Banco Hipotecario S.A. Banco Hipotecario S.A PRICE WATERHOUSE & Co. S.R.L. (Partner) C.P.C.E.C.A.B.A. Book 1 - Page 17

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1 ASSETS BALANCE SHEET For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos A Cash and cash resources 1,501, ,018 Cash 177, ,620 Financial Institutions and Correspondents 1,324, ,398 - Argentine Central Bank (B.C.R.A.) 1,056, ,702 - Other domestic institutions 2,500 5,981 - Other foreign institutions 264,901 75,715 B Government and Corporate Securities (Schedule A and Note 2.3.) 1,955,948 1,602,615 Holdings booked at fair market value 270, ,268 Holdings booked at cost plus return 176, ,267 Investments in listed corporate securities 56,950 48,102 Securities issued by the BCRA 1,452,706 1,030,367 Allowances (Schedule J) - (10,389) C Loans (Schedules B, C and D and Notes 2.2. and 2.4.) 7,970,442 6,829,494 To the non-financial public sector 52,035 50,768 To the financial sector 490, ,244 Interfinancial- call granted - 75,000 31,000 Other loans to domestic financial entities 403, ,664 Accrued interest, adjustments and quotation differences receivable 11,833 5,580 To the non-financial private sector and foreign residents 7,600,690 6,681,419 Overdraft facilities 933, ,090 Promissory notes 96, ,379 Mortgage loans 1,765,076 1,690,650 Pledge loans 57,721 22,933 Consumer loans 1,083, ,404 Credit cards 2,326,544 1,921,100 Unallocated collections (3,569) (153) Other (Note 9) 1,278,480 1,388,722 Accrued interest and quotation differences receivable 64,450 76,943 Documented interest (1,854) (3,649) Allowances (Schedule J and Note 6) (172,465) (154,937) D Other receivables for financial transactions (Schedules B, C and D and Notes 2.2. and 2.5. ) 2,044,198 1,834,881 Argentine Central Bank 259, ,747 Amounts receivable for spot and forward sales to be settled 616, ,089 Securities to be received under spot and forward purchases to be settled 606, ,526 Negotiable obligations without quotation 116,066 76,158 Balances of forward transactions not yet settled without delivery of underlying asset 5,732 30,838 Others not included in the debtor classification regulations (Note 10) 493, ,949 Others included in the debtor classification regulations (Notes 10 and 11) 30,395 35,724 Accrued interest receivable included in the debtor classification regulations (Note 11) 9,891 10,288 Allowances (Schedule J and Note 6) (94,065) (74,438) General November 7, 2012

2 BALANCE SHEET For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos E Receivables for financial leases (Note 2, 6) 4,320 - Receivables for financial leases 4,292 - Accrued interest and adjustments receivable 28 - F Investments in other companies (Schedule E and Notes 2.7, 26 and 29) 538, ,979 In financial institutions 125,250 90,887 Others 413, ,092 G Miscellaneous Receivables (Schedules B, C and D and Note 2.9.) 540, ,875 Minimum presumed income tax - fiscal credit (Notes and 35) 167, ,011 Others (Note 12) 378, ,316 Other accrued interest receivable 1,828 2,006 Allowances (Schedule J and Note 6) (6,563) (4,458) H Bank Premises and Equipment (Schedule F and Note 2.9.) 103,081 95,441 I Miscellaneous Assets (Schedule F and Note 2.9.) 35,954 36,256 J Intangible Assets (Schedule G and Note 2.11.) 69,654 75,260 Goodwill 23,408 25,625 Organization and development expenses 46,246 49,635 K Items pending allocation 2, TOTAL ASSETS 14,767,466 11,962,503 General November 7, 2012

3 LIABILITIES BALANCE SHEET For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos L Deposits (Schedules H and I and Notes 2.2., and 25) 7,389,227 5,544,437 Non-financial public sector 3,072,038 2,378,275 Financial Sector 11,502 11,639 Non-financial private sector and foreign residents 4,305,687 3,154,523 Current accounts 137, ,319 Savings accounts 549, ,781 Time deposits 3,390,697 2,427,097 Investment accounts 106, Others 74,058 65,526 Accrued interest and quotation differences payable 47,298 24,760 M Other liabilities for financial transactions (Schedule I and Notes 2.2., ) 3,556,356 2,796,903 Argentine Central Bank Other Unsubordinated negotiable obligations (Note 13) 1,944,192 1,546,693 Amounts payable under spot and forward purchases to be settled 133,104 91,221 Securities to be delivered under spot and forward sales to be settled 1,006, ,015 Loans received from domestic financial institutions - - Interfinancial loans (calls received) - - Accrued interest payable - - Balances of forward transactions not yet settled without delivery of underlying asset 6,876 9,761 Others (Note 16) 403, ,778 Accrued interest and quotation differences payable 61,891 23,394 N Miscellaneous Liabilities (Note 2.14.) 309, ,616 Dividends payable 100,000 - Fees 12,524 12,120 Others (Note 17) 197, ,496 O Provisions (Schedule J and Notes 2.10., 2.15., 2.16., and 18.) 160, ,836 Q Items pending allocation 6,779 17,336 TOTAL LIABILITIES 11,423,161 8,750,128 SHAREHOLDERS' EQUITY (per related statement) (Note 2.20.) 3,344,305 3,212,375 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 14,767,466 11,962,503 Notes and Schedules are an integral part of these financial statements. General November 7, 2012

4 STATEMENT OF INCOME For the fiscal period ended 09/30/2012 In comparative format with the same period of the previous fiscal year In thousands of Argentine Pesos A Financial Income 1,323, ,627 Interest on cash and cash resources 7 24 Interest on loans to the financial sector 48,736 14,156 Interest on overdraft facilities 105,936 38,539 Interest on promissory notes 18,766 10,591 Interest on mortgage loans 149, ,383 Interest on pledge loans 7,169 3,634 Interest on credit card loans 331, ,005 Interest on financial leases Interest on other loans 346, ,523 Interest on other receivables for financial transactions 22,743 25,843 Net income from government and corporate securities 240, ,829 Adjustment from application of CER (coefficient for reference stabilization) clause 14,005 21,348 Adjustment from application of CVS (coeffficient for salary variation) clause Others (Note 19) 37,854 11,740 B Financial Expenses 716, ,542 Interest on savings account deposits 876 1,046 Interest on time deposits 407, ,402 Interests on interfinancial loans received 1,904 2,511 Interest on other liabilities resulting from financial transactions 113, ,301 Other interest 4,217 5,357 Adjustment from application of CER (coefficient for reference stabilization) clause 1 1 Contribution to the deposits security fund 7,888 6,942 Gold and foreign currency quotation differences 107,771 32,765 Others (Note 19) 73,410 69,217 GROSS INTERMEDIATION MARGIN 607, ,085 C Loan Loss Provision 63,832 46,033 D Income from services 475, ,521 Linked with lending transactions 276, ,364 Linked with borrowing transactions 42,179 31,957 Other commissions 3,817 4,226 Others (Note 20) 153, ,974 E Expenses for Services 150, ,960 Commissions 11,747 8,569 Others (Note 21) 138, ,391 General November 7, 2012

5 STATEMENT OF INCOME For the fiscal period ended 09/30/2012 In comparative format with the same period of the previous fiscal year In thousands of Argentine Pesos G Administrative expenses 694, ,710 Personnel expenses 437, ,433 Directors' and syndics' fees 10,412 6,399 Other fees (Note 22) 72,161 56,182 Advertising and publicity 26,936 15,763 Taxes 27,198 21,859 Depreciation of bank premises and equipment 8,112 8,630 Amortization of organization and development expenses 12,846 14,654 Other operating expenses (Note 22) 82,135 63,937 Other 16,785 11,853 NET INCOME FROM FINANCIAL TRANSACTIONS 173,884 23,903 I Miscellaneous income 199, ,178 Net income from long-term equity investments 108,825 87,185 Penalty interest 6,095 4,328 Loans recovered and allowances reversed 57, ,169 Others (Note 23) 27,496 20,496 J Miscellaneous losses 141, ,666 Penalty interest and charges in favor of BCRA 6 10 Loan loss provision for miscellaneous receivables and other provisions 61,796 52,171 Depreciation and loss of miscellaneous assets Amortization of Goodwill 2,218 2,217 Others (Note 24) 77,433 61,638 NET INCOME BEFORE INCOME TAX 231, ,415 NET INCOME FOR THE FISCAL YEAR 231, ,415 Notes and Schedules are an integral part of these financial statements. General November 7, 2012

6 STATEMENT OF CASH FLOWS AND CASH EQUIVALENTS For the fiscal period ended 09/30/2012 In comparative format with the same period of the previous fiscal year In thousands of Argentine Pesos Changes of cash and cash equivalents Cash at Beginning of Fiscal Year 621, ,479 Cash at Fiscal Period End (Note 31) 1,501, ,378 Net increase / (decrease) in cash (in constant currency) 880, ,899 Causes of cash changes (in constant currrency) Operating activities Net collection (payment) on: Government and corporate securities (353,333) 493,280 Loans to the Non-financial Public Sector (1,267) (1,023) to the Financial Sector (237,938) (114,599) to the Non-financial Private Sector and Foreign Res. (965,575) (777,995) Other receivables for financial transactions (558,184) 109,976 Deposits to the Financial Sector (137) (608) to the Non-financial Public Sector 693, ,423 to the Non-financial Private Sector and Foreign Res. 1,151, ,032 Other (except for liabilities under Financing activities) 548,774 (220,085) Collection linked with revenues from services 475, ,521 Payments linked with expenses for services (150,673) (115,960) Administrative expenses paid (673,379) (525,056) Collection net of penalty interest 6,095 4,328 Other collection linked to miscellaneous profits and losses 13,232 41,214 Net collection / (payment) from other operating activities 13,880 (118,588) Net cash flow originated from (used for) operating activities (37,885) (150,140) Investment activities Net collection / (payment) on bank premises and equipment 7, Net cash flow originated from (used for) investment activities 7, Financing Activities Net collection / (payment) on: Unsubordinated negotiable obligations 397,499 (96,423) Net cash flow originated from (used for) financing activities 397,499 (96,423) Financial gain (loss), holding of cash and cash equivalents (including interest and monetary results) 513, ,491 Net increase of cash 880, ,899 General November 7, 2012

7 MEMORANDUM ACCOUNTS For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos DEBIT 44,895,827 19,420,670 Contingencies 7,602,613 7,288,034 Guarantees received 5,648,750 5,203,941 Others not included in the debtor classification regulations 92, ,806 Contingencies - re. contra items 1,861,107 1,797,287 Control 30,028,225 5,334,698 Loans classified as non-recoverable 585, ,232 Other 29,339,883 4,650,497 Control - re. contra items 102,442 91,969 Derivatives 3,741,316 6,797,938 "Notional" value of forward transactions without delivery of the underlying asset 2,302,242 4,228,897 Interest rate swap 1,000, ,659 Derivatives - re. contra items 438,386 1,675,382 Trust activities 3,523,673 - Trust Funds 3,523,673 - CREDIT 44,895,827 19,420,670 Contingencies 7,602,613 7,288,034 Loans granted (unused balances) included in the debtor classification regulations (Schedules B, C, and D) 310, ,597 Other guarantees provided included in the debtor classification regulations (Schedules B, C, and D) 21,847 15,652 Other guarantees provided not included in the debtor classification regulations 33,359 68,530 Contingencies - re. contra items 7,236,927 6,981,255 Control 30,028,225 5,334,698 Amounts to be credited 7,258 7,853 Control - re. contra items 30,020,967 5,326,845 Derivatives 3,741,316 6,797,938 "Notional" value of forward transactions without delivery of the underlying asset 438,984 1,675,979 Derivatives - re. contra items 3,302,332 5,121,959 Trust activities 3,523,673 - Trust accounts re. contra items 3,523,673 - Notes and Schedules are an integral part of these financial statements. General November 7, 2012

8 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the fiscal period ended 09/30/2012 In comparative format with the same period of the previous fiscal year In thousands of Argentine Pesos Non-capitalized contributions Profit reserves 1. Opening Changes Capital Stock Share issuance Irrevocable Equity Legal Others Retained Total for the Total for the premiums contributions for Adjustments year year future capital increases earnings 09/30/ /30/2011 balances 1,500, , , ,905 3,212,378 2,974, Subtotal (*) 1,500, , , ,905 3,212,378 2,974, Distribution of retained earnings Shareholders' Meeting 04/13/ (13,375) 4. Distribution of retained earnings Shareholders' Meeting 03/27/ , ,601 (417,905) Distribution of retained earnings - BCRA's Authorization -- Note /21/ (100,000) (100,000) - 6. Net income for the period , , , Fiscal period closing balances 1,500, , , , ,927 3,344,305 3,082,273 (*) Treasury shares 36,634,733, corresponding 153,473 ADR (1,534,733 shares) to third parties. See Note 1 General November 7, 2012

9 GOVERNMENT AND CORPORATE SECURITIES For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( A ) Description Identification Market value Holding Book value 09/30/2012 Book value 12/31/2011 Position without options Options Final Position GOVERNMENT SECURITIES AT FAIR MARKET VALUE Argentina - 270, , , ,192 In Argentine Pesos - 108,163 79, , ,163 PAR BOND IN ARGENTINE PESOS PARP BOGAR 2018 NF 18-22,214 4,173 22,214-22,214 GDP-Linked Negotiable Securities in Argentine Pesos TVPP , BONAR 2014 AE14-8,490-8,490-8,490 Mortgage Refinancing Trust Bond BOCON PRO 7 PRO VII DISCOUNT BOND PESOS DICP - 72,602-72,602-72,602 BOCON PRO 13 Pr13-2,570-2,570-2,570 BONAR 2015 As15-1,275-1,275-1,275 BOCON PRO 15 Pr In foreign currency - 162, , , ,029 BODEN 2015 RO , , , ,832 BONCOR 2017 CO17-17,217-17,217-17,217 BONAR 2013 AS BONAR 2017 AA 17-8,092 2,035 8,092-8,092 GLOBAL BOND 2017 GJ GDP-Linked Negotiable Securities in US dollars TVPY - 5,016 39,125 5,016-5,016 PAR BOND IN US DOLLARS PARA - 29,870-29,870-29,870 TOTAL GOVERNMENT SECURITIES AT FAIR MARKET VALUE - 270, , , ,192 GOVERNMENT SECURITIES AT COST PLUS RETURN Argentina 176, , , , ,100 In Argentine Pesos 50,826 50,826 27,797 50,826-50,826 Mortgage Refinancing Trust Bond Province of Buenos Aires Bill due 03/14/2013 BBM13 50,826 50,826-50,826-50,826 DISCOUNT BOND PESOS DICP , BOCON PRO 7 PRO VII In foreign currency 126, , , , ,274 BONCOR 2013 CO13 19,980 19,137-19,137-19,137 Province of Buenos Aires Bill due 08/08/2013 LBG13 106, , , ,137 GLOBAL BOND 2017 GJ BODEN 2015 RO , BONAR 2017 AA , BONCOR 2017 CO , TOTAL GOVERNMENT SECURITIES AT COST PLUS RETURN 176, , , , ,100 General November 7, 2012

10 GOVERNMENT AND CORPORATE SECURITIES For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( A ) Continued Description INVESTMENTS IN LISTED CORPORATE SECURITIES Identification Market value Book value 09/30/2012 Book value 12/31/2011 Argentina - 56,950 48,102 56,950-56,950 In Argentine Pesos - 56,041 47,112 56,041-56,041 Banco Francés - 16,155 7,187 16,155-16,155 Banco Macro - 9,616 4,633 9,616-9,616 Edenor S.A , Grupo Financiero Galicia - 19,302-19,302-19,302 Pampa Holding S.A. - 1,424 17,096 1,424-1,424 Telecom - 5,446 9,454 5,446-5,446 Transener S.A , Banco Santander Rio - 1,064-1,064-1,064 Cresud S.A Transportadora de Gas del Sur S.A Petrobras Argentina S.A. - 1,560-1,560-1,560 Siderar S.A. - 1,179-1,179-1,179 Abroad In foreign currency ADR Banco Francés TOTAL INVESTMENTS IN LISTED CORPORATE SECURITIES - 56,950 48,102 56,950-56,950 SECURITIES ISSUED BY THE BCRA - 1,452,706 1,030,367 1,452,706-1,452,706 Bills at fair market value - 126, , ,021 Bills for swap transactions - 475, , , ,237 Bills at fair market value , Bills at cost plus return - 515, , ,894 Bills at cost plus return - 335, , , ,554 TOTAL SECURITIES ISSUED BY THE BCRA - 1,452,706 1,030,367 1,452,706-1,452,706 TOTAL GOVERNMENT AND CORPORATE SECURITIES 176,943 1,955,948 1,613,004 1,955,948-1,955,948 Holding Position without options Options Final Position General November 7, 2012

11 SCHEDULE ( B ) CLASSIFICATION OF FINANCING ACCORDING TO LOANS AND GUARANTEES RECEIVED For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos COMMERCIAL PORTFOLIO Normal Situation 3,388,166 2,859,867 With "B" preferred collateral and counter-guarantees 272, ,656 Without preferred collateral or counter-guarantees 3,115,469 2,693,211 Potential Risk With "B" preferred collateral and counter-guarantees Without preferred collateral or counter-guarantees Problematic Without preferred collateral or counter-guarantees High risk of insolvency 2,100 19,328 With "B" preferred collateral and counter-guarantees - 11,106 Without preferred collateral or counter-guarantees 2,100 8,222 Uncollectible 20,041 4,915 With "B" preferred collateral and counter-guarantees 15,000 2,157 Without preferred collateral or counter-guarantees 5,041 2,758 TOTAL COMMERCIAL PORTFOLIO 3,410,735 2,884,675 General November 7, 2012

12 SCHEDULE ( B ) Continued CLASSIFICATION OF FINANCING ACCORDING TO LOANS AND GUARANTEES RECEIVED For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos CONSUMER AND HOUSING PORTFOLIO Normal Situation 5,024,999 4,295,360 With "B" preferred collateral and counter-guarantees 1,558,300 1,551,254 Without preferred collateral or counter-guarantees 3,466,699 2,744,106 Low Risk 81,942 69,639 With "B" preferred collateral and counter-guarantees 20,227 23,414 Without preferred collateral or counter-guarantees 61,715 46,225 Mid Risk 38,501 29,539 With "B" preferred collateral and counter-guarantees 5,017 7,512 Without preferred collateral or counter-guarantees 33,484 22,027 High Risk 61,793 44,891 With "B" preferred collateral and counter-guarantees 3,781 5,859 Without preferred collateral or counter-guarantees 58,012 39,032 Uncollectible 17,367 20,118 With "B" preferred collateral and counter-guarantees 1,097 1,569 Without preferred collateral or counter-guarantees 16,270 18,549 Uncollectible for technical reasons With "B" preferred collateral and counter-guarantees Without preferred collateral or counter-guarantees TOTAL CONSUMER AND HOUSING PORTFOLIO 5,225,171 4,460,175 GENERAL TOTAL 8,635,906 7,344,850 General November 7, 2012

13 SCHEDULE ( C ) CONCENTRATION OF FINANCING For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos FINANCING Number of customers Debt balance % of total portfolio Amount % of total portfolio 10 largest customers 1,466, % 1,153, % 50 following largest customers 1,517, % 1,340, % 100 following largest customers 556, % 335, % Rest of customers 5,095, % 4,515, % Total 8,635, % 7,344, % General November 7, 2012

14 SCHEDULE (D) BREAKDOWN OF FINANCING ACCORDING TO MATURITY DATES For the fiscal period ended 09/30/2012 In thousands of Argentine Pesos Item Past due portfolio Remaining terms to maturity 1 month 3 months 6 months 12 months 24 months More than 24 months Non-financial public sector - 2,040 2,141 3,106 4,986 7,880 31,882 52,035 Financial sector 9, , ,260 19, ,182 Non-financial private sector and foreign residents 101,770 2,345, ,528 1,230, , ,015 1,582,016 8,093,689 Total 110,884 2,681,827 1,099,929 1,253, , ,895 1,613,898 8,635,906 Total General November 7, 2012

15 BREAKDOWN OF INVESTMENTS IN OTHER COMPANIES For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( E ) Item Description Shares and/or Units Information on the issuer Fiscal period closing date Data on latest fin. statement Capital stock Shareholder s' Equity - In Financial Institutions, supplementary and authorized activities Controlled - Argentina - BACS Banco de Crédito y Securitización S.A. ordinary ,687, ,250 90,887 Banking 09/30/ , ,143 13,307 - BH Valores SA Soc de Bolsa ordinary 1 1 1,425,000 5,641 5,435 Brokerage 09/30/2012 1,500 5, BHN Sociedad de Inversión S.A. ordinary ,131, , ,994 Investments 09/30/ , ,520 61,511 - TARSHOP S.A. ordinary ,037, , ,652 Issuance and marketing of TC 09/30/ , ,476 40,662 Subtotal controlled - Argentina 538, ,968 Result for the period - In Other Companies Non-controlled - Argentina (*) - BHN Vida S.A. ordinary Insurance 09/30/ , ,660 56,692 (*) - BHN Seguros Generales S.A. ordinary Insurance 09/30/ ,111 25,248 6,203 - Mercado Abierto Electrónico S.A. ordinary 1, Securities open market 12/31/ ,776 1,346 (**) - ACH S.A. ordinary 1 1 2, Electronic payment company 12/31/ (1,939) Subtotal non-controlled - Argentina Total investments in other companies 538, ,979 (*) TOTAL EQUITY INVESTMENT IN ARGENTINE PESOS - BHN Vida S.A BHN Seguros Generales S.A. 120 (**) The Extraordinary General Shareholders' Meeting held on 05/17/2011 unanimously resolved the early termination of the company under the terms of Section 94, subsection 1 of the Business Companies Law, which as of to date is in its final stage of liquidation. Class Face value per unit Votes per share Number Balance as of 09/30/2012 Balance as of 12/31/2011 Principal line of business General November 7, 2012

16 BANK PREMISES AND EQUIPMENT AND MISCELLANEOUS ASSETS For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( F ) Item Net book value at the beginning of fiscal year Additions Transfers Withdrawals Losses due to impairment of value Depreciation for the period Useful life (years) BANK PREMISES AND EQUIPMENT - Real estate properties 72,989 7,385 3, ,681 81,720 72,989 - Furniture and facilities 8,959 1,763 - (34) ,192 9,496 8,959 - Machinery and equipment 5,499 1, ,979 5,003 5,499 - Computer equipment 7,440 1,868 - (3) - 3 3,125 6,180 7,440 - Vehicles Sundry (2) Total 95,441 12,764 3,027 (39) - 8, ,081 95,441 Amount Net book value at the end of fiscal period 09/30/2012 Net book value at the end of fiscal year 12/31/2011 MISCELLANEOUS ASSETS - Construction in progress 3,775 2,505 (3,027) ,253 3,775 - Works of art and collectors' items Leased assets 2, ,838 2,901 - Assets acquired through foreclosures 4, (957) ,105 4,100 - Stationery and office supplies 5,395 1, ,889 5,395 - Other miscellaneous assets 19, ,674 19,890 Total 36,256 3,999 (3,027) (957) ,954 36,256 General November 7, 2012

17 SCHEDULE ( G ) INTANGIBLE ASSETS For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos Item Net book value at the beginning of fiscal year Additions Transfers Withdrawa ls Losses due to impairment of value Amortization for the year Useful life (years) Amount Net book value at the end of the fiscal period 09/30/2012 Net book value at the end of the fiscal year 12/31/2011 Organization and development expenses 49,635 9, ,846 46,247 49,635 Goodwill 25, ,218 23,407 25,625 Total 75,260 9, ,064 69,654 75,260 General November 7, 2012

18 SCHEDULE ( H ) CONCENTRATION OF DEPOSITS For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos Number of customers Debt balance % of total portfolio Debt balance % of total portfolio 10 largest customers 2,848, % 2,324, % 50 following largest customers 1,567, % 886, % 100 following largest customers 665, % 453, % Rest of customers 2,308, % 1,879, % Total 7,389, % 5,544, % General November 7, 2012

19 BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FOR FINANCIAL TRANSACTIONS AND SUBORDINATED NEGOTIABLE OBLIGATIONS ACCORDING TO MATURITY DATE For the fiscal period ended 09/30/2012 In thousands of Argentine Pesos SCHEDULE ( I ) Item 1 month (*) 3 months (*) 6 months (*) 12 months (*) 24 months (*) More than 24 months Total Deposits 5,136,999 1,630, , , ,389,227 - Time deposits 2,991,735 1,630, , , ,243,963 - Investment account 108, ,014 - Savings accounts 1,267, ,267,388 - Current accounts 682, ,917 - Other deposits 86, ,945 Other liabilities for financial transactions 399, ,594 11, , , ,855 2,409,569 - Argentine Central Bank Others Unsubordinated negotiable obligations 3, ,594 11, , , ,810 2,013,744 Long-term bond in US dollars - 100,478 4, , ,975 Long-term bond in Euros - 174,811 6, , ,615 Series 5 and Series 3 Bonds ,325 49, ,810 1,081,926 Series I, Series II, Series IV and Series V Bonds in Pesos 3,249 5, , , ,228 Loans received from domestic financial institutions Local institutions Others 395, ,780 Others 395, ,780 Total 5,536,028 1,912, , , , ,885 9,798,796 (*) These figures are stated pursuant to contract clauses. Remaining terms to maturity General November 7, 2012

20 CHANGES IN ALLOWANCES AND PROVISIONS For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( J ) Breakdown ASSET OFFSETTING ACCOUNTS Opening balances Reversals Allocations Government and corporate securities Allowance for impairment 10, ,389-10,389 Loans For uncollectibility risk and loss of value (a) 154,937 63,832-46, , ,937 Other receivables for financial transactions For uncollectibility risk and loss of value (b) 74,438 19, ,065 74,438 Miscellaneous receivables For uncollectibility risk and loss of value (c) 4,458 6,435-4,330 6,563 4,458 Total 244,222 89,894-61, , ,222 LIABILITIES OFFSETTING ACCOUNTS Other contingencies (d) 194,836 55, , , ,836 Total 194,836 55, , , ,836 a) FOR UNCOLLECTIBILITY RISKS OF LOANS : Stems from the analysis covering uncollectibility risks of the loan portfolio performed by the Bank, which considers the regulations laid down by the Argentine Central Bank and estimates for the fiscal year, as mentioned in Note 6. Increases in constant currency b) FOR UNCOLLECTIBILITY RISKS OF OTHER RECEIVABLES FOR FINANCIAL TRANSACTIONS: Reflects the potential uncollectibility of mortgage loans transferred in trust, but not yet securitized and allowances for loss of value of debt securities and certificates of participation under lawsuits related to asymmetric pesification. (Notes 2.5 and 11). c) FOR UNCOLLECTIBILITY RISKS OF MISCELLANEOUS RECEIVABLES: Set up to cover any possible uncollectibility of miscellaneous receivables. Decreases in constant currency d) FOR OTHER CONTINGENCIES: This provision was set up to cover contingencies involving lawsuits, legal fees, certain expenses related to the administrative restructuring undertaken by the Bank, defaulted notes, and customers' loyalty program. In addition, the balance as of 09/30/2012 and 12/31/2011 includes the reserve for pending insurance claims as required by the National Insurance Superintendency. Balances at fiscal year ended 09/30/2012 Balances at fiscal year ended 12/31/2011 General November 7, 2012

21 SCHEDULE (K) COMPOSITION OF CAPITAL STOCK For the fiscal period ended 09/30/2012 In thousands of Argentine Pesos Shares Capital Stock Class Number (1) Votes per share Outstanding Issued Treasury stock Pending issuance or distribution Alloted Paid-in Not yet paidin Ordinary Book-entry shares 1,500,000,000 (1) 1,463,365 36, ,500,000 - Total 1,463,365 36, ,500,000 - (1) See Note 1 General November 7, 2012

22 FOREIGN CURRENCY BALANCES For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE (L) CAPTIONS ASSETS Head office and branches in Argentina Total for the period at 09/30/2012 Total for the period U$S EUROS YENES Total for the fiscal year at 12/31/2011 Cash and cash resources 573, , ,105 72, ,486 Government and corporate securities 288, , , ,506 Loans 718, , , ,508 Other receivables for financial transactions 631, , , , ,681 Miscellaneous receivables 69,273 69,273 69, ,544 Items pending allocation Total 2,281,174 2,281,174 1,886, , ,382,726 LIABILITIES Deposits 824, , , ,042,970 Other liabilities for financial transactions 2,176,116 2,176,116 1,757, ,294-2,019,022 Miscellaneous liabilities ,384 Total 3,001,014 3,001,014 2,582, ,301-3,063,376 MEMORANDUM ACCOUNTS DEBIT (except for contra items) 1,386,725 1,386,725 1,380,927 5,798-1,202,131 Contingencies 708, , , ,024 Control 677, , ,976 5, ,107 CREDIT (except for contra items) 105, , , ,059 Contingencies 105, , , ,059 General November 7, 2012

23 FINANCIAL ASSISTANCE OF RELATED PARTIES For the fiscal period ended 09/30/2012 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( N ) Item Situation Normal Potential risk / inadequate performanc e With problems / deficient performance High risk of insolvency / difficult collection Uncollectible Uncollectibl e for technical reasons Not yet due Past due Not yet due Past due 09/30/ /31/ Loans 436, , ,892 Total - Overdraft facilities 38, ,145 78,607 With "B" preferred collateral and counter-guarantees Without any preferred collateral or counter-guarantees 37, ,804 77,973 - Mortgage and pledge loans 2, ,534 6,271 With "B" preferred collateral and counter-guarantees 2, ,534 6,271 - Credit cards 1, , Without any preferred collateral or counter-guarantees 1, , Other 394, , ,523 Without any preferred collateral or counter-guarantees 394, , , Equity investments in other companies 538, , ,968 Total 974, , ,860 Allowances 4, ,362 2,549 General November 7, 2012

24 DERIVATIVE FINANCIAL INSTRUMENTS For the fiscal period ended 09/30/2012 In thousands of Argentine Pesos SCHEDULE ( O ) Kind of Agreement Purpose of transactions Underlying assets Kind of settlement Trading environment or counterparty Average weighted Average weighted Average residual term originally term for the weighted term agreed settlement of Amount differences Swap (Note 15.1.) Foreign currency hedge Foreign currency With delivery of underlying asset Foreign residents ,329 Swap (Note 15.1.) Foreign currency hedge Foreign currency With delivery of underlying asset Foreign residents ,404 Futures (Note 15.3.) Foreign currency hedge Foreign currency Daily differences MAE ,019,577 Futures (Note 15.3.) Foreign currency hedge Foreign currency Daily differences MAE (86,499) Futures (Note 15.3.) Brokerage - own account Foreign currency Upon maturity of differences OTC Domestic residents - Non-financial sector (9,672) Swap (Note ) Brokerage - own account Other Upon maturity of differences OTC Domestic residents - Non-financial sector ,000 Swap (Note ) Brokerage - own account Other Upon maturity of differences OTC Domestic residents - Financial sector ,000 Swap (Note ) Brokerage - own account Other Upon maturity of differences OTC Domestic residents - Financial sector ,000 Swap (Note ) Brokerage - own account Other Upon maturity of differences OTC Domestic residents - Financial sector ,000 Swap (Note ) Brokerage - own account Other Upon maturity of differences OTC Domestic residents - Financial sector ,000 Swap (Note 15.4.) Brokerage - own account Other Upon maturity of differences Domestic residents - Non-financial sector ,899 Swap (Note 15.5.) Brokerage - own account Other Upon maturity of differences Domestic residents - Non-financial sector ,665 Swap (Note 15.6.) Brokerage - own account Other Upon maturity of differences Domestic residents - Non-financial sector ,994 Swap (Note 15.7.) Brokerage - own account Other Upon maturity of differences Domestic residents - Non-financial sector ,921 Swap (Note 15.8.) Brokerage - own account Other Upon maturity of differences Domestic residents - Non-financial sector ,991 Swap (Note 15.9.) Brokerage - own account Other Upon maturity of differences Domestic residents - Non-financial sector ,883 Repo Transactions (Note ) Brokerage - own account Argentine government securities With delivery of underlying asset Foreign residents ,081 General November 7, 2012

25 1. BANCO HIPOTECARIO SOCIEDAD ANÓNIMA Pursuant to Law enacted on July 2, 1997 and promulgated by the National Executive Branch through Decree 677 dated July 22, 1997, and decree 924/97 Banco Hipotecario Nacional was declared "subject to privatization" under the terms of Law and the National Executive Branch was ordered to proceed to its transformation into a corporation ("sociedad anónima"). The new entity arising from this transformation will do business under the denomination of "Banco Hipotecario Sociedad Anónima", and as a commercial bank in accordance with Law and complementary rules, as amended, with the scope envisaged by the regulations, and with the rights and obligations of its predecessor. Banco Hipotecario Sociedad Anónima has a corporate capital of ARS 1,500,000 thousand, fully subscribed and paid-in, represented by 1,500,000,000 ordinary book-entry Class A, B, C and D shares, with a face value of ARS 1 each and one vote per share (according to the decision made by the General and Extraordinary Shareholder's Meeting held on July 21, 2006), except for the special multiple vote right for the Class D shares envisaged by the Bank's by-laws. By reason of the expiration on January 29, 2009 of the Total Return Swap that had been executed and delivered on January 29, 2004, Deutsche Bank AG transferred to the Bank 71,100,000 ordinary Class D shares in Banco Hipotecario Sociedad Anónima with face value $ 1 each, which were available for the term and in the conditions prescribed by the Argentine Companies Law, in its Section 221. Through Minutes No. 268 dated January 12, 2010, the Board of Directors resolved: 1) to propose to the Shareholders Meeting that treasury Class D shares be given as payment to the holders of DAAs (StARS) to the extent of their accrued amounts, considering the shares value at that moment, and 2) to discuss possible alternatives for the Shareholders Meeting to resolve upon the allocation of the remaining shares. On April 30, 2010, the General Ordinary Shareholders Meeting resolved to extend for a year, counted as from January 31, 2010, the term for realizing the treasury shares held by the Bank. On the other hand, the General Extraordinary Shareholders Meeting resolved to delegate upon the Board of Directors the decision to pay with the treasury shares in portfolio the Stock Appreciation Rights (StAR) coupons resulting from the 2003 debt restructuring as advisable based on the contractually agreed valuation methods and their actual market value after allowing the shareholders to exercise their preemptive rights on an equal footing. On June 16, 2010, the Board of Directors resolved to launch a preemptive offer to sell a portion of the Bank s treasury shares, for a total of 36,000,000 class D shares. The remaining shares would be delivered in payment to the holders of Stock Appreciation Rights (StAR) coupons arising from the debt restructuring, which fell due on August 3, On July 26, 2010, within the framework of the referred offer, the Bank sold approximately 26.9 million of the shares mentioned above. General November 7, 2012

26 On August 3, 2010 the proceeds of the offer and the balance of the shares referred in the preceding paragraph were made available to the holders of the Stock Appreciation Rights (StAR) coupons. With the above-mentioned offering, 999,312 Class D shares were sold in excess of those required to pay off the obligation previously mentioned. In connection with such excess sale, Ps. 554 thousand were recorded as Unappropriated retained earnings to reflect the addition of the shares to the entity s equity, which took place on January 29, 2009 as detailed in this note, and a further Ps. 834 thousand were booked as Additional paid-in capital for the difference between the value as added to the entity s equity and the sales value. On April 13, 2011, the General Extraordinary Shareholders Meeting authorized the Board of Directors to sell own treasury stock in the market reducing to ten days the term for exercising the preemptive right, and suspending the exercise thereof when the sale of shares does not exceed 1% of the Capital Stock within any twelve-month period. The General Ordinary Shareholders Meeting held on March 27, 2012 extended for one year the term fixed for the disposition of those shares. The Bank holds 36,634,733 Treasury Shares, out of which 1,534,733 correspond to third-party holders of SARs who have not filed the documentation required for their collection. Besides, on February 2, 1999, Banco de la Nación Argentina, as trustee of the Assistance to the Federal Trust Fund for Regional Infrastructure Trust Fund, made the combined public offering of 42,000,000 ordinary Class D shares and 270,000 options, each of the latter representing the right to purchase 100 shares, and the investors are required to acquire a minimum quantity of Class D shares so as to be awardees of the options. This right expired on February 2, With the authorization of the National Securities Commission of Argentina, the Bank placed 13,616,606 Class D shares and 61,289 options on the local capital market, and 28,383,394 ADSs (Shares Deposited in Custody), each representing one Class D share and 208,711 options, on the international capital market in compliance with Rule 144A of the Securities Act of 1933 of the United States of America. As a result of the expiration of the time frame for exercising the options indicated above, on February 2, 2004 certain holders of those options acquired 17,909,500 class D shares. The following table shows the capital status, as of September 30, 2012, detailing the classes of shares and their face value. Class Shares Face value Capital Stock A 658,530, ,530,880 B 75,000, ,000,000 C 75,000, ,000,000 D 691,469, ,469,120 1,500,000,000 1,500,000,000 General November 7, 2012

27 2. BASIS FOR PRESENTATION OF THE FINANCIAL STATEMENTS These financial statements have been prepared in line with accounting standards established by the Argentine Central Bank through CONAU 1 Circular, supplementary rules and amendments. The financial statements of the predecessor entity, Banco Hipotecario Nacional, have been adjusted for inflation in conformity with the guidelines set in Communication "A" 551 of the Argentine Central Bank up to the financial year ended December 31, 1994, and prepared in accordance with the standards laid down by CONAU 1 Circular. As from January 1, 1995, and according to the authorization accorded by Resolution No. 388 of the Argentine Central Bank's Superintendency of Financial and Exchange Institutions, the Bank discontinued the adjustment for inflation of its financial statements until December 31, As from January 1, 2002, as a result of the application of Communication "A" 3702 which established the repeal of any legal and regulatory rule that did not allow companies to restate their accounting balances at period-end currency values, the Bank resumed the application of the adjustment for inflation in accordance with the rules issued in due time by the Argentine Central Bank using the adjustment coefficient derived from the domestic wholesale price index published by the National Statistics and Census Institute (INDEC). Furthermore, it has been considered that the accounting measurements derived from the changes in the purchasing power of the currency between December 31, 1994 and 2001 are stated in the currency value as of the latter date. On March 25, 2003, the Executive Branch issued Decree 664 establishing that the financial statements for years ending as from that date are to be stated in nominal currency. Consequently, in accordance with Communication "A" 3921 of the BCRA, the restatement of the financial statements was discontinued as from March 1, These financial statements have been prepared in line with the accounting standards issued by the Argentine Central Bank for application by financial institutions. The differences between the Argentine Central Bank regulations and the professional accounting standards in force in the Autonomous city of Buenos Aires are detailed in Note 3. The principal disclosure and valuation criteria followed for preparing these financial statements are described below: 2.1. Foreign currency assets and liabilities US dollar assets and liabilities have been valued at the rate of exchange between the peso and the US dollar published by the Argentine Central Bank. Assets and liabilities valued in foreign currencies other than the US dollar were converted into the latter currency using the swap rates General November 7, 2012

28 communicated by the Argentine Central Bank s operations desk, in force at the close of operations on the last business day of the period ended September 30, 2012 and the fiscal year ended December 31, Interest accruals and adjustments of principal amounts (CER and CVS) Interest accruals were determined using the exponential method for all lending and certain borrowing transactions in local and foreign currency, and interest accruals for loans overdue more than ninety days were discontinued. Adjustments of principal amounts from application of the CER and CVS were accrued as established by Argentine Central Bank regulations, and interest accruals on loans overdue more than ninety days were discontinued Government and corporate securities 2.4. Loans As of September 30, 2012 and December 31, 2011, the securities classified as "Holdings booked at fair market value", "Investment in listed corporate securities" and "Securities issued by the BCRA" with volatility published by the BCRA, have been valued at period or year-end market quotation, as the case may be. As December 31, 2011, the Bank raised provisions for fluctuations in the valuation of Government securities carried at fair market value as a buffer against the effect of significant ups and downs in the more volatile securities. Such provisions were raised over the values recorded as of October 31, As of December 31, 2011, and for the same purpose, the Bank raised provisions for fluctuations in the valuation of listed corporate securities. As of September 30, 2012 and December 31, 2011, the securities classified as Holdings booked at cost plus return and Securities issued by the BCRA with no volatility published by the BCRA or with volatility but which the Entity decides to book under the first category, have been valued, in accordance with the provisions of Communication A 5180 and supplementary rules, at their acquisition cost subject to an exponential increase based on the internal rate of return, net of contra accounts, if applicable. For comparison purposes with market values, see Schedule A. The portfolio of performing loans and loans due ninety days or less has been valued in terms of the principal amounts actually lent, plus capitalized interest, net of principal amortization collected and debt balance refinancing, plus adjustments (from the application of the CER, and CVS where applicable) and accrued interest receivable and less the estimated reserve for loan losses. Other loans to the public sector: General November 7, 2012

29 i) as of September 30, 2012 and December 31, 2011, those loans were valued at cost plus return according to point of Communication A 5180, taking as cost their book value as of December 31, ii) those originally granted in foreign currency have been converted into Ps. at the exchange rate of $1.40 per US dollar, as established by Law 25561, Decree 214 and complementary rules and amendments. Since February 3, 2002, the CER has been applied to the amount of those loans and maximum rates have been established, in accordance with Decree 1579/02, if those assets were subjected to the Exchange of Provincial Public Debt. Loans to the non-financial private sector originally granted in foreign currency have been converted into Ps. at the exchange rate of $1.00 per US dollar, as established by Law 25561, Decree 214 and complementary rules and amendments. Since February 3, 2002, the CER and CVS have been applied to the amount of those loans and maximum rates have been established, depending on the borrower Other receivables for financial transactions The individual mortgage loans the trustee ownership of which was transferred by the Bank and recorded in this caption have been valued and converted into Ps. following the criterion described in points 2.2. and 2.4. The Bank holds in its portfolio, its own Negotiable Obligations which are valued at their net book value plus accrued interest. The rights arising from currency swap transactions carried out as a hedge have been valued at the quotation of that currency following the criterion described in point 2.1 (Notes 15.1 and 15.5). The financial trust participation certificates have been valued according to the equity method of accounting, written down, if applicable, to reflect any allowances for impairment. Financial trust debt securities have been stated at face value, index-adjusted by applying the CER to the appropriate instruments, plus interest accrued until the end of the fiscal period or year, written down, if applicable, to reflect any allowances for impairment and the negative amount of the Participation Certificates reported by the Trustee. Currency swap transactions carried out as a hedge for the Bank s exposure to local-currencydenominated, CER-adjusted liabilities, without transfer of the principal, have been valued as of December 31, 2011 according to the net asset or liability position derived from variations in the underlying assets (Note 15.2.). In addition, following a prudent criterion, the Bank creates provisions for these transactions when the value stated above exceeds its fair value. General November 7, 2012

30 The interest rate swap transactions carried out for the purposes of hedging assets and liabilities with fixed and floating rates has been valued in accordance with the unsettled balances of agreed upon lending and borrowing interests rates (Notes 15.4, 15.6, 15.7, 15.8, 15.9 and 15.10). Unlisted negotiable obligations have been valued at acquisition cost exponentially increased according to the internal rate of return. NOBACs held as collateral for OTC transactions are valued as explained in item 2.3 (Note 7). The underlying assets in the Repo transactions involving BODEN 2015 have been measured by application of the criteria discussed in 2.3 (Note 15.11). Repo transactions are carried at the value originally agreed upon, plus accrued premiums Receivables for financial leases Receivables for financial leases are carried at the current value of the periodic installments and the residual value previously agreed upon, calculated as per the conditions set forth in the respective lease agreements, applying the internal rate of return Investments in other companies This caption mainly includes the equity investments held by the Bank in BACS Banco de Crédito y Securitización Sociedad Anónima, BHN Sociedad de Inversión Sociedad Anónima, BH Valores SA Sociedad de Bolsa and Tarshop (Note 26). As of September 30, 2012 and December 31, 2011, those equity investments were recorded at their equity value according to the BCRA s accounting rules, plus intercompany profits not involving third parties, where applicable. Those equity investments amount to Ps. 538,570 thousand and Ps. 409,968 thousand, respectively. In order to calculate the equity value of BHN Sociedad de Inversión Sociedad Anónima and Tarshop SA, the shareholders equity and results captions have been subject to some adjustments and reconciliations with the standards used by each subsidiary in order to adapt them to the BCRA s accounting standards. These adjustments and reconciliations have been subject to monitoring and management approval procedures, which contemplate all the significant captions that receive a different treatment under the standards applied, mainly including Deferred Tax, capitalization of intangible assets, and valuation of certain derivative financial instruments. The above equity investments arise from the financial statements and/or the trial balance sheet for consolidation purposes of BACS Banco de Crédito y Securitización Sociedad Anónima, BHN Sociedad de Inversión Sociedad Anónima, BH Valores SA Sociedad de Bolsa and Tarshop S.A. for the fiscal period ended September 30, 2012 and the fiscal year ended December 31, Miscellaneous receivables General November 7, 2012