BALANCE SHEET For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Pesos

ASSETS BALANCE SHEET For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Pesos 2011 2010 A Cash and cash resources (Note 2.2.) 750,146 819,555 Cash 172,426 189,553 Financial Institutions and Correspondents 577,720 630,002 - Argentine Central Bank (B.C.R.A.) 512,361 408,341 - Other domestic institutions 1,235 5,613 - Other foreign institutions 64,124 216,048 B Government and Corporate Securities (Schedule A and Note 2.4.) 2,935,280 2,437,975 Holdings booked at fair market value 362,508 254,754 Holdings booked at cost plus return 677,662 1,171,205 Investments in listed corporate securities 52,114 51,157 Securities issued by the BCRA 1,843,011 979,874 Allowances (Schedule J) -15-19,015 C Loans (Schedules B, C and D and Notes 2.3. and 2.5.) 5,141,291 5,177,211 To the non-financial public sector 50,172 49,856 To the financial sector 104,951 101,870 Interfinancial (call granted) 24,255 30,000 Other loans to domestic financial entities 80,338 71,411 Accrued interest, adjustments and quotation differences receivable 358 459 To the non-financial private sector and foreign residents 5,142,075 5,186,466 Overdraft facilities 246,026 336,268 Promissory notes 89,730 97,860 Mortgage loans 1,645,993 1,724,887 Pledge loans 29,322 11,615 Consumer loans 493,882 469,013 Credit cards 1,447,488 1,371,949 Unallocated collections -6,909-8,644 Other 1,143,861 1,135,347 Accrued interest and quotation differences receivable 54,274 50,047 Documented interest -1,592-1,876 Allowances (Schedule J and Note 7) -155,907-160,981 D Other receivables for financial transactions (Schedules B, C and D and Notes 2.3. and 2.6.) 1,700,136 1,516,867 Argentine Central Bank 53,042 40,335 Amounts receivable for spot and forward sales to be settled 257,588 802 Securities to be received under spot and forward purchases to be settled 732,374 862,790 Negotiable obligations without quotation 95,900 62,247 Balances of forward transactions not yet settled without delivery of underlying asset 53,121 49,984 Others not included in the debtor classification regulations (Note 10) 503,322 492,784 Others included in the debtor classification regulations (Notes 10 and 11) 48,269 49,569 Accrued interest receivable included in the debtor classification regulations (Note 11) 12,460 11,687 Allowances (Schedule J and Note 7) -55,940-53,331 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

BALANCE SHEET For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Pesos 2011 2010 F Investments in other companies (Schedule E and Notes 2.7, 26 and 29) 309,196 283,773 In financial institutions 84,747 85,661 Others 224,449 198,112 G Miscellaneous Receivables (Schedules B, C and D and Note 2.8.) 433,260 423,830 Receivables from sales of goods - 15 Minimum deemed income tax - fiscal credit (Notes 2.19 and 34) 137,190 137,190 Others (Note 12) 298,993 289,604 Other accrued interest receivable 1,538 1,482 Allowances (Schedule J and Note 7) -4,461-4,461 H Bank Premises and Equipment (Schedule F and Note 2.9.) 96,758 93,895 I Miscellaneous Assets (Schedule F and Note 2.9.) 40,461 40,783 J Intangible Assets (Schedule G and Note 2.11.) 84,509 84,167 Goodwill 27,843 28,582 Organization and development expenses 56,666 55,585 K Items pending allocation 5,004 761 TOTAL ASSETS 11,496,041 10,878,817 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

BALANCE SHEET For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Pesos LIABILITIES 2011 2010 L Deposits (Schedules H and I and Notes 2.3., 2.12. and 25) 5,281,634 4,876,083 Non-financial public sector 2,088,585 1,900,857 Financial Sector 12,463 12,341 Non-financial private sector and foreign residents 3,180,586 2,962,885 Current accounts 83,420 75,070 Savings Accounts 378,328 362,596 Time deposits 2,630,946 2,441,236 Investment accounts 11,600 14,056 Others 53,014 44,754 Accrued interest and quotation differences payable 23,278 25,173 M Other liabilities for financial trading transactions (Schedule I and Notes 2.3. and 2.13) 2,878,786 2,718,270 Argentine Central Bank 24 24 Other 24 24 Unsubordinated negotiable obligations (Note 13) 1,652,439 1,591,645 Amounts payable under spot and forward purchases to be settled 954 174,264 Securities to be delivered under spot and forward sales to be settled 927,281 623,740 Loans received from domestic financial institutions - 80,045 Interfinancial loans (calls received) - 80,000 Accrued interest payable - 45 Balances of forward transactions not yet settled without delivery of underlying asset 4,932 4,784 Others (Note 16) 240,390 224,800 Accrued interest and quotation differences payable 52,766 18,968 N Miscellaneous Liabilities (Note 2.14.) 136,629 143,093 Fees 9,163 7,656 Others (Note 17) 127,466 135,437 O Provisions (Schedule J and Notes 2.10., 2.15., 2.16., 2.17 and 18.) 174,362 164,208 Q Items pending allocation 3,029 2,930 TOTAL LIABILITIES 8,474,440 7,904,584 SHAREHOLDERS' EQUITY (per related statement) (Note 2.20.) 3,021,601 2,974,233 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 11,496,041 10,878,817 Notes and Schedules are an integral part of these financial statements. C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

STATEMENT OF INCOME For the fiscal period ended 03/31/2011 In comparative format with the same period of the previous fiscal year In thousands of Argentine Pesos 2011 2010 A Financial Income 307,100 303,547 Interest on cash and cash resources 17 12 Interest on loans to the financial sector 3,433 421 Interest on overdraft facilities 11,113 13,447 Interest on promissory notes 3,023 2,094 Interest on mortgage loans 46,554 42,070 Interest on pledge loans 977 1,234 Interest on credit card loans 63,868 41,845 Interest on other loans 65,375 45,754 Interest on other receivables for financial transactions 8,892 11,217 Net income from government and corporate securities 92,207 124,133 Adjustment from application of CER (coefficient for reference stabilization) clause 7,488 12,269 Others (Note 19) 4,153 9,051 B Financial Expenses 166,843 178,236 Interest on current account deposits - 144 Interest on savings account deposits 368 220 Interest on time deposits 104,917 71,038 Interest on interfinancial loans received 1,013 247 Interest on other liabilities resulting from financial transactions 36,449 52,511 Other interest 3,498 12,084 Adjustment from application of CER (coefficient for reference stabilization) clause - 11 Contribution to the deposits security fund 2,219 1,639 Gold and foreign currency quotation difference 864 17,982 Others (Note 19) 17,515 22,360 GROSS INTERMEDIATION MARGIN 140,257 125,311 C Loan Loss Provision 15,228 26,004 D Income from services 109,250 95,180 Linked with lending transactions 59,538 47,096 Linked with borrowing transactions 9,584 7,329 Other commissions 239 360 Others (Note 20) 39,889 40,395 E Expenses for Services 35,769 34,062 Commissions 2,499 3,005 Others (Note 21) 33,270 31,057 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

STATEMENT OF INCOME For the fiscal period ended 03/31/2011 In comparative format with the same period of the previous fiscal year In thousands of Argentine Pesos 2011 2010 G Administrative expenses 158,719 131,138 Personnel expenses 99,953 79,359 Directors and syndics fees 1,506 1,729 Other fees (Note 22) 15,318 11,300 Advertising and publicity 4,983 10,227 Taxes 7,487 4,870 Depreciation of bank premises and equipment 2,840 3,239 Amortization of organization and development expenses 4,887 3,138 Other operating expenses (Note 22) 18,158 13,496 Other 3,587 3,780 NET INCOME FROM FINANCIAL TRANSACTIONS 39,791 29,287 I Miscellaneous income 57,963 34,457 Net income from long term equity investments 25,424 8,491 Penalty interest 1,335 2,226 Loans recovered and allowances reversed 24,952 19,241 Others (Note 23) 6,252 4,499 J Miscellaneous losses 50,386 23,610 Penalty interest and charges in favor of the BCRA 1 16 Loan loss provision for miscellaneous receivables and other provisions 29,356 4,740 Depreciation and loss of miscellaneous assets 169 119 Amortization of Goodwill 739 - Others (Note 24) 20,121 18,735 NET INCOME BEFORE INCOME TAX 47,368 40,134 NET INCOME FOR THE FISCAL YEAR 47,368 40,134 Notes and Schedules are an integral part of these financial statements. C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

STATEMENT OF CASH FLOW AND CASH EQUIVALENTS For the fiscal period ended 03/31/2011 In comparative format with the same period of the previous fiscal year In thousands of Argentine Pesos Changes of cash and cash equivalent 2011 2010 Cash at Beginning of Fiscal Year (Note 31) 780,479 763,505 Cash at Fiscal Year End (Note 31) 709,585 733,802 Net increase in cash (in constant currency) (70,894) (29,703) Causes of cash changes (in constant currency) Operating activities Net collection (payment) on: Government and corporate securities 290,360 (44,696) Loans To the Financial Sector - (5,924) To the Non-financial Public Sector - (19,386) To the Non-financial Private Sector and Foreign Res. 185,070 (119,589) Other receivables for financial transactions: (365,580) (182,638) Deposits To the Financial Sector - 12,812 To the Non-financial Public Sector 187,728 (339) To the Non-financial Private Sector and Foreign Res. 217,701 314,665 Other (except for liabilities under Financing activities) (687,943) 64,782 Collection linked with revenues from services 109,250 95,180 Payments linked with expenses for services (35,769) (34,062) Administrative expenses paid (150,992) (124,761) Collection net of penalty interest 1,335 2,226 Other collection / (payment) linked to miscellaneous profits and losses (4,840) (4,989) Net collection from other operating activities (8,778) 25,173 Net cash flow originated from (used for) operating activities (262,458) (21,546) Investment Activities Net collection (payment) on bank premises and equipment (2,863) (13,211) Net cash flow originated from (used for) investment activities (2,863) (13,211) Financing Activities Net collection /payment on: Unsubordinated negotiable obligations 60,794 (117,809) Net cash flow originated from (used for) financing activities 60,794 (117,809) Financial gain (loss), holding of cash and cash equivalent (including interest and monetary results) 133,633 122,863 Net increase of cash (70,894) (29,703) C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

MEMORANDUM ACCOUNTS For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos 2011 2010 DEBIT 14,863,330 14,883,923 Contingencies 6,865,388 6,694,696 Loans obtained (unused balances) 80,683 80,683 Guarantees received 4,706,328 4,539,956 Others not included in the debtor classification regulations 236,453 236,453 Contingencies re. contra items 1,841,924 1,837,604 Control 5,156,385 4,829,533 Loans classified as non-recoverable 786,444 806,343 Other 4,279,763 3,936,500 Control re. contra items 90,178 86,690 Derivatives 2,841,557 3,359,694 "Notional" value of forward transactions without delivery of the underlying asset 1,432,889 1,471,272 Interest rate swap 861,284 750,960 Derivatives - re. contra items 547,384 1,137,462 CREDIT 14,863,330 14,883,923 Contingencies 6,865,388 6,694,696 Loans granted (unused balances) included in the debtor classification regulations (Schedules B, C, and D) 184,207 258,080 Other guarantees provided included in the debtor classification regulations (Schedules B, C, and D) 105,826 29,800 Other guarantees provided not included in the debtor classification regulations 64,530 63,316 Contingencies re. contra items 6,510,825 6,343,500 Control 5,156,385 4,829,534 Amounts to be credited 10,389 7,780 Other - - Control re. contra items 5,145,996 4,821,754 Derivatives 2,841,557 3,359,693 "Notional" value of forward transactions without delivery of the underlying asset 548,090 1,138,168 Derivatives - re. contra items 2,293,467 2,221,525 Notes and Schedules are an integral part of these financial statements. C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the fiscal period ended 03/31/2011 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 contributions Equity Legal Others Retained Total for the Total for the premiums for future capital Adjustments period period increases earnings 03/31/2011 03/31/2010 balances 1,500,000 834-717,115 437,461-318,823 2,974,233 2,777,529 2. Subtotal (*) 1,500,000 834-717,115 437,461-318,823 2,974,233 2,777,529 6. Net income for the fiscal year - - - - - - 47,368 47,368 40,134 7. Fiscal year Closing balances 1,500,000 834-717,115 437,461-366,191 3,021,601 2,817,663 (*) Treasury Shares 36,634,733. See Note 1 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

GOVERNMENT AND CORPORATE SECURITIES For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( A ) Holding Description Identification Position without Book value Book value options Options Final position Market value 03/31/2011 12/31/2010 LISTED GOVERNMENT SECURITIES Argentina 362,508 362,508 254,754 362,508-362,508 In Argentine Pesos 117,193 117,193 151,075 117,193-117,193 Bonar XIV BONAR XIV 47,554 47,554 78,705 47,554 47,554 BONAR V BONAR V - - 9,750 - - - Discount Bonds in Argentine Pesos DICP - 161 - - - GDP-Linked Negotiable Securities in Argentine Pesos TVPP 69,639 69,639 62,456 69,639-69,639 BOCON PRE IX - - 3 - - - In foreign currency 245,315 245,315 103,679 245,315-245,315 BODEN 2015 RO 15 123,535 123,535 23,296 123,535-123,535 BONAR 2017 AA 17 103,517 103,517 62,731 103,517-103,517 GDP-Linked Negotiable Securities in US dollars TVPA 37 37 33 37-37 DISCOUNT BOND 2010/2033 DIAO 85 85 83 85-85 BONCOR 2017 CO17 18,141 18,141 17,536 18,141-18,141 TOTAL GOVERNMENT SECURITIES AT FAIR MARKET VALUE 362,508 362,508 254,754 362,508-362,508 GOVERNMENT SECURITIES AT INVESTMENT - Argentina 680,790 677,662 1,171,205 677,662-677,662 In Argentine Pesos 25,245 30,897 64,805 30,897-30,897 Mortgage Refinancing Trust Bond 2014 2014 378 378-378 - 378 BONAR XIV BONAR XIV 4,903 3,583 30,817 3,583-3,583 BOGAR BOGAR - - 6,636 - - - BOGAR RIO NEGRO RNG 2.1 - - 6 - - - Discount Bonds in Argentine Pesos DICP 19,801 26,773 27,171 26,773-26,773 BOCON PRO IX - - 4 - - - DICOUNT BONDS IN ARGENTINE PESOS 2010/2033 - DIPO DIP 0 5 5 5 5-5 BOCON PRO VII 158 158 166 158-158 In foreign currency 655,545 646,765 1,106,400 646,765-646,765 BONO GLOBAL 2017 GJ 17 - - 23 - - - BODEN 2012 BODEN 2012 655,545 646,765 1,106,377 646,765-646,765 TOTAL GOVERNMENT SECURITIES AT INVESTMENT 680,790 677,662 1,171,205 677,662-677,662 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

GOVERNMENT AND CORPORATE SECURITIES For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( A ) Continue Description Identification Market value Holding Book value 03/31/2011 Book value 12/31/2010 Position without options Options Final position INVESTMENTS IN LISTED CORPORATE SECURITIES ARGENTINA 52,114 52,114 51,157 52,114-52,114 In Argentine Pesos 50,014 50,014 48,978 50,014-50,014 Banco Francés 14,100 14,100 13,876 14,100-14,100 Banco Macro 8,336 8,336 9,562 8,336-8,336 Edenor SA 1,267 1,267 1,505 1,267-1,267 Pampa Holding SA 15,456 15,456 17,701 15,456-15,456 TELECOM 4,849 4,849-4,849 4,849 Banco Patagonia 6,006 6,006 6,334 6,006-6,006 ABROAD 2,100 2,100 2,179 2,100-2,100 In foreign currency 2,100 2,100 2,179 2,100-2,100 ADR Banco Francés 2,100 2,100 2,179 2,100-2,100 TOTAL INVESTMENTS IN LISTED CORPORATE SECURITIES 52,114 52,114 51,157 52,114-52,114 SECURITIES ISSUED BY THE BCRA 1,843,011 1,843,011 979,874 1,843,011-1,843,011 BCRA-Bills at fair market value 99,688 99,688 196,584 99,688-99,688 BCRA-Bills at cost plus return 337,172 337,172 331,243 337,172-337,172 BCRA-Bills-swap-transactions 198,346 198,346 198,346 198,346 BCRA-Notes at fair market value 205,485 205,485-205,485-205,485 BCRA-Notes at cost plus return 1,002,320 1,002,320 452,047 1,002,320-1,002,320 TOTAL SECURITES ISSUED BY THE BCRA 1,843,011 1,843,011 979,874 1,843,011-1,843,011 TOTAL GOVERNMENT AND CORPORATE SECURITIES 2,938,423 2,935,295 2,456,990 2,935,295-2,935,295 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

SCHEDULE ( B ) CLASSIFICATION OF FINANCING ACCORDING TO LOANS AND GUARANTEES RECEIVED For the fiscal period ended 03/31/2011 In compararive format with the previous fiscal year In thousands of Argentine Pesos COMMERCIAL PORTFOLIO 2011 2010 Normal situation 2,041,479 2,004,017 With "B" preferred collateral and counter-guarantees 124,971 88,989 Without any preferred collateral or counter-guarantees 1,916,508 1,915,028 Potential Risk 145 4,705 With "B" preferred collateral and counter-guarantees - - Without any preferred collateral or counter-guarantees 145 4,705 Problematic 1,104 4 With "B" preferred collateral and counter-guarantees 1,101 - Without any preferred collateral or counter-guarantees 3 4 High risk of insolvency 18,424 20,237 With "B" preferred collateral and counter-guarantees 13,770 15,631 Without any preferred collateral or counter-guarantees 4,654 4,606 Uncollectible 12,405 12,408 With "B" preferred collateral and counter-guarantees - - Without any preferred collateral or counter-guarantees 12,405 12,408 Uncollectible for technical reasons - - With "B" preferred collateral and counter-guarantees - - Without any preferred collateral or counter-guarantees - - TOTAL COMMERCIAL PORTFOLIO 2,073,557 2,041,371 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

SCHEDULE ( B ) Continued CLASSIFICATION OF FINANCING ACCORDING TO LOANS AND GUARANTEES RECEIVED For the fiscal period ended 03/31/2011 In compararive format with the previous fiscal year In thousands of Argentine Pesos CONSUMER AND HOUSING PORTFOLIO 2011 2010 Normal Situation 3,496,154 3,541,010 With "B" preferred collateral and counter-guarantees 1,495,535 1,580,710 Without any preferred collateral or counter-guarantees 2,000,619 1,960,300 Low risk 59,576 48,248 With "B" preferred collateral and counter-guarantees 27,634 20,290 Without any preferred collateral or counter-guarantees 31,942 27,958 Mid risk 35,062 31,461 With "B" preferred collateral and counter-guarantees 13,940 13,280 Without any preferred collateral or counter-guarantees 21,122 18,181 High risk 54,640 60,950 With "B" preferred collateral and counter-guarantees 6,963 7,237 Without any preferred collateral or counter-guarantees 47,677 53,713 Uncollectible 23,808 25,606 With "B" preferred collateral and counter-guarantees 3,898 5,532 Without any preferred collateral or counter-guarantees 19,910 20,074 Uncollectible for technical reasons 1,063 944 With "B" preferred collateral and counter-guarantees 807 741 Without any preferred collateral or counter-guarantees 256 203 TOTAL CONSUMER AND HOUSING PORTFOLIO 3,670,303 3,708,219 GENERAL TOTAL 5,743,860 5,749,590 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

CONCENTRATION OF FINANCING For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( C ) FINANCING Number of customers 2011 2010 Debt balance % of total portfolio Amount % on total portfolio 10 largest customers 718,622 12.51% 695,695 12.10% 50 following largest customers 998,332 17.38% 1,071,208 18.63% 100 following largest customers 241,016 4.20% 238,084 4.14% Rest of customers 3,785,890 65.91% 3,744,603 65.13% Total 5,743,860 100% 5,749,590 100% C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

BREAKDOWN OF FINANCING ACCORDING TO MATURITY DATES For the fiscal period ended 03/31/2011 In thousands of Argentine Pesos SCHEDULE ( D ) 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 - 1,660 1,401 2,147 4,398 8,989 31,576 50,171 Financial sector 61 43,694 27,907 22,969 10,320 - - 104,951 Non-financial private sector and foreign residents 114,282 1,631,193 681,939 415,751 627,734 752,400 1,365,439 5,588,738 Total 114,343 1,676,547 711,247 440,867 642,452 761,389 1,397,015 5,743,860 Total C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

BREAKDOWN OF INVESTMENTS IN OTHER COMPANIES For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year SCHEDULE (E) In thousands of Argentine Pesos Item Shares and/or Units Information on the issuer Data on latest fin. statement Description Class Face value per unit Votes per share Number Amount at 03/31/2011 Amount at 12/31/2010 Principal line of Business End of fiscal period Capital Stock Shareholders' Equity Result for the period - In Financial Institutions, supplementary and authorized activities Controlled - Argentina - BACS Banco de Crédito y Securitización S.A. ordinary 1 1 43,750,000 84,747 85,661 Banking 03/31/2011 62,500 121,066 (710) - BH Valores SA Soc. de Bolsa ordinary 1 1 1,425,000 5,243 5,237 Brokerage 03/31/2011 1,500 5,519 7 - BHN Sociedad de Inversión S.A. ordinary 1 1 39,127,849 109,506 97,860 Investments 03/31/2011 39,132 109,517 13,495 - TARSHOP S.A. ordinary 1 1 107,037,152 109,689 95,004 Issuance and marketing of TC 03/31/2011 133,796 137,111 21,243 Subtotal controlled - Argentina 309,185 283,762 - In Other Companies Non-controlled - Argentina (*) - BHN Vida S.A. ordinary 1 1 120 - - Insurance 03/31/2011 5,112 62,034 11,496 (*) - BHN Seguros Generales S.A. ordinary 1 1 120 - - Insurance 03/31/2011 5,112 19,682 1,351 - Mercado Abierto Electrónico S.A. ordinary 1,200 1 1 4 4 Securities open market 03/31/2010 242 13,211 637 - ACH S.A. ordinary 1 1 2,500 7 7 Electronic payment company 12/31/2009 650 2,157 186 Subtotal Non-controlled - Argentina 11 11 Total investments in other companies 309,196 283,773 (*) TOTAL EQUITY INVESTMENT IN ARGENTINE PESOS - BHN Vida S.A. 120 - BHN Seguros Generales S.A. 120 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

BANK PREMISES AND EQUIPMENT AND MISCELLANEOUS ASSETS For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE (F) Item Net book value at beginning of fiscal year Additions Transfers Deletions Losses due to impairment of value Depreciation for the period Useful life (years) BANK PREMISES AND EQUIPMENT - Real estate properties 75,143 - - - - 50 551 74,592 75,143 - Furniture and facilities 8,386 859 - - - 10 379 8,866 8,386 - Machinery and equipment 4,412 3,502 - - - 5 675 7,239 4,412 - Computer equipment 5,543 1,126 - - - 3 1,170 5,499 5,543 - Vehicles 14 139 - - - 5 12 141 14 - Sundry 397 77 - - - 5 53 421 397 Total 93,895 5,703 - - - 2,840 96,758 93,895 Amount Net book value at the end of the period 03/31/2011 Net book value at the end of the fiscal year 12/31/2010 MISCELLANEOUS ASSETS - Construction in progress 2,374 550 - - - - - 2,924 2,374 - Works of art and collectors items 195 - - - - - - 195 195 - Leased assets 2,985 - - - - 50 21 2,964 2,985 - Assets acquired through foreclosures 8,155 - - (1,512) - 50 27 6,616 8,155 - Stationery and office supplies 3,437 809 - - - - - 4,246 3,437 - Other miscellaneous assets 23,637 - - - - 50 121 23,516 23,637 Total 40,783 1,359 - (1,512) - 169 40,461 40,783 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

SCHEDULE (G) INTANGIBLE ASSETS For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos Item Net book value at beginning of fiscal year Additions Transfers Deletions Losses due to impairment of value Amortization for the period Useful life (years) Amount Net book value at the end of the period 03/31/2011 Net book value at the end of the fiscal year 12/31/2010 Organization and development expenses 55,585 5,968 - - - 5 4,887 56,666 55,585 Goodwill 28,582 - - - - 10 739 27,843 28,582 Total 84,167 5,968 - - - 5,626 84,509 84,167 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

SCHEDULE (H) CONCENTRATION OF DEPOSITS For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos Number of customers 2011 2010 Debt balance % of total portfolio Debt balance % of total portfolio 10 largest customers 2,155,640 40.81% 2,008,272 41.19% 50 following largest customers 931,701 17.64% 856,452 17.56% 100 following largest customers 513,067 9.71% 439,116 9.01% Rest of customers 1,681,226 31.84% 1,572,243 32.24% Total 5,281,634 100% 4,876,083 100% C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FOR FINANCIAL TRANSACTIONS AND SUBORDINATED NEGOTIABLE OBLIGATIONS ACCORDING TO MATURITY DATE SCHEDULE ( I ) For the fiscal period ended 03/31/2011 In thousands of Argentine Pesos Remaining terms to maturity Item More than 24 months 1 month (*) 3 months (*) 6 months (*) 12 months (*) 24 months (*) Total (*) Deposits 2,808,035 1,200,885 675,797 178,470 418,447-5,281,634 - Time deposits 2,213,269 1,200,885 675,797 178,470 418,447-4,686,868 - Investment account 6,460 6,460 - Savings accounts 412,844 412,844 - Current accounts 109,642 109,642 - Other deposits 65,820 65,820 Other liabilities for financial transactions 268,627 15,140-253,229 253,229 1,155,394 1,945,619 - Argentine Central Bank - - - - - 24 24 Others - - - - - 24 24 - International banks and entities - - - - - - - Short-term facilities in US dollars - - - - - - - Unsubordinated negotiable obligations 37,627 15,140-253,229 253,229 1,155,370 1,714,595 Long-term Bond denominated in US dollars - 5,203-86,697 86,697 86,697 265,294 Long-term Bond denominated in Euros - 9,937-166,532 166,532 166,532 509,533 Newly Issued Bond 37,627 - - - - 902,141 939,768 Loans received from domestic financial institutions - - - - - - - Local institutions - - - - - - - - Others 231,000 - - - - - 231,000 Others 231,000 - - - - - 231,000 Total 3,076,662 1,216,025 675,797 431,699 671,676 1,155,394 7,227,253 (*) These figures are stated pursuant to contract clauses. C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

ALLOWANCES AND PROVISIONS For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE (J) Breakdown Opening balances Increases in constant currency Decreases in constant currency Reversals Allocations Balances at period end 03/31/2011 Balances at fiscal year ended 12/31/2010 ASSET OFFSETTING ACCOUNTS Government and corporate securities Allowance for impairment 19,015 - - 19,000 15 19,015 Loans For uncollectibility risk and loss of value (a) 160,981 15,228-20,302 155,907 160,981 Other receivables for financial transactions For uncollectibility risk and loss of value (b) 53,331 3,651-1,042 55,940 53,331 Miscellaneous receivables For uncollectibility risk and loss of value (c) 4,461 - - - 4,461 4,461 Total 237,788 18,879-40,344 216,323 237,788 LIABILITIES OFFSETTING ACCOUNTS Other contingencies (d) 164,208 29,356-19,202 174,362 164,208 Total 164,208 29,356-19,202 174,362 164,208 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 7. 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 2.6 and 11). c) FOR UNCOLLECTIBILITY RISKS OF MISCELLANEOUS RECEIVABLES : Set up to cover any possible uncollectibility of miscellaneous receivables, 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 and defaulted notes. In addition, the balance as of 03/31/2011 and 12/312010 includes the reserve for pending insurance claims as required by the National Insurance Superintendency, C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

CAPITAL STOCK For the fiscal period ended 03/31/2011 In thousands of Argentine Pesos SCHEDULE ( K ) 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 36,635 - - 1,500,000 - Total 1,463,365 36,635 - - 1,500,000 - (1) See note 1 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

FOREIGN CURRENCY BALANCES For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( L ) CAPTIONS Head office and branches in Argentina Total for the period at 03/31/2011 Total for the period US$ EUROS YENES Total for the fiscal year at 12/31/2010 ASSETS Cash and cash resources 270,642 270,642 245,777 24,862 3 470,571 Government and corporate securities 894,181 894,181 894,181 - - 1,193,262 Loans 744,000 744,000 744,000 - - 691,209 Other receivables for financial transactions 821,320 821,320 185,789 635,531-736,270 Miscellaneous receivables 78,255 78,255 78,255 - - 70,286 Items pending allocation - - - - - 2 Total 2,808,398 2,808,398 2,148,002 660,393 3 3,161,600 LIABILITIES Deposits 738,040 738,040 738,040 - - 717,689 Other liabilities for financial transactions 2,435,440 2,435,440 1,836,156 599,284-2,236,407 Miscellaneous liabilities 436 436 429 7-494 Items pending allocation 76 76 76 - - - Total 3,173,992 3,173,992 2,574,701 599,291-2,954,590 MEMORANDUM ACCOUNTS DEBIT (except for contra items) 978,335 978,335 978,305 30-708,259 Contingencies 686,645 686,645 686,645 - - 475,765 Control 291,690 291,690 291,660 30-232,494 CREDIT (Except for contra items) 135,293 135,293 135,293 - - 138,856 Contingencies 135,293 135,293 135,293 - - 138,856 Control - - - - - - C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

FINANCIAL ASSISTANCE OF RELATED PARTIES For the fiscal period ended 03/31/2011 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( N ) Item Situation Normal Potential risk / inadequate performance With problems / deficient performance High risk of insolvency / difficult collection Uncollectible Uncollectible for technical reasons Not yet due Past due Not yet due Past due 03/31/2011 12/31/2010 Total 1. Loans 174,500 - - - - - - - 174,500 173,600 - Overdraft facilities 54,178 - - - - - - - 54,178 87,920 With "B" preferred collateral and counter-guarantees 767 - - - - - - - 767 - Without preferred collateral and counter-guarantees 53,411 - - - - - - - 53,411 87,920 - Mortgage and pledge loans 2,577 - - - - - - - 2,577 2,330 With "B" preferred collateral and counter-guarantees 2,574 - - - - - - - 2,574 2,330 Without preferred collateral and counter-guarantees 3 - - - - - - - 3 - - Credit cards 343 - - - - - - - 343 331 Without preferred collateral and counter-guarantees 343 - - - - - - - 343 331 - Other 117,402 - - - - - - - 117,402 83,019 Without preferred collateral and counter-guarantees 117,402 - - - - - - - 117,402 83,019 2. Equity investments in other companies 309,185 - - - - - - - 309,185 283,762 Total 483,685 - - - - - - - 483,685 457,362 Allowances 1,630 - - - - - - - 1,630 1,736 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

DERIVATIVE FINANCIAL INSTRUMENTS For the fiscal period ended 03/31/2011 In thousands of Argentine SCHEDULE ( O ) Kind of agreement Purpose of transactions Underlying assets Kind of settlement Trading environment or counterparty Average weighted term originally agreed upon Average residual weighted term Average weighted term for the settlement of differences Amount Swap (Note 15.1.) Foreign currency hedge Foreign currency With delivery of the underlying asse Foreign residents 116 32 180 633,622 Swap (Note 15.1.) Foreign currency hedge Foreign currency With delivery of the underlying asse Foreign residents 76 32 180 83,358 Swap (Note 15.2.) Brokerage own account Others Upon maturity of differences Foreign residents 90 16 180 229,807 Futuros (Note 15.3.) Foreign currency hedge Foreign currency Daily difference MAE 1 0 1 895,032 Futuros (Note 15.3.) Foreign currency hedge Foreign currency Daily difference MAE 1 0 1 (8,657) Futuros (Note 15.3.) Brokerage own account Foreign currency Upon maturity of differences OTC-Domestic residents- Non-financial sector 9 2 10 (20,390) Futuros (Note 15.3.) Brokerage own account Foreign currency Upon maturity of differences OTC-Domestic residents- Non-financial sector 9 5 10 (12,618) Swap (Note 15.10.) Brokerage own account Others Others MAE 25 20 1 15,000 Swap (Note 15.4.) Brokerage own account Others Upon maturity of differences Domestic residents-non-financial sector 210 190 30 176,193 Swap (Note 15.5.) Brokerage own account Others Upon maturity of differences Domestic residents-non-financial sector 208 189 30 308,050 Swap (Note 15.6.) Brokerage own account Others Upon maturity of differences Domestic residents-non-financial sector 206 190 30 190,694 Swap (Note 15.7.) Brokerage own account Others Upon maturity of differences Domestic residents-non-financial sector 240 231 30 250,425 Swap (Note 15.8.) Brokerage own account Others Upon maturity of differences Domestic residents-non-financial sector 235 230 30 109,096 Swap (Note 15.9.) Brokerage own account Others Upon maturity of differences Domestic residents-non-financial sector 233 233 30 119,875 C.P.C.E.C.A.B.A. Book 1 Page 17 Chairman For the Public Accountant (UBA)

BANCO HIPOTECARIO SOCIEDAD ANONIMA NOTES TO THE FINANCIAL STATEMENTS In comparative format with the Balance Sheet, Memorandum Accounts and Schedules as of December 31, 2010 and the Statement of Income and Statement of Changes in Shareholders Equity as of March 31, 2010 1. BANCO HIPOTECARIO SOCIEDAD ANÓNIMA Pursuant to Law 24855 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 23696 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 21526 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, 2010. On July 26, 2010, within the framework of the referred offer, the Bank sold approximately 26.9 million of the shares mentioned above. 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.

BANCO HIPOTECARIO SOCIEDAD ANONIMA NOTES TO THE FINANCIAL STATEMENTS In comparative format with the Balance Sheet, Memorandum Accounts and Schedules as of December 31, 2010 and the Statement of Income and Statement of Changes in Shareholders Equity as of March 31, 2010 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. 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, 2004. 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 March 31, 2011, detailing the classes of shares and their face value. Class Shares Face value Capital Stock A 658,530,880 1 658,530,880 B 75,000,000 1 75,000,000 C 75,000,000 1 75,000,000 D 691,469,120 1 691,469,120 1,500,000,000 1,500,000,000 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.

BANCO HIPOTECARIO SOCIEDAD ANONIMA NOTES TO THE FINANCIAL STATEMENTS In comparative format with the Balance Sheet, Memorandum Accounts and Schedules as of December 31, 2010 and the Statement of Income and Statement of Changes in Shareholders Equity as of March 31, 2010 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, 2001. 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, 2003. 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 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 March 31, 2011 and the fiscal year ended December 31, 2010. 2.2. Gold and other precious metals Holdings of gold were valued at the latest selling quotation on the London market, in US dollars, net of the direct selling expenses, converted into Ps. at the rate of exchange between the peso and

BANCO HIPOTECARIO SOCIEDAD ANONIMA NOTES TO THE FINANCIAL STATEMENTS In comparative format with the Balance Sheet, Memorandum Accounts and Schedules as of December 31, 2010 and the Statement of Income and Statement of Changes in Shareholders Equity as of March 31, 2010 the US dollar published by the Argentine Central Bank, in force at the close of operations on the last business day of the period ended March 31, 2011 and the fiscal year ended December 31, 2010. 2.3. 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. 2.4. Government and corporate securities As of March 31, 2011 and December 31, 2010, 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 of March 31, 2011 and December 31, 2010, the securities classified as Holdings booked at cost plus return and Securities issued by the BCRA with no volatility published by the BCRA, except Secured Bonds and Discount Bonds as of December 31, 2010, 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. As of December 31, 2010, in view of the alternative of realizing a portion of the position in the US$ BODEN Government securities 2012 through the market, an allowance for risk of impairment was raised in an amount equivalent to the estimated difference between the book value and the realizable value deemed reasonable. As of December 31, 2010, Secured Bonds issued by the Fiduciary Fund for Provincial Development received within the framework of Decree 1579/02, Ministry of Economy Technical Pronouncement 539/02 and complementary rules were recorded. These bonds were stated at the higher value arising from comparing the listed value as of the measurement date and the book value of the preceding month, net of contra accounts and financial services collected since such date in compliance with the guidelines established by Communication "A" 4898, complementary rules and amendments. As of December 31, 2010, the Discount Bonds exchanged in the sovereign debt restructuring process have been valued according to the criteria established by Communication "A" 4270, supplementary rules and amendments thereto, at the lower value arising from comparing the aggregate nominal cash flow until maturity under the issuance conditions for the new securities,

BANCO HIPOTECARIO SOCIEDAD ANONIMA NOTES TO THE FINANCIAL STATEMENTS In comparative format with the Balance Sheet, Memorandum Accounts and Schedules as of December 31, 2010 and the Statement of Income and Statement of Changes in Shareholders Equity as of March 31, 2010 2.5. Loans with the carrying value of the securities offered, which is equivalent to the present value of the Secured Bonds (BOGAR 2018). 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: i) as of December 31, 2010, they were valued at their net book value as of January 31, 2009, net of contra accounts and financial services collected after that date (Communiqué "A" 4898, supplementary rules and amendments thereto). As of March 31, 2011, those loans were valued at cost plus return according to point 2.2.6 of Communication A 5180, taking as cost their book value as of December 31, 2010. 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. 2.6. 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 2.3. and 2.5. 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).

BANCO HIPOTECARIO SOCIEDAD ANONIMA NOTES TO THE FINANCIAL STATEMENTS In comparative format with the Balance Sheet, Memorandum Accounts and Schedules as of December 31, 2010 and the Statement of Income and Statement of Changes in Shareholders Equity as of March 31, 2010 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 period or fiscal 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 March 31, 2011 and as of December 31, 2010 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. 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. Reverse swap transactions have been valued at the book value of the underlying securities, as shown in item 2.4. 2.7. 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 March 31, 2011 and as of December 31, 2010, 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, which amount to Ps. 309,185 thousand and Ps. 283,762 thousand, respectively. The above equity investments arise from the financial statements 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 March 31, 2011 and the fiscal year ended December 31, 2010. 2.8 Miscellaneous receivables Miscellaneous receivables have been valued at the amounts actually transacted, plus interest accrued and net of allowances for loan losses or impairment, if applicable.