-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KWo3XbgrFeIbaRkjBIPK8aNSSlS9CGeV01ggJxncOZCoGbrX9UykkiBx0OtvtEag
 LjBkUh8SUDUaeY3MfNJWCg==

<SEC-DOCUMENT>0001193125-07-118657.txt : 20070518
<SEC-HEADER>0001193125-07-118657.hdr.sgml : 20070518
<ACCEPTANCE-DATETIME>20070518151656
ACCESSION NUMBER:		0001193125-07-118657
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070517
FILED AS OF DATE:		20070518
DATE AS OF CHANGE:		20070518

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12568
		FILM NUMBER:		07864538

	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>6-K
<SEQUENCE>1
<FILENAME>d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 6-K </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE
COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR
WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Report of Foreign Issuer </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Pursuant to Rule 13a-16 or 15d-16 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>of the Securities Exchange Act of 1934
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>For the month of May 2007 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Commission File Number: 001-12568 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="6"><B>BBVA French Bank S.A. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Translation of registrant&#146;s name into English) </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Reconquista 199, 1006
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Buenos Aires, Argentina </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>(Address of principal executive offices) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">Form 20-F <U>&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> No <U>&nbsp;&nbsp;&nbsp;&nbsp;
X&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> No
<U>&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark whether by furnishing the
information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> No <U>&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>BBVA Banco Franc&eacute;s S.A. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">TABLE OF CONTENTS </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="96%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Item</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Letter to the Buenos Aires Stock Exchange regarding the minutes of Ordinary and Extraordinary Shareholder&#146;s Meeting</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>MINUTES OF BBVA B<SMALL>ANCO</SMALL> F<SMALL>RANC&Eacute;S</SMALL> S.A. O<SMALL>RDINARY</SMALL>&nbsp;&amp;
E<SMALL>XTRAORDINARY</SMALL> S<SMALL>HAREHOLDERS</SMALL>&#146; M<SMALL>EETING</SMALL> - <SMALL>HELD</SMALL> <SMALL>AT</SMALL> <SMALL>FIRST</SMALL> <SMALL>CALL</SMALL> <SMALL>ON</SMALL> A<SMALL>PRIL</SMALL> 26, 2007
[</B><I></I><B><I>B<SMALL>UENOS</SMALL> A<SMALL>IRES</SMALL>, A<SMALL>RGENTINA</SMALL></I></B><I><SMALL></SMALL></I><B><SMALL></SMALL>]. </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>M<SMALL>INUTES</SMALL> N<SMALL>O</SMALL>. 185 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Jorge Carlos Bledel, Chairman of the Board of Directors, takes the chair for
this Ordinary and Special Shareholders- Meeting on April&nbsp;26, 2007 at 4:45 pm, pursuant to Section&nbsp;27 of the company&#146;s Bylaws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">According to
the Share Registry and the Shareholders&#146; Attendance Registry, the following shareholders were present at this Ordinary and Special Shareholders&#146; Meeting that was held at the first call: </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">19 shareholders </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">12 shareholders were present in person and 7 by proxy
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">with a total of 364,919,587 book-entry, common, registered shares, of one vote each and a face value of one Argentine peso each. This represents a capital
of ARS 364,919,587 (Argentine Pesos), i.e. 77.41&nbsp;% of a total capital of ARS 471,361,306. Therefore, the quorum required by Sections 243 and 244 of the Argentine Business Associations Law [<I>Ley de Sociedades Comerciales]</I> and
Section&nbsp;27 of the Bylaws was met. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Chairman clarified that Mr.&nbsp;Alan Arntsen, The Bank of New York&#146;s representative, was not present in
person at this meeting, and, therefore, his preliminary vote as depositary of American Depositary Receipts (ADR) was not to be considered for the counting of votes on each item on the agenda. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Chairman stated that a copy of the notices published in the &#147;Bolet&iacute;n Oficial de la Rep&uacute;blica
Argentina&#148;&#145; [<I>Argentine Official Gazette] </I>and in the daily newspaper &#147;La Naci&oacute;n&#148;, between March&nbsp;28 and April&nbsp;4, 2007, as provided in Section&nbsp;237 of Business Associations Law and Section&nbsp;24 of the
Bylaws, were available for all shareholders present. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Directors Messrs Marcelo Gustavo Canestri, Oscar Miguel Castro, and Javier Jos&eacute;
D&#146;Ornellas, members of the BBVA Banco Franc&eacute;s S.A Board of Directors were also present at Meeting, as well as Messrs Mario Biscardi, Alejandro Mosquera and Carlos Chiesa, regular members of the Statutory Audit Committee. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Bidel welcomed Certified Public Accountant <B>Mr.&nbsp;Ariel Schmutz, </B>who was present on behalf of the &#147;Bolsa de Comercio de Buenos Aires&#148;&#145;
<I>[Argentine Stock Exchange]</I> and Ms.<B>&nbsp;Angeles Gamondes</B> who was present on behalf of the &#147;Comisi&oacute;n Nacional de Valores&#148; <I>[Argentine Securities Commission]</I>. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I></I>The Chairman informed the shareholders about a Resolution of the Argentine Securities Commission&#146;s Board of Directors dated 21.Nov.2002, referred to
voluntary refraining from voting at Shareholders&#146; Meetings that was to be considered for the counting of votes, and that has been transcribed as follows: <I>Voluntary refrainment during a Shareholders&#146; Annual Meeting shall be withdrawn
from the calculation base for the purposes of vote counting, creating a new base over which the respective majority shall be considered after disregarding any voluntary refrainment. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Prior to discussing the first item on the agenda, the Chairman appointed as Voting Inspectors the following shareholders&#146; representatives; Mr.&nbsp;Juan Patricio Duggan, representative of &#145;Bilbao Vizcaya
Am&eacute;rica B.V.&#146;, and Mr.&nbsp;Gotardo Pedemonte, representative of &#145;Inversora Otar S.A.&#146;, who accepted the position. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The following
items of the agenda were subsequently discussed: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Appointment of two shareholders to prepare and sign the minutes of the Meeting, along with the Chairman of the Meeting </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A motion was submitted by Mr.&nbsp;Javier Zapiola, and was unanimously accepted, to appoint Messrs. Gotardo Pedemonte,
representative of &#145;Inversora Otar S.A.&#146; and Juan Patricio Duggan, representative of &#145;Bilbao Vizcaya Am&eacute;rica B.V.&#146; to sign the minutes of the meeting. There were 364,919,587 positive votes, that represented 100&nbsp;% of
capital present, 0.00% of negative votes, and 0.00% refrained from voting. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;2 of the agenda was subsequently discussed: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>C<SMALL>ONSIDERATION</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>ANNUAL</SMALL> <SMALL>REPORT</SMALL>, <SMALL>FINANCIAL</SMALL> <SMALL>STATEMENTS</SMALL>,
<SMALL>ADDITIONAL</SMALL> <SMALL>INFORMATION</SMALL> <SMALL>AND</SMALL> <SMALL>OTHER</SMALL> <SMALL>ACCOUNTING</SMALL> <SMALL>INFORMATION</SMALL>, <SMALL>STATUTORY</SMALL> <SMALL>AUDIT</SMALL> <SMALL>COMMITTEE</SMALL>&#146;<SMALL>S</SMALL>
<SMALL>REPORT</SMALL> <SMALL>AND</SMALL> </B><SMALL>A<B>UDITOR</B></SMALL><B>&#146;<SMALL>S</SMALL> <SMALL>REPORT</SMALL> <SMALL>FOR</SMALL> <SMALL>FISCAL</SMALL> <SMALL>YEAR</SMALL> <SMALL>NO</SMALL>. 132, <SMALL>ENDED</SMALL> <SMALL>ON</SMALL>
D<SMALL>ECEMBER</SMALL> 31, 2006 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Juan Duggan was given the floor to express that the abovementioned documents has been at the
shareholders&#146; disposal in due time, and therefore, he suggested that they be deemed as read and approved. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This item was submitted to voting and
unanimously approved. There were 364,813,817 positive votes, that is, 100&nbsp;% of capital present; 0.00% negative votes, and 0.0291% refrained from voting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Shareholder Adela Mart&iacute;nez took the floor and referred to the withholdings made by the Bank as personal asset and income taxes (interest equalization tax <I>&#147;Impuesto de igualaci&oacute;n&#148;)</I> upon payment of dividends in
2006. Ms.&nbsp;Martinez then (i)&nbsp;asked if the profits of the fiscal year had been determined by applying the income tax law; (ii)&nbsp;requested that income tax and personal assets tax were not withheld from shareholders. In that respect, she
added that she knew that other first level companies made no withholdings for personal assets tax; (iii)&nbsp;and requested that a </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">note be added to the financial statements regarding the difference between the accounting and tax profits (considering the position of shareholders to whom
said tax withholding was applied); and (iv)&nbsp;affirmed the right that shareholders has to receive income, pursuant to Section&nbsp;1 of the Business Association Law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Statutory auditor, Mr.&nbsp;Mario Biscardi, took the floor and informed Ms.&nbsp;Adela Mart&iacute;nez that income had been determined in accordance with current tax and accounting standards. Mr.&nbsp;Biscardi also
stated that it was not legally possible to consider the tax position of each shareholder in the Balance Sheet of the corporation, and that the personal assets tax is something that each shareholder has to take care of personally and cannot expect
the Bank to do for him or her. Moreover, he pointed out that the income tax law determined that the tax bracket for said tax had to be paid to the Tax Authority by the BBVA BancoFrances acting as Temporary Accountable agent, which also has the right
to get a reimbursement of the amount paid from the taxpayer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Director Marcelo Canestri informed the shareholder (a)&nbsp;as regards to income tax
(equalization tax), that; (i)&nbsp;the Bank did not pay income tax for fiscal year 2005 due to tax carryforward calculations for previous fiscal years. Profits are distributed on the basis of which the subject generating said profit does not pay
income tax, but withholdings must be made; (ii)&nbsp;a 35% withholding should be made from the shareholder and not the bank, which has to act as a withholding agent; (iii)&nbsp;as this interest equalization tax had been enforced recently, the Bank
did not pay any such tax to the &#145;Administraci&oacute;n Federal de Ingresos P&uacute;blicos (AFIP)&#146; <I>[Federal Administration Of Public Revenues]. </I>An inquiry was sent to the AFIP asking whether the Bank had any obligation to withhold
(as Withholding Agent) an amount for such tax and that it was withheld from shareholders for previous year&#146;s dividends; and (iv)&nbsp;amounts withheld were placed in a special bank account and, in case income tax was not applicable according to
an official response from the AFIP, this money shall be refunded to shareholders plus the corresponding Fixed Term interest; and (b)&nbsp;in connection with personal assets tax, the bank shall pay the tax </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">corresponding to its shareholders, which shall be deducted from further payments, for which it was withheld from dividend payments, as it happened during the
previous year; (c)&nbsp;the Bank had complied with all current tax regulations; and (d)&nbsp;regarding the note in the financial statements, he clarified that it exists but it does not show any particular tax treatment for each shareholder.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>A<SMALL>PPROVAL</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> B<SMALL>OARD</SMALL> <SMALL>OF</SMALL> D<SMALL>IRECTORS</SMALL>&#146; <SMALL>AND</SMALL> S<SMALL>TATUTORY</SMALL>
A<SMALL>UDIT</SMALL> C<SMALL>OMMITTEE</SMALL> P<SMALL>ERFORMANCE</SMALL> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Gotardo Pedemonte was given the floor, and he stated
that the Annual Report which all shareholders had at hand was in itself a clear evidence of the hard work carried out by the Board of Directors of BBVA Banco Franc&eacute;s in different areas of activity. He added that the Annual Report shows enough
evidence of the diligent tasks carried out by the Board Members and members of the Statutory Audit Committee within a complex and competitive financial environment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Mr.&nbsp;Pedemonte moves for the approval of the work carried out in 2006 by Board of Directors and the Statutory Auditor&#146;s Committee. The fiscal year ended on December&nbsp;31, 2006, with positive results, after
several fiscal years which reflected the deep financial Argentine crisis. 2006 results widely exceed last year&#146;s profits for a second consecutive year. This motion was considered, voted and unanimously approved by all shareholders. The results
of the voting were as follows: 364,813,817 positive votes, that is, 100&nbsp;% of capital present; 0.00% negative votes, and 0.00% refrained from voting. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>C<SMALL>ONSIDERATION</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> I<SMALL>NCOME</SMALL> <SMALL>FOR</SMALL> F<SMALL>ISCAL</SMALL> Y<SMALL>EAR</SMALL> N<SMALL>O</SMALL>. 132,
<SMALL>ENDED</SMALL> D<SMALL>ECEMBER</SMALL> 31, 2006. D<SMALL>ISTRIBUTION</SMALL> <SMALL>OF</SMALL> C<SMALL>ASH</SMALL> D<SMALL>IVIDENDS</SMALL> S<SMALL>UBJECT</SMALL> <SMALL>TO</SMALL> <SMALL>RELEVANT</SMALL> <SMALL>AUTHORIZATIONS</SMALL>
</B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Chairman reported that, as the shareholders were aware, fiscal year No.&nbsp;132, which was the purpose of this Shareholders&#146;
Meeting, showed positive results as it </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">appears from the financial statements approved under Item&nbsp;2 of the Agenda. He added that on the basis of the above income, at its meeting held on
February&nbsp;9, 2007 the Bank&#146;s Board of Director resolved to propose the distribution of dividends in cash for a total amount of AR$ 90,000,000 (to be distributed pro-rata to the nominal holdings of each shareholder, i.e. AR$
0.1909363&nbsp;per share). Mr.&nbsp;Bledel also informed that the allocation of AR$ 82,063,978,18 for the Legal Reserve is pertinent, pursuant to the Business Associations Law and &#145;B.C.R.A. - Banco Central de la Rep&uacute;blica Argentina&#146;
<I>[Argentine Central Bank] regulations. </I>The Chairman informed the Shareholders that the distribution of dividends was subject to the prior express authorization by the BCRA in accordance with Communication A 4589 dated October&nbsp;29, 2006. In
this connection, the Chairman informed the Shareholders that the corporation has filed all pertinent requests with the BCRA and this Controlling Agency has approved the above requested distribution of dividends. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consequently, the Shareholders&#146; Meeting was requested to approve the following: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Distribution of cash dividends for a total amount of AR$90,000,000 to be distributed pro-rata to the nominal holdings of each shareholder, which represents $0.1909363 per shares;
and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Allocation of the amount of AR$ 82,063,978.18 to the Legal Reserve. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Mr.&nbsp;Gotardo Pedemonte was allowed to take the floor, and stated that on the basis of the above and considering the income for the year was discussed in item 2 of the agenda, he moves for the approval of the proposals made by the
Chairman on behalf of the Board of Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This motion was submitted to vote, and unanimously approved. The results of the voting were as follows:
364,813,817 positive votes, that is, 100&nbsp;% of capital present; 0.00% negative votes, and 0.0274% refrained from voting. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>B<SMALL>OARD</SMALL> OF D<SMALL>IRECTORS</SMALL>&#146; F<SMALL>EES</SMALL> <SMALL>FOR</SMALL> <SMALL>THE</SMALL> Y<SMALL>EAR</SMALL> <SMALL>ENDED</SMALL> D<SMALL>ECEMBER</SMALL>
31, 2006 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Chairman reported that directors&#146; fees for the year had already been paid out as prepayment and that these fees were a
total of AR$ 9,808,021.78 that was the total amount of fees paid to independent and salaried directors. Bearing in mind the provisions of the Business Associations Law and General Resolution 368 of the &#145;Comisi&oacute;n Nacional de Valores&#146;
<I>[Argentine Securities Commission</I>] (Chapter III, section 5) for payment of directors&#146; fees, Committees organized by virtue of Executive Order 677/01, &#145;Comisi&oacute;n Nacional de Valores&#146; Resolution 400/02 and the Sarbanes Oxley
Law, have analyzed and assessed the above fees (assigned and received) as prepayments by members of the Board of this corporation. These fees turn out to be proper according to the parameters mentioned in Subsection (d), Section&nbsp;2 of Chapter
III of the Rules issued by the &#145;Comisi&oacute;n Nacional de Valores&#146; (General Resolution 368/01 and its amendments). That is to say, that the duties of the Directors, the dedication, skills and professional reputation, together with the
Bank&#146;s performance, have all been considered. Consequently, he moves for the approval by the Shareholders of the total amount received as prepayment of fees for the year ended December&nbsp;31, 2006. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Juan Patricio Duggan took the floor and moved for the approval of the total amount received as fees prepayment by the Directors during the year ended
December&nbsp;31, 2006, as they are reasonable in view of the above explanations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Subsequently, the shareholders unanimously approved the total amount of
fees received by the Directors during the year ended December&nbsp;31, 2006, for the sum of AR$ 9,808,021.78. The results of the voting were as follows: 364,919,587 positive votes, that is, 100&nbsp;% of capital present; 0.00% negative votes, and
0.00% refrained from voting. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>D<SMALL>ISCUSSION</SMALL> <SMALL>OF</SMALL> F<SMALL>EES</SMALL> <SMALL>PAID</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> S<SMALL>TATUTORY</SMALL> A<SMALL>UDIT</SMALL>
C<SMALL>OMMITTEE</SMALL> <SMALL>FOR</SMALL> <SMALL>THE</SMALL> <SMALL>FISCAL</SMALL> <SMALL>YEAR</SMALL> <SMALL>ENDED</SMALL> D<SMALL>ECEMBER</SMALL> 31, 2006 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Mr.&nbsp;Bledel informed the Shareholders that members of the Statutory Audit Committee, partners of the firm Biscardi&nbsp;&amp; Asociados S.R.L. had received as fees for the year ended December&nbsp;31, 2006, a
total amount of AR$ 21,235.50 (Twenty one thousand, two hundred and thirty-five Argentine pesos and 50/100). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Gotardo Pedemonte who took the
floor, moved that the fees received by the Statutory Auditors for the year ended December&nbsp;31, 2006 be approved and hence the sixth item of the Agenda be also approved. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">This motion was submitted to vote, and unanimously approved. The results of the voting were as follows: 364,919.587 positive votes, that is, 100&nbsp;% of capital present; 0.00% negative votes, and 0.00% refrained
from voting. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><SMALL>NUMBER</SMALL> <SMALL>OF</SMALL> <SMALL>MEMBERS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> B<SMALL>OARD</SMALL> <SMALL>OF</SMALL> D<SMALL>IRECTORS</SMALL>
<SMALL>AND</SMALL> <SMALL>ELECTION</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL> <SMALL>DIRECTORS</SMALL>, <SMALL>IF</SMALL> <SMALL>APPROPRIATE</SMALL> <SMALL>FOR</SMALL> <SMALL>A</SMALL> <SMALL>TERM</SMALL> <SMALL>OF</SMALL> <SMALL>THREE</SMALL>
<SMALL>YEARS</SMALL> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Prior to discussing Item&nbsp;7 of the Agenda Mr.&nbsp;Bledel reminded the Shareholders that Section&nbsp;10 of the
Banco Franc&eacute;s Bylaws states that the Board of Directors may have a minimum of three Directors and a maximum of nine. This Section also states that the term of office of the Board Members is three years and they may be re-elected, and that
their term of office may be extended until their replacements are appointed by the Shareholders&#146; Meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In connection with the actual Board of
Banco Franc&eacute;s&#146;s Board, the Chairman announced that today Director Jos&eacute; Carlos Pl&aacute; Royo had resigned for personal reasons (and submitted his letter of resignation). This resignation was accepted at the BOD meeting held prior
to this Shareholder&#146;s Meeting. Therefore, on behalf of the BOD and on his own behalf, Mr.&nbsp;Bledel expressed his gratitude for the tasks carried out by Mr.&nbsp;Pl&aacute; Royo. He also reported that the BOD currently includes five </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">regular directors and two alternate directors. The term of office of two regular directors: Mr.&nbsp;Marcelo Gustavo Canestri and Mr.&nbsp;Javier
D&acute;Ornellas was currently expiring. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Bledel also pointed out that the appointment of Directors to the Board must be in full compliance with
the current rules of Transparency, by taking into consideration that the Statutory Audit Committee organized and approved by the corporation at the BOD meeting held on May 21, 2004 in accordance with Executive Order 677/01 and the
&#145;Comisi&oacute;n Nacional de Valores&#146; Resolution 400/02, shall include three directors. Most of these shall be &#145;independent&#146; according to the above regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">All corporations that have their shares listed on the NYSE (New York Stock Exchange), for instance Banco Franc&eacute;s, shall adjust their business operations and corporate organization to domestic regulations and
also to the NYSE rules and regulations and those of the Sarbanes Oxley Law. In accordance Section&nbsp;303 A of the NYSE Handbook of Regulations, as from the month of July of 2005 all members of the Statutory Audit Committee of corporations which
list their shares on the NYSE shall be independent pursuant to criteria approved by the NYSE. Therefore, all directors appointed must be independent pursuant to domestic and foreign regulations. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Gotardo Pedemonte, took the floor, and moved as follows: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Organize a BOD with 5 regular directors and 2 alternate directors. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">2.
Re-elect Mr.&nbsp;Marcelo Gustavo Canestri as regular director, as he does not comply with the status of independent director in accordance with the domestic and foreign regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">3. Re-elect Mr.&nbsp;Javier D&#146;Ornellas as regular director, as he complies with the status of independent director required by domestic and foreign regulations. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">4. Appoint Mr.&nbsp;Jos&eacute; Manuel Tamayo P&eacute;rez as regular director, who has the status of independent
director required by foreign regulations and the status of non independent director for domestic regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This motion was submitted to vote and
approved by majority. The results of the voting were as follows: 364,819.576 positive votes, that is, 99.9726&nbsp;% of capital present; 0.0274% negative votes, and 0.00% refrained from voting. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>E<SMALL>LECTION</SMALL> O<SMALL>F</SMALL> T<SMALL>HREE</SMALL> R<SMALL>EGULAR</SMALL> S<SMALL>TATUTORY</SMALL> A<SMALL>UDITORS</SMALL> A<SMALL>ND</SMALL> T<SMALL>HREE</SMALL>
A<SMALL>LTERNATE</SMALL> S<SMALL>TATUTORY</SMALL> A<SMALL>UDITORS</SMALL> F<SMALL>OR</SMALL> T<SMALL>HIS</SMALL> Y<SMALL>EAR</SMALL>&#146;<SMALL>S</SMALL> S<SMALL>TATUTORY</SMALL> A<SMALL>UDIT</SMALL> C<SMALL>OMMITTEE</SMALL></B><SMALL></SMALL>
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Jorge Carlos Bledel stated that it is pertinent to proceed with the election of three regular statutory auditors and three
alternate statutory auditors, pursuant to Section&nbsp;284 of the Business Associations Law. Afterwards, he clarified that, according to Section&nbsp;285 of the abovementioned law, the requirements for a Statutory auditor are: to be attorney or
certified public accountant with an official license and to be a resident of Argentina. In accordance with BCRA&#146;s Communication &#147;A&#148; 2106 dated June&nbsp;24, 1993, the Secretary read pertinent paragraphs of Section&nbsp;10 of Law
No.&nbsp;21526: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">&#147;The following individuals may not serve as promoters, founders, directors, administrators, members of the Statutory Audit
Committees, statutory auditors, trustees in bankruptcy, liquidators or managers of the companies included under this law: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(a) Individuals who are
disqualified or incompatible pursuant to Section&nbsp;264 of Law No.&nbsp;19550; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(b) Individuals who are disqualified and ineligible to open checking
accounts; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(c) Financial entities delinquent debtors; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(d) Individuals ineligible to take on any public duties, or duties of similar nature, up to three years after said
ineligibility had been declared; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(e) Individuals ineligible pursuant to the terms of Subsection 5), Section&nbsp;41 of the Financial Entities Law, while
it such ineligibility is enforced, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(f) Any individuals who had been declared responsible for irregularities in the management and administration of
financial entities by a competent authority&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Bledel also pointed out that according to Section&nbsp;286 of Law No.&nbsp;19550, the
following individuals were not qualified for the position of statutory auditors at financial entities: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(1) Individuals who are not qualified to act as
directors pursuant to Section&nbsp;264; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(2) Directors, managers and/or employees of the same corporation or of another parent company &amp;/or subsidiary;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(3) Spouses, relatives (by blood) per stirpes, relatives with indirect blood relationship (in laws) up to the firth generations inclusive, and relatives
with a relationship that arises as a result of legal ties through the second generation for directors and general managers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Zapiola,
representative of the shareholder &#145;Banco Bilbao Vizcaya Argentaria S.A.&#146; took the floor and moved that the following be elected as statutory auditors for a year&#146;s period, i.e. up to December&nbsp;31, 2007: </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>M<SMALL>ARIO</SMALL> R<SMALL>AFAEL</SMALL> B<SMALL>ISCARDI</SMALL>, C<SMALL>ARLOS</SMALL> R<SMALL>OBERTO</SMALL> C<SMALL>HIESA</SMALL> A<SMALL>ND</SMALL>
A<SMALL>LEJANDRO</SMALL> M<SMALL>OSQUERA</SMALL></B><SMALL></SMALL>, as regular statutory auditors; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>O<SMALL>SVALDO</SMALL> P<SMALL>ABLO</SMALL>
A<SMALL>LEJANDRO</SMALL> J<SMALL>OFR&Eacute;</SMALL>, J<SMALL>ULIETA</SMALL> P<SMALL>AULA</SMALL> P<SMALL>ARISO</SMALL> A<SMALL>ND</SMALL> P<SMALL>AOLA</SMALL> L<SMALL>ORENA</SMALL></B><SMALL></SMALL> </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>R<SMALL>OLOTTI</SMALL></B><SMALL></SMALL>, as alternate statutory auditors. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Zapiola reported that the proposed statutory auditors: (a)&nbsp;are members of the firm BISCARDI&nbsp;&amp;
ASOCIADOS S.R.L. and that all of them are independent auditors pursuant to the terms of the &#145;Comisi&oacute;n Nacional de Valores&#146;; regulations and (b)&nbsp;have submitted the information required in time (as requested by the abovementioned
regulation) in connection with their professional relationship with the Bank. Said letter is at the Secretariat&#146;s office at the disposal of all Shareholders who are interested. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Additionally, Mr.&nbsp;Zapiola moved that the appointment of Statutory Auditor Committee members be made expressly authorizing the Statutory Auditors to participate in audit committees of other corporations (pursuant
to Sections 298 and 273 of the Business Associations Law). However, these Statutory Auditors shall strictly comply with the confidentiality provisions enforced by the Bank&#146;s bylaws and corporate purposes. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Zapiola&#146;s motion received a unanimous vote of approval from all shareholders present: 364,919,587 positive votes, that is, 100&nbsp;% of capital present;
0.00% negative votes; and 0.00 % refrained from voting. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>F<SMALL>EES</SMALL> F<SMALL>OR</SMALL> A<SMALL>CCOUNTANT</SMALL> R<SMALL>EPORTING</SMALL> O<SMALL>N</SMALL> F<SMALL>INANCIAL</SMALL> S<SMALL>TATEMENTS</SMALL> F<SMALL>OR</SMALL>
T<SMALL>HE</SMALL> C<SMALL>ORPORATE</SMALL> Y<SMALL>EAR</SMALL> N<SMALL>O</SMALL>. 132 E<SMALL>NDED</SMALL> D<SMALL>ECEMBER</SMALL> 31, 2006. A<SMALL>PPOINTMENT</SMALL> O<SMALL>F</SMALL> A<SMALL>CCOUNTANT</SMALL> T<SMALL>O</SMALL>
R<SMALL>EPORT</SMALL> O<SMALL>N</SMALL> C<SMALL>URRENT</SMALL> Y<SMALL>EAR</SMALL>&#146;<SMALL>S</SMALL> F<SMALL>INANCIAL</SMALL> S<SMALL>TATEMENTS</SMALL></B><SMALL></SMALL> </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Chairman reported that the BOD made a proposal which included a fee for the accountant who reported on a revision of the quarterly and yearly financial statements
for the year ended December&nbsp;31, 2006. This fee amounts to ONE MILLION, THREE HUNDRED AND EIGHTY-SIX THOUSAND ARGENTINE PESOS (ARS $1,386,000) plus VAT. This amount includes the limited revision reports (for the quarterly financial statements)
and the yearly audit report (for the yearly financial statements). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Chairman informed that the BOD proposed that the firm ESTUDIO DELOITTE&nbsp;&amp; CO. S.R.L. be appointed as auditors
for the 2007 financial statements. One of the firm&#146;s partners, Mr.&nbsp;CARLOS BERNARDO SRULEVICH, had timely submitted all due information and the affidavit required by Executive Order 677/2001 (Section 12) and &#145;Comisi&oacute;n Nacional
de Valores&#146; (Chapter III, Sections 19 and 20) regulations. The pertinent affidavit was filed with the &#145;Comisi&oacute;n Nacional de Valores&#146; and the &#145;Bolsa de Comercio de Buenos Aires&#146; <I>[Buenos Aires Stock Exchange]</I>.
Pertinent publication was made on March&nbsp;14, 2007 in the daily Gazette of the &#145;Bolsa de Comercio de Buenos Aires&#146; and in the &#145;Autopista Financiera (AIF)&#146; of the &#145;Comisi&oacute;n Nacional de Valores (CNV)&#146;.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Juan Duggan took the floor and moved for the approval of the BOD proposal, as explained above. The motion was submitted to vote, and was
unanimously approved: 364,919,587 positive votes, i.e. 100&nbsp;% of capital present, 0.00 % negative votes, and 0.00 % refrained from voting. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>10.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>B<SMALL>UDGET</SMALL> A<SMALL>LLOCATION</SMALL> T<SMALL>O</SMALL> A<SMALL>UDIT</SMALL> C<SMALL>OMMITTEE</SMALL> F<SMALL>OR</SMALL> P<SMALL>ROFESSIONAL</SMALL>
A<SMALL>DVICE</SMALL></B><SMALL></SMALL> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Jorge Carlos Bledel reported that pursuant to the terms of Executive Order 677/2001
(Section 15) and to the &#145;Comisi&oacute;n Nacional de Valores&#146; (Chapter III) regulations, the corporation has organized an internal Audit Committee. (a committee with several members). This Committee has the authority provided by
Section&nbsp;15 of Executive Order 677/01 and fulfils all the tasks envisioned in said regulations. The Committee may request the assistance of attorneys-at-law and other independent professionals and may retain their services which shall be paid by
the corporation. For this purpose, a budget shall be approved at the shareholders&#146; meeting. Mr.&nbsp;Bledel moved that the Shareholders proceed with the approval of the budget allocation for the Audit Committee and Mr.&nbsp;Zapiola, moved that
an amount of AR$ 100,000 be allocated as the Audit Committee&#146;s budget. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The proposal was submitted to vote and unanimously approved by all shareholders present: 364,919,576 positive votes, i.e.
100&nbsp;% of capital present, 0.00 % negative votes, and 0.00 % refrained from voting. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>11.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>C<SMALL>ONSIDERATION</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL> A<SMALL>MENDMENTS</SMALL> T<SMALL>O</SMALL> T<SMALL>HE</SMALL> T<SMALL>ERMS</SMALL> A<SMALL>ND</SMALL>
C<SMALL>ONDITIONS</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL> &#145;<SMALL>PROGRAMA</SMALL> G<SMALL>LOBAL</SMALL> D<SMALL>E</SMALL> E<SMALL>MISI&Oacute;N</SMALL> D<SMALL>E</SMALL> O<SMALL>BLIGACIONES</SMALL> N<SMALL>EGOCIABLES</SMALL>&#146;
[</B><B><I><SMALL>GLOBAL</SMALL> C<SMALL>ORPORATE</SMALL> B<SMALL>ONDS</SMALL> P<SMALL>ROGRAM</SMALL> I<SMALL>SSUANCE</SMALL></I></B><B><SMALL></SMALL>] F<SMALL>OR</SMALL> A<SMALL>N</SMALL> A<SMALL>MOUNT</SMALL> O<SMALL>F</SMALL> U<SMALL>P</SMALL>
T<SMALL>O</SMALL> T<SMALL>HREE</SMALL> M<SMALL>ILLION</SMALL> U.<SMALL>S</SMALL> D<SMALL>OLLARS</SMALL> (<SMALL>US</SMALL>$ 300,000,000) A<SMALL>ND</SMALL> C<SMALL>ORPORATE</SMALL> B<SMALL>ONDS</SMALL> T<SMALL>O</SMALL> B<SMALL>E</SMALL>
I<SMALL>SSUED</SMALL>. T<SMALL>ERMS</SMALL> O<SMALL>F</SMALL> E<SMALL>XPIRATION</SMALL> O<SMALL>F</SMALL> C<SMALL>LASSES</SMALL>, S<SMALL>ERIES</SMALL> A<SMALL>ND</SMALL>/O<SMALL>R</SMALL> S<SMALL>ECTIONS</SMALL> T<SMALL>O</SMALL> B<SMALL>E</SMALL>
I<SMALL>SSUED</SMALL> U<SMALL>NDER</SMALL> T<SMALL>HIS</SMALL> P<SMALL>ROGRAM</SMALL>. C<SMALL>HARACTERISTICS</SMALL> O<SMALL>F</SMALL> I<SMALL>NTEREST</SMALL> R<SMALL>ATES</SMALL> T<SMALL>O</SMALL> B<SMALL>E</SMALL> A<SMALL>CCRUED</SMALL>
F<SMALL>OR</SMALL> C<SMALL>ORPORATE</SMALL> B<SMALL>ONDS</SMALL> A<SMALL>ND</SMALL> A<SMALL>PPLICABLE</SMALL> T<SMALL>ERMS</SMALL> O<SMALL>F</SMALL> I<SMALL>NTEREST</SMALL>. C<SMALL>HARACTERISTICS</SMALL> O<SMALL>F</SMALL> V<SMALL>ALUES</SMALL>
T<SMALL>O</SMALL> B<SMALL>E</SMALL> O<SMALL>FFERED</SMALL> A<SMALL>ND</SMALL> A<SMALL>SSIGNMENT</SMALL> O<SMALL>F</SMALL> F<SMALL>UNDS</SMALL> R<SMALL>ESULTING</SMALL> F<SMALL>ROM</SMALL> T<SMALL>HEIR</SMALL> S<SMALL>UBSCRIPTIONS</SMALL>.
D<SMALL>ELEGATION</SMALL> O<SMALL>N</SMALL> T<SMALL>HE</SMALL> B<SMALL>OARD</SMALL> O<SMALL>F</SMALL> D<SMALL>IRECTORS</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL> A<SMALL>UTHORITY</SMALL> T<SMALL>O</SMALL> D<SMALL>ETERMINE</SMALL>
A<SMALL>LL</SMALL> T<SMALL>HE</SMALL> T<SMALL>ERMS</SMALL> A<SMALL>ND</SMALL> C<SMALL>ONDITIONS</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL> P<SMALL>ROGRAM</SMALL> A<SMALL>ND</SMALL> C<SMALL>LASSES</SMALL>, S<SMALL>ERIES</SMALL> A<SMALL>ND</SMALL>
S<SMALL>ECTIONS</SMALL> O<SMALL>F</SMALL> C<SMALL>ORPORATE</SMALL> B<SMALL>ONDS</SMALL> T<SMALL>O</SMALL> B<SMALL>E</SMALL> I<SMALL>SSUED</SMALL> W<SMALL>ITHIN</SMALL> T<SMALL>HE</SMALL> S<SMALL>COPE</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL>
M<SMALL>AXIMUN</SMALL> A<SMALL>MOUNT</SMALL> A<SMALL>UTHORIZED</SMALL>, I<SMALL>NCLUDING</SMALL> W<SMALL>ITHOUT</SMALL> L<SMALL>IMITATION</SMALL> T<SMALL>HE</SMALL> D<SMALL>ETERMINATION</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL>
D<SMALL>ATE</SMALL>, C<SMALL>URRENCY</SMALL>, P<SMALL>RICE</SMALL>, T<SMALL>ERMS</SMALL> A<SMALL>ND</SMALL> C<SMALL>ONDITIONS</SMALL> O<SMALL>F</SMALL> P<SMALL>AYMENT</SMALL> A<SMALL>ND</SMALL> S<SMALL>UBSCRIPTION</SMALL>, A<SMALL>ND</SMALL>
T<SMALL>HE</SMALL> R<SMALL>EQUEST</SMALL>, O<SMALL>R</SMALL> N<SMALL>OT</SMALL>, O<SMALL>F</SMALL> P<SMALL>UBLIC</SMALL> B<SMALL>IDDING</SMALL> A<SMALL>UTHORIZATION</SMALL> F<SMALL>OR</SMALL> C<SMALL>ORPORATE</SMALL> B<SMALL>ONDS</SMALL>
I<SMALL>N</SMALL> A<SMALL>RGENTINA</SMALL> F<SMALL>ROM</SMALL> T<SMALL>HE</SMALL> &#145;<SMALL>COMISI&Oacute;N</SMALL> N<SMALL>ACIONAL</SMALL> D<SMALL>E</SMALL> V<SMALL>ALORES</SMALL>&#146; A<SMALL>ND</SMALL>/ O<SMALL>R</SMALL>
C<SMALL>OMPETENT</SMALL> A<SMALL>UTHORITIES</SMALL> R<SMALL>EGARDING</SMALL> O<SMALL>THER</SMALL> J<SMALL>URISDICTIONS</SMALL>, I<SMALL>NCLUDING</SMALL> T<SMALL>HE</SMALL> S<SMALL>ECURITIES</SMALL> A<SMALL>ND</SMALL> E<SMALL>XCHANGE</SMALL>
C<SMALL>OMMISSION</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL> U<SMALL>NITED</SMALL> S<SMALL>TATES</SMALL> O<SMALL>F</SMALL> A<SMALL>MERICA</SMALL>, A<SMALL>ND</SMALL> R<SMALL>EQUESTS</SMALL> F<SMALL>OR</SMALL> E<SMALL>XCHANGE</SMALL>
R<SMALL>ATES</SMALL>, O<SMALL>R</SMALL> N<SMALL>OT</SMALL>, F<SMALL>ROM</SMALL> T<SMALL>HE</SMALL> B<SMALL>UENOS</SMALL> A<SMALL>IRES</SMALL> S<SMALL>TOCK</SMALL> E<SMALL>XCHANGE</SMALL>, F<SMALL>OREIGN</SMALL> S<SMALL>TOCK</SMALL>
E<SMALL>XCHANGE</SMALL> O<SMALL>R</SMALL> O<SMALL>THER</SMALL> S<SMALL>TOCK</SMALL>-M<SMALL>ARKETS</SMALL> O<SMALL>R</SMALL> O<SMALL>VER</SMALL>-<SMALL>THE</SMALL>-<SMALL>COUNTER</SMALL> M<SMALL>ARKETS</SMALL> W<SMALL>ITHIN</SMALL>
A<SMALL>RGENTINA</SMALL> O<SMALL>R</SMALL> A<SMALL>BROAD</SMALL>. A<SMALL>UTHORIZATION</SMALL> F<SMALL>OR</SMALL> T<SMALL>HE</SMALL> B<SMALL>OARD</SMALL> T<SMALL>O</SMALL> A<SMALL>SSIGN</SMALL> I<SMALL>TS</SMALL> O<SMALL>WN</SMALL>
A<SMALL>ND</SMALL> A<SMALL>SSIGNED</SMALL> A<SMALL>UTHORITY</SMALL> T<SMALL>O</SMALL> O<SMALL>NE</SMALL> O<SMALL>R</SMALL> M<SMALL>ORE</SMALL> D<SMALL>IRECTORS</SMALL> O<SMALL>R</SMALL> M<SMALL>ANAGERS</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL>
C<SMALL>ORPORATION</SMALL>.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Chairman informed that in the current Argentine and foreign economic and financial framework the BOD had
assessed the advisability of including some amendments in the current Corporate Bonds Issue Global Program for a </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">maximum amount outstanding of up to US$ 300,000,000 (the &#147;Program&#148;) authorized at the Special Shareholders&#146; Meeting held on July&nbsp;15, 2003
and also by &#145;Comisi&oacute;n Nacional de Valores (la &#147;CNV&#148;)&#146; through Resolution No.&nbsp;14967 dated November&nbsp;29, 2004 with an effective period of five years. This would provide the Bank with a financial instrument that
would enable it to have access not only to the local market but also to international markets upon a decision made by the BOD, when appropriate. Likewise, he expressed that, as noted by the BOD at its February&nbsp;15, 2007, meeting it may be deemed
necessary to add certain possibilities of issuance to said Program so that it is in good conditions to be used for the issuance of one or several classes or series of corporate bonds under international terms, including limitations applicable to the
offer and subscription outside Argentina, applicable laws, presence of an international fiduciary as regards one or more series which represent investors interests, preparation and subscription of documentation in English and under foreign law,
including global and definite certificates, paying agent agreements, necessary records of trust and subscription. This would also include the preparation of information documents for foreign markets subscription, including prospectus and sets of
foreign language financial statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Bledel continued saying that, except for the amendments detailed above, the remaining terms and conditions
approved at the Special Shareholders&#146; Meeting held on July&nbsp;15, 2003, shall remain in full force and effect. Under this Program, corporate bonds may be issued in one or more Series or Classes that may accrue interest at fixed or floating
interest rates, or a combination of both, or they may be issued without accruing interests and subscribed at a discount base at face value or another type of consideration for the issuance or allocation of funds. Likewise, corporate bonds shall have
depreciation periods of no less than 7 days or any other lesser period that is applicable, without any maximum periods, unless allowed by applicable regulations. Moreover, the income produced by the subscription of Corporate Bonds may be applied to:
refinancing of liabilities, investments on assets located in Argentina, funding of working capital in Argentina capital investments in subsidiaries or Bank-related corporations and granting of loans for any aforementioned purpose. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Finally, the Chairman stated that it was also advisable to foresee the possibility of issuing corporate bonds classified
as basic or supplementary shareholders&#146; equity under the Program. This should be done pursuant to &#145;Banco Central de la Rep&uacute;blica Argentina&#146; regulations or any other new regulations that allow the calculation of such corporate
bonds with some special accounting or technical treatment under BCRA regulations or those of any other regulatory body. These should take into consideration that the Board of Directors may dispose of the issuance of corporate bonds in compliance
with such regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Javier Zapiola, having taken the floor, moved as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">(i) Approve the aforementioned amendments, and any other that may be deemed necessary, at the discretion of the Board of Directors, in order to have the Program ready for use and the issuance of one or more classes or
series of corporate bonds under the above mentioned terms and to continue with the other characteristics of the Program, as approved by the Special Shareholders&#146; Meeting held on July&nbsp;15, 2003; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(ii) Authorize the Board as per applicable regulations and assign to it the widest possible authority to: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">a) determine all Program conditions, and classes, series and sections of Corporate Bonds to be issued under said Program within the maximum amount authorized at the Meeting of US$ 300,000,000 outstanding at any time
having the possibility of issuing and re-issuing series within that amount outstanding, including but not limited to, date of issue, currency, price, terms and conditions of payment and subscription, legal and contractual instruments, applicable
law, types and rates of interest or other considerations for the issuance and allocation of funds, interest periods, terms, redemption and/or repurchase systems, etc. and; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">b) determine whether an authorization for a Corporate Bonds public offer in Argentina should be made or not to the CNV
and/ or competent authorities regarding other jurisdictions, including the Securities and Exchange Commission of United States of America. And further whether an authorization for listing should be sent or not to the &#145;Bolsa de Comercio de
Buenos Aires&#146;, foreign country stock exchanges or any other markets or over-the-counter market agencies in Argentina or abroad; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">c) authorize the
Board of Directors to assign its own and/or assigned authority on one or more Bank directors or managers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Zapiola&#146;s motion was submitted to
vote and approved by majority of votes present: 364,913,574 positive votes, i.e. 99.9984% of votes; 6,002 negative votes, i.e. 0.0016&nbsp;% of votes, and 0.00 % refrained from voting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">There being no further business to discuss, the Meeting was adjourned at 5.45 p.m. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Jorge C. Bledel</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Chairman</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="font-size:1px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Juan Patricio Duggan</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Gotardo Pedemonte</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Voting Inspectors</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="font-size:1px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Juan Patricio Duggan</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Gotardo Pedemonte</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholder&#146;s Representative</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>For Statutory Audit Committe:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="font-size:1px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Mario Biscardi</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Alejandro Mosquera</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Carlos Chiesa</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">18 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">SIGNATURES </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>BBVA Banco Franc&eacute;s S.A.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: May 17, 2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Marcelo G. Canestri</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Marcelo G.Canestri</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
