="serif">Consolidar Salud S.A.</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">297</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">97</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances and</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=center>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">credit card loans</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Cl&iacute;nica Baxterrica</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">293</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">293</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">45.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=center>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Renault Credit Int. Suc. Argentina</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=center>
<FONT size=1 face="serif">&#151;</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">10,010</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">4.17</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">5,006</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">4.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Call money</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left> <FONT size=1 face="serif">Rombo Cia Financiera S.A.</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">84,638</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">8.71</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">84,638</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">8.71</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Call money and</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">35,279</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">8.78</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">35,279</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">8.78</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Call money, other</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Equity investment</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">loans and Equity</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">investment</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>
<B><FONT size=1 face="serif">Key Management Personnel </FONT></B><B><SUP><FONT size=1 face="serif">(3)</FONT></SUP></B>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">883</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">28.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">691</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">28.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">Advances, credit</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">796</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">21.00</FONT>
 </TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=1 face="serif">770</FONT>
 </TD>
 <TD width=1% align=left>&nbsp;</TD>
 <TD width=6% align=right><font size=1 face="serif">21.00</font></TD>
 <TD width=1% align=left>
<FONT size=1 face="serif">%</FONT>
 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">Advances, credit</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">card loans,</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">card loans,</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">personal loans, real</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">personal loans, real</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">state mortgage and</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">state mortgage and</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=8% align=left nowrap>
<FONT size=1 face="serif">guarantees given</FONT> </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=1%>&nbsp;
 </TD>
 <TD width=10% align=left nowrap>
<FONT size=1 face="serif">guarantees given</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%" valign="top">
<FONT size=1 face="serif">Largest amount during the period indicated.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%" valign="top">
<FONT size=1 face="serif">In thousands of pesos.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%" valign="top">
<FONT size=1 face="serif">Includes directors, senior managers, members of the audit committee and managers with relevant authority.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">134</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>






<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD colspan=5 align=left>
<FONT size=2 face="serif">Assistance received from BBVA: to Banco Franc&eacute;s</FONT></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left>

 </TD>
</TR>
<TR align="center" valign="bottom">
 <TD width=15% nowrap> <B><FONT size=1 face="serif">Date</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15%>
<B><FONT size=1 face="serif">Description</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15%>
<B><FONT size=1 face="serif">Original principal<br>
amount </FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15%>
<B><FONT size=1 face="serif">Outstanding Amount at<br>
December 31, 2005 </FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32%>
</TD>
</TR>
<TR>
 <TD width="15%" nowrap>
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="15%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="32%">

 </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">March, 1998</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Corporate Bonds</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">130,000</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left nowrap>
<FONT size=2 face="serif">Capitalized in December, 2002</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">April, 2002</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">79,316</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left nowrap>
<FONT size=2 face="serif">Capitalized in December, 2002</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">April, 2002</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">80,000</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left nowrap>
<FONT size=2 face="serif">Paid in March, 2004</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">July, 2002</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">REPO</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">102,100</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left nowrap>
<FONT size=2 face="serif">Paid in May, 2004</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">March, 2004</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">77,701</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left nowrap>
<FONT size=2 face="serif">Capitalized in November, 2004</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">October, 2000</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">FRN</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">20,000</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left nowrap>
<FONT size=2 face="serif">Paid in March, 2005</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">May, 2004</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">64,000</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left nowrap>
<FONT size=2 face="serif">Paid in November, 2004 and in</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left nowrap>
<FONT size=2 face="serif">May, 2005</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">October, 2002</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">1,000</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">1,009</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">April, 2003</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">1,000</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">1,009</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">November, 2003</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">1,800</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">1,814</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">October, 2004</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">900</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">908</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">February, 2005</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">900</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">908</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">May, 2005</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">900</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">908</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=15% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">November, 2005</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=center>
<FONT size=2 face="serif">Loan</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">900</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 face="serif">909</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=32% align=left>

 </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><font size=1 face="serif">(1)</font><font size=1 face="sans-serif">&nbsp; </font><font size=1 face="serif">In
    thousands of US$</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
</TABLE>
<p><BR>
    <B><FONT size=2 face="serif">ITEM 8. FINANCIAL INFORMATION</FONT></B><FONT size=2 face="serif"> </FONT><BR>
    <B><FONT size=2 face="serif">Financial Statements</FONT></B><FONT size=2 face="serif"> </FONT></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">See </FONT><I><FONT size=2 face="serif">&#147;Item 18. Financial Statements&#148;.</FONT></I></p>
<p><B><FONT size=2 face="serif">Legal Proceedings</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are involved in collection proceedings initiated in the normal course of business and in the proceedings mentioned in Note 36 to the Consolidated Financial Statements, none of which, if
determined adversely to us, would have a material adverse effect on us or our operations. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The measures taken by the Government at the beginning of 2002, including the repeal of the Convertibility Law, the &#147;pesification&#148; of all assets and liabilities in the formal economy
and the default by the Government on its debt, led to a massive withdrawal of deposits and a breakdown in the chain of payments. We have faced many lawsuits brought by depositors to recover their deposits in cash and in their original currency
interest on their foreign currency deposits. As of May 31, 2005, we had repaid a total of approximately Ps.2,050 million and US$104.9 million in deposits in connection with lawsuits brought by depositors, and during 2005 BBVA Banco Franc&eacute;s
has paid Ps.123.1million (comprised by Ps.79.1 million of deposits and Ps.44 million of negative exchange difference) regarding lawsuits brought against the Bank (&#147;amparos&#148;). </FONT></P>
<B><FONT size=2 face="serif">Dividends</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We do not have a defined policy of dividend distributions. However, according Communication &#147;A&#148; 4152 of the Central Bank from June 2, 2004, such distribution must have the prior
authorization of the Central Bank and is subject to the following conditions: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">The entity must not be under any regularization or restructuring plans for the protection of credit and bank deposits (Articles</FONT> <FONT size=2 face="serif">34 and 34 bis of the Financial Entities Law).<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">The entity shall not have received financial assistance from the Central Bank.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">The entity must not be affected in its liquidity and solvency as a result of the distribution of profits.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For a description of the cash dividends that we have paid on our ordinary shares and ADSs for the years 2000 to 2005, see </FONT><I><FONT size=2 face="serif">&#147;Key Information-Cash
Dividends&#148;</FONT></I><FONT size=2 face="serif">. </FONT></P>
<P align="center">
<FONT size=2 face="serif">135</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<B><FONT size=2 face="serif">ITEM 9. THE OFFER AND LISTING</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We were one of the first companies listed on the BCBA. Since 1993 our shares have also been listed on the New York Stock Exchange and, since December, 1999 on the Madrid Stock Exchange. Before
November 1993, there was no public market for our ordinary shares or ADSs outside of Argentina. The ordinary shares are currently traded on the Buenos Aires Stock Exchange under the symbol &#147;FRAN&#148; and the ADSs are currently traded on the
New York Stock Exchange under the symbol &#147;BFR&#148;. We cannot give assurance that a public market in the United States for the ADSs will continue to exist. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The table below shows the quarterly high and low closing prices of the ordinary shares in pesos on BCBA for the periods indicated. Prices have been adjusted to reflect all stock dividends paid
through the date of this annual report. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 face="serif">Pesos Per<br>
Ordinary Share </FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B></TD>
  </TR>
<TR>
 <TD width="84%">
 </TD>
 <TD width="2%">
 </TD>
 <TD colspan=3>
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">High</FONT></B>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">Low</FONT></B>
 </TD>
</TR>
<TR>
 <TD width="84%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">June 2006 (through June 15, 2006)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">7.37</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7.19</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">May 2005</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">8.80</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7.10</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">April 2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">8.80</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8.07</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">March 2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">8.50</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7.56</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">February 2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">7.76</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7.40</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">January 2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">7.93</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7.15</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2005</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">8.13</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5.60</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Fourth quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">8.13</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6.92</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Third quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">7.80</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6.18</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Second quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">6.87</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5.60</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">First quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">7.40</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5.75</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2004</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">9.95</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.80</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Fourth quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">7.03</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5.33</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Third quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">6.53</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.98</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Second quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">8.45</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4.80</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">First quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">9.95</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7.14</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2003</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">9.40</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3.45</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2002</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">4.49</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.60</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2001</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10.45</FONT> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.34</FONT>
 </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade color=GRAY></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%" valign="top">
      <p><FONT size=1 face="serif">Pesos per ordinary share data reflect nominal prices at trading date.<br>
      </FONT><FONT size=1 face="serif"> Source: Bloomberg.</FONT></p>
    </TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">136</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The ordinary shares trade on the New York Stock Exchange in the form of ADSs issued by The Bank of New York, as depositary. Each ADS represents three ordinary shares. The table below shows the
quarterly high and low closing prices of the ADSs in dollars on the New York Stock Exchange for the periods indicated. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 face="serif">US$ Per ADS</FONT></B></TD>
  </TR>
<TR>
 <TD width="84%">
 </TD>
 <TD width="2%">
 </TD>
 <TD colspan=3>
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">High</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">Low</FONT></B></TD>
</TR>
<TR>
 <TD width="84%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">June 2006 (through June 15, 2006)</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6 </FONT><SUP><FONT size=2 face="serif">17</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">20</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">May 2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8 </FONT><SUP><FONT size=2 face="serif">43</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">50</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6 </FONT><SUP><FONT size=2 face="serif">17</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">20</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">April 2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8 </FONT><SUP><FONT size=2 face="serif">46</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">63</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">10</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">March 2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8 </FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">13</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">21</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">50</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">February 2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">33</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">50</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">4</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">25</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">January 2006</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">24</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">25</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">20</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2005</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8 </FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5 </FONT><SUP><FONT size=2 face="serif">39</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">50</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Fourth quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8 </FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6 </FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Third quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">8 </FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">50</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6 </FONT><SUP><FONT size=2 face="serif">8</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">89</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Second quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">5</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5 </FONT><SUP><FONT size=2 face="serif">39</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">50</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">First quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">64</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">81</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5 </FONT><SUP><FONT size=2 face="serif">4</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">5</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2004</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10 </FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">20</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4 </FONT><SUP><FONT size=2 face="serif">46</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">63</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Fourth quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">9</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">53</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5 </FONT><SUP><FONT size=2 face="serif">10</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">13</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Third quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6 </FONT><SUP><FONT size=2 face="serif">49</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">71</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4 </FONT><SUP><FONT size=2 face="serif">32</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">33</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Second quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9 </FONT><SUP><FONT size=2 face="serif">9</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">53</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">4 </FONT><SUP><FONT size=2 face="serif">46</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">63</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">First quarter</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10 </FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">20</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6 </FONT><SUP><FONT size=2 face="serif">81</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">89</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2003</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9 </FONT><SUP><FONT size=2 face="serif">2</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">5</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3 </FONT><SUP><FONT size=2 face="serif">9</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">20</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2002</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">7 </FONT><SUP><FONT size=2 face="serif">21</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">64</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1 </FONT><SUP><FONT size=2 face="serif">9</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">31</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">Fiscal year ended December 31, 2001</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">31 </FONT><SUP><FONT size=2 face="serif">31</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">64</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6 </FONT><SUP><FONT size=2 face="serif">5</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">32</FONT>
 </TD>
</TR>
</TABLE>
<BR>
<B><FONT size=2 face="serif">Trading on the BCBA</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are nine exchanges in Argentina, of which five have affiliated stock markets and, accordingly, are authorized to quote publicly offered securities: Buenos Aires, Rosario, C&oacute;rdoba,
Mendoza and Santa Fe. The oldest and largest of these exchanges is the BCBA, which was founded in 1854. Usually, the overwhelming majority of all Argentine equity trades take place on the BCBA. As of December 31, 2005 the shares of 104 Argentine
companies, excluding mutual funds, were listed on the BCBA. As of December 31, 2005, the 10 most actively traded stocks represented 87.71% of the total volume of equity traded on the exchange (&#147;SINAC&#148; plus &#147;Floor&#148;). All publicly
offered securities may be traded on authorized securities exchanges and, except for equity securities, in the Argentine over-the-counter market or MAE. See </FONT><I><FONT size=2 face="serif">&#147;Information on the Company&#151;The Argentine
Banking System and its Regulatory Framework&#151;Capital Markets&#148;</FONT></I><FONT size=2 face="serif">. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The MERVAL, which is affiliated with the BCBA, is the largest stock market in Argentina. The MERVAL is a corporation which regulates its members (all of whom are stockholders of the
corporation) and transactions conducted on that market. Only stockholders of the MERVAL are allowed to effect transactions either as principal or as agent in that stock market. In 1990, brokerage houses, including bank subsidiaries, were allowed to
enter as full members of the market. Trading in the MERVAL is conducted through three different trading systems: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">the &#147;Floor&#148;;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the &#147;SINAC&#148;; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the &#147;Continuous&#148;.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The operations at the traditional auction system (&#147;Floor&#148;) start from 11:00 A.M. and end at 5:00 P.M. each business day. Also available is an electronic auction system called
&#147;SINAC&#148; where each broker inputs both its buys and sells while the system matches the operations. Since July 1998, both auction systems (the &#147;Floor&#148; and &#147;SINAC&#148;) are considered to be a single market. Additionally, the
Buenos Aires Stock Market&#146;s trades are made through an electronic Continuous Market System (the &#147;Continuous&#148;) that operates from 11:00 A.M. to 5:00 P.M. each business day. The Continuous is a system that registers and makes public
trades that were privately arranged by registered brokers and brokerage companies on behalf of their clients. Such trades are reported on the &#147;Mercado Abierto&#148;,
an electronic reporting system similar to, but different from, the Continuous
Market System. To control price volatility, the BCBA operates a system which
suspends dealing in shares and bonds of a particular issuer for 30 minutes or
less when changes </FONT></P>
<P align="center">
<FONT size=2 face="serif">137</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<p>
  <br>
  <br>
    <FONT size=2 face="serif">in the price of such shares exceed or fall more
    than 10% of the preceding day&#146;s closing share price. From then on, the
    BCBA suspends trading for a few minutes when prices rise or fall an additional
5% or more in the same day.</FONT></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of December 31, 2005, the market capitalization of the 104 companies listed on the BCBA was approximately US$254.56 billion. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table summarizes certain historical information about the Buenos Aires Stock Exchange. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=73% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=7 align=center>
<B><FONT size=1 face="serif">Year ended December 31,</FONT></B></TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="73%">
 </TD>
 <TD width="2%">
 </TD>
 <TD colspan=7 align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%">&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=1% align=center>

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
 <TD width=1% align=center>

 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2003</FONT></B></TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR>
 <TD width="73%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="1%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT size=2 face="serif">Market capitalization (US$ billion)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">254.5</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">231.7</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">185.4</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT size=2 face="serif">Number of companies listed</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">104</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">108</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">111</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT size=2 face="serif">Rate of return in dollars </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10.60</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">26.67</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">134.00</FONT> </TD>
 <TD width=1% align=left><font size=2 face="serif">%</font></TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT size=2 face="serif">Market/book ratio </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.02</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2.68</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1.96</FONT>
 </TD>
 <TD width=1% align=left>

 </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Based on the Merval Index</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Estimated</FONT></TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD width="95%">
<FONT size=1 face="serif">Source: BCBA and Instituto Argentino de Mercados de Capitales (IAMC).</FONT></TD>
</TR></TABLE>
<p><B><FONT size=2 face="serif">Market Regulation</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Both the CNV and BCBA oversee the regulation of the Argentine capital markets. The CNV is responsible for authorizing public offerings of securities and supervising stockbrokers, including
those which are subsidiaries of banking institutions. Generally, Argentine securities markets are regulated by Law No. 17,811, which created the CNV and which regulates securities exchanges, stockbrokers, market operations and the public offering of
securities. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Law No. 17,811, public trading of securities on exchanges must be made with stock markets organized as stock corporations, which must be affiliated with a stock exchange. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each stock market has the operating responsibility for all transactions performed by stockbrokers and has disciplinary power over them. Each stock market guarantees the proper settlement or
clearance of transactions entered into by stockbrokers. The effect of such a guarantee is to provide brokers assurances that transactions will be consummated in a timely manner. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The CNV has passed a set of resolutions establishing a system of self-regulatory entities, under which each self-regulatory entity (which currently includes each exchange and the MAE) is
responsible for developing and implementing regulations governing its respective securities market, subject to the approval and oversight of the CNV. Internal rules of each exchange for its affiliated stock market establish conditions for listing
securities, admitting brokers, conducting trades and controlling the truthfulness of any information which is required to be reported. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In recent years, changes to the legal framework have been introduced permitting the issuance and trading of new financial products in the Argentine capital markets, including commercial paper,
new types of corporate bonds and futures and options. On November 1991, brokerage fees were deregulated and transfer taxes and stamp taxes on publicly offered securities were eliminated. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In compliance with the provisions of Law No. 20,643, most debt and equity securities traded on the exchanges and on the MAE must, unless otherwise instructed by the stockholders, be deposited
by the stockbrokers or over-the-counter dealers in the Caja de Valores, which is a corporation owned by the BCBA, the MERVAL and certain provincial exchanges. The Caja de Valores provides central depository facilities for securities and acts as a
transfer and paying agent. In September 2000, the Caja de Valores started Argenclear S.A. (&#147;Argenclear&#148;), a clearing house owned by the most important private and public banks of Argentina, MERVAL and BCBA. Argenclear provides services to
the brokers for the settlement of public bond trades registered in the MAE. It also handles settlement of securities transactions carried out by the BCBA and operates the computerized &#147;Exchange Information System&#148;. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On May 17, 2001, by means of General Resolution No. 368 the CNV approved a new restated text for a number of regulations in force in order to unify, harmonize and simplify the different
requirements established by them. The new text incorporates the changes implemented by all general resolutions issued after General Resolution No. 290. On May 28, 2001, the Official Bulletin published the text of Decree No. 677/01 which created a
regulatory framework to ensure Public Offer Transparency. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In order to offer securities to the public in Argentina, an issuer must meet certain requirements of the CNV, regarding assets, operating history, management and other matters, and only
securities for which an application for a public offering has been approved by the CNV may be listed on the BCBA. This approval does not imply any kind of certification or assurance related to the merits or the quality of the securities, or the
solvency of the issuer. Issuers of listed securities are required to file with the CNV and the BCBA quarterly financial statements and audited annual financial statements, as well as various other periodic reports. </FONT></P>
<P align="center">
<FONT size=2 face="serif">138</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Although participation by foreign investors in BCBA has historically been low, it has increased since 1991 as a consequence of the economic reform programs implemented by the Government and the
liberalization of restrictions to the access by foreign investors to securities in the Argentine securities market. Currently, an important amount of floating capital and public bonds is held by foreign investors. </FONT></P>
<p><B><FONT size=2 face="serif">ITEM 10. ADDITIONAL INFORMATION</FONT></B></p>
<p><B><FONT size=2 face="serif">Memorandum and Articles of Association </FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following summarizes certain material provisions of our bylaws and Argentine law, the main bodies of regulation governing Banco Franc&eacute;s. This summary is qualified in its entirety by
reference to the Business Companies Law, the Financial Institution Law and our bylaws. Copies of our bylaws have been filed as exhibits to our 2003 annual report on Form 20-F. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At our Ordinary and Extraordinary Stockholders&#146; Meeting held on April 28, 2005, our stockholders voted to amend section 11 of the Bylaws in order to comply with Resolution No. 20/04 of the
Companies Supervisory Department (Inspecci&oacute;n General de Justicia), and its amendments. This amendment will require each of our Directors to (i) pledge an amount of at least Ps.10,000 as a guarantee of the Director&#146;s performance and (ii)
maintain a special domicile within the Argentine Republic. This amendment has been filed with the Public Registry of Commerce, which has been approved as of the filing of this annual report, on December 12, 2005, under Number 16.335, Book 30.
</FONT></P>
<I><FONT size=2 face="serif">Registry and Company&#146;s Objects</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Franc&eacute;s is registered with the Public Registry of Commerce of the Argentina (Registro P&uacute;blico de Comercio) under company number 1,065, Page 359, Book 5, Volume &#147;A&#148;
 of Local Corporate Bylaws. Section 3 of our bylaws provides that the object of Banco Franc&eacute;s is to engage in the commercial banking business, including financial brokerage, whether in Argentina or abroad. To this end, Banco Franc&eacute;s is
authorized to perform the following activities: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Accept term and demand deposits;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Grant short-term bullet and other amortizable loans;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Discount, purchase and sell bills of exchange, promissory notes, pledges, checks, drafts and other negotiable instruments;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Grant guarantees, bonds or other forms of collateral; accept bills of exchange, drafts and other orders of payment, transfer</FONT> <FONT size=2 face="serif">funds and issue and accept letters of credit;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Grant advances on credits from property sales, acquire the same and undertake the risks resulting therefrom, take steps to</FONT> <FONT size=2 face="serif">collect them and offer technical and administrative
assistance;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Invest in Government securities;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Make temporary investments in liquid assets;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Invest in new stock or securities issues, in pursuance of such regulations as may be set forth to that purpose;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Accept securities in custody and provide other services related to the banking business;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Manage, on account of third parties, the purchase and sale of securities, and act as paying agents in relation to dividends,</FONT> <FONT size=2 face="serif">redemption and interest; engage in brokerage activities in the
over-the-counter securities market;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Perform foreign exchange transactions;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Comply with agencies related to its operations;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Receive deposits of participation in mortgage loans
and in special accounts;</FONT></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">139</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"><br>
</p>
<UL>
<LI>  <FONT size=2 face="serif">Issue mortgage obligations;</FONT><br>
  <br>
</LI>
<li><FONT size=2 face="serif">Grant loans for the acquisition, construction, enlargement, repair, improvement and maintenance of urban or rural real</FONT> <FONT size=2 face="serif">estate, and for the substitution of mortgages taken out for that same
  purpose;<br>
  <br>
</FONT></li>
<LI>
<FONT size=2 face="serif">Receive loans from abroad and act as intermediary in local or foreign currency-denominated loans;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Issue private bonds, and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Carry out such lending, borrowing and service-related operations as are not forbidden under the Financial Institutions Law.</FONT></LI>
</UL>
<I><FONT size=2 face="serif">Directors</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Section 18 of our by-laws, the Board of Directors receives an annual fee established by the shareholders. This fee is subject to the restrictions of Section 261 of the Business Companies
Law, which provides that the aggregate compensation of the directors may not exceed 25% of the income of the company, or 5% of the income if no dividends were distributed to the shareholders. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Section 272 of the Business Companies Law, a director may not vote in respect of any proposal in which he, or any person connected to him, has an interest contrary to the interests of
Banco Franc&eacute;s. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Directors need not hold shares in Banco Franc&eacute;s or any of our subsidiaries to qualify and be appointed as directors of Banco Franc&eacute;s. </FONT></P>
<I><FONT size=2 face="serif">Rights Attaching to Shares</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of the date of the filing of this annual report, our capital is formed by a single class of shares, all of which are ordinary shares and have the same voting and economic rights.
Shareholders participate in the distribution of dividends pro rata the paid-in capital. Furthermore, shareholders are entitled to participate in the distribution resulting from the liquidation of Banco Franc&eacute;s in proportion to the paid-in
capital. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Shareholders are entitled to vote cumulatively one-third of the vacancies of the board of directors. The board may not be reelected in alternative intervals if it impairs or prevents the
exercise by shareholders of their cumulative voting rights. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Shareholders may no longer claim the payment of dividends from Banco Franc&eacute;s once three years have elapsed from the date on which the relevant dividend was made available to such shareholder.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our bylaws do not contain any provisions related to sinking funds or potential liability of shareholders of Banco Franc&eacute;s to make additional contributions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According Communication &#147;A&#148; 4152, from June 2, 2004 states that financial entities can distribute utilities, with the corresponding authorization from the Central Bank, who must
verify the following regarding such financial entity: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">It is not under the dispositions of Section 34 &#147;Reformulation and Reorganization Procedure&#148; and Section 35 bis</FONT> <FONT size=2 face="serif">&#147;Restructuring of financial entity in defense of credit and bank
deposits&#148; of the Financial Entities Law;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">It does not register financial assistance from the Central Bank; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">It does not affect the liquidity and solvency as a consequence of the utilities distribution.</FONT></LI>
</UL>
<I><FONT size=2 face="serif">Shareholders Meetings</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All general meetings other than annual general meetings are called regular or special meetings. Regular and special shareholders&#146; meetings are to be convened by the Board of Directors of
the Bank or by the Supervisory Committee in such instances as set forth by law, or whenever they may deem it necessary, or upon requisition of shareholders representing at least 5% of our stock capital, as provided by Section 236 of the Business
Companies Law. </FONT></P>
<P>&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">140</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<p><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Shareholders&#146; meetings
  are called by publication for five days, at least 20 and not more than 45 days
  before the date of the meeting, in the Official Gazette and in one of the most
  widely circulated newspapers in Argentina. The notice must include the nature,
  the date, time and place of the meeting, the agenda, and any special requirements
in our bylaws for the shareholders to attend.</FONT></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In case of adjournment of a regular shareholders meeting, the meeting on second call may be held on the same date, at least one hour after the time set for the meeting on first call, in
compliance with Section 237 of the Business Companies Law. In case of adjournment of a special shareholders&#146; meeting, the meeting on second call must be held within the following thirty days, and the publication must appear for three days at
least eight days before the date set for that meeting. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In order to attend and vote at any shareholders&#146; meeting, shareholders must deposit with us their shares or a share certificate or a statement of account representing book-entry shares, as
the case may be, issued by us, a securities depository or any other authorized institution, to be recorded in the record book of attendance, at least three business days before the date of the meeting. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Holders of registered or book-entry shares, the record of which we keep, are only required to notify us to register their names in the record book of attendance, at least three business days
before the date of the meeting. We must provide such shareholders with certificates authorizing them to attend the meeting. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Shareholders may be present at meetings by power-of-attorney or proxy. In the latter case, the principal&#146;s signature shall be certified by a court, notary public or bank. Directors,
statutory auditors, managers or any other of our employees may not act as agents for these purposes. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A quorum must be present at any regular shareholders&#146; meetings on first call upon the attendance of shareholders representing the majority of voting stock. On second call, there is a
quorum with the attendance of any number of shares present. A quorum is present at any special shareholders&#146; meeting on first call upon the attendance of shareholders representing 60% of the voting stock. Shareholders representing 30% of our
voting stock shall constitute a quorum at a special shareholders&#146; meeting on second call. In any case, resolutions require the absolute majority of the voting stock present. </FONT></P>
<I><FONT size=2 face="serif">Restrictions on Voting and Shareholding</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are no restrictions imposed by Argentine law or our bylaws or other organizational documents regarding the rights of nonresidents or foreign persons to hold or vote our ordinary shares or
ADSs of the Bank. </FONT></P>
<I><FONT size=2 face="serif">Change of Control</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are no provisions in our articles of incorporation or bylaws that would have the effect of delaying, deferring or preventing a change of control of Banco Franc&eacute;s and that would
operate only with respect to a merger, acquisition, corporate restructuring involving Banco Franc&eacute;s or any of its subsidiaries. </FONT></P>
<P>
<I><FONT size=2 face="serif">Ownership Disclosure</FONT></I><FONT size=2 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are no provisions in our bylaws governing the ownership threshold above which shareholder ownership must be disclosed. </FONT></P>
<I><FONT size=2 face="serif">Change in the Capital</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our bylaws do not establish conditions for the changes in the capital of Banco Franc&eacute;s more stringent than those conditions imposed by the Business Companies Law. </FONT></P>
<I><FONT size=2 face="serif">Material Agreements</FONT></I><P>
<FONT size=2 face="serif">No material agreements outside the ordinary course of business have been entered into during the last two years.</FONT></P>
<B><FONT size=2 face="serif">Exchange Controls</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On January 7, 2002, Congress approved the Public Emergency Law that introduced dramatic changes to the country&#146;s
economic model and amended the currency board that pegged the peso at parity
with the dollar which had been in effect since April 1, 1991 pursuant to the
Convertibility Law. The new law empowers the Executive Branch to implement, among
other things, additional monetary, financial and exchange measures to overcome
the economic crisis in the medium term, including the power to establish a system
to determine the exchange rate applicable to the peso. 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. </FONT></P>
<P align="center">
<FONT size=2 face="serif">141</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<FONT size=2 face="serif">However, on June 26, 2003, the government set restrictions
on capital flows into Argentina, which mainly consisted of a prohibition against
the transfer abroad on any funds until 180 days after their entry into the country.
Furthermore, on June 10, 2005 the government established further restrictions
on capital flows into Argentina, including increasing the period that certain
incoming funds, including capital contributions, must remain in Argentina to
365 calendar days and requiring that 30% of incoming funds be deposited with
a bank in Argentina in a non-interest bearing account for 365 calendar days.</FONT><br>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Moreover, on devaluing the peso in early 2002, the Government has implemented a dual exchange rate whereby export and certain import transactions would be governed by a fixed,
&#147;official&#148; exchange rate of Ps.1.40 to US$1.00, while all other transactions would be governed by a free exchange rate to be set freely by the exchange market, with occasional intervention by the Central Bank. Following an extended bank
holiday, the exchange market reopened on January 11, 2002, with transactions between Ps.1.60 and Ps.1.70 to US$1.00 (bid price) by market close on that date. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a general rule, transfer of funds abroad required prior Central Bank approval. However, this general principle was eased by numerous exceptions introduced since December 2002. Currently, in
order to purchase and/or transfer foreign currency abroad, the transaction should be specifically admitted among the list of &#147;items&#148; (authorizing the purchase and/or transfer of foreign currency) that is published by the Central Bank.
Certain items are, however, still subject to restrictions. </FONT></P>
<I><FONT size=2 face="serif">Cross Border Transfers of Funds. Foreign Debts</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the Central Bank&#146;s exchange regulations, proceeds of new financing must be transferred into Argentina and converted into pesos in the local exchange market within 30 days as from the
relevant disbursement.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Repayment of principal of, and interest on, foreign indebtedness, was initially subject to Central Bank&#146;s prior authorization. Currently, due to the recent changes introduced by the
Central Bank, local companies (with the exception of financial institutions), following certain requirements, may: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Pay abroad interest on foreign debt at maturity or 15 days in advance, without prior Central Bank authorization. However,</FONT> <FONT size=2 face="serif">in case the proceeds of the loan were disbursed abroad, payment of
interest would be restricted to the difference between: (i)</FONT> <FONT size=2 face="serif">the total interest accrued under the relevant debt until the date of payment, minus (ii) the interest obtained by the local</FONT> <FONT size=2
face="serif">borrower abroad on the loan proceeds between the date of disbursement and the date of effective transfer and exchange for</FONT> <FONT size=2 face="serif">pesos of the proceeds of the relevant loan.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Repay principal of foreign debt at maturity (or 90 days in advance, to the extent that the amounts so prepaid were brought</FONT> <FONT size=2 face="serif">into the local market and exchanged for pesos, and repayment takes
place at least 180 days therefrom) without prior Central</FONT> <FONT size=2 face="serif">Bank authorization. Communication &#147;A&#148; 4177 (as amended) also allows prepayment of principal with an anticipation of</FONT> <FONT size=2
face="serif">more than 90 days, but subject to the following conditions:</FONT></LI>
</UL>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">If prepayment of principal is not made in the context of a debt restructuring process, then the amount prepaid should not exceed the present value of such amount, calculated according to the formula provided by the Central
Bank, unless the prepayment is coupled with the transfer and exchange for pesos of a new loan with a present value equal to the prepaid amounts.</FONT> </TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">If the prepayment is made within the context of a debt restructuring process, then the new terms and conditions of the debt after the restructuring, including the amount prepaid, shall not result in an increase of the
present value of the whole debt (according to the formula of the Central Bank).</FONT> </TD>
</TR></TABLE>
<p><B><FONT size=2 face="serif">Regulations regarding Imports and Exports</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Central Bank established under Communication &#147;A&#148; 3473, as amended, an obligation to transfer from abroad to Argentina the foreign currency obtained from the collection of exports
and to settle the foreign currency in the single free exchange market. This is a general obligation applicable to all export transactions, except certain specific cases such as oil exports. In addition, all collections by exporters must be collected
between 60 and 360 calendar days from the date of the export, depending on the product being exported, for the exporter to negotiate the foreign currency in the domestic exchange market. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In respect to imports, advanced payments of any goods are allowed, upon condition that the clearance of the imported goods (nationalization) is credited within 360 days. </FONT></P>
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<p><br>
  <br>


  <I><FONT size=2 face="serif">Purchase of Foreign Currency</FONT></I></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">A.</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="serif">Local individuals and companies</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Local individuals and companies are now authorized to buy up to certain amounts of foreign currency for purposes of (i) real estate investments outside of Argentina; (ii) loans granted to
persons not domiciled in Argentina; (iii) direct investments outside of Argentina of persons domiciled in Argentina; (iv) portfolio investments outside of Argentina, among others.</FONT></P>
<FONT size=2 face="serif">To that extent, the limits currently in force are:</FONT><UL>
<LI>
<FONT size=2 face="serif">US$2,000,000 per month; or<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">The aggregate equivalent amount in pesos paid by such individual or company to the Argentine tax authority</FONT> <FONT size=2 face="serif">(Administraci&oacute;n Federal de Ingresos P&uacute;blicos) on the immediately
preceding month in connection with export duties, plus</FONT> <FONT size=2 face="serif">three times the amount paid in connection with the tax on bank credits and debits.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, pursuant to Communication &#147;A&#148; 3998 (as amended), individuals and companies can, up to June 30, 2005, purchase and transfer abroad up to US$40,000,000, per month and per
person (not cumulative), under the item &#147;portfolio investments outside of Argentina&#148; if certain conditions are fulfilled. </FONT></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">B.</FONT></B><B><FONT size=2 face="serif"> Non-residents</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Moreover, pursuant to Communication &#147;A&#148; 3661 (as amended), prior authorization from the Central Bank is required by nonresidents for the purchase of foreign exchange for any amount
above the equivalent of US$5,000 per month. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Notwithstanding the above, Communication &#147;A&#148; 4129 (as amended) states that no authorization from the Central Bank will be required with regard to the repatriation of direct and
portfolio investments of non-residents, in the following cases: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Transfers abroad of an aggregate equivalent of up to US$2,000,000 per month arising out of:</FONT></LI>
</UL>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Foreign indebtedness of residents related to Argentine imports of goods and services;</FONT> </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Recoveries under local bankruptcy proceedings to the extent the foreign creditor was admitted as such by the bankruptcy court;</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Proceeds of sales of direct investments in local non-financial companies; and</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(4)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Proceeds of final winding up of direct investment in local non-financial companies.</FONT> </TD>
</TR></TABLE>
<UL>
<LI>
<FONT size=2 face="serif">Transfers abroad of an aggregate equivalent of up to US$500,000 per month arising out of:</FONT></LI>
</UL>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Proceeds of sales of other portfolio investments and their revenues, such as investments in shares of local companies, investment funds and local trusts;</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Purchases of loans granted to residents by local banks;</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Acquisition of invoices and promissory notes for local commercial transactions, investment in local bonds denominated in pesos; and</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(4)</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">The acquisition of other local credits.</FONT> </TD>
</TR></TABLE>
<p><I><FONT size=2 face="serif">Transfer of Corporate Bonds</FONT></I></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Communication &#147;A&#148; 3859 (as amended), Argentine companies may freely transfer corporate profits and dividends corresponding to audited financial statements (i.e., no prior
Central Bank approval is needed). Moreover, transfers abroad in order to pay reinsurance premiums will be subject only to the issuance of a statement by the Argentine Superintendency of Insurance (the regulatory authority on insurance matters)
detailing the amount to be transferred. </FONT></P>
<I><FONT size=2 face="serif">Foreign Investments. Limitations on Repatriation</FONT></I><P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to Decree No. 285/03 and Communication &#147;A&#148; 3972 (as amended), as of June 30, 2003, all purchases and sales of foreign currency, as well as transfers to and from the local
market, should be registered with the Central Bank.</FONT></P>
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<P>
<FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In
addition, the proceeds of new credit facilities (including loans, issuance of
bonds, credit facilities, repos, etc.) should be brought into the local market
and exchanged into pesos, and such debt cannot be repaid abroad prior to 365
days from the date of the</FONT> relevant disbursement. Moreover, in these cases
a deposit corresponding to the 30% of the amount in question, must be maintained
for a term of 365 days. As a general rule, credit facilities related to foreign
trade is  exempted from this time limit (subject to certain requirements).</FONT></P>
<I><FONT size=2 face="serif">Direct Investments</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On March 4, 2005 the Argentine Central Bank issued Communication &#147;A&#148; 4305 that regulates the reporting system of direct investments and real estate investments carried out by
non-residents in Argentina and by Argentine residents abroad, which had been implemented through Communication &#147;A&#148; 4237 dated November 10, 2004. </FONT></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#8226; Direct
investments in Argentina of non-Argentine residents</FONT>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Non-Argentine residents are compelled to comply with the reporting regime if the value of their investments in Argentina reaches or surpasses the equivalent of US$500,000 &#151; measured in
terms of the net worth of the company in which they participate or fiscal value of the real estate owned. If the investments do not reach such amount, the compliance with such regime is optional. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Communication &#147;A&#148; 4237, companies in which non-Argentine residents participate in and administrators of real estate pertaining to non-Argentine residents are those
obliged to comply with the reporting regime.</FONT></P>
<FONT size=2 face="sans-serif">  </FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#8226; </FONT>Direct investments made abroad by Argentine residents</FONT>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Argentine investors are compelled to comply with the reporting regime if the value of their investments abroad reaches or surpasses the equivalent of US$1,000,000 &#151; measured in terms of
net worth of the company in which they participate or the fiscal value of the real estate they own.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If the value of those investments abroad do not exceed the equivalent of US$5,000,000, the declaration could be carried out annually instead of semiannually. If the investments do not reach the
equivalent of US$1,000,000, the compliance with such regime is optional. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The first declarations will correspond to the semester ended on December 31, 2004, and will have to be filed within 90 calendar days as of such date. </FONT></P>
<I><FONT size=2 face="serif">Future and Forward Operations</FONT></I>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Communication &#147;A&#148; 4049, dated November 11, 2003 and Communication &#147;A&#148; 4285 (as amended) dated January 17, 2005, relaxed restrictions on foreign currency transactions by
abrogating the requirement of prior approval of the Central Bank for the execution of certain future and forward operations and for the access to the foreign exchange market for their cancellation. These operations include agreements for the
coverage of foreign currencies and interest rates, commodity prices, and the execution of external transactions in the form of Repos. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Communication &#147;A&#148; 4086 (as amended), dated February 3, 2004 also relaxed restrictions on the access to the foreign exchange market, by allowing investment funds to carry out their
operations under general regulations. </FONT></P>
<B><FONT size=2 face="serif">Taxation</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following is a summary of certain Argentine and United States federal tax consequences of the acquisition, ownership and disposition of our ADSs or ordinary shares by a United States
holder. This summary is not a complete analysis or listing of all possible tax considerations that may be relevant to a holder of our ADSs or ordinary shares. </FONT></P>
<p><B><FONT size=2 face="serif">Argentine Taxes</FONT></B></p>
<p><I><FONT size=2 face="serif">General</FONT></I></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following is a summary of certain Argentine tax matters that may be relevant with respect to the acquisition, ownership and disposition of ADSs or ordinary shares. Investors in and
prospective purchasers of ADSs or ordinary shares should consult their own tax advisers as to the United States, Argentine or other tax consequences of the acquisition, ownership and disposition of ADSs or ordinary shares. Such summary is based upon
the tax laws of Argentina, and regulations thereunder, in effect as of the date of this annual report and is subject to any subsequent change in Argentine laws and regulations which may come into effect after such date. </FONT></P>
<P align="center">
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<I><FONT size=2 face="serif">Taxation of Dividends</FONT></I>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to Law No. 25,063, as enacted into law on December 30, 1998, dividend payments on the ordinary shares (and ADSs), whether in the form of cash, stock, or other types of consideration,
are subject to Argentine withholding taxes at the rate of 35% to the extent the aggregate amount distributed exceeds the sum of: (i) our accumulated taxable earnings and (ii) certain tax-exempt income (such as dividend payments from other
corporations). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman, Times, serif">In accordance with a resolution adopted by the Ordinary and Extraordinary Shareholders' Meeting held on April 27, 2006, it was resolved that as of June 2, 2006 the Bank will proceed with the payment of cash dividends.</font></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman, Times, serif">Such dividend distributions will be subject to a 35% income tax withholding on the portion of the dividends exceeding profits determined on the basis of the application of the general regulations of the Income Tax Law. The Bank informed that it will previously inquire with the AFIP (Argentine Public Revenue Administration &#151; the Argentine Tax Authority) in respect to the applicability of such withholding. </font></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman, Times, serif">Until the pertinent reply is received from AFIP, the Bank will retain any amounts withheld in an interest bearing account. Any reply received from the AFIP will be duly informed through the Daily Bulletin of the Buenos Aires Stock Exchange. If pertinent, all shareholders will be duly informed of any amounts withheld plus any interest at their disposal at the Caja de Valores S.A.</font> </P>
<I><FONT size=2 face="serif">Taxation of Capital Gains</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To the extent the ADSs or ordinary shares are listed on a local or foreign stock exchange market, capital gains derived by nonresident individuals or foreign companies from the sale, exchange
or other disposition of ADSs or ordinary shares are not currently subject to income tax. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the event that capital gains should become subject to income tax in the future, such taxation would be the responsibility of the beneficial owners of ADSs and not the responsibility of
&#147;Euroclear&#148; or &#147;Cedel&#148;, as the case may be. </FONT></P>
<I><FONT size=2 face="serif">Value Added Tax (&#147;VAT&#148;)</FONT></I>
<P>
<FONT size=2 face="serif">Neither the sale, exchange or other disposition of ADSs or ordinary shares nor the payment of dividends thereunder is subject to VAT. </FONT></P>
<I><FONT size=2 face="serif">Transfer Taxes</FONT></I>
<P>
<FONT size=2 face="serif">The sale or transfer of ADSs or ordinary shares is not subject to transfer tax.</FONT></P>
<div align="left"><I><FONT size=2 face="serif">Personal Property Tax</FONT></I></div>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Law No. 23,966, as amended, and Decrees No. 127/96 and 812/96, all individuals and undivided estates are subject in Argentina to a personal property tax on all assets held at
December 31 of each fiscal year (the &#147;Personal Property Tax&#148;). In the case of individuals and undivided estates domiciled or located in Argentina, an exemption is available to taxpayers whose assets included in the tax base for purposes of
the Personal Property Tax do not exceed Ps.102,300. Corporations and other legal entities domiciled or located in Argentina are not subject to the Personal Property Tax. Individuals and undivided estates domiciled or located in a foreign country are
subject to the Personal Property Tax only with respect to assets located in Argentina. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to Law No. 25,585, published in the Official Gazette on May 15, 2002, the Personal Property Tax on shares of the capital stock of corporations, such as ADSs (held in book-entry form or
evidenced by ADRs) and shares of common stock, or equity interests in other entities organized under the Business Companies Law No. 19,550, as amended, and whose holders are individuals or undivided estates domiciled in Argentina or in a foreign
country, or corporations or any other entities located in a foreign country, shall be assessed and paid by the corresponding Argentine issuer of the shares or equity interests, such as Banco Franc&eacute;s. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The tax rate to be applied is 0.50% and the taxable base is the value of the shareholders&#146; equity arising from the last balance sheet of the company at December 31. The minimum exempted
amount of Ps.102,300 is not applicable. The tax so paid is considered a definitive payment. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to Law No. 25,585, it is presumed &#151; without the right to rebut such presumption &#151; that shares of stock corporations, such as ADSs (held in book-entry form or evidenced by ADRs)
and shares of common stock, and equity interests in entities governed by the Business Companies Law No. 19,550, as amended, whose holders are corporations or any other entities, companies, permanent </FONT></P>
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<P align="left"><FONT size=2 face="serif">establishments and trusts, domiciled,
    settled or located in a foreign country, belong indirectly to individuals
    or undivided estates domiciled in a foreign country.</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The
    companies responsible for the tax payment, such as Banco Franc&eacute;s,
    are entitled to obtain refunds of the amounts paid, and may retain or foreclose
    on the property included in the tax base for purposes of the Personal Property
    Tax that originated the payment. </FONT></P>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman, Times, serif">On
    May, 2005 and 2006, Banco Franc&eacute;s paid Ps.3,021,317 and 3,254,699
    respectively, on account of its shareholders in connection with the Personal
    Property Tax due with respect to assets held as of December 31, 2004 and
    2005, respectively. As of June 15, 2006, only Ps.1,692,683 and Ps.3,143,008,
respectively has been refunded to us.</font></p>
<p>

    <I><FONT size=2 face="serif">Other Taxes</FONT></I></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are no Argentine inheritance, succession or gift taxes applicable to the ownership, transfer or disposition of ADSs or ordinary shares. There are no Argentine stamp, issue, registration
or similar taxes or duties payable by holders of ADSs or ordinary shares. Such holdings are also not affected by the tax applied on bank-account debits and credits and other transactions. </FONT></P>
<I><FONT size=2 face="serif">Deposit and Withdrawal of ordinary shares in Exchange for ADSs</FONT></I><P>
<FONT size=2 face="serif">No Argentine tax is imposed on the deposit or withdrawal of ordinary shares in exchange for ADSs.</FONT></P>
<I><FONT size=2 face="serif">Tax Treaties</FONT></I><P>
<FONT size=2 face="serif">There is currently no income tax treaty or convention in effect between Argentina and the United States.</FONT></P>
<B><FONT size=2 face="serif">U.S. Tax Considerations</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following summary describes the material U.S. federal income tax consequences of the acquisition, ownership and disposition of ADSs or ordinary shares, but it does not purport to be a
comprehensive description of all of the tax considerations that may be relevant to a particular person&#146;s decision to acquire such securities. The summary applies only to U.S. Holders (as described below) that hold ADSs or ordinary shares as
capital assets for U.S. federal income tax purposes and does not address special classes of holders, such as: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Certain financial institutions;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Insurance companies;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Dealers and traders in securities or foreign currencies;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Holders holding ADSs or ordinary shares as part of a hedge, straddle or conversion transaction;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Holders whose &#147;functional currency&#148; for U.S. federal income tax purposes is not the U.S. dollar;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Holders liable for alternative minimum tax;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Tax exempt organizations;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Partnerships or other entities classified as partnerships for U.S. federal income tax purposes;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Holders that own or are deemed to own 10% or more of our voting shares; or<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Persons who acquired our ADSs or ordinary shares pursuant to the exercise of any employee stock option or otherwise as</FONT> <FONT size=2 face="serif">compensation.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The summary is based upon tax laws of the United States including the Internal Revenue Code of 1986, as amended to the date hereof (the &#147;Code&#148;),
administrative pronouncements, judicial decisions and final, temporary and proposed
Treasury regulations, changes to any of which may affect the tax consequences
described herein possibly with retroactive effect. In addition, the summary assumes
that each obligation provided for in or otherwise contemplated by the Deposit
Agreement or any other related document will be performed in accordance with
its terms. Prospective purchasers of the ADSs or ordinary shares are urged to
consult their own tax </FONT></P>
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<FONT size=2 face="serif">advisors as to the United States, Argentine or other
tax consequences of the purchase, ownership and disposition of ADSs or ordinary
shares in their particular circumstances, including the effect of any U.S. state
or local tax laws. </FONT><br>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As used herein, a &#147;U.S. Holder&#148; is a beneficial owner of ADSs or ordinary shares that is, for United States federal income tax purposes: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">A citizen or resident of the United States;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">A corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States or of</FONT> <FONT size=2 face="serif">any political subdivision thereof; or<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">An estate or trust the income of which is subject to United States federal income taxation regardless of its source.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In general, U.S. Holders of ADSs will be treated as the holders of the underlying ordinary shares represented by those ADSs for U.S. federal income tax purposes. Accordingly, no gain or loss
will be recognized if a U.S. Holder exchanges ADSs for the underlying ordinary shares represented by those ADSs. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The U.S. Treasury has expressed concerns that parties to whom ADSs are pre-released may be taking actions that are inconsistent with the claiming of foreign tax credits for U.S. Holders of
ADSs. Such actions would also be inconsistent with claiming the 15% rate applicable to dividends received by certain non-corporate U.S. Holders. Accordingly, the analysis of the creditability of Argentine taxes and the availability of the 15% rate
for dividends received by certain non-corporate U.S. Holders described below could be affected by actions taken by parties to whom ADSs are pre-released. </FONT></P>
<I><FONT size=2 face="serif">Taxation of Distributions</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To the extent paid out of our current or accumulated earnings and profits (as determined in accordance with United States federal income tax principles), distributions, including any Argentine
withholding tax, made with respect to ADSs or ordinary shares (other than certain pro rata distributions of our capital stock or rights to subscribe for ordinary shares of our capital stock) will be includible in the income of a U.S. Holder as
foreign source ordinary dividend income. Such dividends will not be eligible for the &#147;dividends received deduction&#148; generally allowed to corporations under the Code. Subject to applicable limitations and the discussion above regarding
concerns expressed by the U.S. Treasury, dividends paid to non-corporate U.S. Holders in taxable years beginning before January 1, 2011, will be taxable at a maximum rate of 15% if the dividends are &#147;qualified dividends.&#148; Dividends paid on
ADSs will be treated as qualified dividends if (i) the ADSs are readily tradable on an established securities market in the United States and (ii) we were not, in the year prior to the year in which the dividend was paid, and are not, in the year in
which the dividend is paid, a passive foreign investment company, or &#147;PFIC,&#148; for U.S. federal income tax purposes. The ADSs are listed on the New York Stock Exchange, and will qualify as readily tradable on an established securities market
in the United States so long as they are so listed. We believe that we will not be considered a PFIC for U.S. federal income tax purposes with respect to our 2005 taxable year, as discussed below. The amount of the distribution will equal the U.S.
dollar value of the Argentine pesos received, calculated by reference to the exchange rate in effect on the date such distribution is received (which, for U.S. Holders of ADSs, will be the date such distribution is received by the Depositary),
whether or not the Depositary or U.S. Holder in fact converts any Argentine pesos received into U.S. dollars at that time. Any gains or losses resulting from the conversion of Argentine pesos into U.S. dollars will be treated as ordinary income or
loss, as the case may be, of the U.S. Holder and will be U.S. source. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Subject to applicable limitations that may vary depending upon a U.S. Holder&#146;s circumstances and subject to the discussion above regarding concerns expressed by the U.S. Treasury, a U.S.
Holder will be entitled to a credit against its U.S. federal income tax liability for any Argentine taxes withheld from dividends on ADSs or ordinary shares. The limitation on foreign taxes eligible for credit is calculated separately with respect
to specific classes of income. Amounts paid on account of the Argentine Personal Property Tax, if any, will not be eligible for credit against the U.S. Holder&#146;s U.S. federal income tax liability. U.S. Holders are urged to consult their own tax
advisors to determine whether they are subject to any special rules that limit their ability to make effective use of foreign tax credits. Instead of claiming a credit, a U.S. Holder may, at its election, deduct such otherwise creditable Argentine
taxes in computing its taxable income, subject to generally applicable limitations under U.S. law. </FONT></P>
<I><FONT size=2 face="serif">Sale and Other Disposition of ADSs or Ordinary Shares</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Subject to the discussion of the PFIC rules below, gain or loss realized by a U.S. Holder on the sale or exchange of ADSs or ordinary shares will be subject to United States federal income tax
as capital gain or loss in an amount equal to the difference between the U.S. Holder&#146;s tax basis in the ADSs or ordinary shares and the amount realized on the disposition. Such capital gain or loss will be long term capital gain or loss if the
U.S. Holder held the ADSs or ordinary shares for more than one year. Gain or loss, if any, will be U.S. source for foreign tax credit purposes. The deductibility of capital losses is subject to limitations. Long-term capital gain of a non-corporate
U.S. Holder is generally taxed at a preferential rate. </FONT></P>
<P align="center">
<FONT size=2 face="serif">147</FONT></P>

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<br>
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<I><FONT size=2 face="serif">Passive Foreign Investment Company Rules</FONT></I>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We believe that we are not a PFIC for U.S. federal income tax purposes for the taxable year 2005. However, since our PFIC status depends upon the composition of our income and assets and the
market value of our assets (including, among others, less than 25 percent owned equity investments) from time to time, and based upon certain proposed Treasury regulations that are not yet in effect but are generally proposed to become effective for
taxable years after December 31, 1994, there can be no assurance that we will not be considered a PFIC for any taxable year. If we are treated as a PFIC for any taxable year, gain recognized by a U.S. Holder on a sale or other disposition of ADSs or
ordinary shares would be allocated ratably over the U.S. Holder&#146;s holding period for the ADSs or ordinary shares. The amounts allocated to the taxable year of the sale or other exchange and to any year before we became a PFIC would be taxed as
ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, and an interest charge would be imposed on the amount allocated to such taxable
year. Further, any distribution in respect of ADSs or ordinary shares in excess of 125 percent of the average of the annual distributions on ADSs or ordinary shares received by the U.S. Holder during the preceding three years or the U.S.
Holder&#146;s holding period, whichever if shorter, would be subject to taxation as described above. Certain elections may be available (including a mark-to-market election) to United States persons that may mitigate the adverse consequences
resulting from PFIC status. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, if we were to be treated as a PFIC in a taxable year in which we pay a dividend or the prior taxable year, the 15% dividend rate discussed above with respect to dividends paid to
non-corporate holders would not apply. </FONT></P>
<I><FONT size=2 face="serif">Information Reporting and Backup Withholding</FONT></I><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Payment of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting and to
backup withholding unless (i) you are a corporation or other exempt recipient or (ii) in the case of backup withholding, you provide a correct taxpayer identification number and certify that you are not subject to backup withholding. The amount of
any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&#146;s U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required information is furnished to
the Internal Revenue Service. </FONT></P>
<B><FONT size=2 face="serif">Documents on Display</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This annual report and the exhibits thereto and any periodic reports or other information filed pursuant to the Exchange Act may be inspected without charge and copied at prescribed rates at
the SEC&#146;s public reference room located at 450 Fifth Street, NW, Washington, D.C. 25049. In addition, the SEC maintains a website that contains information filed electronically with the SEC, which can be accessed over the internet at
http://www.sec.gov. The documents concerning Banco Franc&eacute;s which are referred to in this annual report may also be inspected at our office at Reconquista 199, C1003ABB Buenos Aires, Republic of Argentina. </FONT></P>
<P>
<B><FONT size=2 face="serif">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </FONT></B></P>
<B><FONT size=2 face="serif">Market Risk</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Market risk is the uncertainty to which future earnings and financial position are exposed as a result of adverse changes in the financial markets in which we operate. This risk is a
consequence of our lending, trading and investments businesses and mainly consists of interest rate risk, foreign exchange risk and equity prices risk. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The estimation of potential losses that could arise from reasonably likely adverse changes in market conditions is the key element of managing market risk. The main tool we use to make this
estimation on our trading and investments activities is a value at risk methodology (&#147;VAR&#148;).</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">VAR is an estimate (made with a given confidence interval) of the maximum potential loss in the fair or market value of a certain instrument or portfolio likely to occur over a specified time
period, or &#147;time horizon,&#148; if that portfolio were held unchanged for that time period. This methodology is based on statistical methods that take into account many variables that may cause a change in the value of Banco
Franc&eacute;s&#146;s portfolios, including interest rates, foreign exchange rates, securities prices, volatility of all this, and any correlation among the foregoing. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Additionally, the Bank has an independent area of market risk management called &#147;Market Risk Department&#148; that manages the control of all market activities that may be involved in the
calculation of VAR. This area interacts in a daily basis with all the different areas of the Bank that are related with the trading activities of Banco Franc&eacute;s and with the market risk management area in Spain.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are also involved in a continuous process of improvement of our systems, in order to update them to the latest methodological advances in market risk measurement and control. </FONT></P>
<P align="center">
<FONT size=2 face="serif">148</FONT></P>

<br>
<br>
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<br>
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<P>
<FONT size=2 face="serif">Our VAR estimations provide us with a consistent and uniform measure of market risk in our trading portfolios. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">VAR uses historical movements in these variables to estimate reasonably likely potential losses in trading activities assuming normal market conditions and market liquidity. The historical
observation involves building a distribution of hypothetical daily changes in trading portfolio value. These hypothetical changes are based on daily-observed percentage changes in key market indexes or other market factors to which the portfolio may
be sensitive. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our VAR analysis is updated daily by recalculating the historic volatility and correlation that serve as the basis for this analysis. In the case of our VAR analysis, the period for estimating
risk factors is about one year and we assume a one-day holding period and adverse market movements of 2.3264 standard deviations as the standard for risk measurement and comparison. This range approximates a 99% one-tailed confidence interval. For a
given portfolio, this implies that changes in market value are statistically likely to deviate adversely from VAR estimates approximately 1% of the time or one day out of 100 days. The volatility and correlation used in the calculation process are
obtained by the technique known as &#147;exponential smooth,&#148; which confers a higher relative weight to the last historical data considered within the one-year series. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The area of Market Risk Management uses VAR as a corporate tool to estimate and limit market risks related to all of our trading activities. Global VAR limits for trading activities at our
dealing room are set by the agreement between the Market Risk Area, the Trading Area and the Permanent Executive Commission at BBVA Group headquarters in Spain. Two types of limits are used to seek to control market risk arising from our trading
activities: limits based on VAR and stop-loss limits for the principal portfolios. Limits on particular portfolios and products are established within each business.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The VAR model incorporates several variables that could impact the fair value of our trading portfolio, as well as the correlation between these variables. It takes into account linear and
non-linear exposures to price and interest rate risk and linear exposure to implied volatility risks. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We estimate VAR for each of our trading portfolios and all trading portfolios combined. The following table shows the VAR for Banco Franc&eacute;s combined trading activities for last
year.</FONT></P>
<B><FONT size=2 face="serif">Daily Trading VAR at Banco Franc&eacute;s </FONT></B><FONT size=2 face="serif">(in million pesos)<br>
<br>
</FONT><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=30% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2005</FONT></B>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2004</FONT></B>
 </TD>
    <TD width=54% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Average</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.81</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.37</FONT>
 </TD>
    <TD width=54% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Minimum</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.22</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.02</FONT>
 </TD>
    <TD width=54% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Maximum</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">2.57</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">2.01</FONT>
 </TD>
    <TD width=54% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Dec.31</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.98</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.58</FONT>
 </TD>
    <TD width=54% align=right>&nbsp;</TD>
</TR>
</TABLE>
<p><BR>
    <B><FONT size=2 face="serif">Daily Trading VAR &#150; Categories </FONT></B><FONT size=2 face="serif">(in million pesos)</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=30% align=center>
<B><FONT size=1 face="serif">Interest Risk Var</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2005</FONT></B>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2004</FONT></B>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Average</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.76</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.28</FONT>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Minimum</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.12</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.01</FONT>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Maximum</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">2.57</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">2.00</FONT>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Dec.31</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.97</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.28</FONT>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
 &nbsp;<B><U><FONT size=1 face="serif">Currency Risk Var</FONT></U></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2005</FONT></B>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2004</FONT></B>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
<TR>
 <TD width="30%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="6%" align="center">
<HR noshade size=1>
 </TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Average</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.20</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.14</FONT>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Minimum</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.04</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.01</FONT>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Maximum</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.96</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.50</FONT>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=30% align=left>
<FONT size=2 face="serif">Dec.31</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.10</FONT>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<FONT size=2 face="serif">0.49</FONT>
 </TD>
    <TD width=50% align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">Interest rate risk is mainly explained by the allocation of excess liquidity. </FONT></P>
<P>
<FONT size=2 face="serif">Our exposure to Foreign Exchange Risk is minimal and is primarily a result of Foreign Trade Business.</FONT></P>
<P align="center">
<FONT size=2 face="serif">149</FONT></P>

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<P>
<FONT size=2 face="serif">The following graph shows the movements in Banco Franc&eacute;s VAR for their trading activities during 2005:</FONT></P>
<P align="center"><font size="2" face="serif"><IMG SRC="dp02929_pg149.jpg"></font></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The graph above indicates the evolution of the risk exposure, measured with VAR, during the year 2005. Because of market conditions, and internal restrictions from the Central Bank, Banco
Franc&eacute;s, was not allowed to purchase local bonds, which might have derived a bigger amount of VAR exposure.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This restriction made the risk assumed during the year 2005, a very small one, giving the average VAR amount a risk exposure of 800 thousand pesos with a minimum of 200 thousand pesos and a
maximum of 2,57 million pesos. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The evolution that fixed rate bonds denominated in local currency (Central Bank&#146;s Bills) had in the portfolio of the Bank accounts for almost all the variability in VAR risk exposure
during 2005. This evolution depended mostly on the liquidity possibilities that the Bank had during the period involved. The portfolio of the Bank during the year was almost entirely comprised of fixed rate bonds (Central Bank&#146;s
Bills).</FONT></P>
<p><B><FONT size=2 face="serif">Non-Trading Risk</FONT></B></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">None.</FONT></p>
<p><B><FONT size=2 face="serif">Interest Rate Risk</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The discussion that follows relates to interest risk in 2005 and bears no relation to our current or future interest rate risk. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Interest rate sensitivity is the relationship between market interest rates and net portfolio value on the one hand and net interest income on the other, due to the repricing of assets and
liabilities. Our interest rate sensitivity analysis measures the sensitivity of the net portfolio value and net interest income to parallel changes in interest rates and to changes in the yield curve. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the purpose of calculating net present value, when the rate of interest is fixed, future cash flows of financial assets and liabilities are calculated on a contractual basis. When the
interest rate is variable, cash flows are included that have a maturity during the repricing interval. Such amounts are added to the remaining balance of the asset or the liability at the end of the interval. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net interest income is calculated as the difference between interest income earned on interest-earning assets and interest expense from interest-bearing liabilities for each month of the fiscal
year immediately following the fiscal year ended December 31, 2005. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In general, the usefulness of this calculation is limited to its assumption of a permanent increase or decrease in interest rates and that all of such rates change at the same rate.
Accordingly, actual results could differ materially from those projected. </FONT></P>
<P align="center">
<FONT size=2 face="serif">150</FONT></P>

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<br>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For any given period, the pricing structure is matched when an equal amount of assets and liabilities reprice. Any mismatch of interest-earning assets and interest-bearing liabilities is known
as a gap. A positive gap denotes asset sensitivity and normally means that an increase in interest rates would have a negative effect on net portfolio value and a positive effect on interest income, while a decline in interest rates would have a
positive effect on net portfolio value and a negative effect on net interest income. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Changes in interest rates affect our profitability as a result of timing differences on the repricing of the assets and liabilities. One measure of the effect of a change in interest rates is
to measure the change in net portfolio value (defined as the net present value of interest-earning assets and interest-bearing liabilities) and the effect on net interest income from a given change in interest rates. In the table below, interest
rates are assumed to change immediately, while the consistency and levels of interest-earning assets and interest-bearing liabilities, including the effects of derivative financial instruments, remain constant. The table measures the net portfolio
value and net interest income under various interest rate scenarios and the percentage changes from amounts generated under a stable interest rate environment.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following chart include adjusted assets and liabilities in the 0-3 months interval assuming 10.16% annual adjustment. In order to measure the effect of a change in interest rates in net
portfolio value and net interest income we are assuming the same change in interest rate as in the adjustment rate. However as this may not be the case we are including another column showing the impact of a variation in the adjustment rate with no
variation in interest rate. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="16" align=center> <B><FONT size=1 face="serif">At December 31,
    2005</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="16" align=center><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><B><FONT size=1 face="serif">Change in Base<br>
Interest Rates<br>
(Basis points)</FONT></B></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Net Portfolio<br>
    </FONT></B><B><FONT size=1 face="serif">Value</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Percentage<br>
Change</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Net Interest and<br>
    </FONT></B><B><FONT size=1 face="serif">Adjust Income</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Percentage<br>
Change</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Net Income of<br>
    </FONT></B><B><FONT size=1 face="serif">Adjustable<br>
    </FONT></B><B><FONT size=1 face="serif">Portfolio</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Percentage<br>
Change</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><HR noshade size=1></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="16" align=center> <B><FONT size=1 face="serif">(in millions of pesos, except
    percentages)</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=10% align=right>
<FONT size=2 face="serif">100</FONT> </TD>
 <TD width=2% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">2,037.2</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">(2.03</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">902.7</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">2.40</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">580.2</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">6.84</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=10% align=right>
<FONT size=2 face="serif">50</FONT> </TD>
 <TD width=2% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">2,058.0</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">(1.03</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">892.1</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">1.20</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">561.6</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">3.42</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=10% align=right>
<FONT size=2 face="serif">0</FONT> </TD>
 <TD width=2% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">2,079.5</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">0.00</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">881.5</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">0.00</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">543.1</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">0.00</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=10% align=right>
<FONT size=2 face="serif">(50</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">2,101.5</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">1.06</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">870.9</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">(1.20</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">524.5</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">(3.42</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=10% align=right>
<FONT size=2 face="serif">(100</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">2,124.2</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">2.15</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">860.4</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">(2.40</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=12% align=right>
<FONT size=2 face="serif">505.9</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">(6.84</FONT> </TD>
 <TD width=2% align=left>
<FONT size=2 face="serif">)%</FONT> </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Based on our position at December 31, 2005, and assuming a hypothetical, immediate 50 basis points increase in interests rates affecting all interest rate sensitive assets and liabilities as of
January 1, 2006, net portfolio value would be reduced by Ps.21.5 million and net interest income over 2006 would be increased by approximately Ps.10.6 million.</FONT></P>
<P>
<FONT size=2 face="serif">Accordingly, on considering a 50 b.p. increase in the adjustment rate Net interest income increases Ps.18.5 million. </FONT></P>
<B><FONT size=2 face="serif">Foreign Exchange Risk</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of December 31, 2005, as part of our asset and liability management, we aimed to minimize the impact on results of foreign exchange rate fluctuations by maintaining excess balances of assets
over liabilities denominated in dollars.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=32% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=32% align=center>&nbsp;</TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=32% align=center>&nbsp;</TD>
  </TR>
<TR valign="bottom">
 <TD width=32% align=center>
<B><FONT size=1 face="serif">Peso Against All other Currencies</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=32% align=center>
<B><FONT size=1 face="serif">Effect on Net Income based on our<br>
</FONT></B><B><FONT size=1 face="serif">position
as of December 31, 2005</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=32% align=center>
<B><FONT size=1 face="serif">Effect on Net Income based on our<br>
</FONT></B><B><FONT size=1 face="serif">position
as of December 31, 2004</FONT></B> </TD>
  </TR>
<TR>
 <TD width="32%">
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD>
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD width="32%">
<HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD colspan="5" align=center>
<B><FONT size=1 face="serif">(in millions of pesos, except percentages)</FONT></B></TD>
  </TR>
<TR valign="bottom">
 <TD width=32% align=center>
<FONT size=2 face="serif">5%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=32% align=center>
<FONT size=2 face="serif">(4)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=32% align=center>
<FONT size=2 face="serif">(36)</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=32% align=center>
<FONT size=2 face="serif">(5)</FONT><FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=32% align=center>
<FONT size=2 face="serif">4</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=32% align=center>
<FONT size=2 face="serif">36</FONT> </TD>
  </TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For a description of the changes in the exchange rates since December 2005, see </FONT><I><FONT size=2 face="serif">&#147;Information on the Company&#151;Recent Political and Economic
Developments in Argentina&#148;</FONT></I><FONT size=2 face="serif"> and Note 37.23. to the Consolidated Financial Statements. </FONT></P>
<P>
<FONT size=2 face="serif"> </FONT><B><FONT size=2 face="serif">Equity and Commodity Price Risk </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Equity and commodity risk are the risks associated with adverse movements in the value of equity securities and commodities or related indexes. We do not have any material exposure to either of
them. </FONT></P>
<P>
<B><FONT size=2 face="serif">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</FONT></B></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Not applicable.</FONT><P align="center">
<FONT size=2 face="serif">151</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">- PART II -</FONT></B></P>
<P>
<B><FONT size=2 face="serif">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">None.</FONT></P>
<P>
<B><FONT size=2 face="serif">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">None. </FONT></P>
<P>
<B><FONT size=2 face="serif">ITEM 15. CONTROLS AND PROCEDURES </FONT></B></P>
<UL>
<LI>
<FONT size=2 face="serif">Evaluation of disclosure controls and procedures. As of December 31, 2005, the Bank, under the supervision and with the</FONT> <FONT size=2 face="serif">participation of the Bank&#146;s management, including the Chief
Executive Officer and the Chief Financial Officer, performed</FONT> <FONT size=2 face="serif">an evaluation of the effectiveness of the Bank&#146;s disclosure controls and procedures. The Bank&#146;s management necessarily</FONT> <FONT size=2
face="serif">applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature can provide</FONT> <FONT size=2 face="serif">only reasonable assurance regarding management's control objectives. Based on
this evaluation, the Bank&#146;s Chief Executive</FONT> <FONT size=2 face="serif">Officer and Chief Financial Officer concluded that the Bank&#146;s disclosure controls and procedures are effective at the</FONT> <FONT size=2 face="serif">reasonable
assurance level for gathering, analyzing and disclosing the information the Bank is required to disclose in the</FONT> <FONT size=2 face="serif">reports it files under the Securities Exchange Act of 1934, within the time periods specified in the
SEC&#146;s rules and forms.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Changes in internal controls over financial reporting. There has been no change in the Bank&#146;s internal control over financial</FONT> <FONT size=2 face="serif">reporting that occurred during the period covered by this
annual report that has materially affected, or is reasonably likely to</FONT> <FONT size=2 face="serif">materially affect, the Bank&#146;s internal control over financial reporting.</FONT></LI>
</UL>
<B><FONT size=2 face="serif">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Bank&#146;s Board of Directors has appointed Mr. Oscar Miguel Castro to serve on its audit committees (I and II). The Bank&#146;s Board of Directors has concluded that Mr. Castro is a
financial expert based on his extensive audit experience, having been a partner of an international accounting firm until 2001. Mr. Castro qualifies as an independent director according to the independence criteria established by General Resolution
No. 368 (New Text 2001), as amended by General Resolution No. 400 of the CNV. </FONT></P>
<B><FONT size=2 face="serif">ITEM 16B. CODE OF ETHICS</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The standards of ethical conduct that Banco Franc&eacute;s expects from its employees are found within the &#147;Code of Conduct of BBVA Banco Franc&eacute;s and its group of companies in
Argentina&#148;, or the Code of Conduct, approved by the Board of Directors on December 18, 2003. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Code of Conduct is applicable to all our management and employees, including the Executive Chairman, the Financial Director and other senior financial officers of the Bank. All officers and
employees are accountable for adhering to the Code of Conduct. Suspected violations of the Code of Conduct may be reported in accordance with procedures designed to address the reported situation and to protect the reporting employee. The failure to
comply with criteria and rules of the Code of Conduct may result in disciplinary action in accordance with applicable Argentine employment laws. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Code of Conduct is accessible via Banco Franc&eacute;s&#146;s corporate website at: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">http://www.bancofrances.com.ar/html/institucional/informacion_banco/codigo_etica/inst_info_codigoetica.htm</FONT></U><FONT size=2 face="serif"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the information found at this website is not incorporated by reference into
this report).</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A copy of our Code of Conduct is also available on request, free of charge, by writing or telephoning us at: </FONT></P>
<blockquote>
  <p><B><FONT size=2 face="serif">BBVA Banco Franc&eacute;s S.A. </FONT></B><BR>
    <B><FONT size=2 face="serif">Attention: Investor Relations Department </FONT></B><BR>
    <B><FONT size=2 face="serif">Reconquista 40 </FONT></B><BR>
    <B><FONT size=2 face="serif">C1003ABB Buenos Aires </FONT></B><BR>
    <B><FONT size=2 face="serif">Republic of Argentina </FONT></B><BR>
    <B><FONT size=2 face="serif">Telephone number: (54 11) 4341 5036 </FONT></B><BR>
    <B><FONT size=2 face="serif">e-mail address: </FONT></B><U><FONT size=2 face="serif">marbelbide@bancofrances.com.ar</FONT></U></p>
</blockquote>
<P align="center">
<FONT size=2 face="serif">152</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>






<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During fiscal year 2005, there have been no amendments to any provisions of the Code of Conduct that apply to our executive officers. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">No waivers from any provisions of the Code of Conduct were expressly or implicitly granted to the Executive Chairman, the Financial Director and any other senior financial officer of the Bank
in the fiscal year 2005. </FONT></P>
<P>
<B><FONT size=2 face="serif">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></B></P>
<P>
<FONT size=2 face="serif">Following is a summary of the fees to our independent external auditors for the years ended December 31, 2005 and 2004:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=42% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=center><B><FONT size=2 face="serif">2005 Actual<br>
  </FONT></B><B><FONT size=2 face="serif">Fees</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align=center><B><FONT size=2 face="serif">2004 Actual<br>
  </FONT></B><B><FONT size=2 face="serif">Fees</FONT></B></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=42% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=42% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size=2 face="serif">(in millions of pesos)</FONT></B></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=42% align=left>&nbsp;</TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Audit fees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.06</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.79</FONT>
 </TD>
    <TD width=20% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=42% align=left>&nbsp;</TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Audit-related fees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
    <TD width=20% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=42% align=left>&nbsp;</TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Tax fees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.13</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.16</FONT>
 </TD>
    <TD width=20% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=42% align=left>&nbsp;</TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">All other fees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
    <TD width=20% align=right>&nbsp;</TD>
</TR>
<TR>
  <TD width="42%"></TD>
 <TD width="20%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=42% align=left>&nbsp;</TD>
 <TD width=20% align=left>
<FONT size=2 face="serif">Total fees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2.19</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1.95</FONT>
 </TD>
    <TD width=20% align=right>&nbsp;</TD>
</TR>
<TR>
  <TD width="42%"></TD>
 <TD width="20%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
    <TD width="20%">&nbsp;</TD>
</TR>
</TABLE>
<P>
<I><FONT size=2 face="serif">Audit fees</FONT></I><FONT size=2 face="serif"> are fees for professional services performed by Deloitte &amp; Co. S.R.L. for the audit and limited review of the Bank&#146;s annual and quarterly financial statements and
services that are normally provided in connection with statutory and regulatory filings. </FONT></P>
<P>
<I><FONT size=2 face="serif">Audit-related fees</FONT></I><FONT size=2 face="serif"> consist of fees for assurance and related services performed by Deloitte &amp; Co. S.R.L. that are reasonably related to the performance of the audit or review of
the Bank's financial statements and are not reported as Audit fees. </FONT></P>
<P>
<I><FONT size=2 face="serif">Tax fees</FONT></I><FONT size=2 face="serif"> consist of tax compliance, tax advice and tax planning services and assistance and advice related to tax audits and appeals.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee has approved policies and procedures for pre-approving all non-audit work performed by Deloitte &amp; Co. S.R.L. after January 1, 2005. Specifically, the policies and
procedures prohibit Deloitte &amp; Co. S.R.L. from performing any services for the Bank or its subsidiaries without the prior approval of the Audit Committee. All of the services provided by Deloitte &amp; Co. S.R.L. in 2005 were approved by the
Audit Committee pursuant to these approval policies. The Audit Committee meets once a month. In each of these meetings, the Internal Audit Director presents the projects undertaken by the Internal Audit Department. The minutes of the meeting are
then drawn up detailing the issues discussed as well as those items requiring further discussion. The minutes are transcribed into an internal control book which is sent to the board of directors for their information. See </FONT><I><FONT size=2
face="serif">&#147;Directors, senior management and employees-Audit Committee(I)&#148;</FONT></I><FONT size=2 face="serif">.</FONT></P>
<P>
<B><FONT size=2 face="serif">ITEM 16D. EXEMPTIONS FROM LISTING REQUIREMENTS FOR AUDIT COMMITTEES </FONT></B></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Not applicable.</FONT><P>
<B><FONT size=2 face="serif">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY ONE ISSUER AND AFFILIATED PERSONS</FONT></B></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">None.</FONT><P align="center">
<FONT size=2 face="serif">153</FONT></P>

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<p align="center"><br>
  <br>


      <B><FONT size=2 face="serif">- PART III -</FONT></B></p>
<p><B><FONT size=2 face="serif">ITEM 17. FINANCIAL STATEMENTS</FONT></B></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have responded to Item 18 in lieu of this item.</FONT></p>
<p><B><FONT size=2 face="serif">ITEM 18. FINANCIAL STATEMENTS </FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Reference is made to Item 19 for a list of the financial statements filed as a part of this annual report.</FONT></P>
<p><B><FONT size=2 face="serif">ITEM 19. EXHIBITS</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=5% align=right>
<FONT size=2 face="sans-serif"> </FONT>
 </TD>
 <TD width=5%>&#8226;
 </TD>
 <TD width=85% align=left>
<FONT size=2 face="serif">Index to Consolidated Financial Statements:</FONT>
 </TD>
 <TD width=5% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left>

 </TD>
 <TD width=5%>&nbsp;
 </TD>
 <TD width=85% align=left>

 </TD>
 <TD width=5% align=right>
<B><U><FONT size=1 face="serif">Page</FONT></U></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left>

 </TD>
 <TD width=5%>&nbsp;
 </TD>
 <TD width=85% align=left>
<FONT size=2 face="serif">Report of Independent Registered Public Accounting Firm</FONT>
 </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">F-2</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left>

 </TD>
 <TD width=5%>&nbsp;
 </TD>
 <TD width=85% align=left>
<FONT size=2 face="serif">Consolidated Balance Sheets as of December 31, 2005 and 2004</FONT>
 </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">F-4</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left>

 </TD>
 <TD width=5%>&nbsp;
 </TD>
 <TD width=85% align=left>
<FONT size=2 face="serif">Consolidated Statements of Operations for the fiscal years ended December 31, 2005, 2004 and 2003</FONT>
 </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">F-8</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left>

 </TD>
 <TD width=5%>&nbsp;
 </TD>
 <TD width=85% align=left>
<FONT size=2 face="serif">Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2005, 2004 and 2003</FONT>
 </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">F-10</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left>

 </TD>
 <TD width=5%>&nbsp;
 </TD>
 <TD width=85% align=left>
<FONT size=2 face="serif">Consolidated Statements of Changes in Stockholders&#146; Equity for the fiscal years ended December 31, 2005,</FONT>
 </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">F-12</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left>

 </TD>
 <TD width=5%>&nbsp;
 </TD>
 <TD width=85% align=left>
<FONT size=2 face="serif">2004 and 2003</FONT>
 </TD>
 <TD width=5% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left>

 </TD>
 <TD width=5%>&nbsp;
 </TD>
 <TD width=85% align=left>
<FONT size=2 face="serif">Notes to the Consolidated Financial Statements</FONT>
 </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">F-13</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left>

 </TD>
 <TD width=5%>&nbsp;
 </TD>
 <TD width=85% align=left>
<FONT size=2 face="serif">Legal Actions &#150; Constitutional Protection Actions (Exhibit I)</FONT>
 </TD>
 <TD width=5% align=right>
<FONT size=2 face="serif">F-78</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&#8226; </TD>
  <TD align=left><FONT size=2 face="serif">Index to Exhibits: </FONT></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align=left valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><B><FONT size=1 face="serif">Exhibit<br>
<u>Number</U></FONT></B></TD>
  <TD> <B><FONT size=1 face="serif"><u>Description</u></FONT></B> </TD>
</TR>
<TR>
 <TD width="5%" align=left valign=top>
<FONT size=2 face="serif">1.1</FONT>&nbsp;  </TD>
 <TD width="95%">
<FONT size=2 face="serif">Amended and Restated By-Laws (Estatutos) of BBVA Banco Franc&eacute;s</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align=left valign=top>
<FONT size=2 face="serif">1.2</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">English translation of the Amended and Restated By-Laws (Estatutos) of BBVA Banco Franc&eacute;s</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align=left valign=top>
<FONT size=2 face="serif">8.1</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Subsidiaries of the Company</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align=left valign=top>
<FONT size=2 face="serif">12.1</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Section 302 Certification of Chief Executive Officer</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align=left valign=top>
<FONT size=2 face="serif">12.2</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Section 302 Certification of Chief Financial Officer</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align=left valign=top>
<FONT size=2 face="serif">13.1</FONT></TD>
 <TD width="95%">
<FONT size=2 face="serif">Section 906 Certification</FONT> </TD>
</TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We will furnish to the Securities and Exchange Commission, upon request, copies of any unfiled instruments that define the rights of holders of long-term debt of Banco Franc&eacute;s.
</FONT></P>
<P align="center">
<FONT size=2 face="serif">154</FONT></P>

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<div align="center"><br>
  <br>


      <B><FONT size=2 face="serif">SIGNATURES</FONT></B>
</div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its
behalf. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
 <TD colspan=3 align=left> <font size=2 face="serif">BBVA BANCO FRANC&Eacute;S
    S.A.</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
 <TD width=3% align=left>
<FONT size=2 face="serif">By:</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=45% align=left>
<FONT size=2 face="serif">/s/ Marcelo Gustavo Canestri</FONT></TD>
</TR>
<TR>
  <TD width="50%"></TD>
 <TD width="3%">
 </TD>
 <TD>
 </TD>
 <TD width="45%">
<HR align="left" width="65%" size=1 noshade>
 </TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=left></TD>
 <TD width=3% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=45% align=left>
<FONT size=2 face="serif">Name: Marcelo Gustavo Canestri</FONT>
 </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=50%>&nbsp;</TD>
 <TD align=center width=3%>&nbsp;</TD>
    <TD align=center width=2%>&nbsp;</TD>
    <TD align=left width=45%> <font size=2 face="serif">Title: Chief Financial
    Officer</font> </TD>
</TR>
</TABLE>
<BR>
<FONT size=2 face="serif">Date: June 29, 2006</FONT>
<P align="center">
<FONT size=2 face="serif">155</FONT></P>

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<br>
<br>










<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center><HR align="center" size=2 color="#CCCCCC"></TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B> </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=90% align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<B><U><FONT face="serif" size=1>Page</FONT></U></B> </TD>
</TR>
<TR valign="bottom">
 <TD width=90% align=left>
<FONT face="serif" size=2>Report of Independent Registered Public Accounting Firm</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<FONT face="serif" size=2>F-2</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=90% align=left>
<FONT face="serif" size=2>Consolidated Balance Sheets as of December 31, 2005 and 2004</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<FONT face="serif" size=2>F-4</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=90% align=left>
<FONT face="serif" size=2>Consolidated Statements of Operations for the fiscal years ended December 31, 2005, 2004 and 2003</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<FONT face="serif" size=2>F-8</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=90% align=left>
<FONT face="serif" size=2>Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2005, 2004 and 2003</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<FONT face="serif" size=2>F-10</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=90% align=left nowrap>
<FONT face="serif" size=2>Consolidated Statements of Changes in Stockholders&#146; Equity for the fiscal years ended December 31, 2005, 2004 and 2003</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<FONT face="serif" size=2>F-12</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=90% align=left>
<FONT face="serif" size=2>Notes to the Consolidated Financial Statements</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<FONT face="serif" size=2>F-13</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=90% align=left>
<FONT face="serif" size=2>Legal Actions &#150; Constitutional Protection Actions (Exhibit I)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<FONT face="serif" size=2>F-78</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif" size=2>F-1</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT>REPORT OF INDEPENDENT REGISTERED</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT>PUBLIC ACCOUNTING FIRM</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% align=left>
<FONT face="serif" size=2>To the President and Board of Directors of</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=left>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A.</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=left>
<FONT face="serif" size=2>Reconquista 199</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=left>
<U><FONT face="serif" size=2>Buenos Aires, Argentina</FONT></U>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD nowrap valign=top>
<FONT face="serif" size=2>1.</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>We have audited the accompanying consolidated balance sheets of BBVA BANCO FRANC&Eacute;S S.A. (the &#147;Bank&#148;) and subsidiaries (entities organized under Argentine Legislation, except Banco Franc&eacute;s (Cayman)
Limited, incorporated under the laws of Cayman Islands) as of December 31, 2005 and 2004, and the related consolidated statements of operations, changes in stockholders&#146; equity and cash flows for each of the three years in the period ended
December 31, 2005 (all expressed in thousands of Argentine Pesos). These financial statements are the responsibility of the Bank&#146;s management. Our responsibility is to express an opinion on these financial statements based on our
audits.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD nowrap valign=top>
<FONT face="serif" size=2>2.</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement. The Bank is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank&#146;s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates
made by Bank&#146;s management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD nowrap valign=top>
<FONT face="serif" size=2>3.</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>As mentioned in note 4, the accompanying consolidated financial statements have been prepared in accordance with the accounting standards established by the Argentine Central Bank (the &#147;BCRA&#148;) applicable to
consolidated financial statements, which differ in certain respects from, and constitute a comprehensive basis of accounting other than, Argentine generally accepted accounting principles applicable to business enterprises in general.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD nowrap valign=top>
<FONT face="serif" size=2>4.</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>In our opinion, the consolidated financial statements referred to in paragraph 1 present fairly, in all material respects, the financial position of BBVA BANCO FRANC&Eacute;S S.A. and subsidiaries as of December 31, 2005 and
2004 and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2005, in conformity with the rules established by the BCRA applicable to consolidated financial statements.</FONT> </TD>
</TR>
</TABLE>
<P align="center">
<FONT face="serif" size=2>F-2</FONT></P>

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<p style="page-break-before:always"></p>

<br>
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<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD nowrap valign=top>
<FONT face="serif" size=2>5.</FONT></TD>
 <TD width=100%>
<FONT face="serif" size=2>As discussed in Note 3.5.18. to the consolidated financial statements, in 2005 the Company, as established by BCRA, changed its method of accounting for certain assets and liabilities and, retroactively, restated the 2004 and
2003 consolidated financial statements for the change.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="100%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD nowrap valign=top>
<FONT face="serif" size=2>6.</FONT></TD>
 <TD width=100%>
<FONT face="serif" size=2>Accounting rules established by the BCRA vary in certain significant respects from accounting principles generally accepted in the United States of America (U.S. GAAP). Information relating to the nature and effect of such
differences is presented in Note 17 to the consolidated financial statements. As discussed in Note 17.15. to the consolidated financial statements, the stockholders&#146; equity and consolidated net income (loss) in accordance with accounting
principles generally accepted in the United States of America for the years ended December 31, 2004 and 2003 have been restated.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>Buenos Aires, February 10, 2006 (June 26, 2006 as to Notes 16, 17 and 18 to the consolidated financial statements)</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
 <TD width=35% align=left>
<B><FONT face="serif" size=2>DELOITTE &amp; Co. S.R.L.</FONT></B> </TD>
    <TD width=55% align=left>&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
 <TD width="35%" align="left">&nbsp; </TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
 <TD width=35% align=left>
<FONT face="serif" size=2>&nbsp;&nbsp;/s/ Carlos B. Srulevich</FONT> </TD>
    <TD width=55% align=left>&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
 <TD width="35%" align="left">
<HR noshade size=1> </TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
 <TD width=35% align=left>
<FONT face="serif" size=2>&nbsp;&nbsp;CARLOS B. SRULEVICH</FONT> </TD>
    <TD width=55% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=center>&nbsp;</TD>
 <TD width=35% align=left>
<FONT face="serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partner</FONT> </TD>
    <TD width=55% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<I><FONT face="serif" size=2>Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of
its member firms has any liability for each other&#146;s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte &amp; Touche," "Deloitte Touche Tohmatsu," or other
related names. Services are provided by the member firms or their subsidiaries or affiliates and not by the Deloitte Touche Tohmatsu Verein.</FONT></I></P>
<P align="center">
<FONT face="serif" size=2>F-3</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>CONSOLIDATED BALANCE SHEETS</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>As of December 31, 2005 and 2004</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=78% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD colspan="4" align=center>
<B><FONT face="serif" size=1>December 31,</FONT></B> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="8%" align="right"><HR noshade size=1></TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD colspan="2" align=center><B><FONT face="serif" size=1>2005</FONT></B></TD>
 <TD width=2% align=center>&nbsp;</TD>
 <TD colspan="2" align=center>
<B><FONT face="serif" size=1>2004</FONT><SUP><FONT face="serif" size=1>(1)</FONT></SUP></B></TD>
  </TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>ASSETS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="e0e0e0">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>CASH AND DUE FROM BANKS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,611,506</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,666,617</FONT> </TD>
 <TD width=1% align=left GUTTER>&nbsp; </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Cash</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>483,377</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>421,910</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Due from banks and correspondents</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,128,129</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,244,707</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>GOVERNMENT AND PRIVATE SECURITIES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,504,311</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>2,476,948</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Holdings in investment accounts</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>435,104</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>742,902</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Holdings for trading or financial transactions</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>664,837</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>128,788</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Unlisted Government Securities</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>6</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>492.902</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Instruments issued by the Argentine Central Bank</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>2,248,838</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>999,563</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Investments in listed private securities</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>155,849</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>179,212</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Less: Allowances</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>323</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>66,419</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>LOANS</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>8,481,476</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>9,268,723</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>To government sector</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>4,623,626</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>6,927,719</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>To financial sector</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>142,307</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>169,509</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>To non-financial private sector and residents abroad:</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,900,517</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>2,374,276</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Overdraft</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>733,514</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>272,275</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Discounted instruments</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>560,863</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>251,332</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Real estate mortgage</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>394,678</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>401,064</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Collateral Loans</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>60,714</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>25,943</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Consumer</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>355,649</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>182,627</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Credit cards</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>545,918</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>364,105</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,364,291</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>964,177</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest and listed-price differences accrued and pending collection</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>39,653</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>25,517</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Less: Unused collections</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>152,186</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>111,840</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Less: Interest documented together with main obligation</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>2,577</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>924</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Less: Difference arising from purchase of portfolio</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>89</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>88</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Less: Allowances</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>184,885</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>202,693</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<FONT face="serif" size=2>Carried forward</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>13,597,293</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>13,412,288</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" align="left" valign=top nowrap>
<hr align="left" width="20%" size="1"></TD>
  </TR>
<TR>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=1>(1)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=1>Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>The accompanying Notes 1 to 18 and Exhibit I are an integral part of these Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-4</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>CONSOLIDATED BALANCE SHEETS&#151;(Continued)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>As of December 31, 2005 and 2004</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="4" align=center><B><FONT face="serif" size=1>December 31,</FONT></B> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT face="serif" size=1>2005</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT face="serif" size=1>2004</FONT><SUP><FONT face="serif" size=1>(1)</FONT></SUP></B></TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
  </TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Brought forward</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>13,597,293</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>13,412,288</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>OTHER RECEIVABLES FROM FINANCIAL TRANSACTIONS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>831,450</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>975,241</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Argentine Central Bank</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>286,206</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>325,844</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Amounts receivable for spot and forward sales to be settled</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>158,120</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>380,796</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Instruments to be received for spot and forward purchases to be settled</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>35,730</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>34,192</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Unlisted corporate bonds</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>78,228</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>99,691</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Non-deliverable forward transactions balances to be settled</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>281</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other receivables not covered by debtor classification regulations</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>130,321</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>40,152</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other receivables covered by debtor classification regulations</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>21,538</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>14,445</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest accrued and pending collection not covered by debtor classification regulations</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>121,104</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>90,764</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest accrued and pending collection covered by debtor classification regulations</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>3,020</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>2,153</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Less: Allowances</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,098</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>12,796</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>ASSETS SUBJECT TO FINANCIAL LEASING</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>130,165</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>58,576</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Assets subject to financial leasing</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>131,650</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>59,764</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Less: Allowances</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,485</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,188</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>INVESTMENTS IN OTHER COMPANIES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>50,297</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>47,425</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>In financial institutions</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>12,859</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>12,931</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>49,377</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>46,205</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Less: Allowances</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>11,939</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>11,711</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>OTHER RECEIVABLES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>238,961</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>186,835</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Receivables from sale of property assets</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>2,257</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>2,999</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Tax on minimum presumed income &#150; Tax Credit</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>90,094</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>92,631</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>535,708</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>244,972</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest accrued and pending collection on receivables from sale of property assets</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>41</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>56</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other accrued interest receivable</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>10</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>2</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Less: Allowances</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>389,149</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>153,825</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>PREMISES AND EQUIPMENT</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>375,797</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>381,389</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>OTHER ASSETS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>63,246</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>95,549</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>INTANGIBLE ASSETS</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>655,336</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>850,814</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Goodwill</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>25,459</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>32,088</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Organization and development expenses</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>629,877</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>818,726</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>SUSPENSE ITEMS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>948</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,213</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>SUBSIDIARIES&#146; OTHER ASSETS</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>40,255</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>32,342</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="serif" size=2>TOTAL ASSETS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>15,983,748</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>16,041,672</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=2>    </TD>
 <TD align="left" GUTTER><HR noshade size=2>    </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=2> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=2> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" align="left" valign=top nowrap>
<hr align="left" width="20%" size="1"></TD>
  </TR>
<TR>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=1>(1)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=1>Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>The accompanying Notes 1 to 18 and Exhibit I are an integral part of these Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-5</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>CONSOLIDATED BALANCE SHEETS&#151;(Continued)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>As of December 31, 2005 and 2004</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="4" align=center><B><FONT face="serif" size=1>December 31,</FONT></B> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT face="serif" size=1>2005</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT face="serif" size=1>2004</FONT><SUP><FONT face="serif" size=1>(1)</FONT></SUP></B></TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
  </TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>LIABILITIES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>DEPOSITS</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>10,613,086</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>8,993,780</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Governmental sector</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>102,848</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>198,593</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Financial sector</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>27,695</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>18,568</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Non financial private sector and residents abroad:</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>10,482,543</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>8,776,619</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Checking accounts</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,841,450</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,620,763</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Savings deposits</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,000,466</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>2,395,505</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Time deposits</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>4,855,393</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>3,983,558</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Investments accounts</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>210,575</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>159,193</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>477,880</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>381,795</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest and listed&#151;price differences accrued payable</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>96,779</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>235,805</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>OTHER LIABILITIES FROM FINANCIAL TRANSACTIONS</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,244,795</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>3,274,387</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Argentine Central Bank&#151;Other</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>100,745</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,780,275</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Banks and International Institutions</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>224,311</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>251,005</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Non&#151;subordinated corporate bonds</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>286,486</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>321,181</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Amounts payable for spot and forward purchases to be settled</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>26,165</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>31,892</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Instruments to be delivered for spot and forward sales to be settled</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>165,727</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>423,051</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Non-deliverable forward transactions balances to be settled</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>150</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Financing received from Argentine financial institutions</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>74,927</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,110</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>359,875</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>341,824</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest and listed&#151;price differences accrued payable</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>6,409</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>122,049</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>OTHER LIABILITIES</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>251,979</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>144,047</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Fees payable</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>156</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>95</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>251,823</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>143,952</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>ALLOWANCES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>263,191</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>265,698</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>SUBORDINATED CORPORATE BONDS</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>60,307</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>SUSPENSE ITEMS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>2,299</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>33,788</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>SUBSIDIARIES&#146; OTHER LIABILITIES</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,617,891</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,413,387</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="serif" size=2>TOTAL LIABILITIES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>13,993,241</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>14,185,394</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>MINORITY INTEREST IN SUBSIDIARIES</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>188,960</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>171,935</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>STOCKHOLDERS&#146; EQUITY</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,801,547</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,684,343</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="serif" size=2>TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>15,983,748</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>16,041,672</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=2>    </TD>
 <TD align="left" GUTTER><HR noshade size=2>    </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=2> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=2> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" align="left" valign=top nowrap>
<hr align="left" width="20%" size="1"></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT face="serif" size=1>(1)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=1>Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>The accompanying Notes 1 to 18 and Exhibit I are an integral part of these Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-6</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>CONSOLIDATED BALANCE SHEETS&#151;(Continued)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>As of December 31, 2005 and 2004</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="4" align=center><B><FONT face="serif" size=1>December 31,</FONT></B> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><B><FONT face="serif" size=1>2005</FONT></B> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT face="serif" size=1>2004</FONT><SUP><FONT face="serif" size=1>(1)</FONT></SUP></B> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
  </TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>DEBIT ACCOUNTS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>Contingent</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>3,360,940</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>8,230,586</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Guaranties received</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,035,165</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>5,240,258</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Contra contingent
 debit accounts</FONT></TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>325,775</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>2,990,328</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>Control</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>24,379,460</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>29,740,424</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Receivables classified as non recoverable</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>393,234</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>469,895</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>23,666,953</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>29,063,225</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Contra control debit accounts</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>319,273</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>207,304</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>Derivatives</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>140,143</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>47,534</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>&#147;Notional&#148; amount of non-deliverable forward transactions</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>46,982</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>28,173</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Contra debit derivatives accounts</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>93,161</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>19,361</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>For trustee activities</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>29,896</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>29,479</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Funds in trust</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>29,896</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>29,479</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif" size=2>TOTAL</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>27,910,439</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>38,048,023</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>CREDIT ACCOUNTS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>Contingent</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,360,940</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>8,230,586</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Credit lines granted (unused portion) covered by debtor classification regulations</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>3,827</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>272,854</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Guaranties provided to the Argentine Central Bank</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>70,293</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>2,387,972</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other guaranties given covered by debtor classification regulations</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>171,022</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>219,798</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other guarantees given non covered by debtor classification regulations</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>62</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other covered by debtor classification regulations</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>80,571</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>109,704</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Contra contingent credit accounts</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,035,165</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>5,240,258</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>Control</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>24,379,460</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>29,740,424</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Items to be credited</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>134,517</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>173,837</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>184,756</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>33,467</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Contra control credit accounts</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>24,060,187</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>29,533,120</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>Derivatives</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>140,143</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>47,534</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>&#147;Notional&#148; amount of non-deliverable forward transactions</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>93,161</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>19,361</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Contra debit derivatives accounts</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>46,982</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>28,173</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
<B><FONT face="serif" size=2>For trustee activities</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>29,896</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>29,479</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Contra credit accounts for trustee activities</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>29,896</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>29,479</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif" size=2>TOTAL</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>27,910,439</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>38,048,023</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%" align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=2>    </TD>
 <TD align="left" GUTTER><HR noshade size=2>    </TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right"><HR noshade size=2>    </TD>
 <TD align="left" GUTTER><HR noshade size=2>    </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" align="left" valign=top nowrap>
<hr align="left" width="20%" size="1"></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT face="serif" size=1>(1)</FONT></TD>
 <TD width=95%>
<FONT face="serif" size=1>Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>The accompanying Notes 1 to 18 and Exhibit I are an integral part of these Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-7</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=67% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD colspan=7 align=center>
<B><FONT face="serif" size=1>Fiscal year ended December 31,</FONT></B> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="8%" align="right"><HR noshade size=1></TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="8%" align="right"><HR noshade size=1></TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=center>
<B><FONT face="serif" size=1>2005</FONT></B></TD>
 <TD width=1% align="center">&nbsp; </TD>
 <TD width=2% align=center>&nbsp;</TD>
 <TD width=8% align=center>
<B><FONT face="serif" size=1>2004</FONT><SUP><FONT face="serif" size=1>(1)</FONT></SUP></B></TD>
 <TD GUTTER width=1% align=center>&nbsp;</TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% align=center>
<B><FONT face="serif" size=1>2003</FONT><SUP><FONT face="serif" size=1>(1)</FONT></SUP></B></TD>
 <TD GUTTER width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>FINANCIAL INCOME</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,654,152</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,154,825</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,883,236</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest
 cash and due from banks</FONT></TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>25,364</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>12,641</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>10,045</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest
 on loans to the financial sector</FONT></TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>21,245</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>5,675</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>6,997</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest
 on overdraft</FONT></TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>41,346</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>25,184</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>28,710</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest
 on discounted instruments</FONT></TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>22,989</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>10,867</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>11,541</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest
 on real estate mortgage</FONT></TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>41,487</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>44,886</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>47,997</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest
 on collateral loans</FONT></TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>3,622</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,370</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>699</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest
 on credit card loans</FONT></TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>24,095</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>17,606</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>32,992</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest on other loans</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>151,583</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>96,688</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>118,829</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest on other receivables from financial transactions</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>10,374</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>6,921</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>7,181</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Income from secured loans&#151;Decree No. 1387/01</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>323,851</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>246,692</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>680,919</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Net income from government and private securities</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>209,438</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>182,183</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>179,667</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Indexation by benchmark stabilization coefficient (CER)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>663,743</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>375,921</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>284,274</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Indexation by salaries variation index (CVS)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>37,740</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>44,667</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>115,015</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>90,451</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>428,718</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>FINANCIAL EXPENSES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>608,949</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>458,360</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,711,293</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest on checking accounts</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>23,782</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>20,359</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>17,454</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest on savings deposits</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,675</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,639</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>4,282</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest on time deposit</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>151,034</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>104,963</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>391,128</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest on financing to the financial sector</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,325</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,111</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>286</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Interest on other liabilities from financial transactions</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>28,001</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>21,845</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>90,522</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other interest</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>61,665</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>91,475</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>134,674</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Indexation by CER</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>306,815</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>166,712</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>90,710</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>32,652</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>48,256</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>982,237</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>GROSS INTERMEDIATION MARGIN&#151;GAIN</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,045,203</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>696,465</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>171,943</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>ALLOWANCES FOR DOUBTFUL LOANS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>114,628</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>52,002</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>77,506</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>SERVICE CHARGE INCOME</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>721,167</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>584,913</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>457,778</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Related to lending transactions</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>84,055</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>72,276</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>58,308</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Related to liability transactions</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>195,470</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>157,815</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>128,952</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other commissions</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>334,254</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>282,855</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>214,814</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>107,388</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>71,967</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>55,704</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif" size=2>Carried forward</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,651,742</FONT> </TD>
 <TD width=1% align="left">&nbsp; </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,229,376</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>552,215</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" align="left" valign=top nowrap>
<hr align="left" width="20%" size="1"></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT face="serif" size=1>(1)</FONT></TD>
 <TD width=95% valign="top">
<FONT face="serif" size=1>Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>The accompanying Notes 1 to 18 and Exhibit I are an integral part of these Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-8</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>CONSOLIDATED STATEMENTS OF OPERATIONS &#150; (Continued)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan=7 align=center><B><FONT face="serif" size=1>Fiscal year ended
          December 31,</FONT></B> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><B><FONT face="serif" size=1>2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT face="serif" size=1>2004</FONT><SUP><FONT face="serif" size=1>(1)</FONT></SUP></B></TD>
    <TD GUTTER align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT face="serif" size=1>2003</FONT><SUP><FONT face="serif" size=1>(1)</FONT></SUP></B></TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Brought forward</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,651,742</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,229,376</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>552,215</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>SERVICE CHARGE EXPENSES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>77,764</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>54,829</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>49,594</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Commissions</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>52,821</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>33,176</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>33,433</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>24,943</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>21,653</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>16,161</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>MONETARY GAIN ON FINANCIAL INTERMEDIATION</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>2,620</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>OPERATING EXPENSES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>775,835</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>679,829</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>711,407</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Payroll expenses</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>423,013</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>351,694</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>322,759</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Fees to Bank Directors and Statutory Auditors</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>329</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>291</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>385</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other professional fees</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>27,149</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>27,863</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>28,664</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Advertising and publicity</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>39,757</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>27,266</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>19,306</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Taxes</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>37,818</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>30,949</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>25,749</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other operating expenses</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>172,414</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>178,351</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>264,421</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>75,355</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>63,415</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>50,123</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>MONETARY LOSS ON OPERATING EXPENSES</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(2,326</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>NET GAIN / (LOSS) FROM FINANCIAL TRANSACTIONS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>798,143</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>494,718</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(208,492</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>NET (LOSS) / GAIN ON MINORITY INTEREST IN SUBSIDIARIES</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(17,151</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(12,901</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>4,844</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>OTHER INCOME</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>483,851</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>729,347</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,194,346</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Income from long-term investments</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>2,870</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>20,029</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>2,819</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Punitive interests</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>2,868</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>2,478</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>3,399</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Loans recovered and reversals of allowances</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>87,857</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>314,885</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>915,156</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>390,256</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>391,955</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>272,972</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>OTHER EXPENSES</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,128,927</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,188,111</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,150,409</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Punitive interests and charges paid to Argentine Central Bank</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>67</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>108</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,129</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Charge for uncollectibility of other receivables and other allowances</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>422,924</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>351,542</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>612,194</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Amortization of difference arising from judicial resolutions</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>219,961</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>203,428</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>132,398</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>485,975</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>633,033</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>404,688</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>MONETARY LOSS ON OTHER OPERATIONS</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>-</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(1,385</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>NET GAIN / (LOSS) BEFORE INCOME TAX AND TAX ON</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>MINIMUM PRESUME INCOME</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>135,916</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>23,053</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(161,096</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>INCOME TAX AND TAX ON MINIMUM PRESUME INCOME</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>18,712</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>77,099</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>189,232</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
<B><FONT face="serif" size=2>NET INCOME / (LOSS) FOR THE FISCAL YEAR</FONT></B> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>117,204</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(54,046</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(350,328</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>NET INCOME / (LOSS) PER ORDINARY SHARE </FONT></B><SUP><FONT face="serif" size=2>(2)</FONT></SUP> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>0,25</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(0,14</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(0,95</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" align="left" valign=top nowrap>
<hr align="left" width="20%" size="1"></TD>
  </TR>
<TR>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=1>(1)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=1>Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=1>(2)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=1>See Note 16.15.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>The accompanying Notes 1 to 18 and Exhibit I are an integral part of these Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-9</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan=7 align=center><B><FONT face="serif" size=1>Fiscal year ended
          December 31,</FONT></B> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><B><FONT face="serif" size=1>2005</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT face="serif" size=1>2004</FONT></B></TD>
    <TD GUTTER align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT face="serif" size=1>2003</FONT></B></TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left" GUTTER><HR noshade size=1>
    </TD>
  </TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>Cash provided by / (used in) operating activities</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Financial income collected</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,545,426</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,353,146</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,054,103</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Service charge income collected</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>720,291</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>583,689</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>458,257</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other sources of funds</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>214,596</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>476,348</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>533,751</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT face="serif" size=2>Less:</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Financial expenses paid</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>807,599</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>458,620</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>1,983,793</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Operating expenses paid</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>676,039</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>565,011</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>579,109</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other expenses paid</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>528,799</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>665,907</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>429,204</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Net cash provided by / (used in) operating activities</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>467,876</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>723,645</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(945,995</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT face="serif" size=2>Less:</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>Cash used in / (provided by) investing activities</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Increase / (Decrease) in government and private securities</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>431,297</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(654,438</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(387,283</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>(Decrease) / Increase in loans</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(81,130</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,657,800</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(541,690</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>(Decrease) in other receivables from financial transactions</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(27,678</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(345,916</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(113,126</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>(Decrease) in investments in other companies</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(113</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(15,209</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(1,513</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Increase in premises and equipment, other fixed assets and intangible</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>assets</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>60,758</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>137,235</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>160,286</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Increase in other assets</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>163,472</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>52,928</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>340,864</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Net cash used in / (provided by) investing activities</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>546,606</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>832,400</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(542,462</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<FONT face="serif" size=2>Plus:</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>Cash provided by / (used in) financing activities</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Increase in deposits</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,758,934</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,047,191</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,414,160</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>(Decrease) in other liabilities from financial transactions</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(1,718,058</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(701,124</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(580,490</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>(Decrease) / Increase in other liabilities</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(16,788</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(341,687</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>165,549</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>(Decrease) / Increase in minority interest in subsidiaries</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(469</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(1,971</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>541</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Cash capital contributions</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>133,809</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Net cash provided by financing activities</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>23,619</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>136,218</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>999,760</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Monetary (loss) generated on cash and due from bank</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(7,709</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
<B><FONT face="serif" size=2>(Decrease) / Increase in cash and cash equivalents</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(55,111</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>27,463</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>588,518</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Cash and cash equivalents at the beginning of the fiscal year</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,666,617</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,639,154</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,050,636</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>(Decrease) / Increase in cash and cash equivalents</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>(55,111</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>27,463</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>588,518</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% align=left bgcolor="e0e0e0">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Cash and cash equivalents at the end of the fiscal year</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,611,506</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,666,617</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,639,154</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=2> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=2> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=2> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=2> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=2> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=2> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif" size=2>The accompanying Notes 1 to 18 and Exhibit I are an integral part of these Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-10</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>CONSOLIDATED STATEMENTS OF CASH FLOWS &#150; (Continued)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT face="serif" size=2>SUPPLEMENTAL INFORMATION OF NONCASH INVESTING AND FINANCING ACTIVITIES</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>At December 31, 2005, 2004 and 2003 the Bank entered
into forward, unsettled spot and repurchase contracts to buy or sell foreign
currencies, listed Government and other securities at future dates, exchanging
non-cash assets  or liabilities for other noncash assets or liabilities (see
Note 16.7.).</FONT></P>
<P align="left">
<FONT face="serif" size=2>On January 14, 2005, the restructuring process started for a substantial part of Argentina&#146;s sovereign debt, in default ever since late 2001. The swap period came to an end on February 25, 2005. In June 2005, the
National Government consummated the delivery of the exchanged government securities. U.S. dollar-denominated Discount Bonds (VN 26,083,453) and peso denominated Discount Bonds (VN 146,817,752 ) were received by the Bank.</FONT></P>
<P align="left">
<FONT face="serif" size=2>On November 2, 2004 Banco Bilbao Vizcaya Argentaria S.A. (&#147;BBVA&#148;) subscribed 65.326.744 new shares. The integration of the amount of 230.603.406,32 corresponding to the new shares is carried out by the
capitalization of BBVA by means of a loan amounting to US&#36;77.701.464,68 plus interests up to November 2, 2004 inclusive, for US&#36;21.288,07.</FONT></P>
<P align="left">
<FONT face="serif" size=2>During March, 2004, the Bank sold to BBVA S.A. its 100%-interest in Banco Franc&eacute;s (Cayman) Limited. This operation consisted in:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD nowrap valign=top>
<FONT face="serif" size=2>a)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Swap of Federal Government Secured loans in pesos held by Banco Franc&eacute;s (Cayman) Limited for private sector loans denominated in US dollars belonging to BBVA Banco Franc&eacute;s S.A. at market value.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD nowrap valign=top>
<FONT face="serif" size=2>b)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Swap of financial loans granted to BBVA Banco Franc&eacute;s S.A. by BBVA S.A. and Banco Franc&eacute;s (Cayman) Limited for equal halves.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD nowrap valign=top>
<FONT face="serif" size=2>c)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Finally Banco Franc&eacute;s (Cayman) Limited sold Federal Government Secured loans to BBVA S.A. at market value for the latter to pay for the purchase of the participation to BBVA Banco Franc&eacute;s S.A. through the
transfer of those loans. The sale price amounted to US&#36;238,462,142.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>In addition, in June 2004 a number of private loans denominated in U.S. dollars were repurchased through the delivery of Argentine Government Bonds BODEN 2012 in exchange for those loans at market rates, resulting from the
compensation mechanism for financial institutions in consequence of the negative patrimonial effects generated by the conversion into pesos at different exchange rates of loans and private debts in foreign currency, as well as the negative foreign
currency net position after the conversion into pesos and released by the BCRA, with a negative result of 78,374, which was charged against allowances set up under liabilities.</FONT></P>
<P align="left">
<FONT face="serif" size=2>Also, on February 4, 2004, the Bank acquired 5% of the capital stock of Franc&eacute;s Administradora de Inversiones S.A. from Banco Franc&eacute;s (Cayman) Limited amounting to 580, through the delivery of Argentine
Government Bonds BODEN 2012.</FONT></P>
<P align="left">
<FONT face="serif" size=2>At December 31, 2003, the Bank swapped provincial public debt into Secured Bond due in 2018. The face value of the loans and securities swapped amounted to 1,010,210.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>SUPPLEMENTAL INFORMATION OF CERTAIN CASH MOVEMENTS</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>At December 31, 2005, 2004 and 2003, taxes paid amounted to 118,500, 139,563 and 87,695, respectively. At such dates, interest-paid amounted to 807,152, 453,415 and 1,035,468, respectively.</FONT></P>
<P align="left">
<FONT face="serif" size=2>The accompanying Notes 1 to 18 and Exhibit I are an integral part of these Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-11</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS&#146;</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>EQUITY</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>

<TR valign="bottom">
 <TD width=28% align=left nowrap>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=center nowrap>&nbsp; </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
  <B><FONT face="serif" size=1>Non-capitalized<br>
    contributions</FONT></B> </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>&nbsp; </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="4" align=center nowrap>
<B><FONT face="serif" size=1>Retained earnings</FONT></B> </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>&nbsp; </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>&nbsp; </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>&nbsp; </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="28%" align="left" nowrap>&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="center" nowrap>&nbsp;</TD>
 <TD width="1%" align="center" GUTTER> </TD>
 <TD width="2%" align="center">&nbsp;</TD>
 <TD width="6%" align="center" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="center">&nbsp;</TD>
 <TD width="6%" align="center" nowrap>&nbsp;</TD>
 <TD width="1%" align="center" GUTTER> </TD>
 <TD width="2%" align="center">&nbsp;</TD>
 <TD width="6%" align="center" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"><HR noshade size=1></TD>
 <TD width="6%" align="center" nowrap><HR noshade size=1></TD>
 <TD width="1%" align="center" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="center">&nbsp;</TD>
 <TD width="6%" align="center" nowrap>&nbsp;</TD>
 <TD width="1%" align="center" GUTTER> </TD>
 <TD width="2%" align="center">&nbsp;</TD>
 <TD width="6%" align="center" nowrap>&nbsp;</TD>
 <TD width="1%" align="center" GUTTER> </TD>
 <TD width="2%" align="center">&nbsp;</TD>
 <TD width="6%" align="center" nowrap>&nbsp;</TD>
 <TD width="1%" align="left" GUTTER> </TD>
</TR>

<TR valign="bottom">
 <TD width=28% align=left nowrap>
<B><FONT face="serif" size=1>Movements</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=center nowrap>
  <B><FONT face="serif" size=1>Capital<br>
  </FONT></B>
  <FONT face="serif" size=1><b>Stock<SUP><font face="serif" size=1></font>(1)</SUP></b></FONT> </TD>
 <TD GUTTER width=1% align=center>&nbsp;</TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
  <B><FONT face="serif" size=1>Issuance<br>
  </FONT></B>
  <B><FONT face="serif" size=1>premiums</FONT></B><SUP><FONT face="serif" size=1>(1)</FONT></SUP> </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
   <B><FONT face="serif" size=1>Adjustments to</FONT></B><br>
   <B><FONT face="serif" size=1>stockholders&#146;<br>
      </FONT></B>
    <B><FONT face="serif" size=1>equity</FONT></B><SUP><FONT face="serif" size=1>(1)</FONT></SUP> </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<B><FONT face="serif" size=1>Legal</FONT></B> </TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<B><FONT face="serif" size=1>Other</FONT></B> </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
   <B><FONT face="serif" size=1>Unrealized<br>
      valuation<br>
    difference</FONT></B></TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap><b><font face="serif" size=1>Unappropriated<br>
    earnings</FONT></B> </TD>
 <TD GUTTER width=1% align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<B><FONT face="serif" size=1>Total</FONT></B> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="28%" align="left" nowrap>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right" nowrap>
<HR noshade size=1> </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD width="28%" align="left" nowrap>&nbsp; </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap bgcolor="e0e0e0">
<B><FONT face="serif" size=2>Balances at December 31, 2002 </FONT></B><SUP><FONT face="serif" size=2>(2)</FONT></SUP> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>368,128</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>934,211</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>769,904</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>428,698</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>1,802</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>430,282</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>(1,008,720</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>1,924,305</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
  <TD align="left" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2></TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap>
<FONT face="serif" size=2>Net loss for the fiscal year </FONT><SUP><FONT face="serif" size=2>(2)</FONT></SUP> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>

<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD width=1% align="left">&nbsp;</TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(350,328</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(350,328</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR>
  <TD align="left" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap bgcolor="e0e0e0">
<B><FONT face="serif" size=2>Balances at December 31, 2003 </FONT></B><SUP><FONT face="serif" size=2>(2)</FONT></SUP> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>368,128</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>934,211</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>769,904</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>428,698</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>1,802</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>430,282</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>(1,359,048</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>1,573,977</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
  <TD align="left" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2></TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
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<FONT face="serif" size=2>Decisions of Stockholders&#146; Meeting of</FONT> </TD>
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<FONT face="serif" size=2>April 22, 2004:</FONT> </TD>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif" size=2>- Capital increase for the subscription</FONT> </TD>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif" size=2>of shares</FONT> </TD>
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<FONT face="serif" size=2>103,233</FONT> </TD>
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<FONT face="serif" size=2>261,179</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>364,412</FONT> </TD>
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<FONT face="serif" size=2>Absorption approved by BCRA</FONT> </TD>
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<FONT face="serif" size=2>Resolution No. 52/04</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>(200,000</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>(200,000</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap>
<FONT face="serif" size=2>Net loss for the fiscal year </FONT><SUP><FONT face="serif" size=2>(2)</FONT></SUP> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
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 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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<FONT face="serif" size=2>&#151;</FONT> </TD>
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 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(54,046</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
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 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(54,046</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
</TR>
<TR>
  <TD align="left" nowrap>&nbsp;</TD>
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<TR valign="bottom">
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<B><FONT face="serif" size=2>Balances at December 31, 2004 </FONT></B><SUP><FONT face="serif" size=2>(2)</FONT></SUP> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>471,361</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>1,195,390</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>769,904</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>428,698</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>1,802</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>230,282</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>(1,413,094</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>1,684,343</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
  <TD align="left" nowrap>&nbsp;</TD>
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  <TD align="right" nowrap><HR noshade size=2></TD>
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  <TD align="left">&nbsp;</TD>
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<FONT face="serif" size=2>Cumulative losses absorption approved</FONT> </TD>
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<FONT face="serif" size=2>by Stockholders&#146; Meeting held on</FONT> </TD>
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<FONT face="serif" size=2>April 28, 2005 (Communication</FONT> </TD>
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<TR valign="bottom">
 <TD width=28% align=left nowrap>
<FONT face="serif" size=2>&#147;A&#148; 4294 as supplemented of the BCRA)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(1,020,258</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(456,925</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD width=1% align="left">&nbsp;</TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(1,802</FONT> </TD>
 <TD GUTTER width=1% align=left>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>1,478,985</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Net income for the fiscal year</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD width=1% align="left" bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>117,204</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>117,204</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
</TR>
<TR>
  <TD align="left" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap>
<B><FONT face="serif" size=2>Balances at December 31, 2005</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>471,361</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>175,132</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>312,979</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>428,698</FONT> </TD>
 <TD width=1% align="left">&nbsp;</TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>&#151;</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>230,282</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>183,095</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT face="serif" size=2>1,801,547</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="28%" align="left" nowrap>&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right" nowrap><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right" nowrap><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right" nowrap><HR noshade size=2></TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right" nowrap><HR noshade size=2>
    </TD>
 <TD align="left"><HR noshade size=2></TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right" nowrap><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right" nowrap><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right" nowrap><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
 <TD align="left">&nbsp;</TD>
 <TD align="right" nowrap><HR noshade size=2>
    </TD>
 <TD align="left" GUTTER><HR noshade size=2>
    </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=4>
<TR>
  <TD colspan="2" align="left" valign=top nowrap>
<hr align="left" width="20%" size="1"></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT face="serif" size=1>(1)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=1>See Note 1.2.</FONT></TD>
</TR>
<TR>
 <TD nowrap valign=top>
<FONT face="serif" size=1>(2)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=1>Restated from its original version to apply the adjustments
to prior years&#146; income to these Consolidated Financial Statements based
on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT></TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>The accompanying Notes 1 to 18 and Exhibit I are an integral part of these Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-12</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT face="serif" size=2>NOTE 1&#151;CORPORATE SITUATION AND BANK&#146;S ACTIVITIES</FONT></B></P>
<P align="left">
<B><FONT face="serif" size=2>1.1. Corporate situation</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>BBVA Banco Franc&eacute;s S.A. (&#147;BF&#148; or the &#147;Bank&#148;) has its main place of business in Buenos Aires, Argentina and operates a 230-branch network. </FONT></P>
<P align="left">
<FONT face="serif" size=2>As from December, 1996, BF is part of Banco Bilbao Vizcaya Argentaria S.A. (BBVA) global strategy, which controls the Bank, direct and indirectly, with 75.59% -corporate stock as of December 31, 2005. </FONT></P>
<P align="left">
<FONT face="serif" size=2>Part of BF&#146;s corporate stock is publicly traded and is registered with the Buenos Aires Stock Exchange, New York Stock Exchange and Madrid Stock Exchange.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>1.2. Stockholders&#146; Equity</FONT></B></P>
<P align="left">
<B><FONT face="serif" size=2>1.2.1. Capital stock</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>Changes in the Bank&#146;s capital stock during the last 5 fiscal years are as follows:</FONT></P>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=90% align=left>&nbsp; </TD>
 <TD width=10% align=center>
<B><FONT face="serif" size=2>Total</FONT></B> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=90% align=left>
<FONT face="serif" size=2>Capital Stock as of December 31, 1999:</FONT> </TD>
 <TD width=10% align=center>
<FONT face="serif" size=2>209,631</FONT> </TD>
</TR>
<TR>
 <TD width="90%">&nbsp;</TD>
 <TD width="10%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD colspan=3 align=center><B><FONT face="serif" size=2>Date of</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=12% align=center>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=15% align=center>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=15% align=center>&nbsp; </TD>
 <TD width=4% align=left>&nbsp; </TD>
  </TR>
<TR>
 <TD width="22%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="left"><HR noshade size=1></TD>
 <TD width="22%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="12%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="15%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="15%" align="center">&nbsp;</TD>
 <TD width="4%" align="left">&nbsp;</TD>
  </TR>

<TR valign="bottom">
  <TD width=22% align=center valign="bottom">
    <B><FONT face="serif" size=2>Stockholders&#146;<br>
</FONT></B>
    <B><FONT face="serif" size=2>Meeting deciding on<br>
</FONT></B>
    <B><FONT face="serif" size=2>the issuance</FONT></B> </TD>
 <TD width=2% align="left" valign="bottom">&nbsp; </TD>
 <TD width=22% align=center valign="bottom">
   <B><FONT face="serif" size=2>Registration with the<br>
</FONT></B>
   <B><FONT face="serif" size=2>Public Registry of<br>
</FONT></B>
    <B><FONT face="serif" size=2>Commerce</FONT></B> </TD>
 <TD width=2% align="left" valign="middle">&nbsp; </TD>
 <TD width=12% align=center valign="bottom">
  <B><FONT face="serif" size=2>Form of</FONT></B>
   <B><FONT face="serif" size=2>placement</FONT></B> </TD>
 <TD width=2% align="left" valign="bottom">&nbsp; </TD>
 <TD width=15% align=center valign="bottom">
  <B><FONT face="serif" size=2>Amount<br>
</FONT></B>
  <B><FONT face="serif" size=2>(in thousands)</FONT></B></TD>
 <TD width=2% align="left" valign="middle">&nbsp; </TD>
 <TD width=15% align=center valign="middle"><b><font face="serif" size=2>Total</font></b></TD>
 <TD width=4% align=left>&nbsp; </TD>
  </TR>
<TR>
 <TD width="22%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="22%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="12%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="15%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="15%" align="center">
<HR noshade size=1> </TD>
 <TD width="4%" align="left">&nbsp;</TD>
  </TR>
<TR>
 <TD width="22%" align="center">&nbsp; </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="22%" align="center">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="12%" align="center">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD width="4%" align="left">&nbsp;</TD>
  </TR>
<TR valign="bottom">
 <TD width=22% align=center>
<FONT face="serif" size=2>08-07-2002</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=22% align=center>
<FONT face="serif" size=2>02-06-2003</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=12% align=center>
<FONT face="serif" size=2>(1)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=15% align=center>
<FONT face="serif" size=2>158,497</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=15% align=center>
<FONT face="serif" size=2>368,128</FONT></TD>
 <TD width=4% align=left>
<FONT face="serif" size=2>&nbsp;(2)</FONT> </TD>
  </TR>
<TR>
 <TD width="22%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="22%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="12%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="15%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="15%" align="center">
<HR noshade size=1> </TD>
 <TD width="4%" align="left">&nbsp;</TD>
  </TR>
<TR valign="bottom">
 <TD width=22% align=center>
<FONT face="serif" size=2>04-22-2004</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=22% align=center>
<FONT face="serif" size=2>01-25-2005</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=12% align=center>
<FONT face="serif" size=2>(1)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=15% align=center>
<FONT face="serif" size=2>103,233</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=15% align=center>
<FONT face="serif" size=2>471,361</FONT></TD>
 <TD width=4% align=left>
<FONT face="serif" size=2>&nbsp;(2)</FONT> </TD>
  </TR>
<TR>
 <TD width="22%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="22%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="12%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="15%" align="center">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="15%" align="center">
<HR noshade size=1> </TD>
 <TD width="4%" align="left">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=1>(1)</FONT></TD>
 <TD width=100%>
<FONT face="serif" size=1>Through public subscription of shares.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="100%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=1>(2)</FONT></TD>
 <TD width=100%>
<FONT face="serif" size=1>The amount of Capital Stock is fully paid in and authorized for public offering by Comisi&oacute;n Nacional de Valores (&#147;CNV&#148;).</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="serif" size=2>1.2.2. Authorized and issued shares</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>The capital stock of the Bank consists of 471,361,306 Ordinary Shares, par value 1.00 each, all of which are issued and available to stockholders. At July 1, 1992, there were 58,099,410 Ordinary Shares, par value 1.00 each.
Following a stock distribution and a share subscription in September 1993, the total number of authorized and issued Ordinary Shares, par value 1.00 each, increased by 34,859,700 Ordinary Shares and by 18,539,914 Ordinary Shares, respectively.
Furthermore, following stock distributions in September 1995 and October 1996, the total number of authorized and issued Ordinary Shares, par value 1.00 each, increased by 16,724,854 and 19,233,582 Ordinary Shares, respectively. At March 1998, the
total number of authorized and issued Ordinary Shares, par value 1.00 each, increased by 25,000,000 and 14,174,432, respectively, as a result of the issuance of common stock originated by share subscription and by the exchange share rate by merger
with Banco de Cr&eacute;dito Argentino (BCA), for a total of 186,631,892 Ordinary Shares, par value 1.00 each. In April 1999, the total number of authorized and issued Ordinary Shares, par value 1.00 each, increased by 23.000.000 as a result of the
issuance of common stock by a share subscription. In August 2002, the total number of authorized and issued Ordinary Shares, par value 1.00 each, increased by 158,496,540 as a result of the issuance of common stock by a share subscription. Finally,
the total number of authorized and issued ordinary shares, par value 1.00 each, increased by 103,232,874 as a result of the issuance of common stock above mentioned.</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-13</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=99% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT face="serif" size=2>1.2.3. Adjustments to stockholders&#146; equity</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>The &#147;Adjustments to stockholders&#146; equity&#148; caption in the consolidated statement of changes in stockholders&#146; equity represents:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>a)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>The balance of the surplus of the 1,981 technical valuation of properties of the Bank, which is available to absorb losses on the disposal or devaluation of such properties restated as mentioned in Note 3.2.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>b)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>The inflation adjustment related to capital stock at the beginning of each year, restated as mentioned in Note 3.2. Capital stock maintains its nominal (par) value at each balance sheet date.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>c)</FONT></TD>
 <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>The inflation adjustment related to the increase in capital stock restated as mentioned in Note 3.2. This adjustment represents the effect of inflation from the date on which the capital stock was increased to the end of each
year.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>The composition of &#147;Adjustments to stockholders&#146; equity&#148; is as follows:</FONT></P>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=79% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=center nowrap>
<B><FONT face="serif" size=1>December 31, 2005</FONT></B> </TD>
 <TD width=1% align=center nowrap GUTTER>&nbsp; </TD>
 <TD width=2% align="center" nowrap>&nbsp; </TD>
 <TD width=8% align=center nowrap>
<B><FONT face="serif" size=1>December 31, 2004</FONT></B> </TD>
</TR>
<TR>
 <TD width="79%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=79% align=left bgcolor="e0e0e0">
<FONT face="serif" size=2>Adjustment to equity fund appraisal revaluation</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>41,285</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>&nbsp; </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>41,285</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=79% align=left>
<FONT face="serif" size=2>Adjustments to Capital Stock (Included Issuance Premiums)</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>728,619</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>728,619</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=79% align=left bgcolor="e0e0e0">
<FONT face="serif" size=2>Cumulative losses absorption</FONT></TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>(456,925</FONT> </TD>
 <TD width=1% align=left bgcolor="e0e0e0" GUTTER>
<FONT face="serif" size=2>)</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>-</FONT> </TD>
</TR>
<TR>
 <TD width="79%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=79% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Total</FONT></TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>312,979</FONT> </TD>
 <TD GUTTER width=1% align=left>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>769,904</FONT> </TD>
</TR>
<TR>
 <TD width="79%" align="left">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
 <TD width="1%" align="left" GUTTER>
<HR noshade size=1>
 </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1>
 </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD colspan="2" valign=top nowrap>
<B><FONT face="serif" size=2>1.2.4.</FONT></B>&nbsp;<B><FONT face="serif" size=2>Issuance Premiums</FONT></B> </TD>
  </TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="100%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT face="serif" size=2>As of August 2002 due to the issuance of 158,496,540 shares subscription in (value 1 per share), at 3.59 each, the Bank received 590,996 over the nominal value of the shares that has been recorded under the &#147;Issuance
Premiums&#148; account. Finally, due to the issuance of 103,232,874 shares subscription in April 2004 (value 1 per share) at 3.53 each, the Bank received 261,179 over the nominal value of the shares that has been recorded under the &#147;Issuance
Premiums&#148; account.</FONT> </TD>
 </TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="100%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD colspan="2" valign=top nowrap>
<B><FONT face="serif" size=2>1.3.</FONT></B>&nbsp;<B><FONT face="serif" size=2>Responsibility
of stockholders</FONT></B> </TD>
 </TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="100%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT face="serif" size=2>BBVA Banco Franc&eacute;s S.A. is a corporation established under the laws of the Argentine Republic, and the responsibility of its stockholders is limited to the value of the paid in shares, in accordance with Law No.
19,550. As a result, in compliance with Law No. 25,738, it is hereby informed that neither the foreign capital majority stockholders nor the local or foreign stockholders will respond, in excess of the mentioned paid-in stockholding, for the
liabilities arising out of the transactions performed by the financial institution.</FONT> </TD>
 </TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="100%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD colspan="2" valign=top nowrap>
<B><FONT face="serif" size=2>1.4.</FONT></B> <B><FONT face="serif" size=2>Sale
of Credilogros C&iacute;a. Financiera S.A.</FONT></B> </TD>
 </TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="100%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT face="serif" size=2>On May 20, 1999, the Argentine Central Bank (&#147;BCRA&#148;) approved the creation of the company Credilogros Compa&ntilde;&iacute;a Financiera S.A. (CL), which was registered with the &#147;Inspecci&oacute;n General de
Justicia&#148; (the governmental regulatory agency of corporations) on June 24, 1999. On August 10, 1999, at the Company request, the BCRA authorized its starting up in business as a finance company as from August 2, 1999, by Communication
&#147;B&#148; 6568.</FONT> </TD>
 </TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="100%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT face="serif" size=2>As of December 31, 2004, the capital stock of CL amounts to 57,100, and its stockholding structure is as follows:</FONT> </TD>
 </TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="100%" align="left" valign="top">&nbsp;</TD>
</TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
 <TD width=30% align=left>
<FONT face="serif" size=2>BF:</FONT> </TD>
 <TD width=15% align=right>
<FONT face="serif" size=2>69.5271</FONT> </TD>
    <TD width=45% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
 <TD width=30% align=left>
<FONT face="serif" size=2>BBVA:</FONT> </TD>
 <TD width=15% align=right>
<FONT face="serif" size=2>29.9475</FONT> </TD>
    <TD width=45% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
 <TD width=30% align=left>
<FONT face="serif" size=2>Inversora Otar S.A.:</FONT> </TD>
 <TD width=15% align=right>
<FONT face="serif" size=2>0.5254%</FONT> </TD>
    <TD width=45% align=left>&nbsp;</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>On March 9, 2005, BF, Inversora Otar S.A. and BBVA sold their aggregate shareholdings in Credilogros C&iacute;a.
Financiera S.A. to Banco de Servicios y Transacciones S.A. and Grupo de Servicios
y Transacciones S.A. The amount
<FONT face="serif" size=2>of the transaction was US&#36;16,900,000, based on
the Financial Statements as of December 31, 2004. Upon entering into the sale
agreement, an advance payment was made for 20% of the price.</FONT></FONT></P>
<P align="center">
<FONT face="serif" size=2>F-14</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=99% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<P align="left"><FONT face="serif" size=2>The sale agreement
  as entered into shall be considered duly executed after the approval required
  from regulatory authorities which is still pending as of the date of issuance
  of these Financial Statements.</FONT></P>
<P align="left">
<FONT face="serif" size=2>Until the transfer is consummated, Credilogros C&iacute;a. Financiera will continue to be managed by BBVA Banco Franc&eacute;s S.A. and the conduct of its business with customers will remain unchanged.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>1.5. Sale of Banco Franc&eacute;s (Cayman) Limited</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>On March 18, 2004, the Bank sold to BBVA its 100%-interest in Banco Franc&eacute;s (Cayman) Limited.</FONT></P>
<P align="left">
<FONT face="serif" size=2>The sale price amounted to US&#36;238,462,142, and it was collected through Federal Government secured loans previously purchased by BBVA from Banco Franc&eacute;s (Cayman) Limited. BF has recorded such secured loans in
conformity with Communication &#147;A&#148; 3911 and supplementary regulations. The negative result of the transaction was 210,978 (see Note 4.3. ).</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>NOTE 2&#151;EQUITY INVESTMENTS</FONT></B></P>
<P align="left">
<B><FONT face="serif" size=2>2.1. In controlled majority-owned subsidiaries</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>The following summarizes the investment in and related information of controlled majority-owned subsidiaries which are consolidated.</FONT></P>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=center><b><font face="serif" size=1>Shares</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="7" align=center><b><font face="serif" size=1>Percentage participation</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=right><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="7" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center nowrap><b><font face="serif" size=1>Principal Activity</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><b><font face="serif" size=1>Type</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><b><font face="serif" size=1>Quantity</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><b><font face="serif" size=1>Capital</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><b><font face="serif" size=1>Votes</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT face="serif" size=1>December 31,</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT face="serif" size=1>December 31,</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT face="serif" size=1>December 31,</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
 <TD width=21% align=left>
<B><FONT face="serif" size=1>Companies</FONT></B></TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=15% align=center nowrap>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>&nbsp; </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=center>
<B><FONT face="serif" size=1>2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% align=center>
<B><FONT face="serif" size=1>2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center>
<B><FONT face="serif" size=1>2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center>
<B><FONT face="serif" size=1>2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center>
<B><FONT face="serif" size=1>2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center>
<B><FONT face="serif" size=1>2004</FONT></B></TD>
</TR>
<TR>
 <TD width="21%" align="left"><HR noshade size=1></TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="15%" align="center" nowrap>&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">&nbsp;</TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=21% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Franc&eacute;s Valores Sociedad de Bolsa S.A</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=15% align=center nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Stockholder</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>Common</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>12,137</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>3,199</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>99.9700</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>99.9700</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>99.9700</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>99.9700</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=21% align=left nowrap>
<FONT face="serif" size=2>Atuel Fideicomisos S.A.</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=15% align=center nowrap>
<FONT face="serif" size=2>Trust manager</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>Common</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>13,099,869</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>13,099,869</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>99.9999</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>99.9999</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>99.9999</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>99.9999</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=21% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Consolidar A.F.J.P. S.A.</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=15% align=center nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Pensions fund manager </FONT> </TD>
 <TD width=2% align=left bgcolor="e0e0e0">&nbsp;</TD>
 <TD width=8% align=right bgcolor="e0e0e0"><font face="serif" size=2>Common</font></TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>75,842,839</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,899,600</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>53.8892</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>53.8892</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>53.8892</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>53.8892</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=21% align=left nowrap>
<FONT face="serif" size=2>Consolidar C&iacute;a. de Seguros de Vida S.A.</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=15% align=center nowrap>
<FONT face="serif" size=2>Insurance company</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>Common</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>7,383,921</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>197,875</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>65.9600</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>65.9582</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>65.9600</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>65.9582</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=21% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Consolidar C&iacute;a. de Seguros de Retiro S.A.</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=15% align=center nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Insurance company</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>Common</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>25,033,832</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>200,000</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>66.6666</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>66.6667</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>66,6666</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>66,6667</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=21% align=left nowrap>
<FONT face="serif" size=2>PSA Finance Argentina C&iacute;a. Financiera S.A. </FONT> </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=15% align=center nowrap><font face="serif" size=2>Financial institution</font></TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>Common</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>9,000</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>9,000</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>50.0000</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>50.0000</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>50.0000</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=6% align=right>
<FONT face="serif" size=2>50.0000</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=21% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Credilogros C&iacute;a. Financiera S.A.</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=15% align=center nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Financial institution</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>Common</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>39,700,000</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>39,700,000</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>69.5271</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>69.5271</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>69,5271</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=6% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>69,5271</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT face="serif" size=2>2.2. Non-controlling equity investments</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>The following are all positions that the Bank holds in financial and non-financial institutions wherever such a position represented an ownership in excess of 2% of the invested companies&#146; capital stock as of December
31, 2005.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>

<TR valign="bottom">
 <TD width=28% align=center nowrap><B><FONT face="serif" size=1>Investment</FONT></B> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=center nowrap>
<B><FONT face="serif" size=1>Country</FONT></B> </TD>
 <TD width=2% align="center" nowrap>&nbsp; </TD>
 <TD width=8% align=center nowrap>
  <B><FONT face="serif" size=1>% of Shares<br>
    Owned</FONT></B> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=40% align=center>
<B><FONT face="serif" size=1>Principal Activity</FONT></B> </TD>
 <TD width=2% align="center">&nbsp; </TD>
    <TD width=8% align=center nowrap>
      <B><FONT face="serif" size=1>Investment in Other<br>
      Subsidiaries<br>
    (in thousands of pesos)</FONT></B> </TD>
</TR>
<TR>
 <TD width="28%" align="left" nowrap>
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="40%" align="left">
<HR noshade size=1> </TD>
 <TD width="2%" align="left">&nbsp;</TD>
 <TD width="8%" align="right">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Rombo Compa&ntilde;&iacute;a Financiera S.A.</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>Argentina</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>40.00%</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=40% align=left bgcolor="e0e0e0">
<FONT face="serif" size=2>Financial institution</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>12,096.1&nbsp;&nbsp;&nbsp;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap>
<FONT face="serif" size=2>Consolidar ART S.A.</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>Argentina</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>12.50%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=40% align=left>
<FONT face="serif" size=2>Workers compensation</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>18,986.5&nbsp;&nbsp;&nbsp;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>BBVA Consolidar Seguros S.A.</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>Argentina</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>12.22%</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=40% align=left bgcolor="e0e0e0">
<FONT face="serif" size=2>Insurance</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>5,338.1&nbsp;&nbsp;&nbsp;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap>
<FONT face="serif" size=2>Coelsa S.A.</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>Argentina</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>10.00%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=40% align=left>
<FONT face="serif" size=2>Clearing house</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>110.5&nbsp;&nbsp;&nbsp;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Interbanking S.A.</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>Argentina</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>9.09%</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=40% align=left bgcolor="e0e0e0">
<FONT face="serif" size=2>Information services for financial markets</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,048.4&nbsp;&nbsp;&nbsp;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap>
<FONT face="serif" size=2>Argencontrol S.A.</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>Argentina</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>7.71%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=40% align=left>
<FONT face="serif" size=2>Agent Mandatary</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>54.0&nbsp;&nbsp;&nbsp;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Sedesa S.A.</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>Argentina</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>8.12%</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=40% align=left bgcolor="e0e0e0">
<FONT face="serif" size=2>Deposit Guarantee Fund</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>123.4&nbsp;&nbsp;&nbsp;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap>
<FONT face="serif" size=2>Banelco S.A.</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>Argentina</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>11.43%</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=40% align=left nowrap>
<FONT face="serif" size=2>Nationwide ATM network &amp; credit card administrating</FONT> </TD>
 <TD width=2% align="left">&nbsp; </TD>
 <TD width=8% align=right>
<FONT face="serif" size=2>5,534.6&nbsp;&nbsp;&nbsp;</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=28% align=left nowrap bgcolor="e0e0e0">
<FONT face="serif" size=2>Visa Argentina S.A.</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>Argentina</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>5.00%</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=40% align=left bgcolor="e0e0e0">
<FONT face="serif" size=2>Credit card issuer</FONT> </TD>
 <TD width=2% align="left" bgcolor="e0e0e0">&nbsp; </TD>
 <TD width=8% align=right bgcolor="e0e0e0">
<FONT face="serif" size=2>1,160.0&nbsp;&nbsp;&nbsp;</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif" size=2>F-15</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<P align="center">
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES </FONT></B><br>
<B><FONT face="serif" size=2>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended
December 31, 2005, 2004 and 2003<br>
Stated in thousands of Pesos</FONT></B></P>
<P align="left">
<B><FONT face="serif" size=2>NOTE 3&#151;SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P>
<P align="left">
<B><FONT face="serif" size=2>3.1. Basis of presentation</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>In accordance with the procedures set forth in BCRA&#146;s regulations and Technical Pronouncement No. 21 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE), BF has consolidated - line by line
- -its balance sheets as of December 31, 2005, 2004 and 2003, as per the following detail:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap><FONT face="serif" size=1>&#150;</FONT></TD>
  <TD colspan="2" align="left" valign=top nowrap><font face="serif" size=2>As of December 31, 2005:</font></TD>
  </TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="90%" align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>a)</FONT></TD>
 <TD width=90% align="left" valign="top">
<FONT face="serif" size=2>With the Financial Statements of Credilogros C&iacute;a. Financiera S.A., Franc&eacute;s Valores Sociedad de Bolsa S.A., Atuel Fideicomisos S.A. and its subsidiary, and PSA Finance Argentina C&iacute;a Financiera S.A., for
the fiscal year ended December 31, 2005.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="90%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>b)</FONT></TD>
 <TD width=90% align="left" valign="top">
<FONT face="serif" size=2>With the Financial Statements of Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A., Consolidar C&iacute;a. de Seguros de Vida S.A., and Consolidar C&iacute;a. de Seguros de Retiro S.A., for the six-month
periods ended December 31, 2005.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="90%" align="left" valign="top">&nbsp;</TD>
</TR></TABLE>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="left" valign=top nowrap><FONT face="serif" size=1>&#150;</FONT></TD>
    <TD colspan="2" align="left" valign=top nowrap><font face="serif" size=2>As
        of December 31, 2004:</font></TD>
  </TR>
  <TR>
    <TD align="left" valign=top nowrap>&nbsp;</TD>
    <TD align="left" valign=top nowrap>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
  </TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>a)</FONT></TD>
 <TD width=90% align="left" valign="top">
<FONT face="serif" size=2>With the Financial Statements of Credilogros C&iacute;a. Financiera S.A., Franc&eacute;s Valores Sociedad de Bolsa S.A., Atuel Fideicomisos S.A. and its subsidiary, and PSA Finance Argentina C&iacute;a Financiera S.A., for
the fiscal year ended December 31, 2004.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="90%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>b)</FONT></TD>
 <TD width=90% align="left" valign="top">
<FONT face="serif" size=2>With the Financial Statements of Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A., Consolidar C&iacute;a. de Seguros de Vida S.A. and its subsidiary, and Consolidar C&iacute;a. de Seguros de Retiro S.A.
and its subsidiary, for the six-month period ended December 31, 2004.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="90%" align="left" valign="top">&nbsp;</TD>
</TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="left" valign=top nowrap><FONT face="serif" size=1>&#150;</FONT></TD>
    <TD colspan="2" align="left" valign=top nowrap><font face="serif" size=2>As
        of December 31, 2003:</font></TD>
  </TR>
  <TR>
    <TD align="left" valign=top nowrap>&nbsp;</TD>
    <TD align="left" valign=top nowrap>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
  </TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>a)</FONT></TD>
 <TD width=90% align="left" valign="top">
<FONT face="serif" size=2>With the Financial Statements of Banco Franc&eacute;s (Cayman) Ltd. and its subsidiary, Credilogros C&iacute;a. Financiera S.A., Franc&eacute;s Valores Sociedad de Bolsa S.A., PSA Finance Argentina C&iacute;a Financiera S.A.
and Atuel Fideicomisos S.A., for the fiscal year ended December 31, 2003.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="90%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
 <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
 <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>b)</FONT></TD>
 <TD width=90% align="left" valign="top">
<FONT face="serif" size=2>With the Financial Statements of Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A., Consolidar C&iacute;a. de Seguros de Vida S.A. and its subsidiary, and Consolidar C&iacute;a. de Seguros de Retiro S.A.
and its subsidiary, for the six-month period ended December 31, 2003.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<FONT face="serif" size=2>The results of Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A., Consolidar C&iacute;a. de Seguros de Vida S.A. and its subsidiary, and Consolidar C&iacute;a. de Seguros de Retiro S.A. and its subsidiary,
have been adjusted in order to homogenize the periods of companies consolidating on the basis of a twelve-month period ended on December 31, 2005, 2004 and 2003.</FONT></P>
<P align="left">
<FONT face="serif" size=2>Interests in subsidiaries are listed in Note 2.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.2. Restatement of the Financial Statements in equivalent purchasing power</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>The Financial Statements have been taken from the Bank's books of accounts in conformity with the standards of the BCRA.</FONT></P>
<P align="left"> <FONT face="serif" size=2>These Financial Statements recognize
    the effects of changes in the currency purchasing power through February
    28, 2003, following the restatement method established by FACPCE Technical
    Pronouncement No. 6 (modified by Technical Pronouncement No. 19), using adjustment
    rates derived from the internal Wholesale Price Index published by the National
Institute of Statistics and Census (I.N.D.E.C.).</FONT></P>
<P align="center">
<FONT face="serif" size=2>F-16</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=99% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<P align="left"><FONT face="serif" size=2>Accordingly to the above mentioned
    method, the accounting figures were restated by the purchasing power changes
    through August 31, 1995. As from that date, based in the prevailing economic
    stability conditions and accordingly with CNV General Resolution No. 272
    and BCRA Communication &#147;A&#148; 2365, the accounting figures were not restated through December 31, 2001. In view of CNV General Resolution No. 415 and BCRA Communication &#147;A&#148; 3702,
    the method was reinstated effective as from January 1, 2002, considering
    the previous accounting figures restated as of December 31, 2001.</FONT></P>
<P align="left">
<FONT face="serif" size=2>By Communication &#147;A&#148; 3921 of the BCRA and General Resolution No. 441 of the CNV, in compliance with Decree No. 664/03 of the Federal Executive Power, application of the restatement method on Financial Statements in
equivalent purchasing power has been suspended as from March 1, 2003.  Accordingly, BF applied the mentioned restatement until February 28, 2003.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.3. Comparative information</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>The Financial Statements as of December 31, 2005 include comparative information with Financial Statements for the fiscal years ended December 31, 2004 and December 31, 2003.</FONT></P>
<P align="left">
<FONT face="serif" size=2>Additionally, the Consolidated Financial Statements and notes for fiscal year ended December 31, 2004 and 2003 have been modified due to adjustments to prior year&#146;s income/(loss) (see Notes 3.5.18. )</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.4. Foreign subsidiary Financial Statements</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>The Financial Statements of the foreign subsidiary has been prepared based on similar methods to those applied by BF for preparing its own Financial Statements, in connection with assets and liabilities valuation, income
measurement and restatement procedure as explained in Notes 3.2. and 3.5. The Banco Franc&eacute;s (Cayman) Ltd. Financial Statements do not require any adjustment for inflation since they are stated in US dollars.</FONT></P>
<P align="left">
<FONT face="serif" size=2>The assets and liabilities of Banco Franc&eacute;s
(Cayman) Ltd. and its subsidiary, as of December 31, 2003, originally stated
in US dollars, were converted into Argentine pesos based on the method described
in Note 3.5.1.  The assigned capital and irrevocable contributions were calculated
at the pesos amount paid in by the Bank. Unappropriated earnings were determined
by the difference between assets, liabilities and assigned capital, converted
into pesos as previously  indicated. Then the income (loss) for the years was
determined by the difference between unappropriated earnings at beginning and
year end.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.5. Valuation methods</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>The main valuation methods used in the preparation of the Financial Statements have been as follows:</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.5.1. Foreign currency assets and liabilities</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>As of December 31, 2005 and 2004, such amounts were converted at the benchmark exchange rate of the BCRA as of the closing date of transactions on the last business day of the fiscal years. The exchange differences were
charged to income (loss) for each fiscal year.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.5.2. Government and private securities</FONT></B></P>
<P align="left">
<U><FONT face="serif" size=2>Government securities</FONT></U><FONT face="serif" size=2>:</FONT></P>
<ul>
  <li><FONT size=2 face="serif" align="left">Federal Government Bonds in US Dollars
    LIBOR 2012 &#151; Compensation:</FONT>  </li>
</ul>
<p align="left"><FONT face="serif" size=2>As of December 31, 2005 they were
            valued based on the quotation prevailing at the end of the fiscal year
            plus outstanding coupons.</FONT></p>
  <p align="left"> <FONT face="serif" size=2>The outstanding compensation amounting
              to 114,922 (resulting from the redenomination into US dollars of the
              liabilities with the Financial and Insurance Institutions Assistance
              Trust Fund detailed in Note 12) was valued </FONT><FONT face="serif" size=2></FONT></p>
<P align="center">
<FONT face="serif" size=2>F-17</FONT></P>

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<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=99% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center width=99%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
 </TD>
</TR>
</TABLE><BR>
<P align="left">
  <FONT face="serif" size=2>pursuant to the same criterion and
    was recorded under Other receivables from financial transactions, in the
line Other receivables not covered by debtor classification regulations.</FONT></P>
<P align="left">
<FONT face="serif" size=2>As of December 31, 2004, the Bank booked the compensation received, pursuant to the provisions of BCRA Communication &#147;A&#148; 3785 at face value as of such date, plus interest accrued pursuant to the conditions of their
issuance, converted into Argentine pesos under the method described in Note 3.5.1.</FONT></P>
<UL>
<LI><FONT face="serif" size=2>Bonds received under the Argentine
    sovereign debt restructuring process:</FONT></LI>
</UL>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="5%" align="left" valign=top nowrap><FONT face="serif" size=1>&#150;</FONT></TD>
    <TD align="left" valign=top nowrap><font face="serif" size=2>Discount Bonds
        and GDP-linked Securities in U.S. dollars: they were valued based on
        current listed prices</font> <font face="serif" size=2>as of December
    31, 2005.</font></TD>
  </TR>
  <TR>
    <TD align="left" valign=top nowrap>&nbsp;</TD>
    <TD align="left" valign=top nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign=top nowrap><FONT face="serif" size=1>&#150;</FONT></TD>
    <TD align="left" valign=top><font face="serif" size=2>Discount Bonds
        in pesos: they were recorded at the book value of the instruments delivered
        for swap less</font> <font face="serif" size=2>payments received during
        2004 and the first half of 2005, without exceeding the nominal cash
        flow amount</font> <font face="serif" size=2>until maturity applicable
    under the terms and conditions of the bonds received.</font></TD>
  </TR>
</TABLE>

<UL>
<LI>
<FONT face="serif" size=2>As of December 31, 2004, Argentine Republic External Bills in U.S. dollars &#147;Survey + 4.95% 2001-2004&#148;, and</FONT> <FONT face="serif" size=2>Treasury Bills Series 90 were valued at the lower of book value as of
December 31, 2003, or the value obtained</FONT> <FONT face="serif" size=2>after applying to face values at that date the percentage calculated under the present value method in respect of</FONT> <FONT face="serif" size=2>Secured Bonds 2018, in
accordance with Communication &#147;A&#148; 4084 of the BCRA. The difference with face</FONT> <FONT face="serif" size=2>value was recognized against the balancing account under Loans as established by Communication &#147;A&#148; 3911.</FONT><br>
<br>
</LI>
<LI>
<FONT face="serif" size=2>Holdings for trading or financial transactions: they were valued based on current listed prices for each security</FONT> <FONT face="serif" size=2>as of December 31, 2005 and 2004. Differences in listed prices were
credited/charged to income for fiscal years</FONT> <FONT face="serif" size=2>then ended.</FONT><br>
<br>
</LI>
<LI>
<FONT face="serif" size=2>Unlisted government securities: these bonds were valued at the lower of present or face value (including</FONT> <FONT face="serif" size=2>adjustment and accrued interest), as established by Communication &#147;A&#148; 3911 as
amended of the BCRA.</FONT><br>
</LI>
</UL>
<P align="left">
<U><FONT face="serif" size=2>Investments in listed private securities:</FONT></U></P>
<P align="left">
<FONT face="serif" size=2>Equity and debt instruments: they were valued based on current listed prices as of December 31, 2005 and 2004. Differences in listed prices were charged to income for fiscal years then ended.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.5.3. Government loans</FONT></B></P>
<P align="left">
<U><FONT face="serif" size=2>Federal Government secured loans &#150; Decree No. 1387/01:</FONT></U></P>
<P align="left">
<FONT face="serif" size=2>As of December 31, 2005 and 2004, these loans were valued at the lower of present or face value (including adjustment and accrued interest), as established by Communication &#147;A&#148; 3911 of the BCRA.</FONT></P>
<P align="left">
<FONT face="serif" size=2>The present value as of December 31, 2005 was calculated by discounting the cash flows as per the relevant contracts at an annual rate of 4%, in accordance with the provisions of the abovementioned Communication for December,
2005.</FONT></P>
<P align="left">
<FONT face="serif" size=2>The face value was calculated in accordance with the swap values established by the Ministry of Economy at November 6, 2001 plus interest accrued through the end of the period, converted into pesos at the rate of 1.40 per
dollar plus Benchmark Stabilization Coefficient (CER). </FONT></P>
<P align="left"><FONT face="serif" size=2>The net effect of differences between
    the value determined for each loan (the lower of present or face value) and
    their theoretical value was charged to the balancing account under Loans
established by Communication &#147;A&#148; 3911.</FONT></P>
<P align="left"> <FONT face="serif" size=2>In accordance with the abovementioned
    Communication, the theoretical value was calculated based on the book value
    at February 28, 2003, net of the balancing account derived from the swap
    set forth by Decree No. 1387/01 and restated by the CER through the end of
    the fiscal year. </FONT></P>
<P align="center">
<FONT face="serif" size=2>F-18</FONT></P>

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<P align="center">
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B><B><FONT face="serif" size=2>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For the fiscal years ended
December 31, 2005, 2004 and 2003<br>
Stated in thousands of Pesos</FONT></B></P>
<P align="left"><FONT face="serif" size=2>Consolidar A.F.J.P. S.A., Consolidar
    C&iacute;a. de Seguros de Retiro S.A. and Consolidar C&iacute;a. de Seguros
    de Vida S.A.: loans secured by the National Government - Decree No. 1387/01
    held by these subsidiaries were valued in accordance with the regulations
    of the Superintendence of Pension Fund Administrators and the National Superintendence
    of Insurance.</FONT></P>
<P align="left">
<U><FONT face="serif" size=2>Provincial Governments loans and other Government loans</FONT></U></P>
<P align="left">
<FONT face="serif" size=2>As of December 31, 2005 and 2004, these loans were valued at the lower of present or face value (including adjustment and accrued interest), as established by Communication &#147;A&#148; 3911 of the BCRA.</FONT></P>
<P align="left">
<FONT face="serif" size=2>The present value as of December 31, 2005 was calculated by discounting the estimated cash flows at the annual rate of 4%, in accordance with the provisions of the abovementioned Communication for December, 2005.</FONT></P>
<P align="left">
<FONT face="serif" size=2>As the present value determined was lower than the technical value (which agrees with the theoretical value), this difference was recognized against the balancing account under Loans established by Communication &#147;A&#148;
 3911.</FONT></P>
<P align="left">
<FONT face="serif" size=2>In accordance with the abovementioned Communication, the theoretical value was calculated based on the book value at February 28, 2003 restated by the CER through the end of the each fiscal year. </FONT></P>
<P align="left">
<FONT face="serif" size=2>This item includes 812,165 and 742,930 as of December 31, 2005 and 2004, respectively, corresponding to Provincial Developments Trust Fund Corporate Bonds, which are in the final phase of the restructuring process with the
National Government. No substantially adverse effects on the Bank&#146;s equity forecast in this respect.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.5.4. Benchmark stabilization coefficient (CER) and the Salary Variation Coefficient (CVS) accrual</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>As of December 31, 2005 and 2004, certain receivables and payables have been adjusted to the CER as follows: </FONT></P>
<UL>
<LI>
<FONT face="serif" size=2>Federal Government Guaranteed Loans had been adjusted under Resolution No. 50/02 of the Ministry of</FONT> <FONT face="serif" size=2>Economy, which resolved that the CER effective 10 (ten) days prior to the maturity date of the
related service</FONT> <FONT face="serif" size=2>will be considered for yield and repayments of the loans.</FONT><br>
<br>
</LI>
<LI>
<FONT face="serif" size=2>Loans to private sector and receivables from sale of assets (subject to conversion into pesos): they have been</FONT> <FONT face="serif" size=2>adjusted under Communication &#147;A&#148; 3507 of the BCRA and supplementary
regulations, which resolved that the</FONT> <FONT face="serif" size=2>payments through September 30, 2002, were made under the original terms of each transaction and were</FONT> <FONT face="serif" size=2>booked as prepayments, where as from February 3,
2002, the principal was adjusted to the CER prevailing on</FONT> <FONT face="serif" size=2>December 31, 2005 and the end of the previous fiscal year, deducting the prepayments mentioned above as</FONT> <FONT face="serif" size=2>from the payment date,
except those subject to the provisions of Decrees No. 762/02 and 1242/02, which</FONT> <FONT face="serif" size=2>excluded the application of that coefficient from some mortgage, pledge, personal and other lines of credit.</FONT><br>
<br>
</LI>
<LI>
<FONT face="serif" size=2>Federal Government Secured Bonds and Provincial Development Trust Fund Corporate Bonds: had been</FONT> <FONT face="serif" size=2>adjusted under Resolution No. 539/02 of the Ministry of Economy, which resolved that the CER
effective 5</FONT> <FONT face="serif" size=2>(five) days prior to the maturity date of the related service will be considered for yield and repayments of the</FONT> <FONT face="serif" size=2>bonds.</FONT><br>
<br>
</LI>
<LI>
<FONT face="serif" size=2>Deposits and other assets and liabilities (subject to conversion into pesos): have been adjusted considering the</FONT> <FONT face="serif" size=2>CER prevailing as of December 31, 2005 and 2004.</FONT></LI>
</UL>
<P align="left"><FONT face="serif" size=2>In November 2003, the Bank accrued
    the C.V.S. (Salary Variation Coefficient) accumulated through that date for
    accounting purposes and has applied this coefficient on balances until its
repeal in May 2004. </FONT></P>
<P align="center"><FONT face="serif" size=2>F-19</FONT></P>
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<P align="center">
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B><B><FONT face="serif" size=2>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For the fiscal years ended
December 31, 2005, 2004 and 2003<br>
Stated in thousands of Pesos</FONT></B></P>
<P align="left"><B><FONT face="serif" size=2>3.5.5. Allowance for doubtful loans and contingent commitments</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>For loans, other receivables from financial transactions, assets subject to financing lease, receivables from sale of property assets and contingent commitments: these allowance has been calculated based on the Bank&#146;s
estimated loan loss risk in light of debtor compliance and the collaterals supporting the respective transactions, as provided by Communication &#147;A&#148; 2950 and supplemented of the BCRA.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.5.6. Interest income recognition</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>Interest has been accrued according to a compound interest formula in the fiscal years in which it was generated, except interest on transactions in foreign currency, those whose maturity does not exceed 92 days, and
adjustable assets and liabilities which were apportioned on a linear basis.</FONT></P>
<P align="left">
<FONT face="serif" size=2>The Bank suspends the accrual of interest generally when the related loan is non-performing and the collection of interest and principal is in doubt. Accrued interest remains on the Bank&#146;s books and is considered a part
of the loan balance when determining the allowances for loan losses. Interest is then recognized on a cash basis after reducing the balance of accrued interest, if applicable.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.5.7. Unlisted Corporate Bonds</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>They were valued at acquisition cost plus income accrued but not received as of December 31, 2005 and 2004.</FONT></P>
<P align="left">
<B><FONT face="serif" size=2>3.5.8. Instruments to be received and delivered for spot and forward transactions to be settled</FONT></B></P>
<P align="left">
<FONT face="serif" size=2>The Bank enters into forward contracts to buy or sell foreign currencies, listed Government securities and other securities at future dates. Both a receivable and a payable are recognized at the time of the agreement, which
reflects the amounts of cash, currency or listed securities to be exchanged at the closing date. The difference between the receivable and payable at the original transaction date (premiums) is deferred and amortized over the contract&#146;s
life.</FONT></P>
<P align="left">
<FONT face="serif" size=2>The Bank purchases and sells foreign currencies, listed Government and other securities on behalf of its customers which settle another day. An asset or liability is reflected for the amount due from or to the customer and a
corresponding asset or liability is reflected for the currency or listed securities to be exchanged.</FONT></P>
<P align="left">
<FONT face="serif" size=2>The Bank&#146;s receivables or payables representing the future receipt or delivery of currencies or securities are adjusted to reflect the current market price of such currencies or securities. The amount of such market
price differences is recorded in income for the fiscal year.</FONT></P>
<P align="left">
<FONT face="serif" size=2>Forward sales and purchases of securities associated with repurchase agreements were valued as follows:</FONT></P>
<UL>
<LI>
<FONT face="serif" size=2>In foreign currency: as of December 31, 2005 and 2004, they were valued according to the benchmark exchange</FONT> <FONT face="serif" size=2>rate of the BCRA for each currency determined on the last business day of each fiscal
year.</FONT><br>
<br>
</LI>
<LI>
<FONT face="serif" size=2>Holdings in investment accounts and for trading transactions: according to the method described in Note 3.5.2.</FONT></LI>
</UL>
<P align="left"><B><FONT face="serif" size=2>3.5.9. Amounts receivable and payable
      for spot and forward transactions pending settlement</FONT></B></P>
<P align="left"> <FONT face="serif" size=2>They were valued based on the prices
    agreed upon for each transaction, plus related premiums accrued as of December
    31, 2005 and 2004.</FONT></P>
<P align="left"> <B><FONT face="serif" size=2>3.5.10. Assets subject to financing
      leasing</FONT></B></P>
<P align="left"> <FONT face="serif" size=2>As of December 31, 2005 and 2004,
    they have been valued at the present value of unaccrued installments calculated
    as per the conditions agreed upon in the respective contracts, applying the
    imputed interest rate thereto.</FONT></P>
<P align="center"><FONT face="serif" size=2>F-20</FONT></P>
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<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.11. Investments in other companies</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">They have been valued according to the following methods:</FONT></P>
<ul>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">VISA Argentina S.A., Banelco S.A., Consolidar A.R.T. S.A., Rombo C&iacute;a. Financiera S.A., BBVA Consolidar Seguros
    S.A. and Interbanking S.A.: as of December 31, 2005 and 2004 were valued by the equity method at the end of each years.</FONT><br>
    <br>
  </li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Other: as of December 31, 2005 and 2004 were valued at acquisition cost, without exceeding their recoverable
    value.</FONT></li>
</ul>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank recorded an adjustment to earnings of prior years of 115 (loss) due to adjustments of certain investments in other companies. This adjustment affected the items Investments in Other
Companies of the balance sheet as of December 31, 2004 by 115 (decrease) and Other Income of the income statement as that date by 90 (decrease), whereas an adjustment by 25 (decrease) affected income for the year ended December 31, 2003.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.12. Premises and equipment and Other assets</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">They have been valued at
acquisition cost plus increases from prior-year appraisal revaluations, restated
as explained in Note 3.2., less related accumulated depreciation calculated in
 proportion to the months of estimated useful life of items concerned. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.13. Intangible assets</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">They have been valued at
acquisition cost restated as explained in Note 3.2., less related accumulated
depreciation calculated in proportion to the months of estimated useful life
of the items  concerned.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amortization of goodwill and organization and development expenses is calculated using the straight-line method over the length of their estimated recovery period (120 month-period for
goodwill).</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The intangible assets of the subsidiary Consolidar Administradora de Jubilaciones y Pensiones S.A. were amortized in accordance with standards of the A.F.J.P.&acute;s Superintendency.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank recorded an adjustment to earnings of prior years of 18,167 (loss) due to a change in the accounting criteria applied to certain projects. Said adjustment affected the item Intangible
Assets of the balance sheet as of December 31, 2004 by 18,167 (decrease) and the item Operating Expenses &#151; Other Operating Expenses of the statement of income as of that date by 12,119 (decrease) whereas as of December 31, 2003 it affected
balance sheet accounts by 30,286 (decrease).</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.14. Employee termination pay</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank expenses employee termination pay as disbursed.</FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.15.
Other liabilities</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">They include
    the debit balances non arising out of transactions relating to the supply
    and demand of financial resources, plus the adjustments and interest payable
    accrued as of December 31, 2005 and 2004.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank
    recorded an adjustment to earnings of prior years for 8,040 (loss) to reflect
    expenses of software maintenance and transport of values corresponding to
    the fiscal year ended December 31, 2004. This adjustment affected the item
    Other Liabilities from the balance sheet as of December 31, 2004 in 8,040
    (increase), the item Administrative Expenses &#151; Other Operating Expenses
    of the statement of income in 7,390 (increase) and the item Operating Expenses &#151; Other
    in 650 (increase).</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-21</FONT></P>

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<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.16.
      Allowance for other contingencies</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">It includes the estimated amounts to meet contingencies of probable occurrence that, if occurred, would give rise to a loss for the Bank.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.17. Stockholders&#146; equity accounts</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">They are restated as explained in Note 3.2. , except for the "Capital Stock" and &#147;Non-capitalized contributions&#148; accounts which have been kept at original value. The adjustment
resulting from the restatement is included in the "Adjustment to Stockholders&acute; Equity " account.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Stockholders&#146; Meeting held on April 28, 2005 decided to absorb accumulated losses as detailed in the Consolidated Financial Statements of Changes in Stockholders' Equity.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.18. Adjustments to prior years income</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Following we present a summary of the adjustments, under BCRA rules, to prior years income which affect the fiscal years 2005, 2004 and 2003:</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="30%" align="center"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Items</FONT></B></td>
    <td width="5%" align="center">&nbsp;</td>
    <td width="65%" align="center"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Adjustments</FONT></B></td>
  </tr>
  <tr>
    <td width="30%"><hr size=1 noshade></td>
    <td width="5%">&nbsp;</td>
    <td width="65%"><hr size=1 noshade></td>
  </tr>
  <tr>
    <td width="30%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investments in other companies</FONT></td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="65%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank recorded an adjustment to earnings of prior years of 115 (loss) due to adjustments of certain investments in other companies. This adjustment affected the items Investments in Other Companies of the balance sheet as of December 31, 2004
by 115 (decrease) and Other Income of the income statement as that date by 90 (decrease), whereas an adjustment by 25 (decrease) affected income for the year ended December 31, 2003.</FONT></td>
  </tr>
  <tr>
    <td width="30%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="65%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="30%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Intangible assets</FONT></td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="65%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank recorded an adjustment to earnings of prior years of 18,167 (loss) due to a</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">change in the accounting criteria applied to certain projects. Said adjustment affected the item Intangible Assets of the Balance Sheet as of December 31, 2004 by
18,167 (decrease) and the item Operating Expenses &#150; Other Operating Expenses of the statement of income as of that date by 12,119 (decrease) whereas as of December 31, 2003 it affected balance sheet accounts by 30,286 (decrease).</FONT></td>
  </tr>
  <tr>
    <td width="30%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="65%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="30%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other liabilities</FONT></td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="65%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank recorded an adjustment to earnings of prior years for 8,040 (loss) to</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">reflect expenses of software maintenance and transport of values corresponding to the fiscal year ended December 31, 2004. This adjustment affected the item Other
Liabilities from the balance sheet as of December 31, 2004 in 8,040 (increase), the item Administrative Expenses &#150; Other Operating Expenses of the statement of income in 7,390 (increase) and the item Operating Expenses - Other in 650
(increase).</FONT></td>
  </tr>
</table>
<P align="center"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-22</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="30%" align="center"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Items</FONT></B></td>
    <td width="5%" align="center">&nbsp;</td>
    <td width="65%" align="center"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Adjustments</FONT></B></td>
  </tr>
  <tr>
    <td width="30%"><hr size=1 noshade></td>
    <td width="5%">&nbsp;</td>
    <td width="65%"><hr size=1 noshade></td>
  </tr>
  <tr>
    <td width="30%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tax on minimum presumed income (&#147;TOMPI&#148;)</FONT></td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="65%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Up to December 31, 2003, the Bank recorded under Other Receivables - Tax Advance account, a credit for the TOMPI, as long as this tax exceeded income tax. On March 8, 2004, the BCRA requested the reversal of the amounts recorded as assets for TOMPI for the years 2001/2002 with charge to income or prior years&#146;
 adjustments, as appropriate, based on a regulatory interpretation of the BCRA. In addition, on February 11, 2005, the BCRA issued Communication &#147;A&#148; 4295 whereby it allowed, under certain guidelines, to record TOMPI credit balances.
Therefore, on December 31, 2005, the Entity recorded this asset for 118,494 (90,094 in the items Other Receivables - Tax on minimum presumed income and 28,400 in Other Receivables &#150; Other) and included an adjustment to earnings of prior years
for a total amount of 92,631 (gain). In the balance sheet as of December 31, 2004, presented for comparative purposes, such adjustment affected the item Other receivables by 92,631 (increase) and in the statement of income as of that date affected
the items Income Tax and Tax on Minimum Presumed Income and Other Income by 26,406 (decrease), whereas an adjustment of 65,631 affected the book value at the beginning of fiscal year 2004.</FONT></td>
  </tr>
  <tr>
    <td width="30%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="65%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="30%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Portfolio variation coefficient</FONT></td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="65%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On June 30, 2004, in compliance with the provisions under Communication &#147;A&#148; </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4114 of the B.C.R.A. and Resolution 302/04 of the Ministry of Economy and Production, the Bank proceeded to write off the asset representing the nominal difference
  generated by the application of CVS instead of CER and booked an adjustment of earnings of prior years for 141,064 (loss). In the Financial Statements as of December 31, 2003, presented for comparative purposes, such adjustment affected the other
  receivables account (decrease) for 141,064, other income (decrease) for 105,792 and other expense (decrease) for 61,728. Under no circumstances does such de-registration mean a waiver of compensation.</FONT></td>
  </tr>
</table>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.19. Statements of Operations Accounts</FONT></B></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005 and 2004, accounts accruing monetary transactions (Financial Income (Expense),</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Service Charge Income
(Expense), Provision for Loan Losses, Operating Expenses, etc.) were computed on the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">basis of their monthly amounts. As of December 31, 2003 accounts accruing monetary transactions
(Financial</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income (Expense), Service Charge Income (Expense), Provision for Loan Losses, Operating Expenses, etc.) were</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">restated by applying the adjustments coefficients to the historical amounts accrued on a monthly basis, up to</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">February 28, 2003.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Accounts reflecting the effect on income resulting from the sale, write-off, or use of non-monetary assets were</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">computed based on the
value of such assets, as mentioned in Note 3.2.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income from investments in subsidiaries was computed based on such companies&#146; income adjusted as explained in</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Note
3.2.</FONT></LI>
</UL>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.20.
      Consolidated statements of cash flows</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For purposes
    of reporting cash flows, cash and cash equivalents include amounts set forth
    under &#147;Cash and due from banks&#148;. The Consolidated Statement of
    Cash Flows was prepared using the measurement methods prescribed by the BCRA,
    but in accordance with the SEC&acute;s presentation requirements.</FONT></P>
<P align="center"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-23</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.21.
      Other assets and other liabilities from subsidiaries (Consolidar Group)</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">They have been valued in accordance with the accounting standards established by the National Superintendence of Insurance and National Superintendence of Pension Funds Managers.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.5.22. Use of estimates</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The preparation of the Financial Statements in accordance with the standards set forth by the BCRA requires the Bank&#146;s Board of Directors to use assumptions and estimates that affect certain
assets such as allowances for doubtful loan and certain liabilities such as provisions for other contingencies as well as the income/loss generated during the periods being reported. Final income/loss may differ from such estimates.</FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE 4&#151;DIFFERENCIES BETWEEN</FONT></B> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BCRA ACCOUNTING STANDARDS AND GENERALLY</FONT></B> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ACCEPTED</FONT></B> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ACCOUNTING PRINCIPLES</FONT></B> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EFFECTIVE IN BUENOS AIRES CITY - ARGENTINA</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Resolution CD No. 93/05 the Professional Council in Economic Sciences of Buenos Aires City (C.P.C.E.C.A.B.A.) adopted, with certain clarifications, Technical Pronouncements No. 16, 17, 18, 19,
20 and 21 of the F.A.C.P.C.E. incorporating certain changes to the professional accounting valuation and disclosure standards.  Furthermore, by General Resolution No. 459/04, the National Securities Commission (C.N.V.) adopted, with certain
amendments, those Technical Pronouncements based on the resolutions of the C.P.C.E.C.A.B.A., which are mandatory applicable as from the years commenced on January 1, 2003, except for Technical Pronouncement No. 21, effective on April 1, 2004, with
early application permitted.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank has prepared these Financial Statements by applying the regulations of the BCRA, which do not contemplate some of the valuation criteria incorporated to the accounting principles
generally accepted in Buenos Aires City. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The main differences between the regulations of the BCRA and the accounting principles generally accepted in Buenos Aires City are detailed below.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.1. Restatement of the Financial Statements to recognize the changes in the currency purchasing power </FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">These Financial Statements recognize the effects of changes in the currency purchasing power through February 28, 2003 following the restatement method established by Technical Pronouncement No.
6 of the F.A.C.P.C.E. (amended by TP No. 19). In accordance with Decree No. 664/03 of the National Executive Power, Communication &#147;A&#148; 3921 of the BCRA and Resolution No. 441 of the C.N.V., the application of that method was discontinued by
the Bank and, therefore, it did not recognize the effects of changes in the currency purchasing power arising after March 1, 2003. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, CD No. 190/03 issued by the C.P.C.E.C.A.B.A. established the discontinuance of the restatement into homogenous currency as from October 1, 2003 on the understanding that the country
showed a stable monetary context. The change in the Wholesale Prices Index between March 1, 2003 and September 30, 2003 was 2.14% </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(negative).
    Had the accounting information been restated in accordance with professional
    accounting standards, the effect on the results for each fiscal year and
    total stockholders' equity would not have been significant considering the
Financial Statements as a whole.</FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.2.
      Valuation criteria</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a)</FONT></TD>
    <TD width=95%> <U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Federal
          Government Secured Loans</FONT></U> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width=95%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During
        the year ended on December 31, 2001, as a consequence of the provisions
        of Decree No. 1387/01, on November 6, 2001 the Bank and its subsidiaries
        exchanged federal government securities, bonds, treasury bills and/or
        unsecured loans with the Federal Government for a face value of US&#36;3,291,795
        thousands for federal secured loans. At December 31, 2005 and 2004, those
        loans are recorded under &#147;Loans &#151; to the Government Sector&#148; amounting
        to 3,809,264 and 6,181,489, respectively, in accordance with the criterion
        described in Note 3.5.3.</FONT> </TD>
  </TR>
</TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-24</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In accordance with Resolution CD No. 290/01 of the C.P.C.E.C.A.B.A., at December 31, 2005 and 2004, these assets should have been valued considering the respective quotation values of the swapped
  bonds at November 6, 2001, delivered in exchange. However, the recoverable values of these assets as of December 31, 2005 exceed their book values.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT></TD>
 <TD width=95%>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government Securities and Other Credit Assistance to the Public Sector</FONT></U> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005 and 2004, the Bank and its subsidiaries keeps other assets with the Public Sector amounting to 1,172,681 and 1,867,810 respectively, in accordance with the criterion
described in Notes 3.5.2., 3.5.3. and 3.5.8. In accordance with accounting principles generally accepted in Buenos Aires City, these assets are to be valued at current value and would imply a decrease in stockholders&#146; equity in approximately
265,000 and 518,000 as of December 31, 2005 and 2004.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c)</FONT></TD>
 <TD width=95%>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Effects caused by court measures related to deposits (constitutional protection actions)</FONT></U> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As mentioned in Note 15.2., as of December 31, 2005 and 2004, the Bank recorded assets amounting to 565,352 and 739,289 (whose original values had been 1,119,388 and 1,075,116), respectively,
under &#147;Intangible Assets &#151; Organization and Development Expenses&#148; account corresponding to differences resulting from compliance with the court measures generated by the repayment of deposits in the financial system within the
framework of Law No. 25,561, Decree No. 214/02 and complementary regulations, as established by Communication &#147;A&#148; 3916 of the BCRA. In accordance with professional accounting standards currently in force, the amounts detailed above should
have been covered by an allowance up to the concurrence of the balance that represents the best possible estimate of the amounts to be recovered, an amount that may not be objectively determined as of the date of issuance of these
statements.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">d)</FONT></TD>
 <TD width=95%>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tax effects</FONT></U> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As already indicated in Note 5.1., the Bank has received various communications from the BCRA pursuant to which that BCRA indicates that the capitalization of items arising from the application
of the deferred tax method is not allowed. In accordance with current professional accounting standards, a deferred tax asset should be recognized to the extent the reversal of temporary differences generates a future decrease in the tax effectively
determined. As a result, the allowances set up by the Bank in this respect, for 360,000 and 118,000 as of December 31, 2005 and 2004, respectively, should be reversed.</FONT> </TD>
</TR>
</TABLE>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.3.
Disclosure aspects</FONT></B></P>
<P align="left"> <U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unrealized
      valuation difference</FONT></U></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During
    the fiscal year 2004, the Bank has absorbed 200,000 of the negative results
    appeared from the sale operation of the subsidiary of Banco Franc&eacute;s
    (Cayman) Limited and charged to the account &#147;Unrealized Valuation Difference&#148; of
    the stockholders&acute; equity, according to what was authorized in the Resolution
    No. 52/04 of the Superintendent of Financial and Exchange Institutions.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According
    to accounting principles generally accepted in Buenos Aires City, such amount
    should have been charged to income (loss) for the fiscal year finished on
    December 31, 2004, while the remaining balance of the mentioned account should
    be recorded into unappropriated earnings account of the stockholders&acute; equity.</FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.4.
      Other differences with respect to generally accepted accounting principles
      effective in Buenos Aires City, Consolidar C&iacute;a. de Seguros de Retiro
      S.A.</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company
    included the balance from the technical commitments incurred with the insured
    in the Other Subsidiaries&#146; Liabilities caption. The abovementioned caption
    includes 29,819 and 58,458 for the fiscal years ended at December 31, 2005
    and December, 31 2004, respectively, corresponding to the regularizing account
    called &#147;Unaccrued secured loans valuation difference&#148; which, as
    established by the National Superintendence of Insurance, will be settled</FONT></P>
<P align="center"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-25</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">through subsequent
  accrual of the regularizing accounts of secured loans. In accordance with current
  professional accounting standards, such amount should have been recorded as
  a loss for the  year ended December 31, 2003.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE 5&#151;TAX MATTERS</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5.1. Income tax</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank determined the charge for income tax by applying the effective 35% rate to taxable income estimated for each fiscal year considering the effect of temporary differences between
accounting and taxable income. The Bank considered as temporary differences those that have a definitive reversal date in subsequent years. As of December 31, 2005 and 2004, the Bank has estimated the existence of a net operating loss in the income
tax.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On June 19, 2003, the Bank received a note from the BCRA indicating that the capitalization of items arising from the application of the deferred tax method is not allowed. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On June 26, 2003, the Bank&#146;s Board of Directors, based on the opinion of its legal counsel, have responded the above mentioned note, indicating that in their opinion the rules of the BCRA
did not prohibit the application of the deferred tax method generated by the recognition of temporary differences between the accounting and tax result. Subsequently, Resolution No. 118/03 of the Superintendent of Financial and Exchange Institutions
received on October 7, 2003 confirmed the terms of the note dated June 19, 2003. Consequently, as from that date the Bank has set up an allowance for the net balance between the deferred tax assets and liabilities.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5.2. Tax on minimum presumed income</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tax on minimum presumed income (TOMPI) was established by Law No. 25,063 in the year ended December 31, 1998, for a ten-year term. This tax is supplementary to income tax: while the latter is
levied on the taxable income for the year, TOMPI is a minimum levy determined by applying the current 1% rate on the potential income of certain productive assets. Therefore, the Bank&#146;s tax obligation for each year will coincide with the
highest of these taxes. The above Law provides that institutions governed by Financial Institutions Law must consider as a tax base 20% of their taxable assets, after deducting non-computable ones. However, if TOMPI exceeds income tax in a given
year, the excess thereof may be computed as a payment on account of any income tax in excess of TOMPI that may occur in any of the following ten years.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In every year that net operating losses are offset, the tax benefit (the benefit of the effective rate on the net operating loss used) will be realized to the extent that income tax (net of the
offsetting) equals or exceeds tax on minimum presumed income, but will reduced by any excess of the latter over former.</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Up to December
    31, 2003, the Bank recorded under Other Receivables &#151; Tax Advance account,
a prepaid tax for the TOMPI, as long as this tax exceeded income tax.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On March
    8, 2004, the BCRA requested the reversal of the amounts recorded as assets
    (prepaid tax) for TOMPI for the years 2001/2002 with charge to income or
    prior years&#146; adjustments, as appropriate, based on a regulatory interpretation
    of the BCRA. </FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition,
    on February 11, 2005, the BCRA issued Communication &#147;A&#148; 4295 whereby
    it allowed, under certain guidelines, to record TOMPI receivable balances.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Therefore,
    on December 31, 2005, the Entity recorded this asset for 118,494 (90,094
    in the items Other Receivables &#151; Tax on minimum presumed income and
    28,400 in Other Receivables &#150; Other) and included an adjustment to prior
    years earnings for a total amount of 92,631 (gain). In the balance sheet
    as of December 31, 2004, presented for comparative purposes, such adjustment
    affected the item Other receivables by 92,631 (increase) and in the statement
    of operations for the year then ended affected the items Income Tax and Tax
    on Minimum Presumed Income and Other Income by 26,406 (decrease), whereas
    an adjustment of 65,631 affected the book value at the beginning of fiscal
    year 2004.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-26</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5.3. Other tax issues</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The AFIP (Argentine Public Revenue Administration) inspected open tax periods and the Bank received ex-officio assessments, which were appealed before the Argentine Administrative Tax Court. Such
Court, to the issuance date of these Financial Statements, gave an opinion on the ex-officio assessment made in 1992 and 1993, partially admitting the claim of tax authorities. On June 18, 2002 the Bank decided to appeal the ruling of 1992 with the
Court of Appeals, where it is being treated at present. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Furthermore, on July 18, 2003 a remedy for the review and appeal against the 1993 judgment was filed, and is currently pending. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Argentine Administrative Tax Court has also issued an opinion in respect of the appeals filed against the ex-officio assessments concerning the tax on minimum presumed income for year 1999
and the income tax for years 1994, 1995 and 1998, fully upholding the claims filed and reversing the appealed resolutions. However, on April 8, 2005 the Argentine Administrative Tax Court conceded the appeal to Argentine Public Revenue
Administration.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Board of Directors and tax and legal counsel estimate that the Bank made a reasonable interpretation of effective regulations regarding the observed periods.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE 6&#151;SUBSIDIARIES&acute; OTHER ASSETS AND SUBSIDIARIES&acute; OTHER LIABILITIES</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Detailed below are the balances of those accounts:</FONT></P>
<P align="left">
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Subsidiaries&#146; Other Assets</FONT></U></P>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD width=78% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
  </TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD colspan=7>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Premium receivables from insurance companies</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,461</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,431</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Complementary Capital &#150; Insurance Company</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,226</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,337</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Others related to insurance business</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,568</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,574</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">40,255</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32,342</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
</TR>
<TR>
 <TD colspan=7>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left nowrap>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Subsidiaries&#146; Other Liabilities</FONT></U> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width="2%" align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
  </TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD colspan=7>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance companies, claims in adjustment process</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">128,339</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">312,638</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fluctuation fund &#150; Consolidar C&iacute;a de Seguros de Retiro S.A.</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">79,887</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90,470</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance companies, mathematical reserve</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,367,010</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,235,383</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance companies, reinsurer&acute;s reserve</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(244</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(79,191</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Difference arising from secured loans accrued valuation</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(29,819</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(58,458</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Benefit pending of integration &#150; Resolution No. 29,796</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,203</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(114,266</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Others related to insurance business</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">74,921</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26,811</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,617,891</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,413,387</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-27</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE 7&#151;RESTRICTED ASSETS</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005, there were Bank&#146;s assets, which are restricted as follows:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Government and Private Securities account includes 24,435 in Federal Government bonds in US dollars LIBOR 2012 which have been frozen until final confirmation by the Argentine Minister of
Economy and Production of the compensation amount (see Note 15.1.).</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Government and Private Securities account includes 69,068 in Secured Bonds due 2018 allocated to the guarantee required to act as custodian of investment securities related to pension
funds.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Out of the Bank's loan portfolio, 1,213 are allocated to the guarantee securing payables to the BCRA.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">d)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Franc&eacute;s Valores Sociedad de Bolsa S.A. (stockbroking company) holds two shares of Mercado de Valores de Buenos Aires S.A, booked in the amount of 4,840. These shares have been pledged in
favor of &#147;CHUBB Argentina de Seguros S.A.&#148; in security of the contract this insurance company executed with Mercado de Valores de Buenos Aires S.A. to cover the latter&#146;s guaranteeing any noncompliance of stock broking companies with
their obligations.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE 8&#151;CONTINGENCIES</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Export tax rebates</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In January 1993, former Banco de Cr&eacute;dito Argentino (&#147;ex BCA&#148;) found out that a group of companies presumably related among them had used fake documentation to collect export tax
rebates, under current legislation through certain of its branches.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Immediately upon becoming aware of such events, the ex-BCA reported this situation to the Federal Police Banking Division pressing criminal charges before the Federal Criminal Court No. 2,
Clerk&#146;s Office No. 5 of the City of Buenos Aires.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The BCRA has made certain observations to the procedure followed by the ex-BCA in paying tax rebates. The ex-BCA has based its reply to the BCRA on the fact that the aforesaid payments had been
made complying strictly with current regulations for the aforesaid transactions.</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On October
    14, 1994, the General Director for Legal Affairs of the Ministry of Economy
    and Public Works and Utilities (MEOSP) ordered the ex-BCA to reimburse the
    amount which may be applicable to tax rebate payments which, in his opinion,
were considered inapplicable.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On October
    26, 1994, the ex-BCA filed a notice with the MEOSP by which it fully and
    emphatically rejected the aforesaid order for containing untrue, erroneous
    and legally unfounded representations since the ex-BCA acted in strict compliance
    with current regulations when carrying out each and every transaction related
    to the payment of export tax rebates.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On December
    17, 1996, the ex-BCA was notified of the lawsuit filed by the Federal State
    in the action styled MEOSP, Federal State vs. BCA in regard of &#147;Request
    for Opinion&#147;, at the Federal Administrative Court of Original Jurisdiction,
    Clerk&#146;s Office No. 1 of the City of Buenos Aires.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The lawsuit
    has been filed in November 1995 even when it was first notified by the Federal
    State on the aforesaid date.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In February,
    1997, the ex-BCA put forth a defense to stop the progress of the lawsuit
    filed by the Federal Government suspending the term until the complaint is
    answered. In that filing the Bank&#146;s Legal Counsel alleged that the ex-BCA
    acted in compliance with the standards in force, and after a background analysis,
    it became abundantly clear that it was the responsibility of the government
    agencies that had not met the express control standards under their exclusive
    charge.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-28</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The abovementioned
    exception was dismissed in December 1997 by the judge hearing the case, therefore,
    in February 1998, the Bank decided to file an appeal with the Court of Appeals.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Court of Appeals ruled in favor of the Bank's appeal, that is to say, it upheld the Bank's defense based on a legal defect and its request that the Banco de la Naci&oacute;n Argentina, the
Customs Service and the BCRA be summoned as parties to the suit. Both such requests were rejected by the Court of original jurisdiction and have now deserved a favorable ruling from the appellate court.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At present, the proceedings are awaiting that the Federal State amends the vices of its action, hence once this has been complied with, notifications will be resumed. Irrespective of the above,
it has been agreed to suspend the legal proceedings with a view to a possible out-of-court transactions formulated by sellers, since this out-of-court settlement was dropped by sellers, the abovementioned legal proceedings were resumed.  Despite the
suspension of terms, the parties agreed to a pre-trial stage for the production of evidence. The court has ordered the Federal Government to resolve the defects in the claim. The National Government has just reduced its claim
significantly.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In any event, the eventual contingency resulting from such situation will be assumed by the sellers of the ex-BCA under the terms of the shares sales contracts.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE 9&#151;BANK DEPOSIT GUARANTEE INSURANCE SYSTEM</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank is included in the Deposit Guarantee System established by Law 24,485, Regulatory Decrees No. 540/95, 1292/96 and 1127/98 and Communication &#147;A&#148; 2337 and BCRA's complementary
regulations. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Such law provided for the creation of the Company Seguros de Dep&oacute;sitos Sociedad An&oacute;nima (SEDESA) for purposes of managing the Deposit Guarantee Fund (DGF), whose shareholders, in
accordance with the changes introduced by Decree No. 1292/96, shall be the BCRA with one share as a minimum and the trustees of the trust created by the financial institutions in the proportion to be determined for each by the BCRA according to
their contributions to the DGF.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">That Company was incorporated in August 1995 and the Bank has a 13.7597% interest in its capital stock.</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Deposit
    Guarantee System, which is limited, compulsory and onerous, has been created
    for purposes of covering the bank deposit risks subsidiarily and complementarily
    to the deposit protection and privilege system established by the Financial
Institutions Law.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The guarantee
    shall cover the repayment of principal disbursed plus interest accrued through
    the date of revoking of the authorization to operate or through the date
    of suspension of the institution through application of Section 49 of the
    BCRA's Charter provided that the latter had been adopted earlier than the
    former without exceeding the amount of pesos thirty thousand. Regarding operations
    in the name of two or more people, the guarantee shall be prorated between
    the holders. In no event shall the total guarantee per person exceed the
    abovementioned amount, whatever the number of accounts and/or deposits.</FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE
      10&#151;TRUST ACTIVITIES</FONT></B></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.1.
      Financial Trusts</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On January
    5, 2001, the BCRA&#146;s Board of Directors issued Resolution No. 19/01,
    providing for the exclusion of Mercobank S.A.&#146;s (a bank organized under
    Argentine legislation) senior liabilities under the terms of Section 35 bis
    of the Financial Institutions Law, the authorization to transfer the excluded
    assets to BF as trustee of the Diagonal Trust, and the authorization to transfer
    the excluded liabilities to beneficiary banks. Also, on the mentioned date,
    the agreement to set up the Diagonal Trust was subscribed by Mercobank S.A.
    as settle and BF as trustee in relation to the exclusion of assets as provided
    in the resolution abovementioned. BF entrusted Atuel Fideicomisos S.A. the
    management of collections and the realization of the corpus </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-29</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">assets. As of
    December 31, 2005, total estimated corpus </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">assets
    of Diagonal Trust and Inmobal Nutrer Trust amount to 5,728 and 4,699 respectively,
    and they are recorded in memorandum debit accounts &#147;For trustee activities &#151; Funds received in
trust&#148;.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Atuel Fideicomisos S.A., within the framework of its activities, is acting as trustee for the following trusts, and will not respond with its personal property in the execution of the trust, to
be satisfied with the underlying assets.</FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Corp Banca Trust: created by contract dated May 13, 1997, signed between Atuel Fideicomisos S.A. as</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">trustee, Corp Banca S.A. (later
BBVA Banco Franc&eacute;s S.A.) as trustor and beneficiary, Banco Central de</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">la Rep&uacute;blica Argentina and Seguro de Dep&oacute;sitos S.A. (the beneficiaries).</FONT><BR>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><br>
The proceeds of the collection and/or the realization of the assets that constitute this Trust, resulting from</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trustor&#146;s
performance, will be applied to the obligations engaged and/or assumed by Corp Banca S.A. (later</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA Banco Franc&eacute;s S.A.) as beneficiaries of this trust, under the terms and
conditions detailed in the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">respective contract.</FONT><br>
<br>
</LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Banco Franc&eacute;s Trust: created by contract dated May 12, 2000, signed between Atuel Fideicomisos S.A. as</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">trustee, and BBVA Banco
Franc&eacute;s S.A. as trustor and beneficiary. As from January 1, 2002, by assignment</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">made by BBVA Banco Franc&eacute;s S.A., the beneficiary of the certificate of interest is Banco
Bilbao Vizcaya</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentaria S.A. (BBVA).</FONT></LI>
</UL>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Atuel Fideicomisos S.A. acts as liquidator and collection manager of the assets under trust, and is accountable to the beneficiary for all monthly amounts obtained as a consequence of the
above-mentioned liquidation and collection.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, Atuel Fideicomisos
S.A. participates as the administration and collection manager of Diagonal Trust
which was created by contract dated January 5, 2001, signed between Mercobank
S.A.  as trustor, BBVA Banco Franc&eacute;s S.A. as trustee and BBVA Banco Franc&eacute;s
S.A. and other financing entities and Seguro de Dep&oacute;sitos S.A. as beneficiaries. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.2. Non-Financial Trusts</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BF acts as trustee in 63
and 53 non-financial trusts for the fiscal years ended at December 31, 2005 and
December 31, 2004, respectively, and in no case being personally liable for the
liabilities assumed in the performance of the contract obligations; such liabilities
will be satisfied with and up to the full amount of the corpus assets and the
proceeds therefrom. The non-financial trusts concerned were set up to secure
the receivables of several creditors (beneficiaries) and the trustee was entrusted
the management, care, preservation and custody of the corpus assets until (i)
the requirements to show the noncompliance with the obligations by the debtor
(settler) vis-&agrave;-vis the beneficiaries are met, moment at which such assets
will be sold and the proceeds therefrom will be distributed (net of expenses)
among all beneficiaries, the remainder (if any) being delivered to the settler,
or (ii) all contract terms and conditions are complied with, in which case all
the corpus assets will be returned to the settler or to whom it may indicate.
The trust assets represent about 4,068 million and 4,135 million as of December
31, 2005 and 2004, respectively, consist of cash, creditors' rights, real estate
and shares.</FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE
      11&#151;CORPORATE BONDS</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Ordinary
    Stockholders&#146; Meeting of former-Banco Franc&eacute;s del R&iacute;o
    de la Plata (former-BFRP) held on September 30, 1994, authorized the creation
    of a five-year program for issuance and reissuance of corporate bonds, nonconvertible
    into shares, for an amount of up to US&#36;500,000,000. </FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On April
    27, 1999, the Ordinary and Extraordinary Stockholders&#146; Meeting decided
    to extend the term of the abovementioned program for five years and authorized
    the issuance of corporate bonds convertible into share of commons stock in
    the amount of up to US&#36;200,000,000 either under the Bank&#146;s program
    or otherwise.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On April
    27, 2000, the Ordinary and Extraordinary Stockholders&#146; Meeting approved
    to increase the outstanding amount under the abovementioned program for up
    to US&#36;1,000,000,000. The increase was authorized by CNV&#146;s Certificate
    No. 268 of July 18, 2000.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-30</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>









<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition,
    the abovementioned Stockholders&#146; Meeting approved the creation of a program for the issuance of non-subordinated short-term corporate notes to be issued under several classes
  and series up to a total amount outstanding at any given time of US&#36;300,000,000; the term of the program is five years, during which corporate notes nonconvertible into shares and unsecured or guaranteed by third parties may be issued for a term
  of up to one year in accordance with the conditions stipulated by the Board of Directors.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On July 15, 2003, an Extraordinary Stockholders&#146; Meeting approved the setting up of a Program for the issuance and re-issuance of ordinary non-convertible Negotiable Obligations with
ordinary guarantee, or such guarantees as may be decided by the Board of Directors, and unsecured Subordinated Negotiable Obligations, convertible or not into shares. During the life of the Program, which will be 5 (five) years, it shall be possible
to issue and re-issue any number of series and/or classes of Negotiable Obligations as long as at all times the maximum amount in circulation after adding together all series and/or classes outstanding under the Program pending redemption does not
exceed at any time US&#36;300,000,000. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following chart reflects corporate bonds in force as of December 31, 2005:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=9% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Global program<br>
amount</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Date of<br>
issuance</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Features</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Face<br>
value</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Currency</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Price of<br>
issue</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Nominal<br>
annual<br>
rate</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Payment of<br>
interest</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=9% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Book balance<br>
   (in thousands)</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Capital<br>
expiration<br>
Date</FONT></B></TD>
  </TR>
<TR>
 <TD width="9%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="8%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="8%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="8%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="8%" align="center"><HR noshade size=1></TD>
 <TD width="2%" align="center"> </TD>
 <TD width="8%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="8%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="8%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="9%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="8%" align="center">
<HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD width=9% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36; 1,000,000,000</FONT> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11/26/2003</FONT> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Non-subordinated</FONT> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">94,503,150</FONT> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36;</FONT> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100</FONT> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Semiannual</FONT> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=9% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">288,871</FONT> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10/31/2008 (2)</FONT> </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Libor plus 150 basis points.</FONT></TD>
</TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Principal shall be amortized in 10 semiannually installments with maturity between April 30 and October 31 each year.</FONT></TD>
</TR>
</TABLE>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to the provisions of the Corporate Bond Law and to the rules of the BCRA, the proceeds from the issuance of corporate bonds are allocated to (i) granting mortgage loans to purchase and
repair housing and personal loans in Argentina; (ii) granting corporate loans in Argentina earmarked for contributions to working capital; investment in physical assets located in Argentina or refinancing liabilities, or (iii) contributing to
working capital, investing in physical assets located in Argentina or refinancing liabilities.</FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE
      12&#151;FUNDING OF THE FINANCIAL AND INSURANCE INSTITUTIONS ASSISTANCE
TRUST FUND (FFAEFS)</FONT></B></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12.1. </FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On
    November 22, 1996, the ex-BCA requested the Board of the FFAEFS for a US&#36;60,000,000
    loan to finance the purchase of certain assets and liabilities to be excluded
    from ex - Banco Caseros S.A. Such request was granted and the respective
    agreement was signed on December 18, 1996. </FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By means
    of such agreement, the Bank undertook to repay the loan seven years after
    disbursement by the FFAEFS on December 20, 1996. On December 22, 2003, the
    Bank cancelled such financing, after its conversion into Argentine pesos
    at the exchange rate of 1 Argentine peso to each dollar and its adjustment
    by CER.</FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12.2. </FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On
    December 22, 1997, Corp Banca (CB) executed with the FFAEFS a loan for consumption
    agreement in the amount of US&#36;30,000,000, to be reimbursed in five annual,
    equal and consecutive installments starting as from the disbursement date.
    The first one would be paid three years after such date. </FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As per
    this agreement, CB issued subordinate corporate bonds with the authorization
    for public offering by the CNV and the authorization to trade on the BCBA
    in the terms and conditions established in the loan for consumption agreement
    and under Communication &#147;A&#148; 2264 of the BCRA for the amount equivalent
    to that effectively loaned under the loan for consumption agreement referred
    to above. By Resolution No. 12,384 of August 28, 1998, the CNV authorized
    the issuance of common, subordinate corporate bonds nonconvertible into shares
    for a face value of US&#36;30,000,000 at an annual nominal rate equal to
    LIBOR plus an annual nominal rate of 4% for the first period and, thereafter,
    LIBOR plus an annual nominal rate of 3% with a minimum of 8,07% per annum,
    due December 29, 2004. </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On December
    29, 2004, the Bank cancelled the last installment of this corporate bonds,
    after its conversion into Argentine pesos at the exchange rate of 1 Argentine
    peso to each US dollar and its adjustment by CER. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-31</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Due to these agreements, the BF may not distribute cash dividends in amounts exceeding 50% of liquid and realized income related to each balance sheet normally prepared. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On January 10, 2003, the Federal Executive published Decree No. 53/03 which amended section 1 subsection j) of Decree No. 410/02, excluding from the conversion into pesos provided for by section
1 of Decree No. 214/02 the &#147;obligation of Public and Private Sector Companies to pay any amount of money in foreign currency owed to the National Government as a result of subsidiary or other loans and guarantees originally financed by
Multilateral Credit Institutions or arising from liabilities owed by the National Treasury and refinanced with external creditors&#148;.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The decision taken by the Managing Committee of the Trust Fund for Reconstruction of Companies at the meeting held on May 28, 2003  stating that only 50% of the aforementioned financing was to be
converted into pesos while the difference was to be maintained in its original currency was notified by note dated June 9, 2003.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank has filed a subsidiary appeal for reversal before a higher administrative authority applying for a change in the aforementioned criterion and has reiterated its position on occasion of
each interest and principal payment. Upon the appeal for reversal being dismissed, the claims were filed with the hierarchical superior officer on March 16, 2004. On May 17, 2004 the grounds for the appeal before the higher administrative authority
were enlarged.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On February 7, 2005, the Bank was notified of Resolution No. 25 dated January 17, 2005 executed by the Argentine Minister of Economy and Production, which dismisses the Hierarchical Remedy
filed.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On May 16, 2005, an administrative
action under section 100 (Decree No. 1759/72, 1991 revision) was filed against
Resolution No. 25 issued by the Ministry of Economy and Production, which  dismissed
the Hierarchical Appeal filed by the Bank. At present, the case is pending determination
by the Federal Executive. Notwithstanding, in May 2005 a liability of 23,176
thousand dollars was recorded under Other Liabilities from Financial  Transactions,
this being the dollar amount owed estimated by the Bank in the filing mentioned
above. This effect should be compensated under the terms of the compensation
mechanism for financial institutions mentioned in Note 15.1., which was also
 recorded for 114,922 in the line Other receivables not covered by debtor classification
regulations under Other receivables from financial transactions (Note 3.5.2.)
and 72,429 for the corresponding liability to be paid to B.C.R.A. At any event,
 the final determination of this issue would not imply additional losses for
the Bank.</FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE
13&#151;COMPLIANCE WITH CNV REQUIREMENTS</FONT></B></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13.1.
      Compliance with the requirements to act as agent in the over-the-counter
      market</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of
    December 31, 2005, the Bank&#146;s Stockholders&#146; Equity exceeds the
    minimum requested to act as agent in the over-the-counter market, according
    to Resolution No. 368/01 of the CNV.</FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13.2.
      Mutual Funds custodian</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of
    December 31, 2005 and 2004, in its capacity of custodian of &#147;FBA Acciones
    Globales&#148;, &#147;FBA Total&#148;, &#147;FBA Renta&#148;, &#147;FBA Renta
    Pesos&#148;, &#147;FBA Renta D&oacute;lares&#148;, &#147;FBA Bonos&#148;, &#147;FBA
    Calificado&#148;, &#147;FBA Ahorro D&oacute;lares&#148;, &#147;FBA Ahorro
    Pesos&#148;, &#147;FBA Renta Fija&#148;, &#147;FBA Renta Premium&#148;, &#147;FBA
    Renta Corto Plazo&#148;, &#147;FBA Europa&#148;, &#147;FBA Horizonte&#148;, "FBA
    Internacional&#148; and &#147;FBA EEUU&#148;, managed by the subsidiary Franc&eacute;s
    Administradora de Inversiones S.A. Gerente de Fondos Comunes de Inversi&oacute;n,
    the Bank holds certificates of deposits, shares, corporate bonds, government
    securities, tax credit certificates and investments financial trust certificates
    in safekeeping in the amount of 777,933 and 423,568 respectively, all of
    which making up the Fund&#146;s portfolio and booked in memorandum accounts &#147;Debit-Control
    - Other&#148;.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-32</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE
      14&#151;RESTRICTIONS ON EARNINGS DISTRIBUTIONS</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As stated in Note 12, the Bank may not distribute as dividends in cash an amount exceeding 50% of liquid and realized income related to each one of the Financial Statements regularly
prepared.</FONT> </TD>
</TR>
<TR><TD colspan=2 valign="top">&nbsp;</TD></TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under BCRA Communication &#147;A&#148; 4152, the distribution of earnings must be previously approved by the BCRA.</FONT> </TD>
</TR>
<TR><TD colspan=2 valign="top">&nbsp;</TD></TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under BCRA Communication &#147;A&#148; 4295, in order to determine the balances to be distributed, the assets booked as Minimum presumed income tax are to be deducted from unappropriated
earnings.</FONT> </TD>
</TR>
<TR><TD colspan=2 valign="top">&nbsp;</TD></TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">d)</FONT></TD>
 <TD width=95% valign="top">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As stated in the Offering Memorandum of the Bank's outstanding corporate bonds, the Bank may pay dividends or other distributions only with ordinary shares.</FONT> </TD>
</TR>
</TABLE>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE 15&#151;ECONOMIC FRAMEWORK AND EVOLUTION OF THE BANK</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On January 14, 2005, the
restructuring process started for a substantial part of Argentina&#146;s sovereign
debt, in default ever since late 2001 (for an approximate amount of US&#36;80
billion).  The process included a significant reduction in the principal owed
as well as reduction in interest rates and extension of payment terms. For this
purpose, the National Government offered three types of bonds in exchange for
the defaulted  securities, whose characteristics were established pursuant to
Decree No. 1735/04. Additionally, the Government has announced that it does not
plan to make payments on debt not submitted to the restructuring process. The
proposal presented  contemplated the issuance of bonds with significant waiting
periods both for the amortization of principal and interest. This will allow
the Government to schedule maturities stepwise and to have financial relief,
as it will thus be able to  adequately honor payments of the debt recently restructured
and to continue to honor the payments already committed in the framework of the
debt restructured during 2002 (primarily the Secured Loans issued by the National
Government) as it has been  doing so far. The swap period came to an end on February
25, 2005. The level of acceptance received by the exchange offer was significant.
On March 18, 2005, the National Government announced the outcome of the exchange,
the degree of acceptance of  which amounted to 76.15%. And this implies that
the Argentine Republic has left the default behind. </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In June
    2005, the National Government consummated the delivery of the exchanged government
    securities. U.S. dollar-denominated Discount Bonds and peso-denominated Discount
Bonds were received, and interest amounts were also paid as scheduled.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Additionally,
    in mid-December, 2005 the Government decided to pay off, in full and prior
    to maturity, its indebtedness to the IMF, applying to such payment the international
    reserves accumulated in the B.C.R.A.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At the
    close of fiscal 2005, BBVA Banco Franc&eacute;s posted income for 117,204,
    with stockholders&#146; equity amounting 1,801,547 and a ROE (average return
    on equity) of 7%. Hand in hand with robust economic growth, reflected in
    a 9% increase in GDP, the Bank successfully implemented a business strategy
    aimed at reconstructing the volume of intermediation in the private sector,
    in turn reflected in 69.4% growth in the aggregate of loans to the private
    sector and 19.4% in total deposits. In line with this objective, the Bank
    kept focused on its core business, consolidating its leading position in
    the market in terms of deposits, growing in terms of total loans to the private
    sector and posting quality levels in its portfolio that are even better than
    those seen prior to the crisis. Additionally, the Bank maintained its strengths
    in transactional businesses carrying out at the same time major improvements
    in the structure of its assets and liabilities, including a decrease in Government
    assets and total settlement of the re-discounts due to illiquidity granted
    by the Central Bank of Argentina during the 2002 crisis (with rate costs
    plus CER adjustment). The substantial increase in profitability achieved
    during 2005 provides a sound basis for the challenge faced by the Bank for
    the future consisting in the expansion of recurring income, which represents
    the Bank's main objective. </FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidation
    in the financial margin, based on higher variation in the CER coefficient
    plus a growing volume of intermediation with its customers, in conjunction
    with high efficiency levels led to sustained growth in the Bank's operating
    income. Such growth in operating income was achieved after offsetting the
    loss derived from the sale of </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government
    assets with the charge resulting from the amortization due to payment of
    the actions for the protection of constitutional rights (&#147;amparo&#148;)
    for this fiscal year.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-33</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the light of the favorable evolution seen in recent years, the Board of Directors of the Bank is optimistic in relation to future operations, specially if the Federal Government were to take
measures to solve the deep imbalance caused by compliance with the constitutional protection actions (judicial injunctions) and to complete the process of compensation to the financial system.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15.1. Asymmetrical conversion into pesos (pesification)</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank received several notes from the BCRA in which it observed certain items and recording criteria that gave rise to the compensation being requested. BF answered those letters expressing
that it had made a reasonable interpretation of current regulations and requesting the BCRA to review the criteria observed.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Subsequently, Resolutions No. 24/04 and 179/04 issued by the Superintendent of Financial and Exchange Institutions, partially accepted the defense presented by the Bank. BF filed two Hierarchical
Remedy with the Superintendence of Financial and Exchange Institutions, requesting the revocation of the abovementioned resolutions in respect of rejected items.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The total effect of the above differences on the compensation amounts to 280,000, approximately. It should be noted that as of December 31, 2004 the Bank has written off assets subject to
objections that were not recognized in connection with the BCRA&#146;s request. This does not imply a waiver of the actions mentioned above. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, as mentioned in Note 12, in May 2005 the compensation to be received in Boden 2012 for US&#36;39,078,010 face value was recorded under Other receivables not covered by debtor
classification &#151; Other receivables from financial transactions.</FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15.2.
Legal actions &#150; Constitutional protection actions</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The measures
    adopted by the Federal Executive Power with respect to the situation of public
    emergency in political, economic, financial and foreign exchange matters
    triggered a number of legal actions brought by individuals and companies
    against the Federal Government, the BCRA and financial institutions, based
    on considering that some of those measures were contrary to their constitutional
    rights.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the
    particular case of foreign-exchange deposits, the first instance courts of
    began to massively order by precautionary measures the partial or total reimbursement
    of such deposits, either in foreign currency or at the free-exchange rate
    at the time of reimbursement, until a final pronouncement is made as to the
    constitutional validity of the conversion into pesos of foreign-currency
    deposits, as set forth by legal regulations of the Federal Executive.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Up to
    the date of these Financial Statements, the Supreme Court has issued a number
    of judgments related to this issue which resolve the subject only in a partial
    and non-definitive manner, as more fully detailed in Exhibit I to these Consolidated
    Financial Statements.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On the
    other hand, in view of the equity loss caused by these measures to the detriment
    of the financial system, and in particular of BF, such loss has been brought
    to the knowledge of the Ministry of Economy and the BCRA, with reserve of
    rights. To this date, the authorities have not ruled a possible compensation
    for the financial system on this matter.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank,
    in conformity with BCRA regulations, has recognized the differences resulting
    from the complience of the above-mentioned judicial pronouncements with respect
    to the provisions of the regulations in force. The above-mentioned assets,
    calculated according to the nominal difference between the free-exchange
    rate of the deposit at the time of payment as against the accounting value
    (the nominal value of the foreign-exchange deposit converted into pesos at
    the rate of 1.40 pesos per dollar plus CER adjustment to that date), are
    being amortized in 60 monthly installments as from April 2003 or as from
    the date of payment, whichever is later.</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December
    31, 2005 and 2004, BF recorded 565,352 and 739,289, respectively, (after
    deduction of accumulated amortization for 554,036 and 335,827 as of December
    31, 2005 and 2004, respectively) under Intangible Assets, Organization and
    Development Expenses account.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-34</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank, however, notifies that such amortization is solely calculated to comply with the regulations of the BCRA and that by no means does it imply a waiver to possible compensation or recovery
of the exchange difference resulting from compliance with court orders corresponding to petitions for protection of civil rights or other court action derived from the mandatory conversion of bank deposits into pesos.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the opinion of the Bank&#146;s Board of Directors and its legal advisors there exists compensation or recovery probabilities for such equity loss.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15.3. Portfolio variation coefficient</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Pursuant to Law No. 25,796 and Decree No. 117/04, the Federal Government established that financial institutions were to be compensated for the damages sustained as a result of the application to
certain bank loans of indexation by salary variation coefficient (CVS) instead of indexation by benchmark stabilization coefficient (CER). The Argentine Central Bank (B.C.R.A.) regulated such procedure through Communication &#147;A&#148; 4114,
whereas the Ministry of Economy and Production, pursuant to Resolution 302/04 clarified the calculation methodology to be used. However, given that the provisions mentioned give rise to doubts as regards implementation and effective compensation, on
May</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6, 2004, the ABA (Asociaci&oacute;n de Bancos de la Argentina) filed with the Ministry of Economy with copy to the Argentine Central Bank, a request for compensation for the difference between
the CER and CVS coefficients applicable to loans according to the provisions of Law No. 25,713, Decree </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">No.</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> 762/02. Said request
was rejected by the Ministry of Economy on July 21, 2004.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As the Bank applied the CVS coefficient to certain loans subject to &#147;pesification&#148;,
on May 18, 2004, it filed with the B.C.R.A., with copy to the Ministry of Economy,
its adhesion to the system of compensation for the difference in coefficients
already mentioned, subject to the calculation methodology that in the opinion
of the Bank was best suited to the spirit of current rules and regulations, a
copy of which was attached to the adhesion filing. Said filing was ratified in
a letter dated October 4, 2004.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On June
    30, 2004, in compliance with the provisions under Communication &#147;A&#148; 4114
    of the B.C.R.A. and Resolution 302/04 of the Ministry of Economy and Production,
    the Bank proceeded to write off the asset representing the nominal difference
    generated by the application of CVS instead of CER and booked an adjustment
    of earnings of prior years for 141,064 (loss). In the Financial Statements
    as of December 31, 2003, presented for comparative purposes, such adjustment
    affected the other receivables account (decrease) for 141,064, other income
    (decrease) for 105,792 and other expense (decrease) for 61,728. Under no
    circumstances does such de-registration mean a waiver of compensation.</FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15.4.
      BCRA advances and rediscounts</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For the
    purpose of covering the decrease in deposits, the Bank obtained, during the
    period March through July 2002, advances from the BCRA at the end of the
    previous fiscal year amounted to (principal, CER and interests) 1,855,115,
    and are included under &#147;Other liabilities from financial transactions &#150; BCRA
    Other&#148;. In guarantee of such assistance, the Bank executed a first-degree
    collateral agreement whereby it encumbered in favor of the BCRA a portion
    of the Bank&#146;s credit rights under the Guaranteed Loan Agreement executed
    on December 7, 2001, pursuant to Federal Executive Decree No. 1387/01 as
    supplemented and amended.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On September
    2, 2005, the Bank cancelled in advance the aggregate balance of rediscounts
    for liquidity purposes granted by the BCRA, then amounting to 1,827,911.
    Consequently, the national secured loans pledged as a security for that assistance
    were released and are available as of the date hereof. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-35</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15.5. Regularization and Reorganization Plan</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Due to the systemic crisis occurred at the end of 2001, the Bank&#146;s Board of Directors decided to implement a plan to strengthen the Bank&#146;s stockholders&acute; equity and liquidity.
Similarly, the BCRA in exercise of its powers requested that the Bank formally submit the above-mentioned plan before that body. The plan was presented on May 31, 2002. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As from July 2002, BF has regularized its liquidity position, fulfilling in this way with the technical regulations required, under this concept, by the BCRA.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">By Resolution No. 354/2003 dated September 4, 2003, the BCRA requested the Bank&#146;s reformulation of the regularization and reorganization plan to consider issues such as the adoption of
measures to increase the Bank&#146;s adjusted stockholders&#146; equity and conforming of technical ratios to those required by Communication &#147;A&#148; 3959 and complementary regulations related to Minimum Capital Requirements in force as from
January 1, 2004. After its joint analysis with the technical divisions of the Bank and the BCRA of the alternatives under treatment, on January 21, 2004, the Bank filed a formal reformulation of the regularization and reorganization plan with the
control authority, thus complying with the requirements established by the mentioned Resolution. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During March 2004, the Bank carried out the actions covered in the plan, included the sale of the subsidiary Banco Franc&eacute;s (Cayman) Limited to BBVA. Therefore, as from April 2004 the Bank
has met the Minimum Capital requirements and other technical ratios established by the BCRA, even without giving effect to the capital increase made in November 2004. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, the Stockholders&#146; Meeting dated April 22, 2004 ordered a capital increase that was fully subscribed and paid in during the month of November 2004.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During June, 2004, as committed in the plan, the repurchase of loans and the sale of Boden 2012 was carried out.</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On February
    25, 2005, the Superintendent of Financial and Exchange Institutions gave
    notice of Resolution No. 46/05 dated February 23, 2005, which regarded the
regularization and reorganization plan presented by the Bank as duly fulfilled.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of
    December 31, 2005, the Bank&#146;s Minimum Capital position, measured on
    an individual basis, was as follows:</FONT></P>
<div align="center">
  <table border=0 width=85% cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Capital
          Requirement (*)</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">816,370</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Computable
          Capital</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">1,714,660</font> </td>
    </tr>
    <tr>
      <td width="90%"></td>
      <td width="2%"></td>
      <td width="8%"><hr noshade size=1>
      </td>
    </tr>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Excess
          over Capital Requirement</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">898,290</font> </td>
    </tr>
    <tr>
      <td width="90%"></td>
      <td width="2%"></td>
      <td width="8%"><hr noshade size=1>
      </td>
    </tr>
  </table>
</div>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(*)</FONT></TD>
    <TD width=95%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">This
        requirement includes 206,530 due to breach of the commitment for pro
        rata sharing of credit risk regulation in connection with balances held
        in correspondents, which occurred during the effectiveness of the reorganization
        plan. Such incremental requirement should have met until January 2006.</FONT> </TD>
  </TR>
</TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-36</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE 16&#151;OTHER REQUIERED DISCLOSURES IN ACCORDANCE WITH THE SEC&acute;S REQUIREMENTS</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.1. Transactions with related parties</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The balances as of December 31, 2005 and 2004, for transactions performed with parents, subsidiaries and affiliates are as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">Balance Sheet </FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">Memorandum Accounts <sup>(1)</sup> </FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">Assets</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">Liabilities</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=52% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Company</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">2005</FONT></B> </TD>
 <TD width=2% align="center"><font size="1">&nbsp;</font> </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">2004</FONT></B> </TD>
 <TD width=2% align="center"><font size="1">&nbsp;</font> </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">2005</FONT></B> </TD>
 <TD width=2% align="center"><font size="1">&nbsp;</font> </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">2004</FONT></B> </TD>
 <TD width=2% align="center"><font size="1">&nbsp;</font> </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">2005</FONT></B> </TD>
 <TD width=2% align="center"><font size="1">&nbsp;</font> </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=2 size=1 BASEFACE="serif" face="serif">2004</FONT></B> </TD>
</TR>
<TR>
 <TD width="52%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD colspan=13>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=52% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA S.A.</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,237</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,985</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">85,350</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">31,951</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=52% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar A.R.T. S.A.</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">180</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">27,999</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,724</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">243,912</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">197, 703</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=52% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA Consolidar Seguros S.A.</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">188</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,381</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,879</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">41,662</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34,506</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=52% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Rombo C&iacute;a. Financiera S.A.</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">72,323</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,934</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">721</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">293</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=52% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Inversora Otar S.A.</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">890</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">95</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">336,391</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">326,004</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=52% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar Salud S.A.</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">840</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Includes Items in safekeeping, Credit lines granted (unused portion) covered by debtor classification regulations and Guaranties given covered by debtor classification regulations.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The net
    income as of December 31, 2005, 2004 and 2003, for transactions performed
with parents, subsidiaries and affiliates are as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Net
          Income <sup>(2)</sup> </FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=center nowrap><hr size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD width=73% nowrap align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003</FONT></B></TD>
  </TR>
  <TR>
    <TD width="73%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=73% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,659</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,404</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,269</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=73% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3,871</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(9,743</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(14,761</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="73%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=73% nowrap align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,788</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(7,339</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(13,492</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="73%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
    <TD width=95% valign="top"> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">All
        the concerted operations have been contracted according with market&acute;s
        conditions.</FONT></TD>
  </TR>
</TABLE>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.2.
      Minimum cash balances and restricted deposit</FONT></B></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In accordance
    with BCRA and foreign central banks&#146; regulations, the Bank is required
    to maintain daily average minimum cash balances for each month in cash, in
    its account with the BCRA, and in accounts with foreign correspondent banks.
    The required daily averages calculated for the month ending on each balance
    sheet date are as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December
          31,</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD width=84% nowrap align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=center> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% nowrap align=center> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
  </TR>
  <TR>
    <TD width="84%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=84% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Peso
        and Foreign Currency Balances</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,449,832</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,505,954</FONT> </TD>
  </TR>
</TABLE>
<p><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.3.</FONT></B>&nbsp;<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest-bearing
      deposits with other banks</FONT></B></p>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a)</FONT></TD>
    <TD width=95%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Included
        in &#147;Cash and Due from Banks&#148; there are: (1) interest-bearing
        deposits with the BCRA totaling 919,932 and 1,177,698 as of December
        31, 2005 and 2004 respectively; (2) interest-bearing deposits in foreign
        banks totaling 5,742 and 31,190 as of December 31, 2005 and 2004, respectively
        and (3) interest-bearing deposits in local banks totaling 2,513 and 927
        as of December 31, 2005 and 2004, respectively.</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT></TD>
    <TD width=95%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Included
        in &#147;Loans&#148; there are: (1) overnight foreign bank interest-bearing
        deposits totaling 9,839 as of December 31, 2005. As of December 31, 2004
        the Entity did not register amounts for this kind of operation.</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c)</FONT></TD>
    <TD width=95%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Included
        in &#147;Other Receivables from Financial Transactions&#148; there are
        other interest-bearing deposits with the BCRA totaling 107,198 and 146,825
        as of December 31, 2005 and 2004, respectively.</FONT></TD>
  </TR>
</TABLE>
<P align="center"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-37</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.4. Government and private securities</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government and private securities held by the Bank at December 31, 2005 and 2004 are as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Holdings in investment accounts</FONT></U></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine Republic External Bills (VEY4D)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">594,593</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">435,104</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">78,384</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine Treasury bills</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">58,169</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,756</FONT> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">435,104</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">742,902</FONT> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Holdings for trading or financial transactions</FONT></U></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Treasury Bills</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,032</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Middle Term Treasury Bonds (BONTE 2002)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,165</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">608,319</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">87,242</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debt Consolidation Bonds - Social Security (BOCON)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">45,238</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,670</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,280</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25,679</FONT> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">664,837</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">128,788</FONT> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Unlisted Government securities</FONT></U></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Secured Bonds (BOGAR 2018)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">451,121</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tax credit certificates</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">41,151</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">630</FONT> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">492,902</FONT> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=84% nowrap align=left> <B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Instruments
            issued by the Argentine Central Bank</FONT></U></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=84% align=left nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine
        Central Bank Bills (LEBAC)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,160,312</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">958,979</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=84% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Argentine
        Central Bank Notes (NOBAC)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,088,526</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">40,584</FONT> </TD>
  </TR>
  <TR>
    <TD width="84%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=84% align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,248,838</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">999,563</FONT> </TD>
  </TR>
  <TR>
    <TD width="84%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=84% nowrap align=left> <B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Investment
            in listed private securities</FONT></U></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=84% align=left nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Shares</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,284</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">40,965</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=84% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Negotiable
        Obligations</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">87,541</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">93,102</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=84% align=left nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Mutual
        Funds</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,925</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">45,145</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=84% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Certificates
        of participation in financial trusts</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,099</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% nowrap align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
  </TR>
  <TR>
    <TD width="84%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=84% align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">155,849</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">179,212</FONT> </TD>
  </TR>
  <TR>
    <TD width="84%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Securities holdings in investment accounts</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The book value and market value of holdings in investment accounts (including those used for forward purchases under repurchase agreements) at December 31, 2005 and 2004, were as
follows:</FONT></P>
<P align="center"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-38</FONT><br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
 <br>
<br>

<TABLE width=95% border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="15" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31, </FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="15" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="36%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
</TR>
<TR valign="bottom">
 <TD width=36% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap><hr size=1 noshade></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap><hr size=1 noshade></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap><hr size=1 noshade></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap><hr size=1 noshade></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD nowrap align=center><hr size=1 noshade></TD>
 <TD nowrap align=center>&nbsp;</TD>
 <TD nowrap align=center><hr size=1 noshade></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap><hr size=1 noshade></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=36% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD nowrap colspan=3 align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Book value</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="3" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Gross unrealized<br>
gains</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="3" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Gross unrealized<br>
losses</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD nowrap colspan=3 align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Market value</FONT></B></TD>
</TR>
<TR>
 <TD width="36%"> </TD>
 <TD width="2%"> </TD>
 <TD colspan=3><HR noshade size=1></TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"><HR noshade size=1></TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"><HR noshade size=1></TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD colspan=3>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=36% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Argentine Republic External Bills (VEY4D)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">594,593</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">403,796</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">190,797</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=36% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Argentine Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">435,104</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">78,384</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%></TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">170,271</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">12,010</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">264,833</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">66,374</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=36% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Argentine Treasury Bills</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">58,169</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">31,621</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">26,548</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=36% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Other Debt Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11,756</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">8,497</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3,259</FONT> </TD>
</TR>
<TR>
 <TD width="36%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%" align="right">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=36% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">435,104</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">742,902</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">170,271</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">455,924</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">264,833</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">286,978</FONT> </TD>
</TR>
<TR>
 <TD width="36%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The book value and the market value of holdings in investment accounts (including those used for forward purchases under repurchase agreements) at December 31, 2005, by contractual maturity were
as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Book value</FONT></B> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Market value</FONT></B> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Past due</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,438</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,317</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Due in one year or less</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">60,897</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">48,167</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Due after one year through five years</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">67,269</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43,279</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Due after five years through ten years</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">276,500</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">144,070</FONT> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">435,104</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">264,833</FONT> </TD>
</TR>
<TR>
 <TD width="84%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005 and 2004, the Bank did not hold government securities classified as &#147;held to maturity&#148; under US GAAP. The government securities classified as &#147;holding in
investment account&#148; under BCRA rules were classified either &#147;available for sale&#148; or &#147;trading&#148; under U.S. GAAP (see Notes 17.5.1. and 17.5.2. ).</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.5. Loans</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A description of certain categories of loans on the accompanying consolidated balance sheets is as follows:</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To government sector: loans to public sector, excluding public financial entities.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To the financial sector: loans to local financial institutions.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To the non financial private sector and residents abroad: loans given to the private sector (excluding local financial institutions) and residents abroad from Argentina.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Overdraft: basically short-term loans to companies and overdraft lines of credit.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Discounted instruments: includes promissory notes, discounted documents and instruments acquired under factoring agreements.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consumer: loans granted to individuals to acquired consumer goods.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Collateral loans (real state mortgage and security agreements): loans secured by privileged guarantees.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credit cards: consists mainly of credit card loans.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-39</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under BCRA rules, the Bank must disclose the type of collateral pledged on loans to non-financial private sector and residents abroad. The classification of the loan portfolio in this regard is
as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B> </TD>
 <TD GUTTER width=1% nowrap align=center>&nbsp; </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=8% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,623,626</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,927,719</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial sector</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">142,307</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">169,509</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Non-financial private sector and residents abroad</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,900,517</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,374,276</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Commercial portfolio</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">With self-liquidating preferred guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">92,092</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">60,604</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">With other preferred guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">44,036</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34,287</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Without preferred guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,293,984</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,310,114</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Consumer portfolio</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">With self-liquidating preferred guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,968</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,322</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">With other preferred guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">439,198</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">411,019</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Without preferred guarantees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,024,239</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">553,930</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD colspan=7>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Less: Difference arising from purchase of portfolio</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(89</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(88</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=78% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Less: Allowances for loan losses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(184,885</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(202,693</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=78% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,481,476</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,268,723</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="78%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Commercial loan: encompasses all financing facilities, other than those not reaching an amount equivalent to 500 with or without preferred guarantees.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consumer loan: encompasses all financing facilities related to consumption (whether personal, professional or family consumption, loans for purchasing of consumer goods and financing credit
cards) or housing loans (for buying, building or refurbishing) and financing (credits and guarantees) of a commercial nature up to an amount equivalent to 500 with or without preferred guarantees.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Self - liquidating preferred&#148; consist mainly of cash guarantees, gold guarantees, warrants over primary products and other forms of collateral of self-liquidation.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Other preferred guarantees&#148; consist, in general, of real estate mortgages and other forms of collateral pledged to secure the loan amount. The entire principal amount of loan is
included under the heading &#147;preferred guarantees&#148; regardless of the current market value of the collateral.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Without preferred guarantees&#148; consist, in general, of unsecured third-party guarantees.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-40</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>










<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank also tracks its loan portfolio by industry segment. At December 31, 2005, the following industry segments represented the loan concentrations:</FONT></P>
<div align="center">
  <table border=0 width=85% cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td width=89% nowrap align=left>&nbsp;</td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=center>&nbsp;</td>
      <td gutter width=1% nowrap align=left>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width=89% nowrap align=center><b><font basesize=1 size=1 baseface="serif" face="serif"><u>Industry Segment</u></font></b></td>
      <td width=2%>&nbsp;</td>
      <td colspan="2" align=center nowrap><b><font basesize=1 size=1 baseface="serif" face="serif">Percentage of<br>
        Total Loans</font></b></td>
    </tr>
    <tr valign="bottom">
      <td nowrap align=left>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align=right><hr size=1 noshade></td>
      <td gutter nowrap align=left><hr size=1 noshade></td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=89% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">Governmental Services</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">53.35</font></td>
      <td width=1% align=left nowrap gutter><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=89% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Consumer</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">15.42</font></td>
      <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=89% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">Other</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">7.23</font></td>
      <td width=1% align=left nowrap gutter><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=89% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Mining Products</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">4.64</font></td>
      <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=89% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">Oil and Carbon</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">4.05</font></td>
      <td width=1% align=left nowrap gutter><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=89% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Agricultural Livestock</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">2.75</font></td>
      <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=89% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">Retail Trade</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">2.30</font></td>
      <td width=1% align=left nowrap gutter><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=89% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Food Stuff</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">2.03</font></td>
      <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=89% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">Financial Sector</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">1.64</font></td>
      <td width=1% align=left nowrap gutter><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=89% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Beverage</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">1.57</font></td>
      <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=89% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">Construction</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">0.92</font></td>
      <td width=1% align=left nowrap gutter><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=89% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Transportation Material</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">0.90</font></td>
      <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=89% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">Wholesale Trade</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">0.90</font></td>
      <td width=1% align=left nowrap gutter><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=89% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Other Manufacturing</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">0.88</font></td>
      <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=89% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">Industrial Metals</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">0.81</font></td>
      <td width=1% align=left nowrap gutter><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=89% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">Leather and Fur Product</font></td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">0.61</font></td>
      <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr>
      <td width="89%"></td>
      <td width="2%"></td>
      <td width="8%"><hr noshade size=1></td>
      <td width="1%" gutter><hr noshade size=1></td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=89% align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font basesize=2 size=2 baseface="serif" face="serif">Total</font></b></td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">100.00</font></td>
      <td width=1% align=left nowrap gutter><font basesize=2 size=2 baseface="serif" face="serif">%</font></td>
    </tr>
    <tr>
      <td width="89%"></td>
      <td width="2%"></td>
      <td width="8%"><hr noshade size=1></td>
      <td width="1%" gutter><hr noshade size=1></td>
    </tr>
  </table>
</div>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Substantially most of Bank&#146;s operations, property and customers are located in Argentina. Therefore, the performance of Bank&#146;s loan portfolio, financial condition and the results of its
operations depend primarily on the macroeconomic and political conditions prevailing in Argentina.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank has significant exposure to the Argentine Federal Government and Provinces in form of secured loans and other debt obligations. Federal and provincial debt represents a significant
portion of Bank&#146;s total risk assets. During 2002, most dollar Public Sector debt with the Financial System was converted into pesos at a rate of 1.4 pesos per dollar, while most dollar Private Sector debt was converted into pesos at a rate of 1
peso per dollar, thus increasing the relative share of Public Sector exposure in the Bank&#146;s assets.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During 2005, certain &#147;related-parties&#148; of the Bank were loan customers of the Bank. As defined under BCRA rules, related-parties include the associated companies in which the Bank has
some sort of important influence (as stated by said rules) and related persons such as any director or member of the Statutory Auditor Committee of the Bank within the previous three years, senior management of the Bank, members of the immediate
families of any such persons, and companies with which they are associated. The historical activity in principal amounts of loans to related-parties during the fiscal year ended December 31, 2005, is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=91% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
  </TR>
<TR>
 <TD width="91%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=91% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance at the beginning of the fiscal year</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,730</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=91% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">New Loans</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">58,411</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=91% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Repayments</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5,488</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR>
 <TD width="91%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=91% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance at the end of the fiscal year</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">83,653</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="91%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=2></TD>
 <TD width="1%" GUTTER>
<HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total loans outstanding to these related parties at December 31, 2005 and 2004 including accrued interest, amounted to 85,604 and 31,358, respectively. Such loans are made in the ordinary course
of business at normal credit terms, including interest rate and collateral requirements, and, in the opinion of management, do not represent more than normal credit risk.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2005 and 2004, approximately 27,690 and 5,587 or 0.32% and 0.06% of the Bank&#146;s portfolio, respectively, consisted of loans to foreign borrowers.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Certain loan customers
of the Bank are under court order or have entered into agreements with the Bank
to satisfy their debt on basis different from the original loan terms. The Bank
eliminates  any differences between the principal and
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">accrued interest due under
the original loan and the new loan amount through a charge to the allowance for
loan losses at the time of the restructuring.</FONT></FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-41</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2005 and 2004, non-performing loans amounted to 93,472 and 105,136, respectively; Past due loans included in the abovementioned amounts reach to 52,874 and 86,933 at December 31,
2005 and 2004, respectively.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.6. Allowance for loan losses</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The activity in the allowance for loan losses for the fiscal years presented is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=67% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Year ended<br>
December 31, 2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Year ended<br>
December 31, 2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Year ended<br>
December 31, 2003</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=right><hr size=1 noshade></TD>
  <TD GUTTER nowrap align=left><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=right><hr size=1 noshade></TD>
  <TD GUTTER nowrap align=left><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=right><hr size=1 noshade></TD>
  <TD GUTTER nowrap align=left><hr size=1 noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance at the beginning of the fiscal year</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">202,693</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">459,573</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,062,512</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=67% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision for loan losses</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">114,220</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">62,509</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">317,993</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Write-offs</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(132,028</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(319,389</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(914,715</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=67% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Monetary gain generated on allowances</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6,217</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR>
 <TD width="67%"></TD>
 <TD width="2%"></TD>
 <TD width="8%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="8%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="8%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=67% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance at the end of the fiscal year</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">184,885</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">202,693</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">459,573</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
</TR>
<TR>
 <TD width="67%"></TD>
 <TD width="2%"></TD>
 <TD width="8%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="8%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="8%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.7. Other receivables from financial transactions</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The composition of other banking receivables by type of guarantee is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=82% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Description</FONT></U></B></TD>
 <TD width=2%>&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
  </TR>
<TR>
 <TD width="82%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=82% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">With preferred guarantees</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">286,185</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">325,668</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=82% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Without preferred guarantees</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">548,363</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">662,369</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=82% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Allowances</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3,098</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12,796</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR>
 <TD width="82%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=82% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">831,450</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">975,241</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="82%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank enters into spot, forward, repurchase agreements and reverse repurchase agreements, to buy or sell foreign currency (principally U.S. dollars) and Government securities. The Bank
recognizes the cash, currency or security amount to be exchanged in the future as a receivable and payable, at the initial transaction date.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-42</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The assets and corresponding liabilities related to such transactions are as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Description</FONT></U></B></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="84%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Forward Purchases and Sales</FONT></B></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Notional&#148; amount of non-deliverable forward purchases</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,982</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,173</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Contra debit derivatives accounts</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,982</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,173</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;Notional&#148; amount of non-deliverable forward sales</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">93,161</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19,361</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Contra debit derivatives accounts</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">93,161</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19,361</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Non-deliverable forward transactions balances pending settlement-Receivables</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">281</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Non-deliverable forward transactions balances pending settlement-Liability</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">150</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Forward sales of government securities</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Forward sales of government securities </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">(1)</FONT></SUP></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Forward sales of securities</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debtors under forward sales of securities</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11</FONT></TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;</TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Repurchase and reverse repurchase agreements with government securities</FONT></B></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debtors under reverse repurchase agreements</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99,762</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">359,341</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Forward sales under reverse repurchase agreements</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">110,680</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">399,074</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">These accounts include the contract amount of the transactions expressed in thousand of Ps. using the closing exchange rate or quoted market value.</FONT></TD>
</TR>
</TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD nowrap align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=61% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Description</FONT></U></B></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=4% align="center">&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD></TD>
 <TD></TD>
 <TD>
<HR noshade size=1></TD>
 <TD></TD>
 <TD>
<HR noshade size=1></TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=61% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Spot transactions with settlement another day</FONT></B></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=61% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unsettled spot securities purchases</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,960</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,841</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=61% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Creditors under unsettled spot securities purchases</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,169</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,270</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=61% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debtors under unsettled spot securities sales</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">38,006</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,483</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=61% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unsettled spot securities sales</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,311</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,831</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=61% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unsettled spot foreign exchange purchases</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,320</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=61% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Creditors under unsettled spot foreign exchange purchases</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,025</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,941</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=61% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debtors under unsettled spot foreign exchange sales</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,286</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">213</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=61% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unsettled spot foreign exchange sales</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,169</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,877</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=61% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unsettled spot Government securities purchases</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,770</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,031</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=61% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Creditors under unsettled spot Government securities purchases</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,971</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,681</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=61% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debtors under unsettled spot Government securities sales</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19,060</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,748</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=61% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Unsettled spot Government securities sales</FONT></TD>
 <TD width=21%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">42,565</FONT></TD>
 <TD width=4%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,269</FONT></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-43</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.8.</FONT></B>&nbsp;<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Premises and equipment and other assets</FONT></B> </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.8.1.</FONT></B> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Premises and equipment</FONT></B></FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The major categories of the Bank&#146;s premises and equipment, and accumulated depreciation related thereto, are presented in the following table:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=6% rowspan="3" align=center nowrap>
    <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Estimated<br>
    useful<br>
    life (years)</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="5" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="5" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Description</FONT></U></B></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=1% align="center">&nbsp;</TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
  </TR>
<TR>
 <TD width="73%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Land and buildings</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">50</FONT></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">448,338</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">451,190</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Furniture and facilities</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10</FONT></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">81,441</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">79,835</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Machinery and equipment</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5</FONT></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">64,742</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59,431</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Vehicles</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5</FONT></TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,921</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,877</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Accumulated depreciation</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(222,645</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(212,944</FONT></TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT></TD>
</TR>
<TR>
 <TD width="73%"></TD>
 <TD width="2%"></TD>
 <TD width="6%"></TD>
 <TD width="1%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
 <TD width=1%>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">375,797</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">381,389</FONT></TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR>
 <TD width="73%"></TD>
 <TD width="2%"></TD>
 <TD width="6%"></TD>
 <TD width="1%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="1%" GUTTER>
<HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation expense was 29,207 and 34,727, at December 31, 2005 and 2004, respectively.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.8.2. Other assets</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other assets consisted of the following at December 31, 2005 and 2004:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=6% rowspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Estimated<br>
useful<br>
life (years)</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Description</FONT></U></B></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="76%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Rent assets</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">50</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,230</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,106</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Works of art</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">983</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">983</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Assets acquired for secure loans</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">50</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,767</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stationery and office supplies</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,610</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">985</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Land and buildings not affected by banking activities</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">50</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">50,398</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71,477</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Vehicles to deliver for leasing</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,025</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">231</FONT></TD>
</TR>
<TR>
 <TD width="76%"></TD>
 <TD width="2%"></TD>
 <TD width="6%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,246</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">95,549</FONT></TD>
</TR>
<TR>
 <TD width="76%"></TD>
 <TD width="2%"></TD>
 <TD width="6%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation expense was 1,344 and 2,100, at December 31, 2005 and 2004, respectively.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.9. Intangible assets</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Goodwill</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The breakdown of goodwill account as of December 31, 2005 and 2004, is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Description</FONT></U></B></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="84%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Goodwill for the purchase of Corp Banca S.A., net of accumulated amortization</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">of 40,835 at December 31, 2005</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25,459</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32,088</FONT></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation expense on goodwill was 6,629 and 6,768 (included 138 for the purchase of FADISA by Atuel Fideicomisos S.A.) at December 31, 2005 and 2004, respectively.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-44</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>


<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Organization and development expenses</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The breakdown of organization and development account as of December 31, 2005 and 2004, is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=76% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=6% rowspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Estimated<br>
    useful<br>
    life (years)</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD width=76% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Description</FONT></B></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD width=6% align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD width=6% align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004<sup>(2)</sup></FONT></B></TD>
</TR>
<TR>
 <TD width="76%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Start-up expenses of Consolidar AFJP</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,687</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">38,365</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Organization and development non &#150; deductible expenses </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></SUP></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">565,352</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">739,289</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Computer software acquisition expenses and computer programs</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">development expenses</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,087</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,568</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other intangible assets</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,751</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">39,504</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=left nowrap>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">629,877</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">818,726</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD nowrap valign=top>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">See Note 15.2.</FONT></TD>
</TR>
<TR>
 <TD nowrap valign=top>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Restated from its original version to apply the adjustments to prior years income to these Consolidated Financial Statements related with Argentine Central Bank regulations (see Note
3.5.18.).</FONT></TD>
</TR>
</TABLE>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The variations in 2005 in intangible asset accounts were as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=8% align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=8% align=center nowrap><hr size=1 noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance at January 1, 2005</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">818,726</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Additions</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,789</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Decreases</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,551</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=90% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Period amortization</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">248,087</FONT></TD>
</TR>
<TR>
 <TD width="90%"></TD>
 <TD width="2%"></TD>
 <TD width="8%">
<HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=90% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance at December 31, 2005</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">629,877</FONT></TD>
</TR>
<TR>
 <TD width="90%"></TD>
 <TD width="2%"></TD>
 <TD width="8%">
<HR noshade size=1></TD>
</TR>
</TABLE>
<p><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.10. Allowances</FONT></B></p>
<p><font size="2" face="serif">Allowances deducted from assets or included in liabilities are as follows:</font></p>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><u>Description</u></FONT></B></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;</TD>
 <TD width=6% nowrap align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="84%"></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
 <TD width="2%"></TD>
 <TD width="6%">
<HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deducted from assets</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For government and private securities </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></SUP></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">323</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">66,419</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For other receivables from financial transactions </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></SUP></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,098</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,796</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For assets subject to financial leasing </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2)</FONT></SUP></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,485</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,188</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For investments in other companies </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3)</FONT></SUP></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,939</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,711</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For other receivables </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4)</FONT></SUP></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">389,149</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">153,825</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=right><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">405,994</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">245,939</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=left><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=left><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Liabilities</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other loss contingencies </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5)</FONT></SUP></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">262,426</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">261,784</FONT></TD>
</TR>
<TR valign="bottom">
 <TD width=84% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Contingent commitments </FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6)</FONT></SUP></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">765</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,914</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=84% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">263,191</FONT></TD>
 <TD width=2%>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">265,698</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD nowrap valign=top>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(1)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Recorded to cover probable impairment risk arising out of government securities and in compliance with the Communication &#147;A&#148; 4084 of the BCRA.</FONT></TD>
</TR>
<TR>
 <TD nowrap valign=top>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Recorded in compliance with the provisions of Communication &#147;A&#148; 2950, as supplemented, of the BCRA, taking into account Note 3.5.5.</FONT></TD>
</TR>
<TR>
 <TD nowrap valign=top>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(3)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Recorded to cover probable impairment risk arising out of investments in other companies.</FONT></TD>
</TR>
<TR>
 <TD nowrap valign=top>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(4)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Recorded to cover probable uncollectibility risks arising out of other receivables principally related with the payments under protection actions on Mutual Funds and deferred tax asset (see Note
5.1.).</FONT></TD>
</TR>
<TR>
 <TD nowrap valign=top>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(5)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Principally includes labor litigation amounting to 17,424 and 15,008 thousand at December 31, 2005 and 2004, respectively and customer and other third-party claims amounting to 245,002 and
246,776 at December 31, 2005 and 2004, respectively. These amounts have been accrued in accordance with BCRA rules, which are substantially similar to SFAS No. 5.</FONT></TD>
</TR>
<TR>
 <TD nowrap valign=top>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(6)</FONT></TD>
 <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Allowance provided in accordance with BCRA rules to cover potential Contingent Commitments risks. These amounts have been accrued in accordance with BCRA rules, which are substantially similar to
SFAS No. 5.</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-45</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>






<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<P>
<B><FONT size=2 face="serif">16.11. Other liabilities from financial transactions &#150; Argentine Central Bank</FONT></B></P>
<P>
<FONT size=2 face="serif">The Bank borrows funds under various credit facilities obtained from the Argentine Central Bank for specific purposes, as follows:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=80% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=3 align=center> <B><FONT size=1 face="serif">December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="80%">
 </TD>
 <TD width="2%">
 </TD>
 <TD colspan=3 align="center">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=80% align=left>
<B><FONT size=1 face="serif">Description</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="80%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
<FONT size=2 face="serif">Short-term liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">22,143</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">266,109</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
<FONT size=2 face="serif">Long-term liabilities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">78,602</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">1,633,114</FONT>
 </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">100,745</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">1,899,223</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">At December 31, 2005 and 2004, accrued interests and other differences included on the above liabilities amounted to 45,735 and 139,440 respectively. During fiscal year 2005, interest rate for this liability was 2% per
annum.</FONT></P>
<P>
<FONT size=2 face="serif">Maturities of the long-term liabilities in the table above for each of the following fiscal years are as follows:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=92% align=left>
<B><FONT size=1 face="serif"><u>Fiscal Year</u></FONT></B> </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=92% align=left>
<FONT size=2 face="serif">2007</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,100</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=92% align=left>
<FONT size=2 face="serif">2008</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,100</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=92% align=left>
<FONT size=2 face="serif">2009</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,100</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=92% align=left>
<FONT size=2 face="serif">2010</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,100</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=92% align=left>
<FONT size=2 face="serif">2011</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,101</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=92% align=left>
<FONT size=2 face="serif">As from 2011</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,101</FONT>
 </TD>
</TR>
<TR>
 <TD width="92%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=92% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">78,602</FONT> </TD>
</TR>
<TR>
 <TD width="92%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
</TABLE><BR>
<P>
<B><FONT size=2 face="serif">16.12. Other liabilities from financial transactions &#150; Banks and international institutions and financing received from financial institutions</FONT></B></P>
<P>
<FONT size=2 face="serif">The Bank borrows funds under different credit arrangements from local and foreign banks and international lending agencies, as follows:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=80% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 face="serif">December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="80%" align="left"> </TD>
 <TD> </TD>
 <TD colspan=3>
<HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD width=80% align=left>
<B><FONT size=1 face="serif"><u>Description</u></FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="80%" align="left"> </TD>
 <TD> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
<FONT size=2 face="serif">Short-term liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Other lines of credit from local and foreign banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">249,626</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">185,940</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
<FONT size=2 face="serif">Total short-term liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">249,626</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">185,940</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
<FONT size=2 face="serif">Long-term liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Other lines of credit from local and foreign banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">53,636</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">69,940</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
<FONT size=2 face="serif">Total long-term liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">53,636</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">69,940</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">303,262</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">255,880</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">Accrued interests included on the above liabilities are 4,024 and 1,765, at December 31, 2005 and 2004 respectively, and are included in the &#147;Interest and listed-price differences accrued payable&#148; account in the
accompanying consolidated balance sheets. Interest rates for long-term liabilities vary from 5.04% to 5.52% per annum.</FONT></P>
<P align="center">
<FONT size=2 face="serif">F-46</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Maturities of the long-term liabilities in the table above for each of the following fiscal years are as follows:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=92% align=left>
<B><FONT size=1 face="serif">Fiscal Year</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=92% align=left>
<FONT size=2 face="serif">2007</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">18,923</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=92% align=left>
<FONT size=2 face="serif">2008</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">23,798</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=92% align=left>
<FONT size=2 face="serif">2009</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,459</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=92% align=left>
<FONT size=2 face="serif">2010</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,456</FONT>
 </TD>
</TR>
<TR>
 <TD width="92%">
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=92% align=left>
<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">53,636</FONT> </TD>
</TR>
<TR>
 <TD width="92%">
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
</TABLE><BR>
<P>
<FONT size=2 face="serif">The funds mentioned under the caption &#147;Long-term liabilities: Other lines of credit from local and foreign banks&#148; are applied mainly to loans to companies involved in foreign trade transactions.</FONT></P>
<B><FONT size=2 face="serif">16.13. Balances in foreign currency</FONT></B><P>
<FONT size=2 face="serif">The balances of assets and liabilities denominated in foreign currency are as follows:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=80% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 face="serif">December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="80%"> </TD>
 <TD> </TD>
 <TD colspan=3>
<HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD width=80% align=left>
<B><FONT size=1 face="serif">Description</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="80%"> </TD>
 <TD> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
<FONT size=2 face="serif">Assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cash and due from Banks</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,027,697</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">609,487</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Government and private securities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">265,080</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">707,237</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">641,172</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">874,829</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other receivables from financial transactions</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">226,298</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">111,542</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Assets subject to financial leasing</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">78</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">85</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments in other companies</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">809</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">794</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other receivables</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">13,569</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">19,067</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Suspense items</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">97</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">284</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">2,174,800</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">2,323,325</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
<FONT size=2 face="serif">Liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deposits</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,285,196</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">820,827</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other liabilities from financial transactions</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">802,090</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">707,837</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,355</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">13,928</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Subordinated Corporate Bonds</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">60,307</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Suspense items</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,793</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">8,717</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">2,102,364</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
      <FONT size=2 face="serif">1,605,692</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 noshade></TD>
</TR>
</TABLE>
<p><b><font size=2 face="serif">16.14.
<b><font size=2 face="serif">Minimum capital requirements</font></b> </font></b></p>
<P>
<FONT size=2 face="serif">Under BCRA regulations, the Bank is required to maintain individual and consolidated minimum levels of equity capital (&#147;minimum capital&#148;). At December 31, 2005 and 2004 the consolidated minimum capital is based
upon risk-weighted assets and also considers interest rate risk and market risk. The required consolidated minimum capital and the consolidated Bank&#146;s capital calculated under the BCRA regulations, are as follows:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=64% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=center>
      <B><FONT size=1 face="serif">Required<br>
      </FONT></B><B><FONT size=1 face="serif">Minimum<br>
    </FONT></B><B><FONT size=1 face="serif">Capital</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=10% align=center>
      <B><FONT size=1 face="serif">Computable<br>
    </FONT></B><B><FONT size=1 face="serif">Capital</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=center>
<B><FONT size=1 face="serif">Excess of actual<br>
Minimum Capital<br>
over Required<br>
Minimum Capital </FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B></TD>
</TR>
<TR>
 <TD width="64%" align="left">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="10%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="10%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="10%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=64% align=left>
<FONT size=2 face="serif">December 31, 2005</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=center>
<FONT size=2 face="serif">868,512</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">1,889,893</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">1,021,381</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=64% align=left>
<FONT size=2 face="serif">December 31, 2004</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=center>
<FONT size=2 face="serif">466,595</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">1,656,396</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=10% align=right>
<FONT size=2 face="serif">1,189,801</FONT>
 </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">The Bank must maintain a surplus of minimum paid-in
capitals amounting to at least Ps.38,440, Ps.40,392 and Ps.37,969 as at December
31, 2005, 2004 and 2003, respectively, equivalent to 0.25% of the amount of values
under  custody for securities representing investments from pension funds, as
well as in connection with its function as registrar of mortgage-backed bonds,
invested in national public securities and other destinations authorized by the
BCRA and guaranteed  in favor of the said Entity.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">F-47</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" valign=top nowrap>
<B><FONT size=2 face="serif">16.15.</FONT></B></TD>
 <TD width="95%">
<B><FONT size=2 face="serif">Earnings per share</FONT></B> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT size=2 face="serif">Earnings per share for the fiscal years ended December 31, 2005, 2004 and 2003, were computed by dividing net income by the weighted-average number of Ordinary Shares outstanding during each fiscal year.</FONT> </TD>
 </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<B><FONT size=2 face="serif">16.16.</FONT></B></TD>
 <TD width="95%">
<B><FONT size=2 face="serif">Employee benefit plans</FONT></B> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT size=2 face="serif">The Bank does not maintain pension plans for its
  employees; nevertheless, since 2005 the Banco Franc&eacute;s Group gives to
  certain executives, with role at corporate level, the possibility to access
  into defined  contribution pension plan that it is subject to SFAS No. 87 and
  132 (revised 2003). This pension plan consists in a percentage calculated over
  determinate recompensing concepts. During the fiscal years ended December 31,
  2005 the Bank has been  accruing initial contributions as hedge for prior years
  by 3,430 and 669 for the 2005. These expenses are included in &#147;Other Expense &#151;
   Charge for uncollectibility of other receivable and other allowances&#148; and &#147;Administrative
  Expenses  &#151; Personal Expenses&#148;, respectively, in the Consolidated Financial
  Statements as of December 31, 2005.</FONT> </TD>
 </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT size=2 face="serif">In addition, the Bank is obligated to pay employer contributions to the National Pension Plan System, determined on the basis of total monthly payroll. These expenses aggregated 31,294, 28,841 and 24,784 for the fiscal
years ended December 31, 2005, 2004 and 2003, respectively, and are included in the &#147;Operating Expenses&#151;Payroll expenses&#148; account in the Consolidated Statements of Income.</FONT> </TD>
 </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
 <TD width="5%" valign=top nowrap>
<B><FONT size=2 face="serif">16.17.</FONT></B></TD>
 <TD width="95%">
<B><FONT size=2 face="serif">Business segment consolidated information</FONT></B> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT size=2 face="serif">FAS No. 131 requires that a public business enterprise report financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial
information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Generally, financial information is required to be reported on the basis that it is used
internally for evaluating segment performance and deciding how to allocate resources to segments.</FONT> </TD>
 </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT size=2 face="serif">The Bank is mainly concentrated on the financial sector, especially through its activities related to banking/financial, pension fund manager and insurance.</FONT> </TD>
 </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD colspan="2">
  <FONT size=2 face="serif">The following information shows total assets, financial income, service charge income and other income, total income, financial expenses, provision for loan losses, operating expenses, other expenses, total expenses, loss
on minority interest in subsidiaries and total net income for each of the business segment identified by the Bank&#146;s management.</FONT> </TD>
 </TR></TABLE>
<P align="center">
<FONT size=2 face="serif">F-48</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align=center nowrap><B><FONT size=1 face="serif">As of December
    31, 2005</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align=center nowrap><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align=center nowrap><B><FONT size=1 face="serif">Banking Financial</FONT></B></TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">BBVA Banco<br>
Franc&eacute;s S.A. </FONT></B><B><SUP><FONT size=1 face="serif">(3)</FONT></SUP></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Credilogros<br>
C&iacute;a.<br>
    </FONT></B><B><FONT size=1 face="serif">Financiera<br>
    </FONT></B><B><FONT size=1 face="serif">S.A.</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">PSA Finance<br>
    </FONT></B><B><FONT size=1 face="serif">S.A.</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Pension Fund<br>
    </FONT></B><B><FONT size=1 face="serif">Manager</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Insurance</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Eliminations</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
<FONT size=2 face="serif">Total assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">13,839,847</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">86,734</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">64,107</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">13,990,688</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">346,858</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,787,736</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(141,534</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">15,983,748</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="16%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
<FONT size=2 face="serif">Financial income</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,412,036</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">27,469</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,093</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,442,598</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">40,067</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">183,627</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(12,140</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,654,152</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left nowrap>
<FONT size=2 face="serif">Service charge income</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
      <font size="2">&nbsp;<FONT face="serif">and other income</FONT></font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">757,620</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">16,267</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">5,965</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">779,852</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">294,071</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">299,133</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(168,038</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,205,018</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
      <FONT size=2 face="serif">Total income </FONT><font size="2"><SUP><FONT face="serif">(1)</FONT></SUP>
   </font></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,169,656</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">43,736</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9,058</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,222,450</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">334,138</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">482,760</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(180,178</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,859,170</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="16%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
<FONT size=2 face="serif">Financial expenses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(617,332</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3,551</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(79</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(620,962</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(124</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">12,140</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(608,949</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left nowrap>
<FONT size=2 face="serif">Allowances for doubtful</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
      <font size="2">&nbsp;<FONT face="serif">loans</FONT></font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(109,265</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(4,970</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(393</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(114,628</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(114,628</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
<FONT size=2 face="serif">Operating expenses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(564,742</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(24,751</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,550</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(592,043</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(141,146</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(44,302</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,656</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(775,835</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
<FONT size=2 face="serif">Other expenses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(791,684</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3,703</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,314</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(796,701</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(175,995</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(419,089</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">166,382</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,225,403</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
      <FONT size=2 face="serif">Total expenses </FONT><font size="2"><SUP><FONT face="serif">(2)</FONT></SUP>
   </font></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2,083,023</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(36,975</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,336</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2,124,334</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(317,265</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(463,394</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">180,178</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2,724,815</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="16%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left nowrap>
<FONT size=2 face="serif">Loss on minority interest</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
      <font size="2">&nbsp;<FONT face="serif">in subsidiaries</FONT></font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,850</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(999</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2,850</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,843</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(6,458</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(17,151</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="16%"><font size="2">&nbsp;</font> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
<FONT size=2 face="serif">Total net income</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">86,632</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,911</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,723</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">95,266</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9,030</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12,908</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">117,204</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="16%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Includes: financial income, service charge income and other income.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Includes: financial expenses, provision for loan losses, service charge expenses, operating expenses, other expenses and income tax.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Includes: Atuel Fideicomisos S.A. and Franc&eacute;s Valores Sociedad de Bolsa S.A.</FONT> </TD>
</TR></TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align=center nowrap><B><FONT size=1 face="serif">As of December
          31, 2004</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align=center nowrap><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align=center nowrap><B><FONT size=1 face="serif">Banking
          Financial</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">BBVA Banco<br>
    Franc&eacute;s S.A. </FONT></B><B><SUP><FONT size=1 face="serif">(3)</FONT></SUP></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Credilogros<br>
    C&iacute;a.<br>
      </FONT></B><B><FONT size=1 face="serif">Financiera<br>
    </FONT></B><B><FONT size=1 face="serif">S.A.</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">PSA Finance<br>
    </FONT></B><B><FONT size=1 face="serif">S.A.</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Pension Fund<br>
    </FONT></B><B><FONT size=1 face="serif">Manager</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Insurance</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Eliminations</FONT></B></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align=center nowrap><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
      <FONT size=2 face="serif">Total assets </FONT><font size="2"><SUP><FONT face="serif">(3)</FONT></SUP>
   </font></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">14,275,608</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">98,603</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">29,119</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">14,403,330</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">311,420</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,545,654</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(218,732</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">16,041,672</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="16%">
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
<FONT size=2 face="serif">Financial income</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">951,586</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">23,915</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,251</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">976,752</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">35,812</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">148,700</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(6,439</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,154,825</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
<FONT size=2 face="serif">Service charge income</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
      <font size="2">&nbsp;<FONT face="serif">and other income <SUP>(3)</SUP></FONT>   </font></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">675,257</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">14,191</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,340</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">690,788</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">245,905</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">514,454</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(136,887</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,314,260</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
      <FONT size=2 face="serif">Total income </FONT><font size="2"><SUP><FONT face="serif">(1)</FONT></SUP>
   </font></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,626,843</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">38,106</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,591</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,667,540</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">281,717</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">663,154</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(143,326</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,469,085</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="16%">
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
<FONT size=2 face="serif">Financial expenses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(461,014</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,727</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(64</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(462,805</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,642</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(352</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">6,439</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(458,360</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left nowrap>
<FONT size=2 face="serif">Allowances for doubtful</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
      <font size="2">&nbsp;<FONT face="serif">loans</FONT></font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(49,464</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2,260</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(278</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(52,002</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(52,002</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
      <FONT size=2 face="serif">Operating expenses </FONT><font size="2"><SUP><FONT face="serif">(3)</FONT></SUP>
   </font></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(474,568</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(26,907</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,018</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(503,493</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(133,296</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(44,143</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,103</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(679,829</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
      <FONT size=2 face="serif">Other expenses </FONT><font size="2"><SUP><FONT face="serif">(3)</FONT></SUP>
   </font></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(719,669</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(5,495</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(383</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(725,547</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(141,392</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(588,884</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">135,784</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,320,039</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left>
      <FONT size=2 face="serif">Total expenses </FONT><font size="2"><SUP><FONT face="serif">(2)</FONT></SUP>
   </font></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,704,715</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(36,389</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,743</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,743,847</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(276,330</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(633,379</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">143,326</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2,510,230</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="16%">
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
<FONT size=2 face="serif">Gain / (loss) on minority</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
      <font size="2">&nbsp;<FONT face="serif">interest in subsidiaries</FONT></font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=16% align=left>
      <font size="2">&nbsp;<FONT face="serif">(3)</FONT></font> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(7</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(779</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">505</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(281</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,484</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(10,136</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(12,901</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="16%"><font size="2">&nbsp;</font> </TD>
 <TD> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=16% align=left nowrap>
<FONT size=2 face="serif">Total net income / (loss)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(77,879</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">938</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">353</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(76,588</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,903</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">19,639</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(54,046</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="16%">
<HR noshade size=1> </TD>
 <TD> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Includes: financial income, service charge income and other income.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Includes: financial expenses, provision for loan losses, service charge expenses, operating expenses, other expenses and income tax.</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Restated from its original versi&oacute;n to apply the adjustments to prior years income to these Consolidated Financial Statements (see Note 3.5.18.).</FONT> </TD>
</TR><TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(4)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Includes: Atuel Fideicomisos S.A. and Franc&eacute;s Valores Sociedad de Bolsa S.A.</FONT> </TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">F-49</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="26" align=center><B><FONT size=1 face="serif">As of December 31, 2003</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="26" align=right><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="14" align=center><B><FONT size=1 face="serif">Banking Financial</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">BBVA Banco<br>
    Franc&eacute;s S.A. <SUP>(4)</SUP></FONT></B></TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">BBVA<br>
    Franc&eacute;s<br>
    (Cayman)<br>
    Ltd.</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Credilogros<br>
    C&iacute;a.<br>
    </FONT></B><B><FONT size=1 face="serif">Financiera<br>
  </FONT></B><B><FONT size=1 face="serif">S.A.</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">PSA Finance<br>
  </FONT></B><B><FONT size=1 face="serif">S.A.</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Pension Fund<br>
  </FONT></B><B><FONT size=1 face="serif">Manager</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Insurance</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Eliminations</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><B><FONT size=1 face="serif">Total</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=18% align=left nowrap>
      <FONT size=2 face="serif">Total assets </FONT><font size="2"><SUP><FONT face="serif">(3)</FONT></SUP>
   </font></TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12,248,072 </FONT> </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=8% align=right><font size=2 face="serif">2,506,379</font></TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">54,992</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">11,846 </FONT> </TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=1% align=right>&nbsp;</TD>
 <TD width=8% align=right><font size=2 face="serif">14,857,289</font></TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">298,830</FONT> </TD>
 <TD width=1% align=left>&nbsp;</TD>
 <TD width=1% align=left>&nbsp;</TD>
 <TD width=8% align=right><font size=2 face="serif">1,332,840</font></TD>
 <TD width=1% align=left>&nbsp;</TD>
 <TD width=1% align=left>&nbsp;</TD>
 <TD width=6% align=right><font size=2 face="serif">(131,120</font></TD>
 <TD width=1% align=left><font size=2 face="serif">)</font></TD>
 <TD width=1% align=left>&nbsp;</TD>
 <TD width=8% align=right><font size=2 face="serif">16,357,839</font></TD>
 <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
 <TD colspan="28">
<HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
 <TD width=18% align=left nowrap>
<FONT size=2 face="serif">Financial income</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,163,181</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">563,068</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">10,628</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">600</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,737,477</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">46,580</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">118,211</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(19,032</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,883,236</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=18% align=left nowrap>
<FONT size=2 face="serif">Service charge income</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=18% align=left>
      <font size="2">&nbsp;<FONT face="serif">and other income <SUP>(3)</SUP></FONT>   </font></TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,094,203</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">89,612</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">22,230</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">147</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,206,192</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">186,902</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">342,025</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(82,995</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,652,124</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=18% align=left>
      <FONT size=2 face="serif">Total income </FONT><font size="2"><SUP><FONT face="serif">(1)</FONT></SUP>
   </font></TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,257,384</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">652,680</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">32,858</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">747</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,943,669</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">233,482</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">460,236</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(102,027</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,535,360</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
  <TD colspan="28">
    <HR noshade size=1>  </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=18% align=left>
<FONT size=2 face="serif">Financial expenses</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,181,831</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(468,884</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(10,540</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,709</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,662,964</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(12,925</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(54,436</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">19,032</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,711,293</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=18% align=left>
<FONT size=2 face="serif">Allowances for doubtful</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=18% align=left>
      <font size="2">&nbsp;<FONT face="serif">loans</FONT></font> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(73,203</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,164</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(139</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(77,506</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(77,506</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=18% align=left>
<FONT size=2 face="serif">Operating expenses</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(539,465</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(6,155</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(23,165</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,713</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(570,498</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(105,906</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(35,655</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">652</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(711,407</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=18% align=left>
      <FONT size=2 face="serif">Other expenses </FONT><font size="2"><SUP><FONT face="serif">(3)</FONT></SUP>
   </font></TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(972,796</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2,985</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(5,114</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(284</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(981,179</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(95,052</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(395,347</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">82,343</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,389,235</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=18% align=left>
      <FONT size=2 face="serif">Total expenses </FONT><font size="2"><SUP><FONT face="serif">(2)</FONT></SUP>
   </font></TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(2,767,295</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(478,024</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(42,983</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(3,845</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3,292,147</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(213,883</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(485,438</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">102,027</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(3,889,441</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD colspan="28">
    <HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
 <TD width=18% align=left>
<FONT size=2 face="serif">Gain / (loss) on minority</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=18% align=left>
      <font size="2">&nbsp;<FONT face="serif">interest in subsidiaries</FONT></font> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=18% align=left>
      <font size="2">&nbsp;<FONT face="serif">(3)</FONT></font> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,027</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">1,812</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,839</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(8,065</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">8,070</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,844</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
  <TD><font size="2">&nbsp;</font> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD><HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD><HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD><HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD><HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD><HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD><HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD><HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD><HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
  <TD>
    <HR noshade size=1>  </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=18% align=left nowrap>
<FONT size=2 face="serif">Net monetary income /</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=18% align=left>
      <font size="2">&nbsp;<FONT face="serif">(loss)</FONT></font> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,548</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(100</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(195</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,253</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(2,099</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(245</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(1,091</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="18%"><font size="2">&nbsp;</font> </TD>
 <TD width="1%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=18% align=left nowrap>
<FONT size=2 face="serif">Total net income / (loss)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(508,363</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">174,656</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(7,198</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(1,481</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(342,386</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">9,435</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(17,377</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=1%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(350,328</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
  <TD colspan="28">
    <HR noshade size=2>  </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Includes: financial income, service charge income and other income.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(2)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Includes: financial expenses, provision for loan losses, service charge expenses, operating expenses, other expenses and income tax.</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(3)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Restated from its original versi&oacute;n to apply the adjustments to prior years income to these Consolidated Financial Statements (see Note 3.5.18.).</FONT></TD>
</TR><TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(4)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Includes: Atuel Fideicomisos S.A. and Franc&eacute;s Valores Sociedad de Bolsa S.A.</FONT></TD>
</TR></TABLE>
<p>
  <FONT size=2 face="serif">The Bank&#146;s reportable segments are strategic business units that offer different products and services. They are managed separately because each segment appeals to different markets and, accordingly, requires different
  technology and marketing strategies.</FONT></p>
<p>
  <FONT size=2 face="serif">The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Bank evaluates performance based on profit or loss from operations before income taxes not
  including nonrecurring gains or losses.</FONT></p>
<p>
  <FONT size=2 face="serif">The Bank does not have a single external private
  customer from whom it derives 10 percent or more of its revenues and operates
  in one geographical area. Nevertheless, as it is mentioned in Note 16.5., the
  Bank has  significant exposure to the Argentine Federal Government and Provinces
  in form of secured loans and other debt obligations. For the years ended December
  31, 2005, 2004 and 2003, the Bank recorded, under BCRA rules, income from secured
  loans (Decree  No. 1387/01), including CER accrual of 805,273, 508,612 and
  441,162, respectively. In addition, for the years ended December 31, 2005,
  2004 and 2003, the Bank recorded net income from government securities of 176,156,
  162,386 and 179,667,  respectively.</FONT></p>
<p>
  <FONT size=2 face="serif">Substantially most of Bank&#146;s operations, property and customers are located in Argentina.</FONT></p>
<P align="center">
<FONT size=2 face="serif">F-50</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<B><FONT size=2 face="serif">16.18. Consolidated income statements and balance sheets</FONT></B>
<p>
  <FONT size=2 face="serif">The presentation of Financial Statements according to Central Bank rules differs significantly from the format required by the US. Securities and Exchange Commission under Rules 9-03 and 9-04 of Regulation S-X
      (&#147;Article 9&#148;). The following Financial Statements have been restated into constant Pesos as explained in Note 3.2. The restatement was made using the adjustment factor arising from the WPI. These Financial Statements were prepared using
  the measurement methods prescribed by the BCRA, but in accordance with the presentation requirements of the US SEC. The income statements presented below discloses the categories required by Article 9:</FONT></p>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=70% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=5 align=center>
<B><FONT size=1 face="serif">Year ended December 31,</FONT></B>
 </TD>
  </TR>
<TR>
 <TD width="70%" height="31">
 </TD>
 <TD width="2%">
 </TD>
 <TD colspan=5 align="center">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2005</FONT></B>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2004</FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>
 </TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2003</FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>
 </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
 <TD width="2%" align="center">
 </TD>
 <TD width="8%" align="center">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
<B><FONT size=2 face="serif">Consolidated Income Statements</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=left>

 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Interest and fees on loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,254,007</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">887,998</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">776,051</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Dividends on investment securities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">214</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Interest on investment securities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,586</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,513</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">90,588</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Trading account interest</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">243,751</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">180,161</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">166,116</FONT>
 </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total interest income</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,501,344</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,071,886</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,032,755</FONT> </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Interest on deposits</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">365,106</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">316,082</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">537,903</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Interest on short-tern borrowings</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">210,300</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">92,835</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">194,140</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Interest on long-term debt</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">891</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">3,856</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,253</FONT>
 </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total interest expense</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">576,297</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">412,773</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">736,296</FONT> </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net interest income</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">925,047</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">659,113</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">296,459</FONT>
 </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Provision for loan losses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">114,628</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">52,002</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">77,506</FONT> </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net interest gain after provision for loan losses</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">810,419</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">607,111</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">218,953</FONT>
 </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Service charges on deposit accounts</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">143,933</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">125,877</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">106,470</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Credit card service charges and fees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">102,050</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">66,837</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">53,303</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Fees on securities activities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">15,598</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9,152</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">7,297</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Other commissions</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">539,462</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">380,792</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">286,664</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Income from investment in equity securities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,870</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">20,029</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,149</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Foreign currency gains net</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">72,407</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">76,943</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
<FONT size=2 face="serif">Minority interest in subsidiaries&#151;gain</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">4,844</FONT> </TD>
  </TR>
<TR valign="bottom">
 <TD width=70% align=left>
<FONT size=2 face="serif">Other</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">480,349</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">716,890</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,190,694</FONT>
 </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total other income</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,356,669</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,396,520</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,651,421</FONT> </TD>
  </TR>
<TR>
 <TD width="70%">
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
 <TD width="2%">
 </TD>
 <TD width="8%">
<HR noshade size=1>
 </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">F-51</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=68% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan=6 align=center>
<B><FONT size=1 face="serif">Year ended December 31,</FONT></B></TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="68%"> </TD>
 <TD width="2%"> </TD>
 <TD colspan=7 align="center">
<HR noshade size=1>   </TD>
  </TR>
<TR valign="bottom">
 <TD width=68% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">2004</FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">2003</FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B></TD>
  </TR>
<TR>
 <TD width="68%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<B><FONT size=2 face="serif">Consolidated Expenses Statements</FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=left> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Commissions</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">52,821</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">33,176</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">33,376</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<FONT size=2 face="serif">Personnel expenses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">397,693</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">329,811</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">299,417</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Fees and external administrative services</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">39,837</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">39,056</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">38,481</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<FONT size=2 face="serif">Depreciation of bank premises and equipment and other fixed assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">30,592</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">36,827</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">54,061</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Business travel and development</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12,961</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,981</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,945</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<FONT size=2 face="serif">Utilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">21,440</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">20,569</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">22,915</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Advertising and promotion</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">39,757</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">27,266</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">19,305</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<FONT size=2 face="serif">Contributions and taxes</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">92,564</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">95,064</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">75,075</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Maintenance and repairs</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">26,157</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">23,656</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">22,654</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<FONT size=2 face="serif">Amortization of Goodwill</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,629</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">6,768</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">9,925</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Provision for loss contingencies</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">422,924</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">351,542</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">574,932</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<FONT size=2 face="serif">Deferred income tax</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">35,401</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Foreign currency loss net</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">65,820</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<FONT size=2 face="serif">Loss on disposal of fixed and other assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">26,402</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12,432</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">10,511</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Minority interest in subsidiaries&#151;loss</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">17,151</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">12,901</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<FONT size=2 face="serif">Loss from effect of inflation on banking assets and liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,015</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">844,244</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">980,529</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">757,637</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="68%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total other expenses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,031,172</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">1,980,578</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">2,031,470</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="68%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
<FONT size=2 face="serif">Income before income tax and tax on minimum presume income expenses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">135,916</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">23,053</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(161,096</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="68%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
<FONT size=2 face="serif">Income tax and tax on minimum presume income expenses (see Note 5.1. and 5.2.)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">18,712</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">77,099</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(189,232</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="68%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net gain / (loss)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">117,204</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(54,046</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(350,328</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="68%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=2> </TD>
 <TD width="1%">
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=2> </TD>
 <TD width="1%">
<HR noshade size=2> </TD>
</TR>
<TR valign="bottom">
 <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net gain / (loss) per Ordinary Share</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">0.25</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(0.14</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% align=right>
<FONT size=2 face="serif">(0.95</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Restated from its original version to apply the adjustments to prior years income to these Consolidated Financial Statements related with Argentine Central Bank regulations (see Note 3.5.18.).</FONT> </TD>
</TR></TABLE>
<p>
  <FONT size=2 face="serif">Certain categories of income and expense maintained by the Bank have been presented in the above Article 9 statement of income in a manner which warrants further discussion:</FONT></p>
<p>
  <FONT size=2 face="serif">- &#147;Foreign currency gain (loss), net&#148;: this item relates primarily to the differences in exchange rates on the Bank&#146;s investments, loans and deposits denominated in foreign currency. The Bank does not
      maintain foreign currency gains or losses in separate categories of assets and liabilities, respectively, and, therefore, since such gains or losses cannot be separately identified by type of activity, &#147;Foreign currency gains, net&#148;, is
  presented as a component of &#147;Non-interest income&#148;.</FONT></p>
<p>
  <FONT size=2 face="serif">Central Bank rules also required certain classifications of assets and liabilities which are different from those required by Article 9. The following balance sheets depicts the Bank&#146;s consolidated balance sheets at
  December 31, 2005 and 2004 as if the Bank followed the balance sheets disclosure requirements under Article 9:</FONT></p>
<P align="center">
<FONT size=2 face="serif">F-52</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<table width=95% border=0 cellspacing=0 cellpadding=0>
  <tr valign="bottom">
    <td width=78% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td colspan=5 align=center> <b><font size=1 face="serif">December
          31,</font></b></td>
  </tr>
  <tr>
    <td width="78%"> </td>
    <td width="2%"> </td>
    <td colspan="5" align="center">
      <hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td colspan="2" align=center> <b><font size=1 face="serif">2005</font></b></td>
    <td width=2% align="center">&nbsp; </td>
    <td colspan="2" align=center> <b><font size=1 face="serif">2004</font><sup><font size=1 face="serif">(1)</font></sup></b></td>
  </tr>
  <tr>
    <td width="78%"> </td>
    <td width="2%"> </td>
    <td width="8%" align="center">
      <hr noshade size=1>    </td>
    <td width="1%" align="center">
      <hr noshade size=1>    </td>
    <td width="2%" align="center"> </td>
    <td width="8%" align="center">
      <hr noshade size=1>    </td>
    <td width="1%">
      <hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <b><font size=2 face="serif">ASSETS</font></b> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=left> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=left> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Cash and due from banks</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">683,267</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">456,802</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Interest bearing deposits
        in other banks</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,035,385</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,356,640</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Unsettled spot purchases</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">35,730</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">34,192</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Debtors under forward
        sales and under reverse repurchase agreements</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">99,768</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">359,341</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Debtors under unsettled
        spot sales</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">58,352</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">21,455</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Trading account assets</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">3,069,207</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,734,046</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Investments securities</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">485,401</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">790,327</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Loans</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">8,666,361</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">9,471,416</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="serif">Allowance
        for loan losses</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">(184,885</font> </td>
    <td width=1% align=left> <font size=2 face="serif">)</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">(202,693</font> </td>
    <td width=1% align=left> <font size=2 face="serif">)</font> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Premises and equipment</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">375,797</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">381,389</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Intangible assets</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">655,336</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">850,814</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Other assets</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,004,029</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">787,943</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr>
    <td width="78%"> </td>
    <td width="2%"> </td>
    <td width="8%">
      <hr noshade size=1>    </td>
    <td width="1%">
      <hr noshade size=1>    </td>
    <td width="2%"> </td>
    <td width="8%">
      <hr noshade size=1>    </td>
    <td width="1%">
      <hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="serif">Total
        assets</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">15,983,748</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">16,041,672</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr>
    <td width="78%"> </td>
    <td width="2%"> </td>
    <td width="8%">
      <hr noshade size=2>    </td>
    <td width="1%">
      <hr noshade size=2>    </td>
    <td width="2%"> </td>
    <td width="8%">
      <hr noshade size=2>    </td>
    <td width="1%">
      <hr noshade size=2>    </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <b><font size=2 face="serif">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</font></b> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=left> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=left> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Interest bearing deposits</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">8,616,985</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">7,674,122</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Non interest bearing
        deposits</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,996,101</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,319,658</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Creditors under forward
        purchases and under reverse repurchase agreements</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">150</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">-</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Creditors under unsettled
        spot purchases</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">26,165</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">31,892</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Forward sales and under
        repurchase agreements</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">110,682</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">399,074</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Unsettled spot sales</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">55,045</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">23,977</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Other short-term borrowings</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">674,997</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">890,571</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Other liabilities</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,872,169</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,596,350</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Long-term debt</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">377,756</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,984,052</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Commitments and contingent
        liabilities</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">263,191</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">265,698</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Minority Interest in
        subsidiaries</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">188,960</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">171,935</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Common Stock</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">471,361</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">471,361</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> <font size=2 face="serif">Non-capitalized contributions</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">175,132</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,195,390</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr valign="bottom">
    <td width=78% align=left> <font size=2 face="serif">Other stockholders&#146; equity</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">1,155,054</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">17,592</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr>
    <td width="78%"> </td>
    <td width="2%"> </td>
    <td width="8%">
      <hr noshade size=1>    </td>
    <td width="1%">
      <hr noshade size=1>    </td>
    <td width="2%"> </td>
    <td width="8%">
      <hr noshade size=1>    </td>
    <td width="1%">
      <hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom" bgcolor="#e0e0e0">
    <td width=78% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="serif">Total
        liabilities and stockholders&#146; equity</font> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">15,983,748</font> </td>
    <td width=1% align=left> </td>
    <td width=2%>&nbsp; </td>
    <td width=8% align=right> <font size=2 face="serif">16,041,672</font> </td>
    <td width=1% align=left> </td>
  </tr>
  <tr>
    <td width="78%"> </td>
    <td width="2%"> </td>
    <td width="8%">
      <hr noshade size=2>    </td>
    <td width="1%">
      <hr noshade size=2>    </td>
    <td width="2%"> </td>
    <td width="8%">
      <hr noshade size=2>    </td>
    <td width="1%">
      <hr noshade size=2>    </td>
  </tr>
</table>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
 <TD width="5%" valign=top>
<FONT size=1 face="serif">(1)</FONT></TD>
 <TD width="95%">
<FONT size=1 face="serif">Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT></TD>
</TR></TABLE>
<p><b><font size=2 face="serif">16.19.
<b><font size=2 face="serif">Off-Balance sheet financial instrument</font></b> </font></b></p>
<p>
  <FONT size=2 face="serif">The Bank enters into various transactions involving off-balance-sheet financial instruments. These instruments could be used to meet the risk management, trading and financing needs of clients or for the Bank&#146;s
      proprietary trading and asset and liability management purposes, and could be subject to varying degrees of credit and market risk. Credit risk and market risk associated with on- and off-balance-sheet financial instruments are monitored on an
  aggregate basis.</FONT></p>
<p>
  <FONT size=2 face="serif">The Bank uses the same credit policies in determining whether to enter or extend call and put option contracts, commitments, conditional obligations and guarantees as it does for granting loans. In the opinion of
  management, the Bank&#146;s outstanding off-balance-sheet items do not represent unusual credit risk.</FONT></p>
<p>
  <B><FONT size=2 face="serif">a) Derivatives</FONT></B></p>
<p>
  <FONT size=2 face="serif">In the normal course of its business, the Bank enters into a variety transactions principally in the foreign exchange and stock markets. The majority of the counterparties in the derivative transactions are banks and other
  financial institutions.</FONT></p>
<P align="center">
<FONT size=2 face="serif">F-53</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<FONT size=2 face="serif">These instruments include:</FONT><UL>
<LI>
<FONT size=2 face="serif">Options: they confer the right on the buyer, but no obligation, to receive or pay a specific quantity of an asset or</FONT> <FONT size=2 face="serif">financial instrument for specified price at or before a specified date.
Options may be exchange traded or Over the</FONT> <FONT size=2 face="serif">Counter (OTC) agreements. The Bank principally buys and sells interest options on an index. As December 31,</FONT> <FONT size=2 face="serif">2004, 2003 and 2002 the bank
does not have outstanding options.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Futures and Forwards: they are agreements to deliver or take delivery of a specified rate, price or index applied</FONT> <FONT size=2 face="serif">against the underlying asset or financial instrument, at a specific date.
Futures are exchange traded at standardized</FONT> <FONT size=2 face="serif">amounts of the underlying asset or financial instrument. Forward contracts are OTC agreements and are principally</FONT> <FONT size=2 face="serif">dealt in by the Bank in
securities/foreign exchange as forward agreements.</FONT></LI>
</UL>
<P>
<FONT size=2 face="serif">Pursuant to BCRA regulations, future and forward transactions must be recorded under &#147;Other Receivables from Financial Transactions&#148; and &#147;Other Liabilities from Financial Transactions&#148; in the
accompanying consolidated balance sheets and they have been valued as mentioned in Note 3.5.9.</FONT></P>
<P>
<FONT size=2 face="serif">The notional contractual amount of these instruments represents the volume of outstanding transactions and does not represent the potential gain or loss associated with the market or credit risk of such transactions. The
market risk of derivatives arises from the potential for changes in value due to fluctuations in market prices. The Bank reduces its exposure to market risk, if necessary, by entering into offsetting transactions in accordance with the global policy
of hedging defined by BBVA for its subsidiaries. The credit risk of derivatives arises from the potential of a counterparty to default on its contractual obligations. The effect of such a default varies as the market value of derivative contracts
changes. Credit exposure exists at a particular point in time when a derivative has a positive market value. The Bank attempts to limit its credit risk by dealing with creditworthy counterparties and obtaining collateral where appropriate. At
December 31, 2004 and 2003, the Bank entered into forward contracts for trading and hedging purposes. The notional amount of outstanding forward contracts as of the mentioned dates, are included in Note 16.7. The following table shows at December
31, 2004 and 2003 the notional value forward transactions divided between hedging and trading (all transactions are due in one year or less):</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><B><FONT size=1 face="serif">December 31, 2005</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="5" align=center><B><FONT size=1 face="serif">December 31, 2004</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Hedging</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Trading</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Hedging</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Trading</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Total</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Forward sales and purchases of foreign</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">exchange</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">138,041</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">138,041</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">47,534</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">47,534</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Forward sales and purchases of government</FONT>
 </TD>
 <TD width=2% align=left>&nbsp;</TD>
 <TD width=6% align=left>&nbsp;</TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">and private securities</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
 </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other forward sales and purchases</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,102</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">2,102</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<B><FONT size=2 face="serif">b) Credit-related financial instruments</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">The Bank&#146;s exposure to credit loss in the event of non-performance by counterparties to commitments to extend credit, guarantees granted and foreign trade acceptances is represented by the contractual notional amount
of those investments.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=84% align=left>
<FONT size=2 face="serif">A summary of credit exposure related to these items is shown below (*):</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 face="serif">December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="84%">
 </TD>
 <TD>
 </TD>
 <TD colspan=3 align="center">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="84%">
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Credit lines granted (unused portion) cover by debtor classification</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">3,827</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>
<FONT size=2 face="serif">272,854</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Foreign trade acceptances and standby letters of credit</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">80,571</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>
<FONT size=2 face="serif">109,704</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Guarantees granted</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">171,084</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>
<FONT size=2 face="serif">219,798</FONT>
 </TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<HR align="left" width="10%" size=1 noshade>
<FONT size=1 face="serif">(*) A significant portion of the Bank&#146;s guarantees
as of December 31, 2005 and 2004, have a remaining maturity of less than one
year.</FONT>
<P align="center">
<FONT size=2 face="serif">F-54</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<P>
<FONT size=2 face="serif">Commitments to extend credit are agreements to lend to a customer at a future date, subject to compliance with contractual terms. Commitments generally have fixed expiration dates or other termination clauses and may
require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent actual future cash requirements for the Bank. The Bank evaluates each
customer&#146;s creditworthiness on a case-by-case basis.</FONT></P>
<P>
<FONT size=2 face="serif">Foreign trade acceptances represent Bank customers&acute; liabilities on outstanding drafts or bills of exchange that have been accepted by the Bank and the Bank&#146;s liability to remit payment upon the presentation of
the accepted drafts or bills of exchange.</FONT></P>
<P>
<FONT size=2 face="serif">The credit risk involved in foreign trade acceptances and guarantees granted is essentially the same as that involved in extending loan facilities to customers. In order to grant guarantees to its customers, the Bank may
require counter guarantees. Such financial instruments are classified, by type of guarantee, as follows:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 face="serif">December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="84%">
 </TD>
 <TD>
 </TD>
 <TD colspan=3>
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="84%">
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Self-liquidating counter guarantees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">13,112</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">96,725</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Preferred counter guarantees</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">74</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">127</FONT>
 </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">The Bank accounts for checks against it and other banks, as well as other items in process of collection, such as notes, bills and miscellaneous items, in memorandum accounts until such time as the related item clears or is
accepted. In the opinion of management, no significant risk of loss exists on these clearing transactions. The amounts of clearing items in process are as follows:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 face="serif">December 31,</FONT></B></TD>
  </TR>
<TR>
 <TD width="84%">
 </TD>
 <TD>
 </TD>
 <TD colspan=3 align="center">
<HR noshade size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=84% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp;
 </TD>
 <TD width=6% align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
</TR>
<TR>
 <TD width="84%">
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
 <TD>
 </TD>
 <TD width="6%">
<HR noshade size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Checks drawn on the Bank pending clearing</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">105,251</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">105,565</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Checks drawn against other Banks</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">134,517</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">173,837</FONT>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Drafts and notes for collection</FONT>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">528,885</FONT>
 </TD>
 <TD width=2% align="right">&nbsp;
 </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">461,424</FONT>
 </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left>
<B><FONT size=2 face="serif">c) Trust activities</FONT></B>
 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
 <TD width=84% align=left> <FONT size=2 face="serif">See Note 10.</FONT></TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
 <TD width=2%>&nbsp;
 </TD>
 <TD width=6% align=left>

 </TD>
</TR>
</TABLE>
<p><b><font size=2 face="serif">16.20.
<b><font size=2 face="serif">Pension Fund Management</font></b> </font></b></p>
<P>
<FONT size=2 face="serif">Consolidar AFJP S.A. manages a pension fund that as of December 31, 2005 and 2004 amounted to 12.8 billion and 10.5 billion, respectively.</FONT></P>
<P>
<B><FONT size=2 face="serif">NOTE 17&#151;SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN THE ARGENTINE CENTRAL BANK RULES AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</FONT></B></P>
<P>
<FONT size=2 face="serif">The following is a description of the significant differences between BCRA rules followed in the preparation of the Bank&#146;s Financial Statements and those applicable in the United States under generally accepted
accounting principles (&#147;US GAAP&#148;). References below to &#147;SFAS&#148; are to United States Statements of Financial Accounting Standards. Pursuant to the BCRA&acute;s rules, the Bank&#146;s Financial Statements recognize the effects of
inflation until August 31, 1995 and since January 1, 2002 to February 28, 2003, as mentioned in Note 3.2. As allowed by the U.S. Securities and Exchange Commission under item 18 of Form 20-F, the effect of inflation accounting under BCRA rules has
not been reversed in the reconciliation to US. GAAP.</FONT></P>
<P align="center">
<FONT size=2 face="serif">F-55</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES<br>
</FONT></B>
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued)<br>
For
the fiscal years ended December 31, 2005, 2004 and 2003<br>
Stated in thousands of
Pesos</FONT></B></P>
<B><FONT size=2 face="serif">17.1. Income taxes</FONT></B><P>
<FONT size=2 face="serif">As explained in Note 5.1. the Bank determined the charge for income tax applying the effective rate to taxable income estimated for each year considering the effect of temporary differences between book and taxable income.
The criteria is in accordance with US GAAP, based on SFAS No. 109, &#147;Accounting for Income Taxes&#148;.</FONT></P>
<P>
<FONT size=2 face="serif">Under SFAS No. 109, deferred tax assets or liabilities are recorded for temporary differences between the financial and tax basis of assets and liabilities. A valuation allowance is provided for the deferred tax assets to
the extent that it is more likely than not that they will not be realized.</FONT></P>
<P>
<FONT size=2 face="serif">The following table accounts for the difference between the actual tax provision and the amounts obtained by applying the statutory income tax rate in Argentina to income before income tax in accordance with US.
GAAP:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=73% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan=8 align=center>
<B><FONT size=1 face="serif">Year ended December 31,</FONT></B> </TD>
  </TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD colspan=7 align="center">
<HR noshade size=1> </TD>
 <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<B><FONT size=1 face="serif"><u>Description</u></FONT></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center>
<B><FONT size=1 face="serif">2003</FONT></B></TD>
  </TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%" align="center">
<HR noshade size=1> </TD>
 <TD width="2%" align="center"> </TD>
 <TD width="6%" align="center">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT size=2 face="serif">Statutory income tax rate</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">35.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">35.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">35.00</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT size=2 face="serif">Income tax (benefit) provision computed at statutory rate</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">623,328</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">514,532</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(114,299</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT size=2 face="serif">Tax exempt income</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(494,422</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(488,239</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(184,919</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT size=2 face="serif">Nondeductible items</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">84,700</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">233,323</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">278,526</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT size=2 face="serif">Other, net</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(30,890</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">22,006</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(60,518</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT size=2 face="serif">Income tax computed in accordance with U.S. GAAP</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">182,716</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">281,622</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(81,210</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT size=2 face="serif">Initial adjustments to net deferred tax assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(77,258</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(218,651</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT size=2 face="serif">Income tax computed in accordance with BCRA rules</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(242,000</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">67,497</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">206,959</FONT> </TD>
 <TD width=1% align=left> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left>
<FONT size=2 face="serif">Adjustments to reconcile income tax (benefit) to US GAAP</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">347,458</FONT> </TD>
 <TD width=1% align=left> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(4,526</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(288,169</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% align=left>
<FONT size=2 face="serif">(Recover) Charge of allowances on deferred tax assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(366,801</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(509,158</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right>
<FONT size=2 face="serif">(104,287</FONT> </TD>
 <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%">
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The tax exempt income adjustment noted above principally
relates to gains generated by equity investment, which were not subject to income
tax (19,758, 61,848 and 64,700 for the year ended December 31, 2005, 2004 and
2003,  respectively), to the exemption established during the public debt swap
transaction mentioned in Note 1.3., by which the income generated by the Guaranteed
Loans received were exempt in the income tax (105,825, 162,104 and 30,955 for
the years  ended December 31, 2005, 2004 and 2003 respectively), the write-off
of the relevant asset generated by the application of the CVS index instead CER
mentioned in Note 15.3. (49,371 for the year ended December 31, 2004) and other
net  effects.</FONT></P>
<FONT size=2 face="serif">The non-deductible items noted above principally relates to:</FONT><UL>
<LI>
<FONT size=2 face="serif">The effect of the conversion into pesos and the adjustment through the CER, over the difference between book</FONT> <FONT size=2 face="serif">value under US GAAP and face value of Federal Government loans carried by the
Bank and domestic subsidiaries</FONT> <FONT size=2 face="serif">which were not deductible from income tax (233,323 and 190,967 for the years ended December 31, 2004 and</FONT> <FONT size=2 face="serif">2003 respectively). For the fiscal year ended
December 31, 2005, this effect results in a tax exempt income of</FONT> <FONT size=2 face="serif">251,375.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">The effects of the inflation, which were not deductible from income taxes (22,635 for the year ended December 31,</FONT> <FONT size=2 face="serif">2003).<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">The allowances booked under BCRA rules (84,700 for
the fiscal years ended December 31, 2005).</FONT></LI>
</UL>
<P>
<FONT size=2 face="serif">Other includes other net effects, and tax exempt income and non-deductible items arising from Consolidated Subsidiaries.</FONT></P>
<P align="center">
<FONT size=2 face="serif">F-56</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>










<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<FONT size=2 face="serif">SFAS No. 109 requires that an allowance for deferred
tax assets is needed when, based on the weight of available evidence, it is more
likely than not that some portion of the deferred tax assets will not be realized.
The valuation allowance should be sufficient to reduce the deferred tax assets
to the amount that is more likely than not to be realized.</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2002, as a result of the deteriorating economic and financial situation in Argentina, a valuation allowance was recorded to reserve for the Bank&#146;s net deferred tax assets
  because management believed that it was more likely than not that these assets would not be recovered and the Bank provided a valuation allowance over its net deferred tax assets position. This situation continued and accordingly, the Bank provided
  a valuation allowance of 1,681,832 in order to fully reserve for its net deferred tax assets as of December 31, 2003.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005 and 2004, a favorable evolution in the Argentine economy has been recorded. Accordingly, the Bank has assessed all available evidence to determine the amount of valuation
allowance needed, including financial and tax projections. As a result, based on the weight of that evidence, the Bank provided a valuation allowance of 805,873 and 1,172,674 as of December 31, 2005 and 2004, respectively. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred tax assets (liabilities) are summarized as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">December 31,</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<B><U><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Description</FONT></U></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003</FONT></B></TD>
  </TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred tax assets:</FONT></U></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government and private securities valuation</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34,437</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">174,330</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">219,506</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">163,042</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">495,515</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loan origination and issuance credit card&#146;s fees</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,241</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,379</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,188</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Property, equipment and miscellaneous assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,962</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Intangible assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">167</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investment in other companies</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">74,297</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other liabilities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,589</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">35,093</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,715</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Allowance for loss contingencies</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">614,194</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">561,120</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">584,540</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Pension and retirement obligations&#146; activities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">72,549</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">68,070</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43,635</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign exchange difference</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,802</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net operating loss</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">766,673</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">914,384</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">474,232</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">575</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,811</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,718,289</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,786,503</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,882,254</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred tax liabilities:</FONT></U></B> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=left>&nbsp; </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government and private securities valuation</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(14,135</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign exchange difference</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,087</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10,134</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Property, equipment and miscellaneous assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,120</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10,178</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Intangible assets</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(599</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4,495</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(252</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(15,821</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12,254</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(14,925</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net deferred tax asset under US GAAP</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,702,468</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,774,249</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,867,329</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net deferred tax asset in accordance with BCRA rules</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">360,000</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">118,000</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">185,497</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Adjustment to reconcile net deferred tax assets / liabilities to US GAAP</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,342,468</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,656,249</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,681,832</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>&nbsp; </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
</TR>
<TR valign="bottom">
 <TD width=73% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Allowances on deferred tax assets in accordance with BCRA rules</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(360,000</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(118,000</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(185,497</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=73% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Adjustment to reconcile Allowances on deferred tax assets to US GAAP</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(805,873</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,172,674</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,681,832</FONT> </TD>
 <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="73%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=2> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=2> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The nature of deferred tax asset or liability of the most significant components are described as follows:</FONT></P>
<ul>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Government and private securities: as mentioned in Note 17.5. all unlisted government and private securities
    and those with non-representative valuation, were adjusted at fair value, thus causing a increase/decrease in their accounting value, which does not comply with the conditions required for them to be tax-deductible in the years ended December 31,
    2005, 2004 and 2003.</FONT><BR>
</li>
</ul>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-57</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>
<ul>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Loans:
    as regards deduction of uncollectible accounts, effective Argentine tax rules
    require the existence of certain uncollectibility indicators defined in the
    Income Tax Law (i.e.: to begin court proceedings or bankruptcy adjudication),
    whereas under accounting criteria uncollectibility charges are recorded on
    the basis of assessing the debtor&#146;s payment capacity. This differing
    principally relates to the accounting registration of the impairment that
    took place in the loans to the provincial governmental sector and to other
    public sector agencies (see Note 17.4.4.), which, as mentioned above, does
    not comply with the indicators required to be tax-deductible, and the difference
    between book value under US GAAP and the face value of Federal Government
    loans received for the sale of Banco Franc&eacute;s (Cayman) Limited (see
    Note 15.5.).</FONT><br>
    <br>
</li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Property, Equipment and miscellaneous assets: under tax criteria, PP&amp;E depreciation is determined on values
        equivalent to the acquisition cost of the respective PP&amp;E items and by the full-year-of-addition depreciation method. Under accounting criteria, depreciation is determined on values equivalent to the acquisition cost restated as explained in
        Note 3.2. and on the basis of the months of useful life elapsed from addition date through valuation date.</FONT><br>
      <br>
      </p>
  </li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Intangible assets: under tax criteria, the amortization of these assets is determined by the
      full-year-of-addition method, whereas accounting criteria contemplate the calculation of amortization on the basis of the months of useful life elapsed from addition through valuation date.</FONT><br>
    <br>
  </li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Investments in other companies: the accounting value of participations in controlled companies is determined by
      applying the equity method. In terms of the Income Tax Law, the results generated by the above-mentioned companies will only be subject to the tax when dividends are collected.</FONT><br>
    <br>
  </li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Other liabilities: deferred assets/liabilities result from differences in the accounting and tax criteria used
      to assess expense accruals such as accrual for dismissals calculation.</FONT><br>
    <br>
  </li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Allowance for loss contingencies: as regards deduction of loss contingencies, effective Argentine tax rules
      require the existence of certain indicators defined in the Income Tax Law (i.e. final judgment), whereas under accounting criteria, loss contingencies charges are recorded on the basis of the estimated amounts necessary to meet contingencies of
      probable occurrence.</FONT><br>
    <br>
  </li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">Foreign exchange difference: In fiscal years ended December 31, 2005, 2004 and 2003, on valuing the assets in
      foreign currency, the bank converted such an amounts at the benchmark exchange rate of the BCRA. The income tax law requires Banco Naci&oacute;n buying exchange rate. On fiscal year ended December 31, 2001, the effect generated by the foreign
      exchange difference resulting from the Argentine peso devaluation booked in the year ended December 31, 2001, according with US GAAP, may be deducted from taxes in the next five fiscal years as from the fiscal year commenced on January 1,
    2002.</FONT></li>
</ul>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005, the Bank (on individual basis) carries accumulated tax loss carry forwards of 766,673 that will mature as follows:</FONT></P>
<div align="center">
  <table border=0 width=70% cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td width=90% nowrap align=left>&nbsp;</td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><b><font basesize=2 size=2 baseface="serif" face="serif">Amount</font></b> </td>
    </tr>
    <tr>
      <td width="90%"></td>
      <td width="2%"></td>
      <td width="8%"><hr noshade size=1>
      </td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=90% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">2006</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">37,314</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">2007</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">482,479</font> </td>
    </tr>
    <tr valign="bottom" bgcolor="#e0e0e0">
      <td width=90% align=left nowrap><font basesize=2 size=2 baseface="serif" face="serif">2008</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% align=right nowrap><font basesize=2 size=2 baseface="serif" face="serif">210,814</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">2009</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">36,066</font> </td>
    </tr>
  </table>
</div>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The adjustments required in order to reconcile assets and liabilities with the US GAAP, as detailed in the following notes, are shown without considering their effect on the income tax. The
effect of reflecting such adjustments on the Bank&#146;s net assets causes them to increase by 536,595 and 483,575 as of December 31, 2005 and 2004, respectively. In addition, income would be increased by 19,343, 513,684 and 392,456 as of December
31, 2005, 2004 and 2003, respectively.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-58</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tax on minimum presumed income</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As mentioned in Note 5.2. as of December 31, 2005, the Bank has recorded an asset for the credit for tax on minimum presumed income. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2003, a valuation allowance was provided to reserve the amount recorded, in view of the deteriorating economic situation in Argentina and the cumulative tax loss for the
preceding years in the Bank. As previously mentioned, several events arose after the closing of the year ended December 31, 2004 that improved the forecast of the Argentine economy and the development of future operations in the bank. Given that the
Bank estimates that it shall have taxable income against which these tax credits shall be offset, the valuation allowance should be reversed in accordance with US GAAP. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Had US GAAP been applied, and as a result of the adjustment to prior years&#146; earnings booked by the Bank under BCRA&acute;s rules, the Banks&#146; assets would be increased by 1,003 as of
December 31, 2004 and would be decreased by 61,639 as of December 31, 2003. On the other hand, the Bank&acute;s net income would be decreased by 1,003 and 66,457 for the years ended December 31, 2005 and 2003 respectively, and would be increased by
62,642 for the year ended December 31, 2004.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005, the Bank (on individual basis) carries accumulated tax on minimum presumed income credits for 118,494 that will mature as follows:</FONT></P>
<div align="center">
  <table border=0 width=70% cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td width=90% nowrap align=left>&nbsp;</td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=center><b><font basesize=2 size=2 baseface="serif" face="serif">Amount</font></b> </td>
    </tr>
    <tr>
      <td width="90%"></td>
      <td width="2%"></td>
      <td width="8%"><hr noshade size=1>
      </td>
    </tr>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">2011</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">17,115</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">2012</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">24,519</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">2013</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">23,997</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">2014</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">24,463</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% nowrap align=left><font basesize=2 size=2 baseface="serif" face="serif">2015</font> </td>
      <td width=2%>&nbsp;</td>
      <td width=8% nowrap align=right><font basesize=2 size=2 baseface="serif" face="serif">28,400</font> </td>
    </tr>
  </table>
</div>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.2. Loan origination and issuance credit card&#146;s fees</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank recognizes fees on credit card products, consumer loans and acceptances when collected and charges direct origination costs when incurred. In accordance with US. GAAP under SFAS No. 91,
loan origination fees and certain direct loan origination costs should be recognized over the life of the related loan as an adjustment of yield.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The effects of adjustments
required to state such amounts in accordance with U.S. GAAP would be decreased
assets by 23,051, 20,781 and 11,083 at December 31, 2005, 2004 and 2003, respectively.
On  the other hand, income for the year ended December 31, 2005 and 2004 would
be decreased by 2,270 and 9,698 and for the year ended December 31, 2003 would
be increased by 19,282.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.3. Intangible assets </FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank amortizes software development expenses (included in organization and development expenses) over their estimated useful life, up to a maximum of 60 months. US. GAAP, in accordance to the
Statement of Position 98-1, requires that part of such expenses be written off to income when incurred, depending on their characteristics.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Pension Fund Manager Superintendency
regulations, the agency overseeing Consolidar AFJP S.A., authorized the capitalization
of disbursements made through September 25, 1994, for &#147;salaries,
advertising, software, agent&#146;s commissions, fees, brochures, forms printing
and leases and rentals&#148;, as the most significant items. Consolidar AFJP
S.A., capitalized expenses incurred in connection with the launch of new activities.
Under US GAAP, the above-mentioned expenses are to be considered as expenses
for the fiscal year in which they are incurred.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The effects
    of adjustments required to state such amounts in accordance with US. GAAP
    would be decreased assets by 16,890, 16,418 and 18,861 at December 31, 2005,
    2004 and 2003, respectively. In addition income would be decreased by 472
    at December 31, 2005 and increased by 2,443 and 40,087 at December 31, 2004
    and 2003, respectively.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-59</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.4. Loan loss reserve</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank provides for losses
on loans generally through specific allocations on a loan-by-loan basis, once
the loan becomes classified in a category which indicates that collectibility
may be  impaired, and also through mandatory general provisions on performing
loans, which serves to cover inherent loan losses for which specific provisions
have not been made (see Note 3.5.5.).</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">U.S GAAP requires that an allowance for loan losses be maintained to cover estimated losses inherent in the loan portfolio. Under this concept, the specific allowances identified for individual
loans or pools of loans are supplemented by an amount provided for inherent loan losses estimated to have been incurred but which are not identified based on individual loan reviews. The amount of inherent loss for loans not specifically provided is
estimated based upon evaluation of historical write-off experience, mix of loans and other factors.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank&#146;s accounting for its loan loss reserve differs in some respects with practices of U.S.-based banks, as discussed below in Notes 17.4.1, 17.4.2, 17.4.3 and 17.4.4.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following table discloses the amounts required by SFAS No. 114, as of December 31, 2005, 2004 and 2003:</FONT></P>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Fiscal year ended December 31, </FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><hr size=1 noshade></TD>
  </TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2005</FONT></B> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2004</FONT></B> </TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD width=6% align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2003</FONT></B> </TD>
</TR>
<TR>
 <TD width="76%"> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="6%">
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Total amount of loans considered as impaired</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">990,854</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,068,695</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,855,435</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amount of loans considered as impaired for</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">which there is a related allowance for</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">credit losses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">990,854</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,068,695</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,820,799</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amount of loans considered as impaired for</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">which there is no related allowance for</FONT></TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=left nowrap>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD width=76% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">credit losses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34,636</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=76% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Reserves allocated to impaired loans</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">297,667</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">363,685</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">753,729</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
 <TD align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Average balance of impaired loans during the fiscal year</FONT> </TD>
 <TD align=left nowrap>&nbsp;</TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,033,864</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,201,999</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,009,021</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under US GAAP, the activity in the allowance for loan losses for the fiscal years presented is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=67% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Year ended<br>
December 31, 2005</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Year ended<br>
December 31, 2004</FONT></B></TD>
 <TD width=2% align="center">&nbsp; </TD>
 <TD colspan="2" align=center nowrap>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Year ended<br>
December 31, 2003</FONT></B></TD>
  </TR>
<TR>
 <TD width="67%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance at the beginning of the fiscal year</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">340,402</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">799,011</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,772,176</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision for loan losses</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">102,251</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,908</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">328,823</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=67% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Charge-offs</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(158,326</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(483,517</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,290,552</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Monetary gain generated on allowances</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11,436</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
</TR>
<TR>
 <TD width="67%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%"><hr size=1 noshade></TD>
 <TD width="1%" GUTTER><hr size=1 noshade></TD>
 <TD width="2%"> </TD>
 <TD width="8%"><hr size=1 noshade></TD>
 <TD width="1%" GUTTER><hr size=1 noshade></TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=67% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance at the end of the fiscal year</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">284,327</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">340,402</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">799,011</FONT> </TD>
 <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
 <TD width="67%"> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
 <TD width="2%"> </TD>
 <TD width="8%">
<HR noshade size=1> </TD>
 <TD width="1%" GUTTER>
<HR noshade size=1> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.4.1. Interest recognition&#151;non accrual loans</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The method applied to recognize income on loans is described in Note 3.5.6.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Additionally, the Bank suspends the accrual of interest generally when the related loan is non-performing and the collection of interest and principal is in doubt. Accrued interest remains on the
Banks books and is considered a part of the loan balance. It allowances in its whole when the Bank determining the reserve for credit losses. U.S. GAAP requires that such accrued interest be charged off to income.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank recognizes interest
income on a cash basis for non-accrual loans. U.S. GAAP requires that if the
collectibility of the principal of the nonaccrual loan is in doubt, cash payments
should be applied to reduce the </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-60</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">principal
    to the extent necessary to remove such doubt. Management believes that the
    effect of this difference in interest recognition is not material to the
Bank&#146;s consolidated income statements taken as a whole.</FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.4.2.
      Impaired loans&#151;Non-Financial Private Sector and residents abroad</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Effective July 1, 1995, the Bank adopted SFAS No. 114, &#147;Accounting by Creditors for Impairment of a Loan&#148; and SFAS No. 118, &#147;Accounting by Creditors for Impairment of a
Loan&#151;Income Recognition and Disclosures&#148; for computing U.S. GAAP adjustments. SFAS No. 114, as amended by SFAS No. 118, requires a creditor to measure impairment of a loan based on the present value of expected future cash flows discounted
at the loan&#146;s effective interest rate, or at the loan&#146;s observable market price or the fair value of the collateral if the loan is collateral dependent. This Statement is applicable to all loans (including those restructured in a troubled
debt restructuring involving a modification of terms), except large groups of smaller-balance homogenous loans that are collectively evaluated for impairment. The Bank considers commercial loans over 500 for individual impairment evaluations. Loans
are considered impaired when, based on management&#146;s evaluation, a borrower will not be able to fulfill its obligation under the original terms of the loan. SFAS No. 118 amends the income recognition provisions that had been included in SFAS No.
114. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Had US GAAP been applied, the Bank&#146;s assets would be increased by 49,569 and 37,601 at December 31, 2005 and 2004 respectively and decreased by 10,830 at December 31, 2003. On the other
hand, the income would be increased by 11,968 and 48,431 at December 31, 2005 and 2004, respectively, and decreased by 10,830 at December 31, 2003.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.4.3. Federal Government Secured Loans</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During the fiscal year ended December 31, 2001, and pursuant to Decrees No. 1387/01 and 1646/01, the Bank and its subsidiaries swapped a portion of their holdings in federal government securities
and/or loans to the federal government sector outstanding as of November 6, 2001, for a nominal value of US&#36;3,291,795 thousands, for Guaranteed Loans amounting to US&#36;3,360,403 thousands.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As provided for in BCRA Communication &#147;A&#148; 3366 and &#147;A&#148; 3385, the initial value of the certificates matched that of the prior book value as of the date of the swap.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2001, the above-mentioned debt swap is subject to the provisions of SFAS No. 115, &#147;Accounting for certain investments in debt securities&#148;. According to SFAS No. 115 a
non-temporary impairment affects the swapped obligations and therefore requires that, in the event of such obligations having been classified as &#147;held to maturity&#148;, a loss be recorded for the difference between the book value of the
obligation so swapped and its quotation at the date of the swap, as such quotation is understood to be the best measure for recognizing the above-mentioned impairment. Once this impairment is recognized in the accounting, the new book value of the
obligations to be swapped will constitute the initial value of the new loans received. As from such date, the Bank considered the mentioned value plus the related CER adjustment accrued.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005, 2004 and 2003 the values calculated as mentioned in the above paragraph were converted into pesos. The income for the years ended December 31, 2004 and 2003 reflects
mainly the interest accretion, allowances recovery recorded under BCRA rules (loss), and the effect of the incorporation of new secured loans (loss). The income for the year ended December 31, 2005 reflects mainly the revenues produced for the sale
of an important part of the stock of these assets effected during the year then ended at market values significantly higher to those recorded in accordance with US GAAP, and by the interest accretion of the loans in stock.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The effects of adjustments
required to state such amounts in accordance with US GAAP would be decreased
assets by 909,500, 1,821,800 and 2,005,492 at December 31, 2005, 2004 and 2003
respectively. On the other hand, the income for the year ended December
31, 2005 and 2004 would be increased by 912,300 and 183,692 and the income for
the years ended December 31, 2003 would be decreased by 288,999. Additionally,
see Note 17.18.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-61</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.4.4.
      Loans&#151;Non-Financial Provincial Governmental Sector and other governmental sector agencies</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As a result of Public Emergency and Exchange System Reform Law and the public debt default, meeting such obligations is based on scant Argentine Treasury resources and the persistent fiscal
deficit of the Federal, Provincial and Municipal Governments, which inevitably led to a significant public indebtedness. Therefore, the Ministry of Economy was empowered to take the actions and deal with the formalities needed to reschedule the
Federal Government&#146;s debt.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Thus, on February 27, 2002, the Federal and Provincial Governments signed an agreement on the financial relationship and basis of a federal tax revenue sharing system which, among other issues,
established that the Provincial Governments may request from Federal Government to renegotiate provincial public debts; such debts could thus be reprogrammed under the guidelines to which the federal governmental debt is subject.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The originally conditions of these assets were modified too under the terms of the &#147;pesification&#148; system. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On December 26, 2002, the
Economy Ministry accepted the offers of conversion of the Provincial Public Debt
into Guaranteed Bonds, implemented in loans and that represented in Government
 Securities. During the second six-month period of 2003, the Bank received the
mentioned securities in swap, i.e. Secured Bonds due in 2018. (see Note 17.5.1.).</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As fully explained in Note
3.5.3., on December 31, 2005, the process of swap of Provincial Development Trust
Fund Corporate Bonds is in the final phase of the restructuring process for which
the  Bank will receive BOGAR 2020.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Considering the issues mentioned above, an impairment does affect such credit facilities and a loss must therefore be recorded according to US GAAP for the difference between their accounting
value and the expected value of their future cash flows.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The effects of adjustments
required to state these amounts in accordance with US GAAP would be decreased
assets by 149,012, 175,310 and 328,608 at December 31, 2005, 2004 and 2003, respectively.
 On the other hand, income for the years ended December 31, 2005, 2004 and 2003
would be increased by 26,298, 153,298 and 381,056 &#151; effect of recovering
of allowances for loans losses of 375,837 and a monetary gain from these allowances
by 5,219  (inflation effect) &#151; , respectively. It should be noted that the
increase in the income for the year ended December 31, 2003 is originated in
the above &#151; mentioned swap (see additionally Note 17.5.2, decreased in the
income for the same  year). </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.5. Government and private securities valuation</FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.5.1. Government securities&#151;Available for sale</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2003 the Bank swapped provincial public debt into Secured Bond due in 2018. The face value of the loans and securities swapped amounted to 1,010,210. At December 31, 2005, as a
result of the Government&#146;s debt restructuring, the Bank received for the defaulted portfolio Dollar denominated Discount bonds amounted to US&#36;26,083, and Peso denominated Discount bonds amounted to Ps.146,818.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">According to US GAAP, the Bank decided to classify Government Securities as available for sale and carried at fair value (market value if available), with unrealized gains and losses reported as
a net amount, net of income tax, within the stockholder&#146;s equity accounts.
However, SFAS No. 115 requires that if the decline in fair value is judged to
be other than temporary, the cost of the security shall be written down to fair
value, and the amount of the write down shall be included in earnings. This valuation
criteria differ from BCRA rules, as described in Note 3.5.2.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Had US
    GAAP been applied, the Bank&#146;s assets would be decreased 173,002, 460,087
    and 821,375 at December 31, 2005, 2004 and 2003, respectively.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On the
    other hand, the income for the year ended December 31, 2005 and 2004 would
    be increased by 383,305 and 167,307 and the income for the year ended December
    31, 2003 would be decreased by 378,462, respectively. </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Additionally,
    see Note 17.18.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The amortized
    cost and fair value of Government Securities available for sale as of December
    31, 2005 are as follows:</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-62</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos<br>
</FONT></B></P>


<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=20% nowrap align=left>&nbsp; </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=18% nowrap align=right>
<B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amortized Cost</FONT></U></B> </TD>
 <TD width=2%>&nbsp;&nbsp; </TD>
 <TD width=18% nowrap align=right>
<B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gross Unrealized Loss</FONT></U></B> </TD>
 <TD width=2%>&nbsp;&nbsp; </TD>
 <TD width=18% nowrap align=right>
<B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fair Value</FONT></U></B> </TD>
 <TD width=2%>&nbsp;&nbsp; </TD>
 <TD width=18% nowrap align=right>
<B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Number of Positions</FONT></U></B> </TD>
</TR>
<TR valign="bottom">
 <TD width=20% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Government Securities</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=18% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">330,316</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=18% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10,194)</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=18% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">320,122</FONT> </TD>
 <TD width=2%>&nbsp; </TD>
 <TD width=18% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3</FONT></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.5.2. Government and private securities&#151;Trading Account</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Under US GAAP, the Bank
classified as trading securities, its holdings booked in investment accounts
under BCRA rules, basically BODEN 2012 and other securities. The Bank carries
these Government  and private securities in accordance with BCRA (see Note 3.5.2.).
Under U.S. GAAP for trading securities, a fair valuation methodology should be
used to value the securities for accounting purposes.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Had US GAAP been applied, the Banks assets would be increased by 4,525 at December 31, 2005 and decreased by 7,922 and 372,245 at December 31, 2004 and 2003, respectively. On the other hand, the
income for the year ended December 31, 2005, 2004 and 2003 would be increased by 12,447, 364,323 and 542,743, respectively. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.6. Gain contingencies</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">I) Constitutional protection actions</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2003, as
described in Note 15.2., the Bank recorded an asset for the difference in nominal
terms between the deposit at the free market exchange rate at the moment of each
 payment compared to the book value of 1.40 pesos per dollar plus CER to that
date. This asset is being amortized in 60 monthly installments as from April
2003.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SFAS No. 5 &#147;Accounting
for Contingencies&#148; requires that contingencies that might result in gains
are not reflected in the accounts since to do so might be to recognize revenue
prior to  its realization. Had U.S. GAAP been applied, the Bank&#146;s assets
would be decreased by 586,534, 739,289 and 811,557 at December 31, 2005, 2004
and 2003, respectively. On the other hand the income for the year ended December
31, 2005 and 2004  would be increased by 152,755 and 72,268, respectively, and
for the year ended December 31, 2003 would be decreased by 416,444.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2003 the
Bank recorded as an asset the difference generated by the CVS coefficient application
instead of the CER. As described in Note 15.3., on June 2004 the Bank wrote off
the  relevant asset and recorded an adjustment to earnings of prior year. This
adjustment has not had impact under U.S. GAAP because this asset was not recognized
under those policies.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">II) Credilogros Compa&ntilde;&iacute;a Financiera S.A.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2002 the subsidiary Credilogros Compa&ntilde;&iacute;a
Financiera S.A. presented different notes to the BCRA and to the Ministry of
Economy requesting the compensation mechanism for financial institutions in consequence
of the negative patrimonial effects generated by the conversion into pesos at
different exchange rates of loans and private debts in foreign currency, as well
as the negative foreign currency net position after the conversion into pesos
as of December 31, 2001, calculated on the basis of certain interpretation which
were different from the existing regulations. In consequence, the Entity has
activated the amounts that would arise from the eventual compensation.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On 31
    December 2003 and because of several adverse instances on the claim referred
    to above, the Entity resolved to desist thereon and booked the claimed amount
    as a result of the fiscal year (loss).</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Had U.S.
    GAAP been applied, the Bank&#146;s income for the year ended December 31,
    2003 would be increased by 6,613.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-63</FONT></P>

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<br>
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<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.7. Investment in other companies </FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At December 31, 2005, 2004 and 2003, the Bank accounted for the investment in the Buenos Aires Stock Exchange at the market value at that date. Under U.S. GAAP, such investments would have been
valued at cost or at a lesser amount where there is an-other-than-temporary impairment in value. Had U.S. GAAP been applied, the Bank&#146;s assets would be decreased by 1,796 at December 31, 2005 and increased by 558 and 1,458 at December 31, 2004
and 2003, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition, there are a number of companies which are under 20% and they were valued by the equity method in accordance with Central Bank rules. Under US GAAP, such investments, which are
non-marketable securities, would have been valued at cost. Had US GAAP been applied, the Bank&#146;s assets would be decreased by 16,970, 13,400 and 10,029 at December 31, 2005, 2004 and 2003, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On the other hand, the income for the years ended December 31, 2005, 2004 and 2003 would be decreased by 5,924, 4,271 and 3,473, respectively, due to the effect of the differences mentioned in
the preceding paragraphs.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.8. Foreign currency translation</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">U.S. GAAP foreign currency translation requirements are covered by SFAS No. 52. A determination of the foreign entity&#146;s functional currency, which is the currency of the primary economic
environment in which it operates, must be made. Depending on the functional currency of the foreign entity, translations of Financial Statements are performed using a combination of current, average and historical exchange rates.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The functional currency of Banco Franc&eacute;s (Cayman) Ltd. is the US&#36;. Under U.S. GAAP its Financial Statements should be translated into Pesos at the current rate for assets and
liabilities and at the average exchange rate for its results of operations.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank, under Central
Bank rules, has translated the assets, liabilities and results amounts of Banco
Franc&eacute;s (Cayman) Ltd. at the applicable fiscal year-end exchange rate
(see Note 3.4)  . Had U.S. GAAP been applied, the Bank&#146;s income for fiscal
year ended December 31, 2003 would be increased by 159,677. The comprehensive
income for that year would be decreased for such amounts.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the fiscal year ended
December 31, 2004, this subsidiary was sold. In consequence, the comprehensive
income at December 31, 2003 was charged to income in the fiscal year ended December
31,  2004 by 143,371. Under U.S. GAAP, the effect of the sale was not material
to the Bank&acute;s Consolidated Income Statement.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.9. Vacation expense</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The cost of vacations earned by employees is generally recorded by the Bank when paid. U.S. GAAP requires that this expense be recorded on an accrual basis as the vacations are earned.</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Had U.S.
    GAAP been applied, the Bank&#146;s liabilities would be increased by 44,829,
    36,073 and 33,586 at December 31, 2005, 2004 and 2003, respectively. In addition,
    the income for the years ended December 31, 2005, 2004 and 2003 would be
decreased by 8,756, 2,487 and 1,512, respectively.</FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.10.
      Items in process of collection</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank
    does not give accounting recognition to checks drawn against the Bank or
    other Banks or other items to be collected, until such time as the related
    item clears or is accepted. Such items are recorded by the Bank in Memorandum
    accounts. U.S. banks, however, account for such items through balance sheet
    clearing accounts at the time the items are presented.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Had U.S.
    GAAP been applied, the Bank&#146;s assets and liabilities would be increased
    by approximately 768,653 and 740,826 at December 31, 2005 and 2004, respectively.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-64</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The same
    effect would be displayed in the Balance Sheet disclosure requirements in
    accordance with Regulation S-X (see Note 16.18. ).</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.11. Forward and unsettled spot transactions</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank enters into forward and unsettled spot contracts for trading purposes.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank accounts for such forward and unsettled spot contracts on a basis different from that required under U.S. GAAP.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For such forward and unsettled spot transactions, the Bank recognizes both a receivable and a payable at the time of the agreement, which reflect the amount of cash, currency or securities to be
exchanged at the closing date. The receivable or payable representing the receipt or delivery of securities or currency is stated at the quoted market value of such securities or currency. In the United States, accounting for forward foreign
exchange contracts and futures contracts are governed by SFAS No. 133, &#147;Accounting for Derivated Instruments and Hedging Activities&#148;(see Note 17.22) . Under this standard, in general entities would not recognize a receivable or payable but
would recognize the differences arising from changes in the market price of securities or currency to be received or delivered if the transaction did not qualify as a hedge.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Had U.S. GAAP been applied, the Bank&#146;s assets and liabilities would be decreased by approximately 84,523 and 53,347 at December 31, 2005 and 2004, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The same effect would be displayed in the Balance Sheet disclosure requirements in accordance with Regulation S-X (see Note 16.18. ).</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.12. Technical Valuation &#150; Inflation adjustments</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A technical revaluation (inflation adjustments) of the Bank&#146;s properties was made in 1981 to eliminate relative price distortions generated by the hyper inflation then prevailing in
Argentina. This revaluation was recorded in the &#147;Adjustments to stockholders&acute; equity&#148; caption. Under BCRA rules, when an asset which had been revalued is sold at a loss, the loss is recorded directly to &#147;Adjustments to
stockholders&acute; equity&#148; to the extent of the original revaluation. Under U.S. GAAP, the technical valuation (inflation adjustments) is considered to be a permanent addition to equity and, accordingly, any loss on the sale of an asset which
was revalued would be reflected in net income. There has been no sale of revalued assets during the fiscal years ended December 31, 2005, 2004 and 2003. Consequently, the balance related to the previously mentioned revaluation included in the
&#147;Adjustments to Stockholders&#146; Equity&#148; caption has not been modified.</FONT></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.13.
Acceptances</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign
    trade acceptances are not recorded on the balance sheet by the Bank. In accordance
    with Regulation S-X, acceptances and related customer liabilities should
    be recorded on the balance sheet. The adjustment required to state the Bank&acute;s
    balance sheets in accordance with Regulation S-X would be to increase assets
    (due from customers on acceptances) and increase liabilities (bank acceptances
    outstanding) by 80,571 and 109,704 at December 31, 2005 and 2004, respectively.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The same
    effect would be displayed in the Balance Sheet disclosure requirements in
    accordance with Regulation S-X (see Note 16.18.).</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-65</FONT></P>

<br>
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<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>


<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.14.
      Variable&#151;income investments</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar Group has variable-income investments. Under BCRA rules, these investments were valued at their face value plus the respective agreed-upon yield accrued through the fiscal year-end
and, where applicable, translated at the exchange rate effective as of that date.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">US GAAP require that fair value for such investments be determined by means of mathematical models such as Black-Scholes.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the opinion of Bank&#146;s management, the effect of such adjustment is not material at December 31, 2005, 2004 and 2003. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.15. Pension and retirement obligations&#146; activities</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As indicted in Note 16.20. , at December 31, 2005 and 2004, the subsidiary Consolidar AFJP S.A. manages a retirement and pension plan for an amount of 12.8 and 10.5 billion pesos,
respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">During  the period ended December 31, 2005, the Bank performed a review and recalculation for its pension and retirement obligations&#146; activities, as well as the amounts considered to recover
for any future compensation, consequently, the Bank reconsidered the amounts previously recorded under US GAAP for such obligations.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As a result of such review, the stockholders&#146; equity and consolidated net income in accordance with accounting principles generally accepted in the United States of America have been
restated for the year ended December 31, 2004 and 2003. Therefore, the stockholders&#146; equity for the periods ended December 31, 2004 and 2003 has been reduced in 172,930 and 124,670, respectively, and net income has been reduced in 48,260 and
124,670, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Additionally, for the period ended December 31, 2005 if U.S. GAAP had been applied, the stockholders&#146; equity would be decreased by 209,039 and net income would have been reduced by
36,109.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.16. Fair Value of Financial Instruments</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In December 1991, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 107, &#147;Disclosures about Fair Value of Financial Instruments&#148;
 (SFAS No. 107). This pronouncement became effective for fiscal years ended after December 15, 1992 and requires disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, for which it is
practicable to estimate fair value.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SFAS No. 107 defines a financial instrument as cash, evidence of an ownership in an entity, or a contract that both conveys or imposes on an entity the contractual right or obligation to either
receive or deliver cash or another financial </FONT></P>
<P><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">instrument. Fair value
    is defined as the amount at which a financial instrument could be exchanged
    in a current transaction between willing parties, other than in a forced
    sale or liquidation, and is best evidenced by a quoted market price, if one
    exists.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In cases
    where quoted market prices are not available, fair value estimation are based
    on the quoted market price of a financial instrument with similar characteristics,
    the present value of expected future cash flow, or other valuation techniques,
    all of which are significantly affected by the assumptions used. Although
    management uses its best judgment in estimating the fair value of these financial
    instruments, there are inherent weaknesses in any estimation technique. As
    a result, the fair value may not be indicative of the net realizable or liquidation
    value. Furthermore, minor changes in the assumptions used could have a significant
    impact on the resulting estimated fair values.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In addition,
    disclosure of fair values is not required for non-financial assets and liabilities
    such as property and equipment, sundry assets and intangible assets and anticipated
    future business. As a result, the following fair values do not reflect the
    underlying value of the Bank.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-66</FONT></P>


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<br>


<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) </FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
        </TD>
</TR>
</TABLE>

<P><FONT size=2 face="serif">A significant portion of the Bank&#146;s assets and liabilities are in short-term financial instruments, with a remaining maturity of under one year, and/or with variable rates. These short-term and variable-rate financial
  instruments are considered to have a fair value equivalent to their carrying value at the balance sheet date.</FONT></P>
<P>
<FONT size=2 face="serif">For financial instruments with remaining maturity over one year and with fixed-rates, and therefore not included above, the following methods and assumptions were used to estimate their fair value:</FONT></P>
<B><FONT size=2 face="serif">Government and private securities</FONT></B><UL>
<LI>
<FONT size=2 face="serif">Listed&#151;Investment accounts: fair value for these securities is based upon quoted market prices (if available) at December 31, 2005 and 2004.</FONT><br>
<br>
</LI>
<LI>
<FONT size=2 face="serif">Unlisted government securities: fair value for these securities was taken to be equal to the present value of future cash flows discounted at the average year-end market interest rates for
securities of similar interest rate, credit risk</FONT> <FONT size=2 face="serif">and maturity.</FONT></LI>
</UL>
<B><FONT size=2 face="serif">Loans and assets subject to financial leasing</FONT></B><P>
<FONT size=2 face="serif">Fair value is estimated by discounting future cash flows using the current rates at which loans would be made to borrowers with similar credit ratings and for the same remaining maturities, considering the contractual terms
in effect as of December 31, 2005 and 2004.</FONT></P>
<B><FONT size=2 face="serif">Other receivables from financial transactions</FONT></B><UL>
<LI>
<FONT size=2 face="serif">Forward purchases of Government securities under repurchase agreements with holdings in investment accounts:</FONT> <FONT size=2 face="serif">fair value for these receivables were based upon quoted market prices (if
available) at December 31, 2005 and</FONT> <FONT size=2 face="serif">2004 of the securities to be received after the fiscal year-end.</FONT><br>
<br>
</LI>
<LI>
<FONT size=2 face="serif">Unlisted corporate bonds: fair value for these securities was taken to be equal to the present value of future cash</FONT> <FONT size=2 face="serif">flows discounted at the average year-end market interest rates for
securities of similar interest rate, credit risk and</FONT> <FONT size=2 face="serif">maturity.</FONT></LI>
</UL>
<B><FONT size=2 face="serif">Deposits</FONT></B><P>
<FONT size=2 face="serif">As a significant portion of the Bank&#146;s deposits as of December 31, 2005 and 2004 (almost 99% considering the contractual terms in effect as of such date) have a remaining maturity of under one year, they were
considered to have a fair value equivalent to their carrying value at the balance sheet date.</FONT></P>
<P><FONT size=2 face="serif"><B><FONT size=2 face="serif">Advances requested
from the BCRA</FONT></B></FONT></P>
<P> <FONT size=2 face="serif">As from December 31, 2004 fair value is estimated
    by discounting future cash flows of the Federal Government Guaranteed Loans&#151;Decree
    No. 1387/01, given in guarantee to the BCRA.</FONT></P>
<B><FONT size=2 face="serif">Subordinated corporate bonds</FONT></B>
<P> <FONT size=2 face="serif">As of December 31, 2005 and 2004, non-subordinated
    and subordinated corporate bonds have a remaining maturity of under one year
    and/or with variable rates, they were considered to have a fair value equivalent
    to their carrying value at the balance sheet date.</FONT></P>
<B><FONT size=2 face="serif">Off-Balance sheet</FONT></B>
<P> <FONT size=2 face="serif">Commitments to extend credit, standby letter of
    credit, guarantees granted and foreign trade acceptances (see Note 16.19.).</FONT></P>
<P align="center">
<FONT size=2 face="serif">F-67</FONT></P>


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<br>
<br>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) </FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
        </TD>
</TR>
</TABLE>


<P><FONT size=2 face="serif">It is estimated that the differential, if any, between the fee charged, which is equivalent to the carrying amount, by the Bank for these transactions and the average December 31, 2005 and 2004 market fee would not give
  rise to a material variance from the carrying amount.</FONT></P>
<P>
<FONT size=2 face="serif">The following is a summary of carrying amounts and estimated fair values of financial instruments at December 31, 2005 and 2004:</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=58% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="7" align=center>
          <B></B>
          <B><font size=1 face="serif">December 31,</font></B>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=58% align=left></TD>
     <TD>&nbsp;</TD>
     <TD width=8% align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD width=8% align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD width=8% align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD width=8% align=center><HR noshade size=1></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD colspan="3" align=center><b><font size=1 face="serif">2005 </font></b></TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="3" align=center><b><font size=1 face="serif">2004</font></b><b><sup><font size=1 face="serif"> (3)</font></sup></b></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">Carrying<br>
Amount</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">Estimated<br>
Fair Value</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">Carrying<br>
Amount</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">Estimated<br>
Fair Value</FONT></B>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="58%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Financial assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cash and due from banks</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,611,506</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,611,506</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,666,617</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,666,617</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Government and private securities </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,504,311</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,309,544</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,476,948</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,999,718</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Loans </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,481,476</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,349,742</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,268,723</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,182,892</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other receivables from financial transactions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">831,450</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">831,450</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">975,241</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">971,853</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Assets subject to financial leasing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">130,165</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">130,165</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">58,576</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">58,576</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments in other companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">50,297</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">50,297</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47,425</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47,425</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="58%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,609,205</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,282,704</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,493,530</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,927,081</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="58%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
<FONT size=2 face="serif">Financial liabilities</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=left>        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deposits</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10,613,086</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10,613,086</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,993,780</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,993,780</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other liabilities from financial transactions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,244,795</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,244,569</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,274,387</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,080,458</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Subordinated Corporate Bonds</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">60,307</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">68,077</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="58%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,857,881</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,857,655</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,328,474</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,142,315</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="58%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="5%" valign=top>
<FONT size=1 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=1 face="serif">Includes the effect described in Note 17.5.</FONT>    </TD>
</TR><TR>
        <TD width="5%" valign=top>
<FONT size=1 face="serif">(2)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=1 face="serif">Includes the effects described in Notes 17.4.2., 17.4.3. and 17.4.4.</FONT>   </TD>
</TR><TR>
        <TD width="5%" valign=top>
<FONT size=1 face="serif">(3)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=1 face="serif">Restated from its original version to apply the adjustments to prior years income to these Consolidated Financial Statements related with Argentine Central Bank regulations (see Note 3.5.18.).</FONT>       </TD>
</TR></TABLE>
<P>
<B><FONT size=2 face="serif">17.17. Goodwill</FONT></B></P>
<UL>
<LI>
<FONT size=2 face="serif">On May 4, 1998, the General and Special Stockholder&#146;s
Meeting approved (to be effective on April 30, 1998) the</FONT> <FONT size=2 face="serif">reversal
of the shares issuance premium in the amount of 428,661 related  to the capital
increase with nominal value</FONT> <FONT size=2 face="serif">25,000 thousand
paid in on December 19, 1997, and bearing up to 428,661 of the Business Goodwill
from the</FONT> <FONT size=2 face="serif">acquisition of 71.754% of the
capital stock of Banco de Cr&eacute;dito Argentino S.A. The mentioned reversal
is not</FONT> <FONT size=2 face="serif">allowed in accordance with US. GAAP.
Under U.S. GAAP, the Bank should recognize the issuance premium under</FONT> <FONT size=2
face="serif">&#147;Issuance premiums&#148; and capitalize the related amount
under Intangible Assets.</FONT></LI>
</UL>
<blockquote>
  <p><FONT size=2 face="serif">The effect of adjustments required to state such
      amounts in accordance with US GAAP would be increased assets by 254,882
      at December 31, 2005, 2004 and 2003.</FONT></p>
</blockquote>
<UL>
  <LI> <FONT size=2 face="serif">On May 13, 1999, BBVA (majority owner of BF)
      acquired CB and Atuel Fideicomisos S.A. and on September,</FONT> <FONT size=2 face="serif">13,
      1999, BBVA sold its interests in both companies to BF. For the difference
      between the definitive price of the</FONT> <FONT size=2 face="serif">transaction
      and the incorporation value of both companies, the Bank recognized a goodwill
      and amortized it in</FONT> <FONT size=2 face="serif">proportion to the
      months of estimated useful life (120 month-period). Under US GAAP, the
      Bank would be</FONT> <FONT size=2 face="serif">required to account for
      the acquisition of the mentioned companies at BBVA&#146;s book balance.
      Had US GAAP been</FONT> <FONT size=2 face="serif">applied, the Bank&#146;s
      assets would be increased by 29,236, 22,607 and 15,977 thousand at December
      31, 2005, 2004</FONT> <FONT size=2 face="serif">and 2003, respectively.
      Additionally, the income would be increased by 6,629, 6,630 and 6,628 for
      the years ended</FONT> <FONT size=2 face="serif">December 31, 2005, 2004
      and 2003.</FONT><br>
            <br>
  </LI>
  <LI> <FONT size=2 face="serif">SFAS No. 142 requires, effective January 1,
      2002, that goodwill are no longer amortized, but is subject to</FONT> <FONT size=2 face="serif">impairment
      test annually or more frequently if events or changes in circumstances
      indicate that the asset may be</FONT> <FONT size=2 face="serif">impaired.
      In 2001 the Bank had recognized an impairment loss and wrote off the entire
      balance of the US GAAP</FONT> <FONT size=2 face="serif">goodwill. Had US
      GAAP been applied, the Bank&#146;s assets would be decreased by 309,577
      as of December 31, </FONT></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">F-68</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B><B><FONT face="serif" size=2>&#151;(Continued) </FONT></B>
         </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
        </TD>
</TR>
</TABLE>
<blockquote>
  <p>&nbsp;</p>
  <p><FONT size=2 face="serif">2005, 2004 and 2003 respectively. On the other hand, the income for the year ended December 31, 2003 would be increased by 3,297.</FONT></p>
</blockquote>
<P>
<B><FONT size=2 face="serif">17.18. Transfers and servicing of financial Assets and Extinguishment of Liabilities</FONT></B></P>
<P>
<FONT size=2 face="serif">In June 1996, the FASB issued Statement No. 125, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, which is effective for all transfers and servicing of financial assets and
extinguishments of liabilities occurring after December 31, 1996, as amended by SFAS No. 127 &#147;Deferral of the Effective Date of Certain Provisions of SFAS No. 125&#148;. SFAS No. 125 as subsequently amended by SFAS No. 140, establishes a
criteria for determining whether a transfer of financial assets in exchange for cash or other consideration should be accounted for as a sale or as a pledge of collateral in a secured borrowing. This statement also establishes accounting
requirements for pledged collateral.</FONT></P>
<P>
<FONT size=2 face="serif">On April 26, 2004, the Bank swapped Secured Bonds due in 2018 to conclude the Swap I of deposits for Government Bonds. This swap generated, in accordance with US GAAP, gains on extinguishments of deposits liabilities for
the fiscal year ended December 31, 2003 of 104,337, thus generating an increasing of the Bank&#146;s assets by that amount as of December 31, 2003 and a decreasing in the income for the fiscal year ended December 31, 2004.</FONT></P>
<P>
<FONT size=2 face="serif">In August 2004, the Bank swapped Secured Bonds due in 2018 in the framework of Swap II of Deposits for Government Bonds. This swap generated, in accordance with US GAAP, gains on extinguishments of deposit liabilities in
the income for the year ended December, 31 2004 for 107,955.</FONT></P>
<P>
<B><FONT size=2 face="serif">17.19. Earnings Per Share</FONT></B></P>
<P>
<FONT size=2 face="serif">In February 1997, the FASB issued Statement No. 128, &#147;Earnings Per Share&#148;, which is effective for interim financial information and annual Financial Statements with periods ending after December 15, 1997. SFAS No.
128 supersedes APB 15 and its interpretations. It applies to companies with publicly traded common stock or potential common stock and establishes a new methodology for reporting earnings per share (EPS). It requires that entities with simple
capital structures present basic per share amounts for income for continuing operations and net income on the face of the income statement. All other entities subject to SFAS No. 128 must present basic and diluted per-share amounts for income from
continuing operations and net income on the face of the income statement, regardless of the magnitude of their difference.</FONT></P>
<P>
<FONT size=2 face="serif">The adoption of this accounting disclosure is shown in Note 17.25.</FONT></P>
<P><B><FONT size=2 face="serif">17.20. Reporting on Comprenhensive Income (loss)</FONT></B></P>
<P> <FONT size=2 face="serif">SFAS No. 130 &#147;Reporting on Comprenhensive
    Income&#148; requires entities to report a measure of all changes in equity
    of an enterprise that result from transactions and other economic events
    of the period other than transactions with owners (&#147;comprehensive income&#148;).
    Comprehensive income (loss) is the total of net income (loss) and all other
    non-owner changes in equity. This statement, which is effective for fiscal
    years beginning after December 15, 1997, requires that comprehensive income
    (loss) be reported in a financial statement that is displayed with the same
    prominence as other Financial Statements with an aggregate amount of comprehensive
    income (loss) reported in that same financial statement. The adoption of
    this accounting disclosure is shown in Notes 17.26. and 17.27.</FONT></P>
<P> <B><FONT size=2 face="serif">17.21. Employer&#146;s disclosures about pensions
      and other postretirement benefits</FONT></B></P>
<P> <FONT size=2 face="serif">SFAS No. 132 &#147;Employers Disclosures about
    Pensions and Other Postretirement Benefits&#148;. This Statement, which is
    effective for fiscal years beginning after December 15, 1997, revises employers
    disclosures about pension and other postretirement benefit plans. It does
    not change the measurement or recognition of those plans. It standardizes
    the disclosure requirements for pensions and other postretirement benefits
    to the extent practicable, requires additional information on changes in
    the benefit obligations and fair values of plan assets that will facilitate
    financial analysis, and eliminates certain disclosures that are no longer
    as useful as they were when SFAS No. 87 &#147;Employers Accounting for Pensions&#148;,
    No. 88 &#147;Employers Accounting for settlements and Curtalilments of Defined
    Benefit</FONT> <FONT size=2 face="serif"></FONT></P>
<P align="center">
<FONT size=2 face="serif">F-69</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B><B><FONT face="serif" size=2>&#151;(Continued) </FONT></B>
         </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
        </TD>
</TR>
</TABLE>


<P>
  <FONT size=2 face="serif">Pension Plans and for Termination
    Benefits&#148; and No. 106 &#147;Employers  Accounting for Postretirement
    Benefits Other Than Pensions&#148;, were issued. The Statement suggests combined
    formats for presentation of  pension and other postretirement benefit disclosures.
    The Banco Franc&eacute;s
  Group gives to certain executives, with role at corporate level, the possibility
  to access into defined contribution pension plan<B><I>.
  </I></B>This adjustment has not had impact
  under U.S. GAAP. (see Note 16.16.).</FONT></P>
<P>
<B><FONT size=2 face="serif">17.22. Accounting for Derivative Instruments and Hedging Activities</FONT></B></P>
<P>
<FONT size=2 face="serif">In June 1998, the U.S. Financial Accounting Standards Board issued SFAS No. 133 &#147;Accounting for Derivative Instruments and Hedging Activities&#148;. This statement as subsequently amended by SFAS No. 137, 138 and 149
is required to be adopted for reporting under U.S. generally accepted accounting principles for all fiscal years beginning after June 15, 2000.</FONT></P>
<P>
<FONT size=2 face="serif">SFAS No. 133 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts (collectively referred to as derivatives) and for hedging
activities. It requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. If certain conditions are met, a derivative may be specifically
designated as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (b) a hedge of the exposure to variable cash flows of a forecasted transaction, or (c) a hedge of the
foreign currency exposure of a net investment in a foreign operation, an unrecognized firm commitment, an available for sale security, or a foreign currency denominated forecasted transaction.</FONT></P>
<P>
<FONT size=2 face="serif">Among other provisions, SFAS No. 133 requires that for a transaction to qualify for special hedge accounting treatment the transaction must meet specific test of effectiveness and all hedge ineffectiveness is required to be
reported currently in computation of net income. SFAS No. 133 further requires the identification of assets, liabilities or anticipated transactions being hedged and periodic revaluation of such hedged positions to reflect the changes in market
value of risk being hedged. SFAS No. 133 further expands the definition of derivatives to include certain contacts or provisions commonly embedded in contracts or financial instruments and requires that such derivatives be reported at fair
value.</FONT></P>
<P>
<FONT size=2 face="serif">In Note 16.19., it is explained in detail the derivate
instruments used by the Bank and the valuation methods of these instruments were
explained in Note 3.5.8. Management believes that the effect of the application
of  this accounting requirement does not have a material impact on the Bank consolidated
financial condition or results of operations.</FONT></P>
<P><B><FONT size=2 face="serif">17.23. Foreign exchange difference</FONT></B></P>
<P> <FONT size=2 face="serif">As a result of the sale of Banco Franc&eacute;s
    (Cayman) Ltd. during the year ended December 31, 2004, as described in Note
    1.5., 200,000 of the negative result of the transaction was absorbed and
    charged to the account &#147;Unrealized valuation difference&#148; under
    stockholder&#146;s equity.</FONT></P>
<P> <B><FONT size=2 face="serif">17.24. Technical Commitments</FONT></B></P>
<P> <FONT size=2 face="serif">Consolidar C&iacute;a. de Seguros de Retiro S.A.
    and Consolidar C&iacute;a. de Seguros de Vida S.A. maintain reserves accounted
    in Other Liabilities from Subsidiaries valued in accordance with de accounting
    standards established by the Superintendence of Pension Fund Administrators
    and the National Superintendence of Insurance (see Notes 3.5.21. and 6.).</FONT></P>
<P> <FONT size=2 face="serif">The effects of adjustments required to state such
    amounts in accordance with U.S. GAAP would be decreased liabilities by 10,114
    at December 31, 2005 and would be increased liabilities by 36,783 and 41,357
    at December 31, 2004 and 2003, respectively. On the other hand, income for
    the years ended December 31, 2005 and 2004 would be increased by 46,897 and
    4,574, respectively and would be decreased by 41,357 at December 31, 2003.</FONT></P>
<P align="center">
<FONT size=2 face="serif">F-70</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B><B><FONT face="serif" size=2>&#151;(Continued) </FONT></B>
         </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
        </TD>
</TR>
</TABLE>


<P><B><FONT size=2 face="serif">17.25. Set forth below are the significant adjustments
      to consolidated net income and consolidated stockholders&#146; equity which
      would be required if U.S. GAAP had been applied instead of Central Bank
      rules:</FONT></B></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD width=52% align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD width=2% align="center">&nbsp;</TD>
     <TD colspan="8" align=center><b><font size=1 face="serif">Consolidated Net
          Income<br>
      Years ended December 31,</font></b></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD width=52% align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD width=2% align="center">&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD width=2% align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align="center"><HR noshade size=1></TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">Ref.</FONT></B>        </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">2005</FONT></B>        </TD>
        <TD width=1% align=center>        </TD>
        <TD width=2% align="center">&nbsp;        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">2004</FONT></B>        </TD>
        <TD width=1% align=center>        </TD>
        <TD width=2% align=center>        </TD>
        <TD width=1% align="center">&nbsp;        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">2003</FONT></B>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left>        </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%">        </TD>
        <TD width="8%">
<HR noshade size=1>        </TD>
        <TD width="1%"></TD>
        <TD width="2%">        </TD>
        <TD width="8%">
<HR noshade size=1>        </TD>
        <TD width="1%">
<HR noshade size=1>        </TD>
        <TD width="2%">        </TD>
        <TD width="8%">
<HR noshade size=1>        </TD>
        <TD width="1%">
<HR noshade size=1>        </TD>
        <TD width="2%" align="left">&nbsp;        </TD>
        <TD width="1%">        </TD>
        <TD width="8%">
<HR noshade size=1>        </TD>
        <TD width="1%">
<HR noshade size=1>        </TD>
        <TD width="2%" align="left">&nbsp;        </TD>
        <TD width="1%">&nbsp;        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
<FONT size=2 face="serif">Net income as stated</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=left>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">117,204</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(54,046</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(2)</FONT>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(350,328</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(2)</FONT>        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred taxes</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.1</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(347,458</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,526</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(2)</FONT>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">288,169</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Allowances on deferred tax assets</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.1</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">366,801</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">509,158</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">104,287</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Tax on minimum presumed income</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.1</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,003</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">62,642</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(2)</FONT>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(66,457</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(2)</FONT>        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Loan origination and issuance credit card&#146;s fees</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.2</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,270</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(9,698</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">19,282</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Intangible assets</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.3</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(472</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,443</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(2)</FONT>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40,087</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(2)</FONT>        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Non Financial Private Sector and residents abroad loans</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.4.2</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,968</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">48,431</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(10,830</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Federal Government secured loans</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.4.3</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">912,300</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">183,692</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(288,999</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Provincial Government loans</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.4.4</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,298</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">153,298</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">381,056</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Government securities</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.5</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">395,752</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">531,630</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">164,281</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gain contingencies</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.6</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">152,755</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">72,268</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(409,831</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(2)</FONT>        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investment in other companies</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.7</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5,924</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4,271</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3,473</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
  <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Foreign currency translation to reporting</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">currency (Argentine Peso)</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.8</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">143,371</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">159,677</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Vacation expense</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.9</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(8,756</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,487</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,512</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pension and retirement obligations&#146; activities</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.15</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(36,109</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(48,260</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(3)</FONT>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(124,670</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(3)</FONT>        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Goodwill Amortization</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.17</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,629</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,630</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,628</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Impairment on goodwill</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.17</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,297</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gain on extinguishment of liabilities</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.18</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,618</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">104,337</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left>        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Unrealized valuation difference</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.23</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(200,000</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left>        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Technical Commitments</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.24</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46,897</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,574</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(41,357</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left>        </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%">        </TD>
        <TD width="8%">        </TD>
        <TD width="1%"></TD>
        <TD width="2%">        </TD>
        <TD width="8%">
<HR noshade size=1>        </TD>
        <TD width="1%">
<HR noshade size=1>        </TD>
        <TD width="2%">        </TD>
        <TD width="8%">
<HR noshade size=1>        </TD>
        <TD width="1%">
<HR noshade size=1>        </TD>
        <TD width="2%" align="left">&nbsp;        </TD>
        <TD width="1%">        </TD>
        <TD width="8%">
<HR noshade size=1>        </TD>
        <TD width="1%">
<HR noshade size=1>        </TD>
        <TD width="2%" align="left">        </TD>
        <TD width="1%">        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
<FONT size=2 face="serif">Approximated net income / (loss) in accordance with U.S. GAAP</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=left>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,634,612</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,407,519</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(26,356</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left>        </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%">        </TD>
        <TD width="8%">        </TD>
        <TD width="1%"></TD>
        <TD width="2%">        </TD>
        <TD width="8%">
          <HR noshade size=2>        </TD>
        <TD width="1%">
          <HR noshade size=2>        </TD>
        <TD width="2%">        </TD>
        <TD width="8%">
          <HR noshade size=2>        </TD>
        <TD width="1%">
          <HR noshade size=2>        </TD>
        <TD width="2%" align="left">&nbsp;        </TD>
        <TD width="1%">        </TD>
        <TD width="8%">
          <HR noshade size=2>        </TD>
        <TD width="1%">
          <HR noshade size=2>        </TD>
        <TD width="2%" align="left">        </TD>
        <TD width="1%">        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Approximated net income / (loss) per share in accordance with U.S. GAAP </FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.47</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.65</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.07</FONT>        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left>        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=52% align=left>
<FONT size=2 face="serif">Weighted average number of shares Outstanding (in thousands)</FONT>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=left>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">471,361</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">385,334</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1%>&nbsp;        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">368,128</FONT>        </TD>
        <TD width=1% align=left>        </TD>
        <TD width=2% align=left>        </TD>
        <TD width=1% align=left>        </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%">        </TD>
        <TD width="8%">        </TD>
        <TD width="1%"></TD>
        <TD width="2%">        </TD>
        <TD width="8%">
          <HR noshade size=2>        </TD>
        <TD width="1%">
<HR noshade size=2>        </TD>
        <TD width="2%">        </TD>
        <TD width="8%">
<HR noshade size=2>        </TD>
        <TD width="1%">
<HR noshade size=2>        </TD>
        <TD width="2%" align="left">&nbsp;        </TD>
        <TD width="1%">        </TD>
        <TD width="8%">
<HR noshade size=2>        </TD>
        <TD width="1%">
<HR noshade size=2>        </TD>
        <TD width="2%" align="left">        </TD>
        <TD width="1%">        </TD>
</TR>
</TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
     <TR>
          <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
     </TR>
<TR valign="top">
        <TD width="5%">
<FONT size=1 face="serif">(1)</FONT></TD>
        <TD width="95%">
<FONT size=1 face="serif">See Note 17.19.</FONT>        </TD>
</TR><TR valign="top">
        <TD width="5%">
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD width="95%">
<FONT size=1 face="serif">Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT>      </TD>
</TR><TR valign="top">
        <TD width="5%">
<FONT size=1 face="serif">(3)</FONT></TD>
        <TD width="95%">
<FONT size=1 face="serif">Restated from its original version to apply the adjustments required by US GAAP to prior years&#146; income to these Consolidated Financial Statements (see Note 17.15.).</FONT>      </TD>
</TR>
<TR valign="top">
     <TD width="5%">&nbsp;</TD>
     <TD width="95%">&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="9" align=center><b><font size=1 face="serif">Consolidated Stockholders&#146; Equity<br>
      Years ended December 31,</font></b></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center"><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center"><HR noshade size=1></TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=center> <B><FONT size=1 face="serif">Ref.</FONT></B> </TD>
    <TD width=1% align="center">&nbsp;</TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">2005</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">2004</FONT></B> </TD>
    <TD width=2% align=center> </TD>
    <TD width=1% align="center">&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">2003</FONT></B></TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left> </TD>
  </TR>
  <TR>
    <TD width="52%"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" align="left">&nbsp; </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" align="left">&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=52% align=left> <FONT size=2 face="serif">Stockholders&#146; equity
        as stated</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,801,547</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,684,343</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(1)</FONT> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,573,977</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(1)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
        taxes</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.1</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,342,468</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,656,249</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(1)</FONT> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,681,832</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Allowances
        on deferred tax assets</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.1</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(805,873</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,172,674</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,681,832</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Tax
        on minimum presumed income</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.1</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,003</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(1)</FONT> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(61,639</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(1)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Loan
        origination and issuance credit card&#146;s fees</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.2</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(23,051</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(20,781</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(11,083</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Intangible
        assets</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.3</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(16,890</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(16,418</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(1)</FONT> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(18,861</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(1)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Non
        Financial Private Sector and residents abroad loans</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.4.2</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">49,569</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">37,601</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(10,830</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Federal
        Government secured loans</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.4.3</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(909,500</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,821,800</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(2,005,492</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Provincial
        Government loans</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.4.4</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(149,012</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(175,310</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(328,608</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Government
        securities</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.5</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(168,477</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(468,009</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,193,620</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gain
        contingencies</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.6</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(586,534</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(739,289</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(811,557</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(1)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investment
        in other companies</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.7</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(18,766</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(12,842</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(8,571</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Vacation
        expense</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.9</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(44,829</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(36,073</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(33,586</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pension
        and retirement obligations&#146; activities</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.15</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(209,039</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(172,930</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(2)</FONT> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(124,670</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">(2)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Goodwill</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.17</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(25,459</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(32,088</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(38,718</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gain
        on extinguishment of liabilities</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.18</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">104,337</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Technical
        Commitments</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.24</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">10,114</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(36,783</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(41,357</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left> </TD>
  </TR>
  <TR>
    <TD width="52%"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%"> </TD>
    <TD width="1%"></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" align="left">&nbsp; </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="1%"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left nowrap> <FONT size=2 face="serif">Approximated consolidated
        Stockholder&#146;s (deficit) equity in </FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=left>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">accordance
        with U.S. GAAP</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">246,268</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,325,801</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(3,010,278</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=1% align=left> </TD>
  </TR>
  <TR>
    <TD width="52%"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%"> </TD>
    <TD width="1%"></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD width="2%" align="left">&nbsp; </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="1%"> </TD>
  </TR>
</TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT size=1 face="serif">(1)</FONT> </TD>
    <TD width="95%"> <FONT size=1 face="serif">Restated from its original version
        to apply the adjustments to prior years&#146; income to these Consolidated
        Financial Statements based on Argentine Central Bank&#146;s regulations
        (see Note 3.5.18.).</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> <FONT size=1 face="serif">(2)</FONT></TD>
    <TD width="95%"> <FONT size=1 face="serif">Restated from its original version
        to apply the adjustments required by US GAAP to prior years&#146; income
        to these Consolidated Financial Statements (see Note 17.15.).</FONT> </TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<P align="center">
<FONT size=2 face="serif">F-71</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) </FONT></B>
         </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
        </TD>
</TR>
</TABLE>


<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=left>&nbsp;</TD>
</TR>
</TABLE>
<p> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Had US GAAP been
applied, the amounts of the assets and liabilities would be as follows:</FONT></p>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD colspan="5" align=center><b><font size=1 face="serif">For the fiscal
          years ended December 31,</font></b></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
     <TD><hr noshade size=1></TD>
     <TD align=right><hr noshade size=1></TD>
     <TD><hr noshade size=1></TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">2005</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=1 face="serif">2004<SUP>(1)(2)</SUP></FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=1 face="serif">2003<SUP>(1)(2)</SUP></FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
</TR>
<TR>
        <TD width="68%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=68% align=left>
<FONT size=2 face="serif">Assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,421,682</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,069,122</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,440,507</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,175,414</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,394,923</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,450,785</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
        <TD valign="top">
<FONT size=1 face="serif">Restated from its original version to apply the adjustments to prior years&#146; income to these Consolidated Financial Statements based on Argentine Central Bank&#146;s regulations (see Note 3.5.18.).</FONT>      </TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD valign="top">
<FONT size=1 face="serif">Restated from its original version to apply the adjustments required by US GAAP to prior years&#146; income to these Consolidated Financial Statements (see Note 17.15.).</FONT>      </TD>
</TR>
<TR>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR>
</TABLE>
<b><font size=2 face="serif">17.26.&nbsp;&nbsp;The following presents the consolidated statement
of operations adjusted to reflect the application of U.S. GAAP using the Central
Bank format:</font></b> <br>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
     <TR valign="bottom">
          <TD width=52% align=left></TD>
          <TD>&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD width=2% align="center">&nbsp;</TD>
          <TD colspan="8" align=center>&nbsp;</TD>
          <TD align=left></TD>
          <TD align=left></TD>
          <TD align=left></TD>
     </TR>
     <TR valign="bottom">
          <TD width=52% align=left></TD>
          <TD>&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD width=2% align="center">&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD width=2% align="center">&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align="center">&nbsp;</TD>
          <TD align=center>&nbsp;</TD>
          <TD align=left>&nbsp;</TD>
          <TD align=left></TD>
          <TD align=left></TD>
     </TR>
</TABLE>

<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><b><font size=1 face="serif">Consolidated Net
          Income <br>
      Year ended December 31,</font></b></TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <B><FONT size=1 face="serif">2005</FONT></B> </TD>
    <TD width=1% align=center> </TD>
    <TD width=1% align=center>&nbsp;</TD>
    <TD width=8% align=center> <B><FONT size=1 face="serif">2004</FONT></B><sup><font size=1 face="serif">(2)</font></sup> </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=1% align=center>&nbsp;</TD>
    <TD width=8% align=center> <B><FONT size=1 face="serif">2003<sup><font size=1 face="serif">(2)</font></sup></FONT></B> </TD>
    <TD width=1% align=center> <SUP></SUP> </TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"> </TD>
    <TD> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=68% align=left> <FONT size=2 face="serif">Financial income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2,113,219</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,640,306</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2,249,498</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <FONT size=2 face="serif">Financial expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(608,949</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(458,360</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,711,293</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=68% align=left> <FONT size=2 face="serif">Allowances for doubtful
        loans</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(102,659</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(3,571</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(422,251</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <FONT size=2 face="serif">Service charge income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">721,510</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">574,606</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">483,943</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=68% align=left> <FONT size=2 face="serif">Service charge expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(77,764</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(54,829</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(49,594</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <FONT size=2 face="serif">Operating expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(781,067</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(670,064</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(667,631</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=68% align=left> <FONT size=2 face="serif">Net Monetary loss</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,091</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <FONT size=2 face="serif">Other income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,187,397</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,640,769</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,677,721</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=68% align=left> <FONT size=2 face="serif">Other expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(670,751</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,198,765</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,672,273</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"> </TD>
    <TD> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <FONT size=2 face="serif">Income before income
        tax</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,780,936</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,470,092</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(112,971</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=68% align=left> <FONT size=2 face="serif">Income tax</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(124,170</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(72,573</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(76,862</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"> </TD>
    <TD> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,656,766</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,397,519</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(189,833</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"> </TD>
    <TD> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=68% align=left> <FONT size=2 face="serif">Gain / (loss) on minority
        interest in subsidiaries</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(22,154</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">10,000</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">163,477</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR>
    <TD width="68%"> </TD>
    <TD> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <FONT size=2 face="serif">Total consolidated income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,634,612</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,407,519</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(26,356</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"> </TD>
    <TD> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <U><FONT size=2 face="serif">Comprehensive income</FONT></U> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=left></TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=left></TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=left></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=68% align=left> <FONT size=2 face="serif">Net income / (loss) in
        accordance with US GAAP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,634,612</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,407,519</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(26,356</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"> </TD>
    <TD> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <FONT size=2 face="serif">Other comprehensive income
        / (loss), net of tax </FONT><SUP><FONT size=2 face="serif">(1) (3)</FONT></SUP></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(62,543</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(87,454</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(159,677</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"> </TD>
    <TD> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e0e0e0">
    <TD width=68% align=left> <FONT size=2 face="serif">Comprehensive net income
        / (loss) in accordance with US GAAP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,572,069</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,320,065</FONT> </TD>
    <TD width=1% align=left> </TD>
    <TD width=1% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(186,033</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"> </TD>
    <TD> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="2" valign=top><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top> <FONT size=1 face="serif">(1)</FONT></TD>
    <TD width="95%" valign="top"> <FONT size=1 face="serif">See Note 17.27.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top> <FONT size=1 face="serif">(2)</FONT></TD>
    <TD width="95%" valign="top"> <FONT size=1 face="serif">Restated from its
        original version to apply the adjustments to prior years&#146; income
        to these Consolidated Financial Statements based on Argentine Central
        Bank&#146;s regulations (see Note 3.5.18.).</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top> <FONT size=1 face="serif">(3)</FONT></TD>
    <TD width="95%" valign="top"> <FONT size=1 face="serif">The minority interest
        represents the effect of the US GAAP adjustments in the Group's consolidated
        subsidiaries (see Note 2.1.).</FONT></TD>
  </TR>
</TABLE>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">F-72</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) </FONT></B>
         </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
        </TD>
</TR>
</TABLE>


<P><B><FONT size=2 face="serif">17.27. Set forth below are the related tax effects allocated to each component of other comprehensive income (loss) and the accumulated other comprehensive income (loss) balances, as of December 31, 2005, 2004 and
  2003:</FONT></B></P>
<P>
<B><U><FONT size=2 face="serif">Tax effects on Other Comprehensive Income/(Loss)
</FONT></U></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=27% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="7" align=center><b><FONT size=1 face="serif">Year ended<br>
        December
                     31, 2005</font></b></TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD colspan="7" align=center><b><FONT size=1 face="serif">Year ended<br>
        December
                     31, 2004</font></b></TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD colspan="7" align=center>
<B></B>
<B><FONT size=1 face="serif">Year ended<br>
December 31, 2003</font></B>        </TD>
        <TD width=1% align=center>

        </TD>
</TR>
<TR>
     <TD align="left"> </TD>
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD><HR noshade size=1> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD><HR noshade size=1></TD>
     <TD><HR noshade size=1> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD> <HR noshade size=1></TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD><HR noshade size=1> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD><HR noshade size=1> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD> <HR noshade size=1></TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD><HR noshade size=1> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD><HR noshade size=1></TD>
     <TD><HR noshade size=1> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
</TR>
<TR valign="bottom">
        <TD width=27% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="serif">Before<br>
Tax Amount</FONT></B>   </TD>
        <TD width=1% align=center nowrap>

        </TD>
        <TD width=1% align="center" nowrap>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="serif">Tax<br>
(Expense)<br>
or Benefit</FONT></B>   </TD>
        <TD width=1% align="center" nowrap>&nbsp;</TD>
        <TD width=1% align="center" nowrap>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="serif">Net of Tax<br>
Amount</FONT></B>       </TD>
        <TD width=1% align=center nowrap>

        </TD>
        <TD width=1% align="center" nowrap>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="serif">Before Tax<br>
Amount</FONT></B>       </TD>
        <TD width=1% align=center nowrap>

        </TD>
        <TD width=1% align="center" nowrap>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="serif">Tax<br>
(Expense)<br>
or Benefit</FONT></B>   </TD>
        <TD width=1% align=center nowrap>

        </TD>
        <TD width=1% align="center" nowrap>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="serif">Net of
Tax<br>
Amount</FONT></B>       </TD>
        <TD width=1% align=center nowrap>

        </TD>
        <TD width=1% align="center" nowrap>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="serif">Before Tax<br>
Amount</FONT></B>       </TD>
        <TD width=1% align=center nowrap>

        </TD>
        <TD width=1% align="center" nowrap>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="serif">Tax<br>
(Expense)<br>
or Benefit</FONT></B>   </TD>
        <TD width=1% align="center" nowrap>&nbsp;</TD>
        <TD width=1% align="center" nowrap>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="serif">Net of Tax<br>
Amount</FONT></B>       </TD>
        <TD width=1% align=center>

        </TD>
</TR>
<TR>
        <TD width="27%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=27% align=left>
<FONT size=2 face="serif">Foreign currency translation
Adjustments</font>
         </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(143,371</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(143,371</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(159,677</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(159,677</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% align=left><font size=2 face="serif">Unrealized gains/(losses)
                  on Securities:</font>
 </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(96,220</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">33,677</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(62,543</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">86,026</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(30,109</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">55,917</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="27%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=27% align=left nowrap><b><font size=2 face="serif">Other comprehensive income
                       gain / (loss)</font></b></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(96,220</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">33,677</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(62,543</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(57,345</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(30,109</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(87,454</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(159,677</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(159,677</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="27%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
</TR>
</TABLE>

<P>
<B><U><FONT size=2 face="serif">Accumulated other comprehensive income / (loss) balances</FONT></U></B></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
     <TR>
          <TD width="27%" align="left"></TD>
          <TD width="2%"></TD>
          <TD colspan="7" align="center"><b><FONT size=1 face="serif">Year ended <br>
               December
          31, 2005</font></b></TD>
          <TD width="1%" align="center">&nbsp;</TD>
          <TD width="1%" align="center"></TD>
          <TD colspan="7" align="center"><b><FONT size=1 face="serif">Year ended <br>
               December
          31, 2004</font></b></TD>
          <TD width="1%" align="center">&nbsp;</TD>
          <TD width="1%" align="center"></TD>
          <TD colspan="7" align="center"><b><FONT size=1 face="serif">Year ended <br>
               December
          31, 2003</font></b></TD>
          <TD width="1%">&nbsp;</TD>
     </TR>
     <TR>
          <TD width="27%" align="left"> </TD>
          <TD width="2%"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"> <HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> <HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> <HR noshade size=1></TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"><HR noshade size=1> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%">
               <HR noshade size=1>          </TD>
     </TR>
     <TR>
          <TD width="27%" align="left"></TD>
          <TD width="2%"></TD>
          <TD align="center" valign="bottom" nowrap><b><FONT size=1 face="serif">Foreign<br>
          Currency<br>
          Items</font></b></TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD align="center" valign="bottom" nowrap><b><FONT size=1 face="serif">Unrealized<br>
               Gains/<br>
               (losses)
          on<br>
          securities</font></b></TD>
          <TD width="1%" align="center" valign="bottom" nowrap>&nbsp;</TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD align="center" valign="bottom" nowrap><b><FONT size=1 face="serif">Accumulated<br>
Other<br>
Comprehensive<br>
          Income (loss)</font></b></TD>
          <TD width="1%" align="center" valign="bottom" nowrap>&nbsp;</TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD align="center" valign="bottom" nowrap><b><FONT size=1 face="serif">Foreign<br>
 Currency<br>
 Items</font></b></TD>
          <TD width="1%" align="center" valign="bottom" nowrap>&nbsp;</TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD align="center" valign="bottom" nowrap><b><FONT size=1 face="serif">Unrealized<br>
               Gains/<br>
(losses)<br>

          on securities</font></b></TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
       <TD align="center" valign="bottom" nowrap><b><FONT size=1 face="serif">Accumulated<br>
Other<br>
Comprehensive<br>
Income (loss)</font></b></TD>
          <TD width="1%" align="center" valign="bottom" nowrap>&nbsp;</TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD align="center" valign="bottom" nowrap><b><FONT size=1 face="serif">Foreign<br>
Currency <br>
tems</font></b></TD>
          <TD width="1%" align="center" valign="bottom" nowrap>&nbsp;</TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD align="center" valign="bottom" nowrap><b><FONT size=1 face="serif">Unrealized<br>
Gains/<br>
(losses)
on<br>
securities</font></b></TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD width="1%" align="center" valign="bottom" nowrap></TD>
          <TD align="center" valign="bottom" nowrap><b><FONT size=1 face="serif">Accumulated<br>
Other<br>
Comprehensive<br>
Income
          (loss)</font></b></TD>
          <TD width="1%">&nbsp;</TD>
     </TR>
     <TR>
          <TD width="27%" align="left"> </TD>
          <TD width="2%"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center">
               <HR noshade size=1>          </TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%" align="center"><HR noshade size=1></TD>
          <TD width="1%" align="center"> </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD width="1%">
               <HR noshade size=1>          </TD>
     </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=27% align=left>
<FONT size=2 face="serif">Beginning balance</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">55,917</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">55,917</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">143,371</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">143,371</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">303,048</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">303,048</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% align=left>
<FONT size=2 face="serif">Current-fiscal year</FONT> <FONT size=2 face="serif">change</font>
         </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(62,543</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(62,543</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(143,371</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">55,917</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(87,454</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(159,677</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(159,677</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="27%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=27% align=left>
<B><FONT size=2 face="serif">Ending balance</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(6,626</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(6,626</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">55,917</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">55,917</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">143,371</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">143,371</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="27%" align="left">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="1%">
        </TD>
        <TD width="6%"><HR noshade size=2>
        </TD>
        <TD width="1%"><HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%"><HR noshade size=2>
        </TD>
        <TD width="1%"><HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>   </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>   </TD>
        <TD width="1%">
        </TD>
        <TD width="6%"><HR noshade size=2>
        </TD>
        <TD width="1%"><HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="1%">
        </TD>
        <TD width="6%"><HR noshade size=2>
        </TD>
        <TD width="1%"><HR noshade size=2>
        </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">F-73</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) </FONT></B>
         </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=center>&nbsp;</TD>
</TR>
</TABLE>


<B><FONT size=2 face="serif">17.28. Cash flows information</FONT></B><P>
<FONT size=2 face="serif">For purposes of the accompanying statement of cash flows the Bank considers cash and due from banks to be cash and cash equivalents.</FONT></P>
<P>
<FONT size=2 face="serif">The following supplemental cash flow information separately presents the effect of inflation from operating, investing and financing activities and the effect of exchange rate changes on cash.</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=69% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">December 31,<br>
2005</FONT></B>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">December 31,<br>
2004</FONT></B>
        </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">December 31,<br>
2003</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="69%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=69% align=left>
<FONT size=2 face="serif">Cash and cash equivalents at the end of the fiscal year</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,611,506</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,666,617</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,639,154</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=69% align=left>
<FONT size=2 face="serif">Cash and cash equivalents at beginning of the fiscal year</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,666,617</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,639,154</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,050,636</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="69%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=69% align=left>
<FONT size=2 face="serif">Subtotal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(55,111</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">27,463</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">588,518</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=69% align=left>
<FONT size=2 face="serif">Reversal of inflation restatement of cash and cash equivalents</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,726</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="69%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=69% align=left>
<B><FONT size=2 face="serif">(Decrease) / increase in cash and cash equivalents</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">(55,111</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">)</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">27,463</FONT></B>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">596,244</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="69%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=69% align=left>
<B><FONT size=2 face="serif">CAUSES OF CHANGES IN CASH AND CASH EQUIVALENTS</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=69% align=left>
<FONT size=2 face="serif">Cash provide by / (used in) operating activities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">467,876</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">723,645</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(942,695</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=69% align=left>
<FONT size=2 face="serif">Cash used in / (provided by) investing activities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">534,780</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">824,038</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(412,928</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=69% align=left>
<FONT size=2 face="serif">Cash provided by financing activities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23,619</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">136,218</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,091,709</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=69% align=left>
<FONT size=2 face="serif">Effect of exchange rate changes on cash</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,826</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,362</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(34,302</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="69%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=69% align=left>
<B><FONT size=2 face="serif">(Decrease) / increase in cash and cash equivalents</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">(55,111</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">)</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">27,463</FONT></B>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">596,244</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="69%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">Set forth below is the reconciliation of net income to net cash flow from operating activities, as required by SFAS No. 95 &#147;Statement of Cash Flows&#148;:</FONT></P>

<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
     <TR>
          <TD width="63%"></TD>
          <TD align="left"></TD>
          <TD colspan="9" align="center"><b><font size=1 face="serif">Year ended December 31,</font></b></TD>
          <TD>&nbsp;</TD>
          <TD align="left"></TD>
          <TD></TD>
     </TR>
     <TR>
          <TD width="63%"> </TD>
          <TD align="left"> </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD><HR noshade size=1></TD>
          <TD><HR noshade size=1> </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD align="left"><HR noshade size=1> </TD>
          <TD><HR noshade size=1> </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD align="left"> </TD>
          <TD></TD>
     </TR>
<TR valign="bottom">
        <TD width=63% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">2005</FONT></B>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">2004</FONT></B>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">2003</FONT></B>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="63%">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="1%"></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=63% align=left>
<FONT size=2 face="serif">Net gain / (loss) for the fiscal year</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">117,204</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(54,046</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(350,328</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=63% align=left>
<FONT size=2 face="serif">Adjustments to reconcile net income to net cash from
operating</FONT> <font size=2 face="serif">activities:</font>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=63% align=left>
<FONT size=2 face="serif">Amortization and depreciation</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">312,298</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">298,328</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">315,230</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=63% align=left>
<FONT size=2 face="serif">Provision for loan losses and special reserves, net of reversals</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">513,160</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">170,561</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(78,555</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=63% align=left>
<FONT size=2 face="serif">Net income from government and private securities</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(209,438</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(182,183</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(179,667</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=63% align=left>
<FONT size=2 face="serif">Foreign exchange differences</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(72,942</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(76,943</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,059</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=63% align=left>
<FONT size=2 face="serif">Minority interests in subsidiaries</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17,151</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,901</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4,844</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=63% align=left>
<FONT size=2 face="serif">Deferred taxes</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">50,917</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">120,150</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">189,232</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=63% align=left>
<FONT size=2 face="serif">Equity (loss) of unconsolidated subsidiaries</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,870</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(20,029</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,819</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=63% align=left>
<FONT size=2 face="serif">Monetary loss generated on cash and due from banks</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,709</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=63% align=left>
<FONT size=2 face="serif">Net (increase) / decrease in interest receivable and payable and other</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=63% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">accrued income and expenses</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(257,604</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">454,996</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(840,894</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="63%">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left">&nbsp;
        </TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=63% align=left>
<FONT size=2 face="serif">Net cash provided by / (used in) operating activities</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">467,876</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">723,645</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">(945,995</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">)</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align=left></TD>
</TR>
<TR>
        <TD width="63%">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="8%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
          <HR noshade size=2>
        </TD>
        <TD width="1%">
          <HR noshade size=2>
        </TD>
        <TD width="2%" align="left">&nbsp;
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD colspan="2" valign=top nowrap><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT>&nbsp; &nbsp;       </TD>
        <TD width="95%">
<FONT size=1 face="serif">Restated from its original version to apply the adjustments to prior years income to these Consolidated Financial Statements related with Argentine Central Bank regulations (see Note 3.5.18.).</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">F-74</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>BBVA BANCO FRANCES S.A. AND SUBSIDIARIES</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B><B><FONT face="serif" size=2>&#151;(Continued) </FONT></B>
         </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=center>
<B><FONT face="serif" size=2>For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif" size=2>Stated in thousands of Pesos</FONT></B>
        </TD>
</TR>
</TABLE>


<P> <B><FONT size=2 face="serif">17.29. New accounting pronouncements (U.S. GAAP)</FONT></B></P>
<blockquote>
     <p> <B><FONT size=2 face="serif">a) Accounting Changes and Error Corrections</FONT></B></p>
     <p> <FONT size=2 face="serif">In May, 2005, the FASB issued Statement No. 154 &#147;Accounting
                    Changes and Error Corrections&#148; (a replacement of APB Opinion No.
                    20 and FASB Statement No. 3). </FONT></p>
     <p> <FONT size=2 face="serif">This statement applies to all voluntary changes
                    in accounting principle. It also applies to changes required by an
                    accounting pronouncement in the unusual instance that the pronouncement
                    does not include specific transition provisions. Opinion No. 20 previously
                    required that most voluntary changes in accounting principle be recognized
                    by including in net income of the period of the change the cumulative
                    effect of changing to the new accounting principle.</FONT></p>
     <p> <FONT size=2 face="serif">This statement requires retrospective application
                    to prior periods Financial Statements of changes in accounting principle,
                    unless it is impracticable to determine either the period-specific
                    effects or the cumulative effect of the change. This statement is the
                    result of a broader effort by the FASB to improve the comparability
                    of cross-border financial reporting by working with the IASB.</FONT></p>
     <p> <B><FONT size=2 face="serif">b) Accounting for Certain Hybrid Financial Instruments</FONT></B></p>
     <p> <FONT size=2 face="serif">In February, 2006, the FASB issued Statement No.
                    155 &#147;Accounting for Certain Hybrid Financial Instruments&#148; (amends
                    FASB Statements No. 133, &#147;Accounting for Derivative Instruments
                    and Hedging Activities&#148;, and No. 140, &#147;Accounting for Transfers
                    and Servicing of Financial Assets and Extinguishments of Liabilities&#148;).</FONT></p>
     <p> <FONT size=2 face="serif">This Statement resolves issues addressed in Statement
                    133 Implementation Issue No. D1, &#147;Application of Statement 133
                    to Beneficial Interests in Securitized Financial Assets.&#148;</FONT></p>
     <p> <FONT size=2 face="serif">This Statement:</FONT></p>
     <ul>
          <li><FONT size=2 face="serif">Permits fair value remeasurement for any
                         hybrid financial instrument that contains an embedded derivative
                         that</FONT> <FONT size=2 face="serif">otherwise would require
                         bifurcation.</FONT><br>
               <br>
          </li>
          <li><FONT size=2 face="serif">Clarifies which interest-only strips and
                         principal-only strips are not subject to the requirements of Statement
                         No.</FONT> <FONT size=2 face="serif">133.</FONT><br>
               <br>
          </li>
          <li><FONT size=2 face="serif">Establishes a requirement to evaluate interests
                         in securitized financial assets to identify interests that are</FONT> <FONT size=2 face="serif">freestanding
                         derivatives or that are hybrid financial instruments that contain
                         an embedded derivative requiring</FONT> <FONT size=2 face="serif">bifurcation.</FONT><br>
               <br>
          </li>
          <li><FONT size=2 face="serif">Clarifies that concentrations of credit risk
                         in the form of subordination are not embedded derivatives.</FONT><br>
               <br>
          </li>
          <li><FONT size=2 face="serif">Amends Statement No. 140 to eliminate the
                         prohibition on a qualifying special-purpose entity from holding
                         a</FONT> <FONT size=2 face="serif">derivative financial instrument
                         that pertains to a beneficial interest other than another derivative
                         financial</FONT> <FONT size=2 face="serif">instrument.</FONT></li>
     </ul>
     <p> <FONT size=2 face="serif">The Company does not expect that the adoption of
               the above mentioned new accounting pronouncement will have a material
               impact on the Consolidated Financial Statements.</FONT></p>
</blockquote>
<P align="center">
<FONT size=2 face="serif">F-75</FONT></P>


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<p style="page-break-before:always"></p>

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<P align="center"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c) Accounting for Servicing of Financial Assets</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In March, 2006, the FASB issued Statement No. 156 &#147;Accounting for Servicing of Financial Assets&#148; (amends FASB Statement No. 140, &#147;Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities&#148;), with respect to the accounting for separately recognized servicing assets and servicing liabilities. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">This Statement:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD align=left valign="top" nowrap>&bull;</TD>
 <TD colspan=2 align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Requires an entity to recognize a servicing asset or servicing liability each time it undertakes an obligation to</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">service a financial asset by entering into a servicing contract in any of the following situations:</FONT> </TD>
</TR>

<TR align="left">
 <TD colspan=3>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD nowrap align=left>&nbsp; </TD>
 <TD align=left valign="top" nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A transfer of the servicer&#146;s financial assets that meets the requirements for sale accounting.</FONT> </TD>
</TR>
<TR align="left">
 <TD colspan=3>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=5% align=left valign="top" nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A transfer of the servicer&#146;s financial assets to a qualifying special-purpose entity in a guaranteed mortgage</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">securitization in which the transferor retains all of the resulting securities and classifies them as either</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">available-for-sale securities or trading securities in accordance with FASB Statement No. 115, &#147;Accounting</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">for Certain Investments in Debt and Equity Securities&#148;.</FONT> </TD>
</TR>

<TR align="left">
 <TD colspan=3>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=5% align=left valign="top" nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">An acquisition or assumption of an obligation to service a financial asset that does not relate to financial assets</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">of the servicer or its consolidated affiliates.</FONT> </TD>
</TR>

<TR align="left">
 <TD colspan=3>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left valign="top" nowrap>&bull;</TD>
 <TD colspan=2 align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Requires all separately recognized servicing assets and servicing liabilities to be initially measured at fair value, if</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">practicable.</FONT> </TD>
</TR>

<TR align="left" valign="top">
 <TD colspan=3>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left valign="top" nowrap>&bull;</TD>
 <TD colspan=2 align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Permits an entity to choose either of the following subsequent measurement methods for each class of separately</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">recognized servicing assets and servicing liabilities:</FONT> </TD>
</TR>

<TR align="left">
 <TD colspan=3>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=5% align=left valign="top" nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
 <TD width=90% align=left nowrap>
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amortization method</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Amortize servicing assets or servicing liabilities in proportion to and over the period of</FONT> </TD>
</TR>

<TR align="left">
 <TD colspan=3>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD width=5% align=left nowrap>&nbsp; </TD>
 <TD width=5% align=left valign="top" nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT></TD>
 <TD width=90% align=left>
<I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Fair value measurement method</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;Measure servicing assets or servicing liabilities at fair value at each</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">reporting date and report changes in fair value in earnings in the period in which the changes occur.</FONT> </TD>
</TR>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap colspan=2 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
 <TD align=left valign="top">&bull;    </TD>
 <TD colspan=2 align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At its initial adoption, permits a one-time reclassification of available-for-sale securities to trading securities by</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">entities with recognized servicing rights, without calling into question the treatment of other available-for-sale</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">securities under Statement 115, provided that the available-for-sale securities are identified in some manner as</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">offsetting the entity&#146;s exposure to changes in fair value of servicing assets or servicing liabilities that a servicer</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">elects to subsequently measure at fair value.</FONT> </TD>
</TR>

<TR align="left">
 <TD colspan=3>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left valign="top">&bull;  </TD>
 <TD colspan=2 align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Requires separate presentation of servicing assets and servicing liabilities subsequently measured at fair value in</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the statement of financial position and additional disclosures for all separately recognized servicing assets and</FONT>
 <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">servicing liabilities.</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company does not expect that the adoption of the above mentioned new accounting pronouncement will have a material impact on the Consolidated Financial Statements.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-76</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANCES S.A. AND SUBSIDIARIES <br>
</FONT></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151;(Continued) <br>
For the fiscal years ended December 31, 2005, 2004 and 2003 <br>
Stated in thousands of Pesos</FONT></B></P>
<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NOTE 18&#151;SUBSEQUENT EVENTS</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a)</FONT></TD>
 <TD colspan="2">
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On March 10, 2006 the Board of Directors resolved to propose to the shareholders the distribution of dividends in cash for a total amount of 27,000 to be distributed in proportion to the nominal
holding of each shareholder equivalent to &#36;0.05728 per share.</FONT> </TD>
  </TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD colspan="2">
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On April 27, 2006 at the Bank&#146;s General Annual and Special Shareholders&#146; Meeting, it was announced that such distribution is subject to the following two conditions:</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD width=5% valign="top">&bull;</TD>
<TD width=90%><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Express authorization of the Argentine Central Bank as per Communication &#147;A&#148; 4152 dated June 3, 2004;
and</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD width=5% valign="top">&bull;</TD>
<TD width=90%><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exemption for the holders of the Corporate Bonds Program Series 15 issued on November 26, 2003.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD colspan="2">
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On April 27, 2006 the Argentine Central Bank issued an authorization to this Bank for the payment of dividends in cash.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD colspan="2">
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On May 5, 2006, the Meeting of Bondholders of the Corporate Bonds Program Series 15 issued on November 26, 2003, held on second call, resolved to grant this Bank exemption from the prohibition to
distribute dividends in cash, which had been included in the terms and conditions of such Series.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
 <TD colspan="2">
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On June 2, 2006, the payment of dividends in cash was effected.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
 <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT></TD>
 <TD colspan="2">
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of May 31, 2006 the restructuration process of the Provincial Development Trust Fund has successfully ended and the Bank swapped this debt receiving Secured Bonds due 2020.</FONT> </TD>
 </TR>
</TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-77</FONT></P>

<br>
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<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exhibit I</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">LEGAL ACTIONS &#150; CONSTITUTIONAL PROTECTION ACTIONS</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stated in thousands of Pesos</FONT></B></TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The measures adopted by the Federal Executive with respect to the political, economic, financial and foreign exchange emergency triggered a number of legal actions to be filed by individuals and
companies, in the form of constitutional protection actions (judicial injunctions resulting in the immediate release of frozen deposits), against the Federal Government, the BCRA and Financial Institutions as the petitioners consider that the Law on
Public Emergency and its supplementary provisions are unconstitutional. Based, mainly in the &#147;Kiper against Federal Government and Others&#148; case, dictated by the Supreme Court, the courts massively started to dictate through constitutional
protection actions, the partial reimbursement of bank deposits in US dollars or Argentine pesos at the &#147;floating&#148; exchange rate.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On March 11, 2002, the Argentine Association of Government-owned and Private Banks and the Argentine Bank Association filed a &#147;per saltum&#148; appeal with the Argentine Supreme Court under
section 195 bis of the Argentine Code of Civil and Commercial Procedure (according to the modification introduced by Law No. 25,561). The appeal was filed for the benefit of government-owned and private banks that are members of such associations
and was based on the Argentine institutional and systematic crisis and on the need to comply with effective regulations to achieve an ordered and gradual solution for the restrictions affecting the financial system and guaranteeing a plurality of
interest. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Supreme Court of Justice (CSJN) has handed down the following decisions in relation to the claims filed as a result of the emergency situation above described: </FONT></P>
<ul>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">On March
            5,2003, on the action for the protection of constitutional rights
            brought against the Federal  Government by the Province of San Luis,
            the Banco de la Naci&oacute;n Argentina and the BCRA declaring to
            be unconstitutional, ordering the return of the amounts deposited
            in either US dollars or the equivalent in pesos at the free market
            rate of  exchange. </FONT><br>
    <br>
  </li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">On July 13, 2004, in the case &#147;Cabrera, Ger&oacute;nimo Rafael v. Argentine Executive Branch on action for
    the protection of constitutional rights (amparo)&#148;, in which it rejected the claim of a depositor on the grounds that the latter had exercised his rights within the framework of the emergency laws, and collected a portion of his deposit in
    pesos, without reserving the right to claim the difference in U.S. dollars at the exchange rate prevailing in the open market. </FONT><br>
    <br>
  </li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">On September 14, 2004, the CSJN also pronounced in the case entitled &#147;CAMPBELL, Mar&iacute;a Enriqueta
    Vda. De Tufi&ntilde;o y otro c/ P.E.N. - Banco de Salta S.A. Grupo Macro s/ AMPARO- Medida cautelar&#148;, rejecting the claim of a depositor which was filed before the Court of original Jurisdiction and the Court of appeal, declaring the
    unconstitutionality of the emergency rule questioned regarding the pesification of the deposit funds in foreign currency. </FONT><br>
    <br>
  </li>
  <li><FONT size=2 face="serif" BASESIZE=2 BASEFACE="serif" align="left">On October 26, 2004, was pronounced in the case entitled &#147;BUSTOS, ALBERTO ROQUE Y OTROS c/ P.E.N. Y OTROS
    s/ AMPARO&#148;, revoking the sentence in which mentioned the action on the protection of constitutional rights (amparo), declaring that such action is not adequate for such claim and declares the constitutionality of the rule by which the argentine
    economy was pesificated due to the economic, financial and exchange emergency situation through which the country is going through, confirmed by Congress Law. The revocation of the sentence of the Original Jurisdiction do not state how the Judge of
    this jurisdiction will resolve the fulfillment of the Court and for such reason proceed to the refund of the amount already paid due to the legal demands ordered by a Grade Judge.</FONT></li>
</ul>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On February 3, 2004, the ABA, which groups all national banks of foreign-capital, filed with the Ministry of Economy a request for compensation of the exchange gain/loss resulting from compliance
with judicial injunctions related to constitutional protection actions commenced by holders of deposits denominated in US Dollars prior to the alteration of the convertibility regime. The Bank has consented to such filing.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of the date hereof, BBVA Banco Franc&eacute;s S.A. continues to be subject to precautionary measures or execution of judgments rendered by first or second instance courts as well as to
decisions that adhered to the Supreme Court rulings as concerns the constitutionality of pesification, the own acts&#146; theory, etc. (which are, in terms of volume and impact, substantially lower than in prior years). The Bank estimates that it
shall not receive new claims implying a significant adverse effect on its balance sheets. In the defense of its shareholders&#146; and clients&#146; interests, BBVA Banco Franc&eacute;s S.A. has articulated such judicial defenses as deemed by it to
be conducive to the preservation of its equity.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-78</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=right nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exhibit I (cont.)</FONT></B></TD>
</TR>
<TR valign="bottom">
 <TD align=center nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA BANCO FRANC&Eacute;S S.A. AND SUBSIDIARIES</FONT></B></TD>
  </TR>
<TR valign="bottom">
 <TD align=center nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">LEGAL ACTIONS &#150; CONSTITUTIONAL PROTECTION ACTIONS</FONT></B></TD>
  </TR>
<TR valign="bottom">
 <TD align=center nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">For the fiscal years ended December 31, 2005, 2004 and 2003</FONT></B></TD>
  </TR>
<TR valign="bottom">
 <TD align=center nowrap>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stated in thousands of Pesos</FONT></B></TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Owing to the equity loss that the fulfillment of the precautionary measures ordered by different courts in constitutional protection actions imply for the financial system and, in particular, for
BF, the Bank has let this loss be known to the Ministry Economy and the BCRA expressing a reservation of legal rights. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To date the authorities have not ruled on possible compensation for the financial system in relation to these matters.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Furthermore, by means of Communication &#147;A&#148; 3916 dated April 3, 2003 the BCRA resolved to allow the capitalization of the differences arising from compliance with court orders in cases
challenging regulations in force in accordance with Law 25,561, Decree </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">No.</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> 214/02 and complementary regulations in relation to
deposits within the financial system. This asset (calculated according to the difference in nominal terms between the deposit at the free market exchange rate at the moment of each payment compared to the book value of 1.40 pesos per dollar plus CER
to that date) is being amortized in 60 monthly installments as from April 2003.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of December 31, 2005 and 2004, BF records 565,352 and 739,289, respectively (after deducting the accumulated amortization for 554,036 and 335,827 as of December 31, 2005 and 2004,
respectively), in the Intangible Assets item, Organization and Development Expenses account.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Bank, however, notifies that such amortization is solely calculated to comply with the regulations of the BCRA and that by no means does it imply a waiver to possible compensation or recovery
of the exchange difference resulting from compliance with court orders corresponding to petitions for protection of civil rights or other court action derived from the mandatory conversion of bank deposits into pesos.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In the opinion of the Bank&#146;s Board of Directors and its legal advisors there exists compensation or recovery probabilities for such equity loss.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F-79</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>

<br>
<br>





<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center> <b><font basesize=2 size=2 baseface="serif" face="serif">Exhibit<br>
      Number</font></b> </TD>
    <TD><b><font basesize=2 size=2 baseface="serif" face="serif">Description</font></b></TD>
  </TR>
  <TR>
    <TD align=center valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" align=center valign=top> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.1</FONT></TD>
    <TD width=90%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amended
        and Restated By-Laws (Estatutos) of BBVA Banco Franc&eacute;s S.A.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2 align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" align=center valign=top> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.2</FONT></TD>
    <TD width=90%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">English
        translation of the Amended and Restated By-Laws (Estatutos) of BBVA Banco
        Franc&eacute;s S.A.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2 align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" align=center valign=top> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8.1</FONT></TD>
    <TD width=90%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Subsidiaries
        of the Company</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2 align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" align=center valign=top> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12.1</FONT></TD>
    <TD width=90%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Section
        302 Certification of Chief Executive Officer</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2 align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" align=center valign=top> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12.2</FONT></TD>
    <TD width=90%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Section
        302 Certification of Chief Financial Officer</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2 align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" align=center valign=top> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13.1</FONT></TD>
    <TD width=90%> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Section
        906 Certification</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>


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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>6
<FILENAME>dp02929_ex0101.htm
<TEXT>
<html>
<head>
<title></title>
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<body>
<P align="right"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exhibit
      1.1</FONT></B><BR>
</P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;CAP&Iacute;TULO
      I&#151;Denominaci&oacute;n&#151;Duraci&oacute;n y Objeto</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#151;</FONT><B><I><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">ART&Iacute;CULO 1&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Denominaci&oacute;n
      y domicilio</FONT></U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">: Bajo la denominaci&oacute;n </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;BBVA
      BANCO FRANC&Eacute;S S.A.&#148;</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">, continuar&aacute; funcionando la sociedad an&oacute;nima que se
      constituyera bajo el nombre &#147;Banco Franc&eacute;s S.A.&#148;. La sociedad
      tiene su domicilio legal en la jurisdicci&oacute;n de la ciudad de Buenos
      Aires, y domicilios especiales en las filiales existentes o que se establezcan
      en el futuro, tanto en la Rep&uacute;blica Argentina como en el extranjero,
      de acuerdo con la legislaci&oacute;n vigente para entidades financieras.
      BBVA Banco Franc&eacute;s S.A. es una &#147;Sociedad no adherida al R&eacute;gimen
      Estatuario optativo de oferta p&uacute;blica de adquisici&oacute;n obligatoria&#148;,
      de acuerdo a lo previsto en el art&iacute;culo 24 del Decreto Nro. 677/2001. </FONT><B><I><FONT BASESIZE=2
size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO 2&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Duraci&oacute;n</FONT></U><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">: El t&eacute;rmino de duraci&oacute;n de la sociedad
      es hasta el 31 de Diciembre del a&ntilde;o 2080. Este plazo puede ser prorrogado
      por la Asamblea Extraordinaria de Accionistas. </FONT><B><I><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">ART&Iacute;CULO 3&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Objeto</FONT></U><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">: El Banco Franc&eacute;s del R&iacute;o de la
      Plata es una sociedad an&oacute;nima que, con ajuste a la legislaci&oacute;n
      vigente para entidades financieras, tiene por objeto realizar, dentro o
      fuera del pa&iacute;s, las operaciones propias de un banco comercial, actuando
      en la intermediaci&oacute;n entre la demanda y la oferta p&uacute;blica
      de recursos financieros.- Son operaciones autorizadas: a) Recibir dep&oacute;sitos
      a la vista y a plazos; b) Conceder cr&eacute;ditos a corto plazo de pago &iacute;ntegro
      y otros amortizables; c) Descontar, comprar y vender letras, pagar&eacute;s,
      prendas, cheques, giros y otros documentos negociables; d) Otorgar avales,
      fianzas u otras garant&iacute;as; aceptar letras, giros y otras libranzas
      transferir fondos y emitir y aceptar cartas de cr&eacute;dito; e) Otorgar
      anticipos sobre cr&eacute;ditos provenientes de ventas, adquirirlos, asumir
      sus riesgos, gestionar su cobro y prestar asistencia t&eacute;cnica y administrativa;
      f) Realizar inversiones en t&iacute;tulos p&uacute;blicos; g) Efectuar
      inversiones de car&aacute;cter transitorio en colocaciones f&aacute;cilmente
      liquidables; h) Realizar inversiones en nuevas emisiones de acciones u
      obligaciones, conforme a la reglamentaci&oacute;n que se establezca; i)
      Recibir valores en custodia y prestar otros servicios afines a su actividad;
      j) Gestionar por cuenta ajena la compra y venta de valores mobiliarios
      y actuar como agente pagador de dividendos, amortizaciones, e intereses,
      como as&iacute; tambi&eacute;n operar como agente de mercado abierto de
      t&iacute;tulos valores; k) Realizar operaciones en moneda extranjera; l)
      Cumplir mandatos y comisiones conexos con sus operaciones; m) Recibir dep&oacute;sitos
      de participaci&oacute;n en pr&eacute;stamos hipotecarios y en cuentas especiales;
      n) Emitir obligaciones hipotecarias; o) Conceder cr&eacute;ditos para la
      adquisici&oacute;n, construcci&oacute;n, ampliaci&oacute;n, reforma, refacci&oacute;n
      y conservaci&oacute;n de inmuebles urbanos o rurales y la sustituci&oacute;n
      de grav&aacute;menes hipotecarios constitu&iacute;dos con igual destino;
      p) Obtener cr&eacute;ditos del exterior y actuar como intermediarios de
      cr&eacute;ditos obtenidos en moneda nacional o extranjera; q) Emitir obligaciones
      negociables y r) Realizar todas las operaciones activas, pasivas y de servicios
      que no le sean prohibidas por la Ley de Entidades Financieras. A tal fin
      la sociedad tiene plena capacidad jur&iacute;dica para adquirir derechos,
      contraer obligaciones y ejercer los actos que no sean prohibidos por las
      leyes o por &eacute;ste estatuto .- </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">CAP&Iacute;TULOII&#151;Capital Social&#151;Acciones</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"
>&#151;</FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
      4&ordm;</FONT></I></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital
      Social</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      El capital social -as&iacute; como su evoluci&oacute;n durante los tres &uacute;ltimos
      ejercicios sociales- figurar&aacute; en los estados contables, seg&uacute;n
      lo establecen las normas de aplicaci&oacute;n. Podr&aacute; estar representado
      por acciones ordinarias, al portador o nominativas, endosables o no, carturales
      o escriturales, conforme lo prescriban las disposiciones vigentes, de &#36; 1
      (un peso) valor nominal cada una y con derecho a un voto por acci&oacute;n. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
      5&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2
size=2 BASEFACE="serif" face="serif">Aumento de capital</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      El capital social puede ser aumentado por decisi&oacute;n de la Asamblea
      Ordinaria en las condiciones del art&iacute;culo 188, segunda parte, de
      la Ley de Sociedades Comerciales, ya sea mediante la emisi&oacute;n de
      acciones ordinarias, de acciones preferidas y/o de acciones de participaci&oacute;n.
      Las preferidas tendr&aacute;n derechos a un dividendo de pago preferente,
      de car&aacute;cter acumulativo o no, conforme a las condiciones de su emisi&oacute;n.
      Podr&aacute; tambi&eacute;n fij&aacute;rseles una participaci&oacute;n
      adicional en las ganancias l&iacute;quidas y realizadas; reconoc&eacute;rseles
      o no la prelaci&oacute;n en el reembolso del capital en la liquidaci&oacute;n
      social, y carecen de voto, salvo lo dispuesto en el art&iacute;culo 217
      de la Ley de Sociedades Comerciales. Las acciones de participaci&oacute;n
      carecen de voto y tendr&aacute;n una preferencia patrimonial sobre las
      acciones ordinarias, consistente en una antelaci&oacute;n para el reintegro
      de su valor nominal en caso de liquidaci&oacute;n. La Asamblea que resuelva
      el aumento debe establecer las caracter&iacute;sticas de las acciones a
      emitirse, as&iacute; como tambi&eacute;n fijar&aacute; las dem&aacute;s
      condiciones de colocaci&oacute;n y plazos de integraci&oacute;n. Las nuevas
      acciones s&oacute;lo podr&aacute;n emitirse cuando las anteriores hayan
      sido suscriptas.- </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
      6&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Suscripci&oacute;n de Acciones</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      Las acciones ordinarias otorgan a sus titulares derecho preferente a la
      suscripci&oacute;n de nuevas acciones en proporci&oacute;n a las que posean,
      respecto del capital social. Tambi&eacute;n otorgan el derecho de acrecer
      en proporci&oacute;n a las acciones que hayan suscripto en cada oportunidad.
      El ofrecimiento, plazo y condiciones de ejercicio del derecho de opci&oacute;n
      se rige por lo dispuesto en el art&iacute;culo 194 de la Ley de Sociedades
      Comerciales.- </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
      7&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Mora
      en la integraci&oacute;n</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      La mora en la integraci&oacute;n de las acciones suscriptas se producir&aacute; por
      el mero vencimiento del plazo y a falta de &eacute;ste, el aporte ser&aacute; exigible
      desde la fecha de inscripci&oacute;n del aumento. El accionista no podr&aacute; ejercer
      los derechos inherentes a sus acciones en mora. En este supuesto, el Directorio
      queda facultado para disponer la venta del certificado provisional por
      medio de agente de bolsa. Si la venta no fuera posible o conveniente, a
      juicio del Directorio, &eacute;ste podr&aacute; disponer la caducidad del
      certificado del suscriptor moroso, previa intimaci&oacute;n a integrar
      en un t&eacute;rmino no mayor de diez d&iacute;as corridos, con p&eacute;rdidas
      de las sumas abonadas.- </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
      8&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Acciones
      con derecho a voto</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Su
      transmisi&oacute;n</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      Las acciones con derecho a voto ser&aacute;n nominativas -endosables o
      no- o escriturales. La transmisi&oacute;n de las acciones nominativas o
      escriturales y de los derechos reales que las graven, debe notificarse
      por escrito a la sociedad o entidad que lleve el registro e inscribirse
      en el libro o cuenta pertinente. Surte efectos contra la sociedad y terceros
      desde su inscripci&oacute;n.- </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">ART&Iacute;CULO 9&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Acciones</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">. </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Formalidades</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Menciones</FONT></U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">: Las acciones y los certificados
      provisionales que se emitan, contendr&aacute;n las formalidades y menciones
      del Art. 211 de la Ley N&ordm;19.550. Se pueden emitir t&iacute;tulos representativos
      de m&aacute;s de una acci&oacute;n. Los t&iacute;tulos y las acciones que
      representen ser&aacute;n numerados en forma correlativa y deber&aacute;n
      ser suscriptos por un Director y un S&iacute;ndico, con firma aut&oacute;grafa,
      que podr&aacute; reemplazarse por facs&iacute;mil, conforme lo dispone
      el art. 212 de la Ley de Sociedades Comerciales y sus normas complementarias. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CAP&Iacute;TULO
      III- Administraci&oacute;n y Representaci&oacute;n. ART&Iacute;CULO 10&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:</FONT></B><B><I><U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Administraci&oacute;n</FONT></U></I></B><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> y </FONT></I></B><B><I><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Representaci&oacute;n</FONT></U></I></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      La administraci&oacute;n de la sociedad est&aacute; a cargo de un Directorio
      compuesto del n&uacute;mero de miembros que fije la Asamblea entre un m&iacute;nimo
      de tres y un m&aacute;ximo de nueve, con mandato por tres a&ntilde;os,
      siendo reelegibles. La Asamblea puede designar suplentes en igual o menor
      n&uacute;mero que los</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE> <br>
<br>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">titulares
    y por el mismo plazo a fin de llenar las vacantes que se produjeran. La Asamblea
    establecer&aacute; el orden de incorporaci&oacute;n de los suplentes o la
    modalidad en que &eacute;stos habr&aacute;n de reemplazar a los titulares.
    El Directorio podr&aacute; designar un Gerente General, Director o no, revocable
    libremente, en quien puede delegar las funciones ejecutivas de la administraci&oacute;n
    conforme lo establecido en el art&iacute;culo 270 de la Ley n&uacute;mero
    19.550 de Sociedades Comerciales. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    11&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Directores</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Garant&iacute;a</FONT></U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">: En garant&iacute;a del desempe&ntilde;o
    de su cargo, los Directores deber&aacute;n caucionar a favor de la sociedad,
    por el t&eacute;rmino de su mandato, bonos o t&iacute;tulos p&uacute;blicos,
    o sumas de dinero en moneda nacional o extranjera, o fianzas o avales bancarios
    o seguros de cauci&oacute;n o de responsabilidad civil, por valor de &#36; 10.000
    (diez mil pesos) como m&iacute;nimo. Tambi&eacute;n deber&aacute;n constitu&iacute;r
    domicilio especial en la Rep&uacute;blica. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    12&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">Autoridades del Directorio</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.
    Los Directores, en su primera sesi&oacute;n, deben designar un Presidente,
    un Vicepresidente primero y un Vicepresidente segundo, El Vicepresidente
    primero o el Vicepresidente segundo reemplazar&aacute;n al Presidente en
    caso de renuncia, ausencia o impedimento. Sin perjuicio de lo anterior el
    Vicepresidente segundo reemplazar&aacute; al Presidente en caso de renuncia,
    ausencia o impedimento del Vicepresidente primero. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    13&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reuniones del directorio</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    El directorio sesionar&aacute; por lo menos una vez al mes con la presencia
    no inferior a la mayor&iacute;a absoluta de sus miembros y resuelve por mayor&iacute;a
    de votos presentes, teniendo el Presidente o quien lo reemplace, doble voto
    en caso de empate. Sin perjuicio de las reuniones ordinarias mensuales, cualquier
    miembro del Directorio podr&aacute; requerir una reuni&oacute;n extraordinaria,
    en cuyo caso el Presidente efectuar&aacute; la correspondiente convocatoria,
    fijando la reuni&oacute;n dentro del quinto d&iacute;a de recibido el pedido.
    En su defecto podr&aacute; convocarla cualquiera de los Directores. La convocatoria
    deber&aacute; indicar los temas a tratar. Las resoluciones se har&aacute;n
    constar en un libro de actas que suscribir&aacute;n los Directores y S&iacute;ndicos
    presentes. Las reuniones de Directorio podr&aacute;n celebrarse por video-conferencia. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    14&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">Representaci&oacute;n de los directores</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Si existiese el qu&oacute;rum requerido por el art&iacute;culo anterior,
    los directores ausentes pueden hacerse representar, al solo efecto de la
    emisi&oacute;n del voto, por otro director, otorg&aacute;ndole carta-poder
    especial. Su responsabilidad ser&aacute; la de los directores presentes. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">ART&Iacute;CULO 15&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Facultades
    del directorio</FONT></U><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">: El directorio est&aacute; investido de las m&aacute;s
    amplias facultades para la administraci&oacute;n de la sociedad y disposici&oacute;n
    de los bienes sociales, incluso aquellas para las cuales la ley requiere
    poderes especiales conforme al art&iacute;culo 1881 del C&oacute;digo Civil
    y art&iacute;culo 9&ordm; del Decreto-Ley 5965/63. Puede en consecuencia,
    celebrar en nombre de la sociedad, actos jur&iacute;dicos que tiendan al
    cumplimiento del objeto social, entre ellos, siendo la siguiente enumeraci&oacute;n
    enunciativa y no limitativa: a) Ejercer la direcci&oacute;n y administraci&oacute;n
    de la sociedad; b) Ejercer la representaci&oacute;n legal de la sociedad
    por intermedio de su Presidente o de sus sustitutos; c) Nombrar y remover
    gerentes, subgerentes y resolver todo lo pertinente al personal y r&eacute;gimen
    administrativo, dictando las normas y reglamentos que considere pertinentes;
    d) Resolver la apertura o cierre de filiales, o cualquier otro tipo de representaci&oacute;n
    en el pa&iacute;s o en el extranjero; e) Conferir poderes especiales o generales,
    con o sin cl&aacute;usula de sustituci&oacute;n y revocarlos; f) Representar
    a la sociedd en asuntos litigiosos, con facultad de transigir, comprometer
    en &aacute;rbitros y renunciar al derecho de apelar; g) Vender, comprar,
    permutar bienes muebles e inmuebles, celebrar contratos de locaci&oacute;n,
    cobrar y percibir todo lo que se adeude a la sociedad; h) Efectuar operaciones
    con el Banco Central de la Rep&uacute;blica Argentina, Banco de la Naci&oacute;n
    Argentina; Banco Nacional de Desarrollo, Banco Hipotecario Nacional; Banco
    de la Provincia de Buenos Aires, y cualquier otra entidad financiera oficial
    o privada, nacional o extranjera; i) Aceptar mandatos, representaciones y
    comisiones; j) Otorgar avales, fianzas y garant&iacute;as; k) Convocar a
    Asambleas generales ordinarias y extraordinarias en los casos previstos por
    la legislaci&oacute;n vigente; l) Presentar anualmente a la Asamblea Ordinaria
    los estados contables de ejercicio y toda otra medida relativa a su gesti&oacute;n. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    16&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">Representaci&oacute;n legal</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    La representaci&oacute;n legal de la sociedad corresponde al Presidente del
    Directorio o, en caso de renuncia, ausencia o impedimento de &eacute;ste,
    al Vicepresidente primero o al Vicepresidente segundo o a dos Directores
    designados por el Directorio. Para absolver posiciones en juicio, el Directorio
    puede designar a uno o m&aacute;s apoderados para que invistan esa representaci&oacute;n
    legal. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    17&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Comit&eacute; Ejecutivo</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    El Directorio podr&aacute; constituir un Comit&eacute; Ejecutivo integrado
    por tres Directores que se reunir&aacute;n por lo menos una vez al mes con
    la presencia de la mayor&iacute;a de sus miembros y resolver&aacute; por
    mayor&iacute;a de votos presentes. Tendr&aacute; a su cargo, entre otras,
    las siguientes funciones: a) La determinaci&oacute;n de los lineamientos
    estrat&eacute;gicos y la definici&oacute;n de las pol&iacute;ticas generales
    de la sociedad; b) Ejecuci&oacute;n de los acuerdos del Directorio; c) Elaboraci&oacute;n
    de la documentaci&oacute;n y de los informes necesarios para que el Directorio
    adopte las resoluciones que fueren de competencia exclusiva del Directorio;
    d) Sancionar los presupuestos de gastos e inversiones y autorizar los imprevistos
    que fueren necesarios; e) Controlar la gesti&oacute;n general, la contabilidad
    y la documentaci&oacute;n de la sociedad; f) Supervisar las diversas &aacute;reas
    de la sociedad y promover el ejercicio de inspecciones y auditor&iacute;as
    internas o externas en todas o en cada una de las &aacute;reas de actuaci&oacute;n
    de la sociedad; g) Elaborar proyectos de toda &iacute;ndole. h) Intervenir
    en las tratativas y en la celebraci&oacute;n de los contratos propios del
    giro de la sociedad cuya supervisi&oacute;n le ha sido atribuida; i) Realizar
    todo g&eacute;nero de operaciones de dep&oacute;sitos y de cr&eacute;dito
    con los Bancos oficiales, mixtos o privados y cualquier otra instituci&oacute;n
    de cr&eacute;dito oficial o privada del pa&iacute;s y/o del exterior; j)
    Nombrar y separar a los empleados de la sociedad, fijando el salario y las
    gratificaciones de los empleados; k) Recibir dep&oacute;sitos en cuentas
    corrientes, a plazo fijo, en caja de ahorro y en cualquier otra forma que
    se determine; tomar dinero a inter&eacute;s, acordar toda clase de pr&eacute;stamos
    fijando los intereses y tasas de descuento; l) Aceptar mandatos, tanto de
    car&aacute;cter comercial como civil, y ejercer la representaci&oacute;n
    de terceros; m) Tomar la administraci&oacute;n de propiedades y de bienes
    en general, por cuenta de terceros; n) Realizar toda clase de operaciones
    en moneda extranjera o nacional, vinculadas o no con el comercio de importaci&oacute;n
    y exportaci&oacute;n, con las seguridades y garant&iacute;as que estime necesarias; &ntilde;)
    Efectuar redescuentos de documentos comerciales de cualquier &iacute;ndole,
    o) Comprar, vender y guardar t&iacute;tulos y v alores de cualquier clase,
    por cuenta propia o de terceros, cobrando y percibiendo los dividendos respectivos;
    p) Recibir bienes inmuebles o muebles y semovientes en hipoteca o prenda,
    en garant&iacute;a de deudas existentes o de cr&eacute;ditos que acuerde
    o como refuerzo de garant&iacute;a por cuenta propia o de terceros. Podr&aacute; tambi&eacute;n
    comprar inmuebles y aceptar daciones en pago, ya sea para facilitar la realizaci&oacute;n
    o liquidaci&oacute;n de operaciones o cuentas pendientes; q) Tomar y dar
    en locaci&oacute;n toda clase de bienes, constituir, aceptar y cancelar grav&aacute;menes;
    r) Efectuar en general, con las m&aacute;s amplias facultades para proceder
    en nombre de la sociedad, toda operaci&oacute;n o negocio l&iacute;cito,
    dentro de lo que constituye la actividad bancaria; s) Ejercer todas las funciones
    que le fueren delegadas por el Directorio. La enumeraci&oacute;n precedente
    es meramente enunciativa y no limitativa atento a que el Comit&eacute;</FONT></P>
<br>
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<p style="page-break-before:always"></p>
<PAGE> <br>
<br>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ejecutivo
    estar&aacute; facultado para llevar a cabo todos los demas actos que correspondan
    a la gesti&oacute;n de los negocios ordinarios de la sociedad. El Comit&eacute; Ejecutivo,
    peri&oacute;dicamente, dar&aacute; cuenta de su gesti&oacute;n al Directorio.
    El funcionamiento y las atribuciones del Comit&eacute; Ejecutivo ser&aacute;n
    fijados por el Directorio, dict&aacute;ndose al efecto un reglamento interno. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    18&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Remuneraci&oacute;n del directorio</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Anualmente el Directorio percibir&aacute; la remuneraci&oacute;n que sea
    fijada por la Asamblea de accionistas, con las limitaciones establecidas
    por el art. 261 de la Ley de Sociedades Comerciales. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    19&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">Comisiones especiales o funciones
    t&eacute;cnico-administrativas</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Cuando el ejercicio de comisiones especiales o de funciones t&eacute;cnico-administrativas
    por parte de uno o m&aacute;s Directores frente a lo reducido o inexistencia
    de ganancias imponga la necesidad de exceder los l&iacute;mites del art&iacute;culo
    261 de la Ley de Sociedades Comerciales, s&oacute;lo podr&aacute;n hacerse
    efectivas tales remuneraciones en exceso si fuesen expresamente acordadas
    por la asamblea de accionistas, a cuyo efecto deber&aacute; incluirse el
    asunto como uno de los puntos del &oacute;rden del d&iacute;a. </FONT><B><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">CAP&Iacute;TULO</FONT></B><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">IV-Fiscalizaci&oacute;n.
    ART&Iacute;CULO 20&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Comisi&oacute;n
    Fiscalizadora</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    La fiscalizaci&oacute;n de la sociedad est&aacute; a cargo de tres s&iacute;ndicos
    titulares, designados anualmente por la Asamblea General Ordinaria, la cual
    debe tambi&eacute;n elegir igual n&uacute;mero de suplentes por el mismo
    t&eacute;rmino. La Asamblea fija la remuneraci&oacute;n de los miembros de
    la Comisi&oacute;n Fiscalizadora. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    21&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Atribuciones y deberes</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Son atribuciones y deb&eacute;res de los miembros de la Comisi&oacute;n Fiscalizadora
    los determinados en la Ley de Sociedades Comerciales, y espec&iacute;ficamente:
    1) Fiscalizar la administraci&oacute;n de la sociedad, a cuyo efecto examinar&aacute; los
    libros y documentaci&oacute;n siempre que lo juzgue conveniente, y por lo
    menos una vez cada tres meses; 2) Verificar en igual forma y periodicidad
    las disponibilidades y t&iacute;tulos valores, as&iacute; como las obligaciones
    y su cumplimiento; igualmente puede solicitar la confecci&oacute;n de balances
    de comprobaci&oacute;n; 3) Asistir con voz, pero sin voto, a las reuniones
    del Directorio, del Comit&eacute; Ejecutivo y de la Asamblea, a todas las
    cuales debe ser citado; 4) Controlar la constituci&oacute;n y subsistencia
    de la garant&iacute;a de los Directores y recabar las medidas necesarias
    para corregir cualquier irregularidad; 5) Presentar a la Asamblea Ordinaria
    un informe escrito y fundado sobre la situaci&oacute;n econ&oacute;mica y
    financiera de la sociedad, dictaminando sobre la memoria, inventario, balance
    y estado de resultados; 6) Suministrar a accionistas que representen no menos
    del dos por ciento del capital, en cualquier momento que &eacute;stos se
    lo requieran por escrito, informaci&oacute;n sobre las materias que son de
    su competencia; 7) Convocar a Asamblea Extraordinaria, cuando lo juzgue necesario,
    y a Asamblea Ordinaria o a Asambleas especiales, cuando omitiera hacerlo
    el Directorio; 8) Hacer incluir en el &oacute;rden del d&iacute;a de la Asamblea,
    los puntos que considere procedentes; 9) Vigilar que los &oacute;rganos sociales
    den debido cumplimiento a la ley, estatuto, reglamento y decisiones asamblearias;
    10) Fiscalizar la liquidaci&oacute;n de la sociedad; 11) Investigar las denuncias
    que le formulen por escrito accionistas que representen no menos del dos
    por ciento del capital, mencionarlas en informe verbal a la Asamblea y efectuar
    acerca de ellas las consideraciones y proposiciones qu e corresponda. Convocar
    de inmediato a Asamblea para que resuelva al respecto, cuando la situaci&oacute;n
    investigada no reciba del Directorio el tratamiento que concept&uacute;e
    adecuado y juzgue necesario actuar con urgencia. Los derechos de informaci&oacute;n
    e investigaci&oacute;n administrativa pueden ejercerse individualmente por
    cada uno de los miembros de la Comisi&oacute;n Fiscalizadora. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    22&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reuniones
    y resoluciones</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    La Comisi&oacute;n Fiscalizadora sesionar&aacute; en forma ordinaria al menos
    una vez por trimestre y adem&aacute;s en forma extraordinaria, a requerimiento
    de cualquiera de sus miembros, o por pedido expreso del Directorio. Sesionar&aacute; y
    adoptar&aacute; sus resoluciones, con la presencia y el voto favorable de
    por lo menos dos de sus miembros. Las resoluciones se har&aacute;n constar
    en un libro de actas que se llevar&aacute; al efecto.- </FONT><B><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">CAP&Iacute;TULO</FONT></B><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">V-
    Asambleas. ART&Iacute;CULO 23&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">Convocatoria</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Las Asambleas Ordinarias y Extraordinarias ser&aacute;n convocadas por el
    Directorio o por la Comisi&oacute;n Fiscalizadora en los casos previstos
    por la Ley o cuando lo juzguen necesario o, finalmente, cuando sean requeridas
    por accionistas que representen por lo menos el cinco por ciento del capital
    social, conforme lo establece el art. 236 de la Ley de Sociedades Comerciales. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    24&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Publicaciones</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Las Asambleas ser&aacute;n convocadas por publicaciones durante cinco d&iacute;as,
    con diez de anticipaci&oacute;n por lo menos, y no m&aacute;s de treinta,
    en el diario de publicaciones legales y en uno de los diarios de mayor circulaci&oacute;n
    general en la Rep&uacute;blica. Deber&aacute; mencionarse el car&aacute;cter
    de la Asamblea, fecha, hora y lugar de reuni&oacute;n, &oacute;rden del d&iacute;a
    y los recaudos especiales exigidos por el estatuto para la concurrencia de
    los accionistas. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    25&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Segunda
    convocatoria</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    La Asamblea Ordinaria en segunda convocatoria por haber fracasado la primera,
    podr&aacute; celebrarse el mismo d&iacute;a con un intervalo no inferior
    a una hora de la fijada para la primera, conforme lo autoriza el art&iacute;culo
    n&uacute;mero 237, segunda parte, de la Ley de Sociedades Comerciales. La
    Asamblea Extraordinaria en segunda convocatoria por haber fracasado la primera,
    deber&aacute; celebrarse dentro de los 30 d&iacute;as siguientes y las publicaciones
    se efectuar&aacute;n por tres d&iacute;as, con ocho de anticipaci&oacute;n
    como m&iacute;nimo. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
    26&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Asistencia</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> y </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Representaci&oacute;n</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Para tener derecho de asistir y votar en las Asambleas, los accionistas deben
    depositar en la sociedad, seg&uacute;n sea el caso, sus acciones o un certificado
    de dep&oacute;sito o constancia de las cuentas de acciones escriturales librado
    al efecto por un Banco, Caja de Valores u otra instituci&oacute;n autorizada,
    para su inscripci&oacute;n en el libro de asistencia, con no menos de tres
    (3) d&iacute;as h&aacute;biles de anticipaci&oacute;n a la fecha fijada para
    la celebraci&oacute;n de la Asamblea. Los titulares de acciones nominativas
    o escriturales cuyo registro sea llevado por la sociedad bastar&aacute; con
    que cursen comunicaci&oacute;n a la sociedad para que se los inscriba en
    el libro de asistencia con no menos de tres (3) d&iacute;as h&aacute;biles
    de antelaci&oacute;n al de la fecha fijada para la celebraci&oacute;n de
    la Asamblea. La sociedad les entregar&aacute ; los comprobantes que servir&aacute;n
    para la admisi&oacute;n a la Asamblea. El accionista tiene derecho a hacerse
    representar en la asamblea mediante el otorgamiento de un mandato en instrumento
    p&uacute;blico o privado. En este &uacute;ltimo caso, la firma del mandante
    debe encontrarse certificada en forma judicial, notarial o bancaria. No pueden
    ser mandatarios los Directores, S&iacute;ndicos, Gerentes y dem&aacute;s
    empleados de la sociedad. </FONT><B><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">ART&Iacute;CULO 27&ordm;: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Qu&oacute;rum
    y decisiones</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Las Asambleas ser&aacute;n presididas por el Presidente del Directorio o
    su reemplazante, y en su defecto, por la persona que designe la Asamblea
    a tal efecto. La constituci&oacute;n de la Asamblea Ordinaria en primera
    convocatoria, requiere la presencia de accionistas que representen la mayor&iacute;a
    de las acciones con derecho a voto. En la segunda convocatoria, la Asamblea
    se considerar&aacute; constitu&iacute;da cualquiera sea el n&uacute;mero
    de las acciones presentes. La Asamblea Extraordinaria se re&uacute;ne en
    primera convocatoria con la presencia de accionistas que representen el sesenta
    por ciento de las acciones con derecho a voto. En la segunda convocatoria
    se requiere la concurrencia de accionistas que representen el treinta por
    ciento de las acciones con derecho a voto. En todos los casos, las resoluciones
    ser&aacute;n tomadas por mayor&iacute;a absoluta de los votos presentes que
    puedan emitirse en la respectiva decisi&oacute;n. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">ART&Iacute;CULO</FONT></I></B></P>
<br>
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<P align="left"> <B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cuarto
      intermedio</FONT></U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">: Las Asambleas podr&aacute;n
      pasar a cuarto intermedio por una vez, debiendo reanudarse la sesi&oacute;n
      dentro de los treinta d&iacute;as siguientes, sin necesidad de nueva convocatoria.
      S&oacute;lo podr&aacute;n participar en la segunda reuni&oacute;n los accionistas
      que cumplieron con lo dispuesto en el art&iacute;culo 26 del presente,
      y se confeccionar&aacute;n actas separadas de cada reuni&oacute;n. </FONT><B><I><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">ART&Iacute;CULO 29&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Actas
      de Asamblea</FONT></U><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">: De las deliberaciones de las Asambleas se dejar&aacute; constancia
      en acta, que deber&aacute; labrarse en libro especial. Todas las actas
      ser&aacute;n firmadas dentro de los cinco d&iacute;as de finalizada la
      Asamblea, por el Presidente y por los dos accionistas que la Asamblea designe
      a tal efecto, debiendo constar un resumen de las manifestaciones vertidas
      durante la deliberaci&oacute;n, las formas de las votaciones y su resultado,
      con expresi&oacute;n completa de las decisiones.- </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CAP&Iacute;TULO</FONT></B><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">VI&#151;Ejercicio
      social. ART&Iacute;CULO 30&ordm;</FONT></I></B><B><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Iniciaci&oacute;n
      y cierre</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:A
      partir del 1&ordm; de enero de 1999, inclusive, el ejercicio social ser&aacute; del
      primero de enero de cada a&ntilde;o al 31 de diciembre de ese mismo a&ntilde;o.
      A esa fecha se confeccionar&aacute;n los estados contables conforme a las
      disposiciones en vigencia y normas t&eacute;cnicas en la materia. La Asamblea
      puede modificar la fecha de cierre del ejercicio, inscribiendo la resoluci&oacute;n
      pertinente en el Registro P&uacute;blico de Comercio y comunic&aacute;ndola
      a la autoridad de control. Las ganancias realizadas y l&iacute;quidas se
      destinan: a) El porcentaje que se determine, conforme a las disposiciones
      legales vigentes para las entidades financieras, al Fondo de Reserva Legal;
      b) La cantidad que la Asamblea determine, como remuneraci&oacute;n del
      Directorio y de la Comisi&oacute;n Fiscalizadora; c) A dividendo de las
      acciones preferidas, debiendo abonarse con prioridad los impagos; d) La
      cantidad que la Asamblea determine, hasta un m&aacute;ximo del 1%, para
      Fondo de Auxilio a los empleados o sus familias o para otro destino que
      tenga relaci&oacute;n con el personal y en la forma reglamentada por el
      Directorio; e) El saldo, en todo o en parte, a participaci&oacute;n adicional
      de las acciones preferidas y a dividendos de las acciones ordinarias, o
      a fondos de reserva facultativos o de previsi&oacute;n o a cuenta nueva
      o al destino que determine la Asamblea. Los dividendos deben ser pagados
      en proporci&oacute;n a las respectivas integraciones, en los plazos establecidos
      por los organismos de control. Los dividendos en efectivo o en acciones,
      no retirados ni reclamados dentro de los tres a&ntilde;os, contados desde
      la fecha en que fueron puestos a disposici&oacute;n de los accionistas,
      caducan autom&aacute;ticamente en favor del Fondo de Reserva Legal. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CAP&Iacute;TULO</FONT></B><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">VII-Liquidaci&oacute;n</FONT></I></B><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">. </FONT><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ART&Iacute;CULO
      31&ordm;</FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Liquidaci&oacute;n</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      En caso de disoluci&oacute;n, la sociedad deber&aacute; comunicarlo al
      Banco Central de la Rep&uacute;blica Argentina, a fin de que &eacute;ste
      resuelva si se har&aacute; cargo de los procedimientos de liquidaci&oacute;n.
      Si la mencionada autoridad de control decidiera no hacerse cargo de dichos
      procedimientos, la Asamblea designar&aacute; una Comisi&oacute;n Liquidadora,
      y establecer&aacute; la remuneraci&oacute;n de la misma. La Comisi&oacute;n
      debe efectuar la liquidaci&oacute;n, bajo la supervisi&oacute;n de la Comisi&oacute;n
      Fiscalizadora, de la siguiente manera: dentro de los treinta d&iacute;as
      de asumido el cargo se confeccionar&aacute; un inventario y balance del
      patrimonio social, que se pondr &aacute; a disposici&oacute;n de los socios.
      Asimismo, la Comisi&oacute;n Liquidadora informar&aacute; a la Comisi&oacute;n
      Fiscalizadora trimestralmente, sobre el estado de la liquidaci&oacute;n.
      Extinguido el pasivo social, inclu&iacute;dos los gastos de liquidaci&oacute;n
      de la sociedad, los liquidadores -en caso de existir remanente- confeccionar&aacute;n
      el balance final y el proyecto de distribuci&oacute;n; reembolsar&aacute;n
      proporcionalmente las partes del capital y, el excedente se distribuir&aacute; en
      proporci&oacute;n a la participaci&oacute;n de cada accionista en el capital
      social. El balance final y el proyecto de distribuci&oacute;n efectuados,
      se inscribir&aacute;n en el Registro P&uacute;blico de Comercio.&#148;</FONT></P>

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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>7
<FILENAME>dp02929_ex0102.htm
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<P align="right"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exhibit
      1.2</FONT></B><BR>
</P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#147;TITLE
      I &#150; Corporate Name &#150; Duration and Object &#150; SECTION 1: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Corporate
      Name and Domicile</FONT></U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">: Under the name &#147;BBVA BANCO
      FRANCES S.A.&#148;, the corporation which was incorporated as &#147;Banco
      Franc&eacute;s S.A.&#148; will continue to operate. The corporation has
      legal domicile in the jurisdiction of the city of Buenos Aires, and special
      domiciles at the branches now in existence or to be created in the future,
      both in the Republic of Argentina and abroad, according to the legislation
      applicable to financial entities. BBVA Banco Franc&eacute;s S.A. is excluded
      from the &#147;Statutory Optional System of Public Offering with Mandatory
      Acquisition&#148;, as provided in Section 24 of Decree 677/2001.&#148;. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">SECTION 2: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Duration</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      The term of duration of the corporation is until December 31, 2080. This
      term may be extended by the Special Shareholders&#146; Meeting. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
      3</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Object</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      Banco Franc&eacute;s del R&iacute;o de la Plata is a stock corporation
      whose object in terms of the legislation in force for financial entities
      is to conduct, within or without the country, the transactions pertaining
      to a commercial bank, operating as intermediary between the demand and
      the public supply of financial resources. Its authorized transactions are:
      a) to receive deposits at sight or at a term; b) to grant short-term bullet
      loans and loans with partial amortizations; c) to discount, purchase and
      sell bills of exchange, promissory notes, pledges, checks, drafts and other
      negotiable instruments; d) to grant guarantees, bonds or other forms of
      collateral; accept bills of exchange, drafts and other orders of payment,
      transfer funds and issue and accept letters of credit; e) to grant advances
      on credits arising from sales, acquire them and undertake the risks resulting
      therefrom, take steps to collect them and offer technical and administrative
      assistance; f) to invest in government securities; g) to make temporary
      investments in liquid assets; h) to invest in new stock or securities issues,
      in compliance with such regulations as may be set forth to such effect;
      i) to accept securities in custody and provide other services which may
      arise therefrom; j) to manage, on behalf of third parties, the purchase
      and sale of securities, and act as paying agents in relation to dividends,
      redemption and interest; engage in brokerage activities in the over-the-counter
      securities market; k) to perform foreign exchange transactions; l) to comply
      with agencies related to its operations; m) to receive deposits of participation
      in mortgage loans and in special accounts; n) to issue mortgage obligations;
      o) to grant loans for the acquisition, construction, enlargement, reform,
      repair, improvement and maintenance of urban or rural real estate, and
      for the substitution of mortgages taken up for the same purpose; p) to
      receive foreign loans and act as intermediary in local or foreign currency-denominated
      loans; q) to issue private bonds and r) to carry out such lending, borrowing
      and service-related operations as are not forbidden under the Law of Financial
      Entities. To this effect, the Bank has full legal power to acquire rights,
      undertake obligations and perform such obligations as are not forbidden
      by law or by these By-laws. </FONT><B><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">TITLE II &#150; Capital Stock &#150; Shares.
      SECTION 4: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital
      Stock: </FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">In compliance with applicable regulations, the Bank&#146;s financial
      statements shall include its capital stock and the evolution thereof for
      the last three fiscal years. In compliance with provisions in force, the
      Bank&#146;s capital stock may be evidenced by bearer or registered shares
      of common stock, endorsable or non-endorsable, in book-entry or certificate
      form, par value &#36; 1 (one peso)per share and entitled to one vote each. </FONT><B><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">SECTION 5</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital
      Increases</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">: The Bank&#146;s capital stock may be increased by resolution adopted
      at a Regular Share holders&#146; Meeting, in compliance with the provisions
      set forth in Section 188, Part II of the Argentine Law of Corporations,
      be it through the issue of shares of common stock, preferred shares and/or
      non-voting stock. Preferred shares shall be entitled to preferred dividends,
      whether cumulative or not, according to the conditions of issue. Such stock
      may also participate in net and realized profits; they may or may not have
      preference in the reimbursement of capital upon the Bank&#146;s liquidation
      and, other than under the provisions set forth in Section 217 of the Argentine
      Law of Corporations, are not entitled to vote. Non-voting stock do not
      have voting rights, and shall rank senior to shares of common stock for
      the reimbursement of their par value in the event of liquidation of the
      Bank. Any Shareholders&#146; Meeting resolving the aforementioned capital
      increase shall provide for the characteristics of the shares to be issued,
      as well as other placement conditions and integration terms. New shares
      may be issued only after all previous shares have been subscribed. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
      6</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">: </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Share
      Subscription</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      Shares of common stock grant shareholders thereof a pre-emptive right to
      subscribe new shares, pro rata of their relevant interest. Such shares
      also grant accretion rights in proportion to the shares subscribed on each
      occasion. The offering, term and conditions to exercise such option right
      shall abide by the provisions set forth in Section 194 of the Argentine
      Law of Corporations. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
      7</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Delay in Paying-off</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      Any delay in paying off the shares subscribed shall arise from the mere
      maturity date and, should there be no term, the payment shall become due
      as of the date of registration of such capital increase. Shareholder may
      not exercise any rights related to the shares for which they are in arrears.
      Should that be the case, the Board of Directors is hereby empowered to
      provide for the sale of temporary share certificates through a stockbroker.
      If, in the Board&#146;s opinion, such sale is not deemed possible or advisable,
      it may provide for the termination of the delinquent shareholder&#146;s
      certificate, upon prior demand for payment within a term not exceeding
      ten calendar days, in which case the shareholder shall not be entitled
      to any reimbursement of sums already paid. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
      8</FONT></B><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">: </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Voting
      Stock</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Transfer</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      Voting stock shall be issued in nominative form, endorsable or not, or
      in book-entry form. The transfer of registered or book-entry shares and
      any lien thereon shall be notified in writing to the Bank or to the institution
      keeping the record book of shares, or else be registered in the relevant
      book or account. Such transfer shall become enforceable upon the Bank and
      third parties as of registration thereof. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
      9</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Shares</FONT></U><FONT BASESIZE=2
size=2 BASEFACE="serif" face="serif">. </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Formalities</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Annotations</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      Shares and temporary certificates shall comply with the formalities and
      annotations set forth in Section 211 of Law 19,550 (Argentine Law of Corporations).
      Share certificates evidencing more than one share may be issued. Share
      certificates and the shares represented thereby shall be sequentially numbered
      and include the executed signature of a Director and a Statutory Auditor,
      or the facsimile copy thereof, in compliance with the provisions set forth
      in Section 212 of the Argentine Law of Corporations, as supplemented. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TITLE
      III &#150;Management and Representation. SECTION 10: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Management
      and Representation</FONT></U><FONT BASESIZ
E=2 size=2 BASEFACE="serif" face="serif">: The business of the Bank shall be
      managed by a Board of Directors. The number of Board members shall be as
      provided by the Shareholders&#146; Meeting with a minimum of three and
      a maximum of nine. Directors shall hold office for three years and may
      be re-elected. In order to cover any vacancy, the</FONT></P>
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<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Shareholders&#146; Meeting
    may appoint alternate Directors in a number equal to or lesser than the number
    of Regular Directors, and for the same term of office. The Shareholder&#146;s
    Meeting shall establish the order in which alternate Directors will take
    office, or the manner in which they will substitute such Directors. The Board
    of Directors may appoint a General Manager, who may or may not be a Director,
    whose office may be freely revocable, to be vested with executive management
    functions pursuant to Section 270 of the Business Companies Law No. 19,550. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    11: Directors. Guarantee</FONT></B><FONT BASESIZE=2
size=2 BASEFACE="serif" face="serif">: As guarantee for their performance, Directors
    shall pledge to the Bank, during their term of office, bonds or public securities
    or sums of money in national or foreign currency, or sureties or banking
    guarantees or surety bonds or civil liability insurances, for an amount of &#36; 10,000
    (ten thousand pesos) as a minimum. They shall also establish special domicile
    in the Republic. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">SECTION 12: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Board
    Authorities</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.
    At their first Board Meeting, Directors shall appoint a Chairman, as well
    as a First and a Second Vice-Chairman. The First or Second Vice-Chairman
    shall substitute the Chairman in case of resignation, absence or incapacity.
    Notwithstanding the foregoing, the Second Vice-Chairman shall substitute
    the Chairman in case of resignation, absence or incapacity of the First Vice-Chairman. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    13: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Board
    Meetings</FONT></U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">: The Board shall meet at least
    once a month, with the attendance of at least an absolute majority of its
    members. Resolutions shall be adopted by the affirmative vote of a majority
    of votes present. In case of a tie, the Chairman or anybody replacing him
    will have a casting vote right. Without prejudice to the regular monthly
    meetings, any member of the Board may convene a special meeting. In such
    case the Chairman shall duly convene the Meeting for a day within five days
    of receiving such request. Otherwise the meeting may be convened by any Board
    member. The call for the meeting shall include the relevant Agenda. Resolutions
    taken at Board meetings shall be registered in a Minutes Book to be signed
    by all Directors and Statutory Auditors present. Board Meetings may be held
    by video-conference. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    14:</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif"> </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Representation
    of Directors</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Should the quorum set forth in the preceding Section be present, Directors
    not present at the meeting may vote by proxy, to which effect they will grant
    another Director special power of attorney. Such Directors shall have the
    same responsibilities as the Directors present. </FONT><B><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">SECTION 15: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Board
    Powers</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.
    The Board of Directors shall have full powers and authority to manage the
    Bank and dispose of corporate property, including that for which a special
    power is required in compliance with Section 1881 of the Argentine Civil
    Code and Section 9 of Decree-Law 5965/63. Therefore the Board may, on behalf
    of the Bank, perform any legal action conducive to comply with the Bank&#146;s
    corporate purpose including, but not limited to, the following powers: a)
    to manage and administer the Bank&#146;s business; b) to act as the Bank&#146;s
    legal representative through the Chairman or any substitute thereof; c) to
    appoint and remove managers and deputy managers, and resolve any personnel
    and administrative matter, and issue such rules and regulations as it may
    deem appropriate; d) to open or close branches or any other kind of office,
    whether in Argentina or abroad; e) to grant general or special powers of
    attorney, with or without substitution clause, and revoke the same; f) to
    represent the Bank in any legal dispute, with the power to settle, submit
    to arbitration such disputes and waive the right of appeal; g) to sell, purchase
    and exchange real and personal property, to enter into lease agreements,
    to collect and receive any amount due to the Bank; h) to perform transactions
    with the Argentine Central Bank, the Banco de la Naci&oacute;n Argentina,
    the Banco Nacional de Desarroll o, the Banco Hipotecario Nacional, the Banco
    de la Provincia de Buenos Aires and any other government-run or private domestic
    or foreign financial institution; i) to accept agencies, representations
    and commissions; j) to grant guarantees, bonds and sureties; k) to convene
    Regular and Special Shareholders&#146; Meetings in such cases set forth by
    legislation in force; l) to submit to the Regular Shareholder&#146;s Meeting,
    on an annual basis, the financial statements for that fiscal year and any
    other management action taken; </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    16: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Legal
    Representation</FONT></U><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">: The Chairman of the Board, or in case of resignation,
    absence or incapacity thereof, the First Vice-Chairman or the Second Vice-Chairman,
    or any two Directors appointed by the Board shall be the Bank&#146;s representatives.
    The Bank may appoint one or more attorneys-in-fact to give testimony in court. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    17: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Executive
    Committee</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.
    The Board of Directors may appoint an Executive Committee consisting of three
    Directors, to meet at least once a month with the attendance of a majority
    of its members, and to adopt resolutions by the affirmative vote of a majority
    of votes present. Among other duties, the Executive Committee shall be responsible
    for: a) defining the Bank&#146;s strategic guidelines and general policies;
    b) implementing the Board&#146;s decisions; c) preparing all documents and
    reports necessary for the Board to adopt any resolution falling within the
    scope of the Board&#146;s exclusive powers; d) approving expense and investment
    budgets and authorizing such contingent expenses as may arise; e) monitoring
    the Bank&#146;s general management, accounting and documentation; f) supervising
    the different areas of the Bank and encouraging internal or external audits
    or examinations in each and every business area of the Bank; g) developing
    projects of any nature whatsoever; h) taking part in any discussion and in
    the execution of agreements related to the Bank&#146;s transactions which
    must be supervised by it; i) performing all kinds of lending and deposit
    transactions with government-run, mixed or private banks, as well as with
    any other state-run or private lending institution, whether in Argentina
    or abroad; j) appointing and removing the Bank&#146;s employees and determining
    their remuneration and benefits; k) receiving check and savings accounts
    deposits, fixed term deposits and any other form of deposits to be determined;
    effecting borrowing and lending transactions and determining the latter&#146;s
    interest and discount rates; l) accepting civil and commercial agencies,
    and acting on behalf of third parties; m) managing property and goods in
    general on behalf of third parties; n) performing any kind of domestic or
    foreign currency denominated transactions, be they related or unrelated to
    the import and export business, with such sureties and guarantees as may
    be deemed necessary; &ntilde;) rediscounting commercial documents of any
    kind; o) purchasing, selling and keeping securities of any kind, either for
    its own account or on behalf of third parties, as well as collecting and
    receiving the relevant dividends thereon; p) mortgaging or pledging real
    or personal property and chattels as collateral for existing debts or claims,
    or as additional collateral for its own account or on behalf of third parties.
    The Executive Committee shall also be empowered to purchase real estate and
    accept property in lieu of payment, whether to facilitate the performance
    or settlement of transactions, or as payment for pending claims; q) letting
    and leasing any kind of property, constituting, accepting and releasing any
    lien; s) performing, in general, any legal transaction or business within
    the scope of banking activities, with full power and authority to act on
    behalf of the Bank; s) performing all powers delegated to it by the Board.
    The preceding list is by no means restrictive. The Executive Committee shall
    be empowered to perform</FONT></P>
<br>
<br>
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<PAGE> <br>
<br>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">any other
    action related to managing the Bank&#146;s activities in the ordinary course
    of business. The Executive Committee shall regularly report to the Board.
    The management and powers of the Executive Committee shall be determined
    by the Board of Directors through the issue of internal regulations. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    18: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Directors&#146; Remuneration</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    The Board shall receive an annual remuneration to be set forth by the Shareholders&#146; Meeting,
    with such restrictions as established in Section 261 of the Argentine Law
    of Corporations. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    19:</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Special Roles or Technical/Administrative Duties</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.:
    Whenever the performance of special roles or of technical/administrative
    duties by one or more Directors as a result of insufficient or no income
    cause the above-mentioned remunerations to exceed the restrictions set forth
    in Section 261 of the Argentine Law of Corporations, such remuneration shall
    only be paid if expressly approved by the Shareholders&#146; Meeting, and
    this issue shall be included as an item of the Agenda. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TITLE
    IV &#150;Supervision. SECTION 20: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Supervisory
    Committee</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.
    The Bank shall be supervised by three regular statutory auditors to be appointed
    on an annual basis by the Regular Shareholders&#146; Meeting, and an equal
    number of Alternate Statutory Auditors, to hold office for identical term.
    Their remuneration shall be determined by the Shareholders&#146; Meeting. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    21: </FONT></B><U><FONT BASESIZE=2
size=2 BASEFACE="serif" face="serif">Powers and Duties</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.
    The Members of the Supervisory Committee will be entrusted with such powers
    and duties as set forth in the Argentine Law of Corporations and, more specifically,
    their powers will include: 1) to supervise the Bank&#146;s management, to
    which effect it shall examine the Bank&#146;s documents and books at least
    quarterly and whenever it may deem it convenient; 2) to monitor at the same
    intervals the Bank&#146;s cash and securities, as well as any debt obligations
    and their performance; likewise, it may request the preparation of trial
    balance-sheets; 3) to attend, if asked to do so, any Board, Executive Committee
    or Shareholders&#146; Meeting, not being entitled to vote therein; 4) to
    monitor the deposit and permanence of the Directors&#146; performance guarantee,
    and take steps to correct any irregularity; 5) to submit to the Regular Shareholders&#146; Meeting
    a written and documented report on the Bank&#146;s business and financial
    condition, and give an opinion on the annual report, inventory, balance-sheet
    and statement of income; 6) to furnish shareholders representing at least
    two percent of the capital stock, at any time they may so request in writing,
    with such information as they may request on issues falling within the jurisdiction
    of the Supervisory Committee; 7) to convene a Special Shareholders&#146; Meeting
    whenever deemed necessary, or Special Shareholders&#146; Meetings in case
    the Board fails to do so; 8) to cause any pertinent item to be included in
    the Agenda for any meeting; 9) to ensure compliance by corporate bodies with
    any law, statute, regulation or Shareholders&#146; Meeting decision; 10)
    to supervise the corporation&#146;s liquidation; 11) to investigate any complaint
    filed in writing by shareholders representing at least 2% of the Bank&#146;s
    capital stock, to verbally report thereon at a Shareholders&#146; Meeting
    and to make such comments and recommendations thereon as it may deem appropriate.
    To immediately convene a Shareholders&#146; Meeting to make a decision thereon
    whenever, in its opinion, the Board fails to deal with the issue under investigation
    as properly as required, and it is therefore necessary to make a prompt decision.
    The members of the Supervisory Committee may individually exercise their
    right to administrative information and investigation. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    22: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Meetings
    and Resolutions</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    The Supervisory Committee shall meet at least once every quarter, and may
    also hold special meetings upon request from any of its members, or upon
    an express request of the Board. The Supervisory Committee shall hold meetings
    and make decisions with the attendance and the affirmative vote of at least
    two of its members. Any resolution adopted shall be entered in a Minutes
    Book kept to that effect. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TITLE
    V &#150; Shareholders&#146; Meetings. SECTION 23</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">: </FONT><U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">Notice</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Regular and Special Shareholders&#146; Meetings shall be agreed upon by the
    Board of Directors or by the Supervisory Committee in such instances as set
    forth by law, or whenever they may deem it necessary, or upon requisition
    of shareholders representing at least 5% of the Bank&#146;s capital stock,
    in compliance with the provisions of Section 236 of the Argentine Law of
    Corporations. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    24: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Publication</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">.
    Shareholders&#146; Meetings shall be called for by publication of the notice
    for five days, at least ten and not more than thirty days before the date
    of the Meeting, in the Official Bulletin and in one Argentine newspaper of
    large circulation. The notice shall include the nature of the Meeting as
    well as the date, time and venue therefor, the Agenda and any special requirements
    set forth herein to be observed by the Shareholders. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">SECTION 25: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Meetings
    on Second Call</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    In case of adjournment of a Regular Shareholders&#146; Meeting, the Meeting
    on second call may be held on the same date, at least one hour after the
    time set for the meeting on first call, in compliance with Section 237 second
    paragraph of the Argentine Law of Corporations. In case of adjournment of
    a Special Shareholders&#146; Meeting, the Meeting on second call shall be
    held within the following 30 days, and the notice therefor shall be published
    for three days at least eight days before the date set therefor. </FONT><B><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">SECTION 26: Attendance in Person and by Proxy</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    In order to attend and vote at any Shareholders&#146; Meeting, shareholders
    shall deposit with the Bank their shares or a share certificate or statement
    of account representing book-entry shares, as the case may be, issued by
    a bank, a securities depository or any other authorized institution, to be
    entered in the Book of Attendance at least three (3) business days before
    the date of the Meeting. Holders of registered or book-entry shares, record
    of which is kept by the Bank, shall only be required to notify the Bank to
    enter their names in the Book of Attendance at least three (3) business days
    before the date of the Meeting. The corporation shall furnish such shareholders
    with certificates authorizing them to attend the Meeting. Shareholders may
    be present at meetings by power of attorney or proxy. In the latter case,
    the principal&#146;s signature shall be certified by a court, notary public
    or bank. Directors, Statutory Auditors, Managers or other employees of the
    Bank may not be agents. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    27:</FONT></B><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Quorum
    and Decisions</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Shareholders&#146; Meetings shall be chaired by the Chairman of the Board
    or any substitute thereof, or by the person appointed by the Shareholders&#146; Meeting
    to that effect. A quorum shall be present at any Regular Shareholders&#146; Meeting
    on first call upon the attendance of shareholders representing a majority
    of the voting stock. On second call, there shall be quorum with the attendance
    of any number of shareholders present. A quorum shall be present at any Special
    Shareholders&#146; Meeting on first call upon the attendance of shareholders
    representing sixty percent of the voting stock. Shareholders representing
    thirty percent of the bank&#146;s voting stock shall form a quorum at a Special
    Shareholders&#146; Meeting on second call. In any case, resolutions shall
    be adopted by an absolute majority of the votes present which may be cast
    on such resolutions. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION
    28: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">Adjournment</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
    Shareh olders&#146; Meetings may be adjourned once, and the adjourned meeting
    shall be held within the following thirty days, no new call being required.
    Only those shareholders who comply with the provisions of Section 26 hereof
    may be present at such meeting. Separate minutes shall be kept for each meeting. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SECTION</FONT></B></P>
<br>
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<PAGE> <br>
<br>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minutes
      of Shareholders&#146; Meetings</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      Minutes shall be taken of all discussions held at Shareholders&#146; Meetings,
      to be entered in a special book. All Minutes must be signed by the Chairman
      and any two shareholders appointed by the Meeting to this effect within
      five days thereof. Such Minutes shall include a summary of all opinions
      given therein, the voting method and the outcome thereof, and a full statement
      of all decisions made. </FONT><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TITLE
      VI &#150; Fiscal Year. SECTION 30: </FONT></B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Commencement
      and Close</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">:
      As from (and including) January 1, 1999, the Bank&#146;s fiscal year shall
      commence on the 1</FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">st</FONT></SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> of
      January of each year and close on the 31</FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">st</FONT></SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> of
      December of that same year. Financial statements shall be prepared as of
      such date in compliance with current provisions and technical rules. The
      Shareholders&#146; Meeting may modify the closing date, and this resolution
      shall be registered with the Public Registry of Commerce, and reported
      to controlling authorities. Net and realized profits shall be allocated
      as follows: a) a percentage to be determined in compliance with legal provisions
      in force for financial entities, shall be allocated to the Legal Reserve
      Fund; b) an amount to be allocated by the Shareholders&#146; Meeting, to
      pay the remuneration of Directors and members of the Supervisory Committee;
      c) to pay dividends on preferred shares, any dividend still unpaid ranking
      senior to such shares; d) an amount to be determined by the Shareholders&#146; Meeting,
      up to a maximum of 1%, to the Fund of Assistance to Bank employees and
      their dependents, or for any other purpose related to the Bank&#146;s personnel
      and determined by the Board of Directors; e) the remainder, whether in
      whole or in part, to additional participation by preferred shares and to
      dividends on shares of common stock, or to additional reserve or contingency
      funds, or to new account, or to any such use as the Shareholders&#146; Meeting
      may determine. Dividends shall be paid pro rata of the relevant integration
      in such terms as may be set forth by the controlling authorities. Dividends
      in cash or in shares not collected or claimed within three years counted
      as from the date they were made available to shareholders shall be automatically
      allocated to the Reserve Fund. </FONT><B><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">TITLE VII &#150; Liquidation.
      SECTION 31:</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">. </FONT><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Liquidation</FONT></U><FONT
BASESIZE=2 size=2 BASEFACE="serif" face="serif">: In case of dissolution, the
      corporation shall report such circumstance to the Argentine Central Bank,
      so that the latter can determine whether it will take charge of the liquidation
      proceedings. Should the referred controlling authority decide not to do
      so, the Shareholders&#146; Meeting shall appoint a Liquidation Committee
      and set the remuneration thereof. Such Committee shall carry out the liquidation
      under supervision of the Supervisory Committee, as follows: within thirty
      days of taking office, it shall take an inventory and prepare a balance-sheet
      of the corporate equity, to be made available to the partners. The Liquidation
      Committee must also inform the Supervisory Committee, on a quarterly basis,
      about the status of the liquidation proceedings. Once the corporation&#146;s
      liabilities, including liquidation expenses, have been extinguished, and
      provided there are any funds left, the liquidators shall prepare a final
      balance-sheet and distribution plan; capital shall be reimbursed proportionately,
      and the remainder shall be distributed among shareholders in proportion
      to their participation in the corporate capital. The final balance-sheet
      and distribution plan must be registered with the Public Registry of Commerce.</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>8
<FILENAME>dp02929_ex0801.htm
<TEXT>
<html>
<head>
<title></title>
</head>

<body>
<P align="right"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exhibit
      8.1</FONT></B><br>
</P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=35% align=center> <B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Subidiary</FONT></U></B> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Jurisdiction
            of Incorporation</FONT></U></B> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <B><U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Principal
            Activity</FONT></U></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Atuel
        Fideicomisos S.A. and subsidiary</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trust
        services</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Franc&eacute;s
        Valores Sociedad de Bolsa S.A.</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stock
        exchange brokerage</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Credilogros
        Compa&ntilde;&iacute;a Financiera S.A.</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial
        Institution</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar
        C&iacute;a. de Seguros de Retiro S.A.</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar
        Seguros de Vida S.A.</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar
        AFJP S.A.</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Pension
        and Retirement Fund</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Administrators</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PSA
        Compa&ntilde;&iacute;a Financiera S.A.</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial
        Institution</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Rombo
        Compa&ntilde;&iacute;a Financiera S.A.</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial
        Institution</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidar
        ART S.A.</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Workers
        Compensation Insurance</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BBVA
        Seguros S.A.</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=26% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
        of Argentina</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=29% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance
        Company</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Assurex S.A.</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Republic
      of Argentina</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance
      Broker</FONT> </TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>9
<FILENAME>dp02929_ex1201.htm
<TEXT>

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<P align="right"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exhibit
          12.1</FONT></B></FONT></B></P>
<P align="center"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Certification
      of Chief Executive Officer</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">I, Jorge
    Carlos Bledel, certify that:</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1. I have
    reviewed this Annual Report on Form 20-F of BBVA Banco Franc&eacute;s S.A.;</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2. Based
    on my knowledge, this Annual Report does not contain any untrue statement
    of a material fact or omit to state a material fact necessary to make the
    statements made, in light of the circumstances under which such statements
    were made, not misleading with respect to the period covered by this Annual
    Report; </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3. Based
    on my knowledge, the Financial Statements, and other financial information
    included in this Annual Report, fairly present in all material respects the
    financial condition, results of operations and cash flows of the registrant
    as of, and for, the periods presented in this Annual Report; </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4. The
    registrant&#146;s other certifying officer and I are responsible for establishing
    and maintaining disclosure controls and procedures (as defined in Exchange
    Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have: </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a) designed
    such disclosure controls and procedures, or caused such controls and procedures
    to be designed under our supervision, to ensure that material information
    relating to the registrant, including its consolidated subsidiaries, is made
    known to us by others within those entities, particularly during the period
    in which this Annual Report is being prepared; </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b) [Reserved]; </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c) evaluated
    the effectiveness of the registrant&#146;s disclosure controls and procedures
    and presented in this Annual Report our conclusions about the effectiveness
    of the disclosure controls and procedures, as of the end of the period covered
    by this report based on such evaluation; and </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">d) disclosed
    in this report any change in the registrant&#146;s internal control over
    financial reporting that occurred during the period covered by the Annual
    Report that has materially affected, or is reasonably likely to materially
    affect, the registrant&#146;s internal control over financial reporting;
    and </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5. The
    registrant&#146;s other certifying officer and I have disclosed, based on
    our most recent evaluation of internal control over financial reporting,
    to the registrant&#146;s auditors and the audit committee of registrant&#146;s
    board of directors (or persons performing the equivalent function): </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a) all
    significant deficiencies and material weaknesses in the design or operation
    of internal control over financial reporting which are reasonably likely
    to adversely affect the registrant&#146;s ability to record, process, summarize
    and report financial information; and</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> b) any
    fraud, whether or not material, that involves management or other employees
    who have a significant role in the registrant&#146;s internal controls over
    financial reporting.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Date:
    June 29, 2006</FONT><BR>
</P>
<div align="right">
  <TABLE border=0 width=50% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD width=100% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">/s/
          Jorge Carlos Bledel</FONT> </TD>
    </TR>
    <TR>
      <TD>
        <HR align="left" width="50%" size=1 noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=100% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Title:
          Chief Executive Officer</FONT> </TD>
    </TR>
  </TABLE>
  <BR>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<br>
<br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>10
<FILENAME>dp02929_ex1202.htm
<TEXT>

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<P align="right"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exhibit
      12.2</FONT></B></P>
<P align="center"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Certification
      of Chief Financial Officer</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">I, Marcelo
    Gustavo Canestri, certify that:</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1. I have
    reviewed this Annual Report on Form 20-F of BBVA Banco Franc&eacute;s S.A.;</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2. Based
    on my knowledge, this Annual Report does not contain any untrue statement
    of a material fact or omit to state a material fact necessary to make the
    statements made, in light of the circumstances under which such statements
    were made, not misleading with respect to the period covered by this Annual
    Report;</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3. Based on my knowledge, the Financial Statements, and other financial
  information included in this Annual Report, fairly present in all material
  respects the financial condition, results of operations and cash flows of
  the registrant as of, and for, the periods presented in this Annual Report;</FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4. The
    registrant&#146;s other certifying officer and I are responsible for establishing
    and maintaining disclosure controls and procedures (as defined in Exchange
    Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have: </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a) designed
    such disclosure controls and procedures, or caused such controls and procedures
    to be designed under our supervision, to ensure that material information
    relating to the registrant, including its consolidated subsidiaries, is made
    known to us by others within those entities, particularly during the period
    in which this Annual Report is being prepared; </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b) [Reserved]; </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c) evaluated
    the effectiveness of the registrant&#146;s disclosure controls and procedures
    and presented in this Annual Report our conclusions about the effectiveness
    of the disclosure controls and procedures, as of the end of the period covered
    by this report based on such evaluation; and </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">d) disclosed
    in this report any change in the registrant&#146;s internal control over
    financial reporting that occurred during the period covered by the Annual
    Report that has materially affected, or is reasonably likely to materially
    affect, the registrant&#146;s internal control over financial reporting;
    and </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5. The
    registrant&#146;s other certifying officer and I have disclosed, based on
    our most recent evaluation of internal control over financial reporting,
    to the registrant&#146;s auditors and the audit committee of registrant&#146;s
    board of directors (or persons performing the equivalent function): </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a) all
    significant deficiencies and material weaknesses in the design or operation
    of internal control over financial reporting which are reasonably likely
    to adversely affect the registrant&#146;s ability to record, process, summarize
    and report financial information; and </FONT></P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b) any
    fraud, whether or not material, that involves management or other employees
    who have a significant role in the registrant&#146;s internal controls over
    financial reporting.</FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Date:
    June 29, 2006</FONT><BR>
</P>
<div align="right">
  <TABLE border=0 width=50% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD width=100% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">/s/
          Marcelo Gustavo Canestri</FONT> </TD>
    </TR>
    <TR>
      <TD>
        <HR align="left" width="50%" size=1 noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=100% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Title:
          Chief Financial Officer</FONT> </TD>
    </TR>
  </TABLE>
  <BR>
  <br>
  <br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>11
<FILENAME>dp02929_ex1301.htm
<TEXT>
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<P align="right">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exhibit 13.1</FONT></B></P>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Section 906 Certification</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The certification set forth below is being submitted in connection with the Annual Report on Form 20-F for the year ended December 31, 2005 (the &#147;Report&#148;)
for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) and Section 1350 of Chapter 63 of Title 18 of the United States Code.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Jorge Carlos Bledel, the Chief Executive Officer and Marcelo Gustavo Canestri, the Chief Financial Officer of BBVA Banco Franc&eacute;s S.A., each certifies that, to
the best of his knowledge:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of BBVA Banco Franc&eacute;s S.A.</FONT>     </TD>
</TR></TABLE>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">June 29, 2006</FONT><BR>
</P>
<div align="right">
  <TABLE border=0 width=50% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
          <TD width=100% align=left>
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">/s/ Jorge Carlos Bledel</FONT>
          </TD>
    </TR>
    <TR>
          <TD>
    <HR align="left" width="50%" size=1 noshade>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=100% align=left>
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Name: Jorge Carlos Bledel</FONT>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=100% align=left>
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Chief Executive Officer</FONT>
          </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
          <TD width=100% align=left>
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">/s/ Marcelo Gustavo Canestri</FONT>
          </TD>
    </TR>
    <TR>
          <TD>
            <HR align="left" width="50%" size=1 noshade>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=100% align=left>
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Name: Marcelo Gustavo Canestri</FONT>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=100% align=left>
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Chief Financial Officer</FONT>
          </TD>
    </TR>
  </TABLE>
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