STATUTORY AUDIT COMMITTEE MINUTES No. 669 (08.14.09)

BANCO PATAGONIA S.A.

STATUTORY AUDIT COMMITTEE MINUTES No. 669 (08.14.09)

In the City of Buenos Aires, on this 14th day of August 2009, at 11:00 a.m. the three undersigned regular members of the Statutory Audit Committee of Banco Patagonia S.A. hold a meeting at the main office located at Tte. Gral. Juan D. Perón 500, City of Buenos Aires, with the purpose of discussing the following topics related to the Committee’s activities:

1) REPORTS ON FINANCIAL TRUSTS REQUIRED BY THE CNV (ARGENTINE SECURITIES COMMISSION) GENERAL RESOLUTION (RG) 507/07 DATED 06.30.09

Dr. María Soledad Sampayo Cau stated that, as usually done on a monthly basis and in accordance with the standards adopted at the meeting held on 09.14.07 - as recorded in Minutes No. 609 -, 7 report forms were put forward for the purpose of complying with the requirements of CNV RG 507/07, as applicable to each financial trust:

I)Including limited-review auditors’ report as of 6.30.09, unqualified.

II)Including limited-review auditors’ report as of 6.30.09, with notes regarding the chronology between the accounting books date of certification and the date of the first entry, as mentioned in the notes to the Financial Statements.

III)Same as item II, though without mention in the notes to the Financial Statements.

IV)With limited-review auditors' report as of 03.31.09, unqualified, and to annual Financial Statements as of 06.30.09.

V)With auditors' report as of 03.31.09, without Statement of Changes in Shareholders' Equity in Financial Statements, unqualified and in liquidation process as of 06.30.09.

VI)Including annual auditors’ report as of 03.31.09, with notes regarding the chronology between the accounting books date of certification and the date of the first entry, as mentioned in the notes to Financial Statements and in liquidation process as of 6.30.09.

VII)Same as in item II and in advance liquidation process as of 7.31.09.

Likewise, Dr. Sampayo Cau recommended that, as of this period, the monthly report corresponding to BANCO PIANO IV, KADICARD V and LOMBARDI VI financial trusts should not be drawn up, since these trusts liquidation financial statements as of 05.31.09 have already been issued, and no operations were carried out in June.

Next, Dr. Alberto Mario Tenaillón proposed that since all the appropriate review operations were completed, the 7 report forms should be approved and a copy thereof attached to these presents. Dr. Tenaillón then recommended that Banco Patagonia S.A. should be requested to submit before the CNV, on today's date, through the CNV Financial Highway (the CNV online reporting system), the Statutory Audit Committee monthly reports as of 06.30.09, corresponding to the fifty-two (52) trusts in which Banco Patagonia has been appointed trustee and the relevant section of these Minutes.

Dr. Tenaillón expressed that, as decided for other reports similar to those issued from July 2007 to date, the report forms were to be filled out with the name of each Trust and the Auditors’ Firm in charge of the audit, with the addition of the date of issue of said auditors' report. Dr. Tenaillón recommended that Dr. María Soledad Sampayo Cau should sign said reports on behalf of the Statutory Audit Committee, filing a copy of each of the reports as supporting documents to these Committee Minutes.

Extensive discussion ensued and upon motion duly made, seconded and unanimously adopted, the Committee approved Dr. Alberto Mario Tenaillón’s proposal and the 7 report forms corresponding to the JUNE 2009 period, as follows.

FORM I)

“MONTHLY REPORT of the Statutory Audit Committee of Banco Patagonia corresponding to Financial Trust XXX

To the Board of Directors of

BANCO PATAGONIA S.A.

In compliance with CNV General Resolution 507/2007, and in our capacity as statutory auditors of Banco Patagonia S.A., acting as trustee of FINANCIAL TRUST XXX (the Trust), we issue this report pursuant to the provisions of Law 19.550, Section 294, Paragraphs 1 and 2, corresponding to June 2009.

2.Our work was carried out in compliance with current audit standards, and we have additionally applied the procedures deemed necessary under the circumstances, as provided by FACPCE (Argentine Federation of Professional Councils in Economic Sciences) Technical Resolution No. 15, which consisted mainly in:

a)verifying that accounting books are kept in compliance with the provisions of the Commercial Code as regards formal aspects;

b)reviewing, on a selective test basis, bank reconciliations and security investment reconciliations, if applicable;

c)performing a selective analysis of balances, in order to verify performance of the financing activities;

d)analyzing significant variations in the balance sheet and the income statement, in particular any significant aspects considered atypical or exceptional in the Trust activities, and any failure to comply with obligations, or unexpected or unusual relations;

e)comparing, on a selective test basis, the accounting records with the relevant supporting documentation.

Additionally, our work has taken into account the limited review of the trust balance sheet ended on June 30 2009 and its respective trust income statements, statements of changes in shareholders’ equity, and cash-flow statements, carried out by YYY firm, in its capacity as external auditors, who issued their report dated MM/DD/YY, in compliance with current audit standards in Argentina for limited reviews of interim financial statements.
In the course of the above-mentioned tasks, we have not performed any management control operations, and thus we have not reviewed the management, financing and marketing criteria and resolutions, which are the exclusive responsibility of the Trust’s Board of Directors.
No observations appear from the work that was carried out, the scope of which is detailed in paragraphs 2 and 3 above.
This report has been prepared to be submitted to the CNV only, and has been approved by the Statutory Audit Committee of Banco Patagonia S.A. at the meeting held on August 14, 2009, as recorded in Minutes No. 669.

City of Buenos Aires, August 14, 2009. On behalf of the Statutory Audit Committee: María Soledad Sampayo Cau - Regular Statutory Auditor”.

The following is the list of the ten (10) trusts to which the report above (Form I) would apply, the name of the relevant external auditors, and the date on which their report was issued:

TRUST / AUDITOR / REPORT ISSUED ON
Banco Piano V / Ernst &Young / August 10, 2009
Banco Piano VI / Ernst &Young / August 10, 2009
Banco Piano VII / Ernst &Young / August 10, 2009
Banco Piano VIII / Ernst &Young / August 10, 2009
COLUMBIA PUBLICO VI / Ernst &Young / August 10, 2009
COLUMBIA PUBLICO VII / Ernst &Young / August 10, 2009
COLUMBIA PUBLICO VIII / Ernst &Young / August 10, 2009
CREDICUOTAS IV / Ernst &Young / August 10, 2009
TARJETA SAENZ I / Ernst &Young / August 10, 2009
TARJETA SAENZ II / Ernst &Young / August 10, 2009

FORM II)

“MONTHLY REPORT of the Statutory Audit Committee of Banco Patagonia corresponding to Financial Trust XXX

To the Board of Directors of

BANCO PATAGONIA S.A.

In compliance with CNV General Resolution 507/2007, and in our capacity as statutory auditors of Banco Patagonia S.A., acting as trustee of FINANCIAL TRUST XXX (the Trust), we issue this report pursuant to the provisions of Law 19.550, Section 294, Paragraphs 1 and 2, corresponding to June 2009.

a)verifying that accounting books are kept in compliance with the provisions of the Commercial Code as regards formal aspects;

b)reviewing, on a selective test basis, bank reconciliations and security investment reconciliations, if applicable;

c)performing a selective analysis of balances, in order to verify performance of the financing activities;

e)comparing, on a selective test basis, the accounting records with the relevant supporting documentation.

3. Additionally, our work has taken into account the limited review of the trust balance sheet ended on June 30 2009 and its respective trust income statements, statements of changes in shareholders’ equity, and cash-flow statements, carried out by YYY firm, in its capacity as external auditors, who issued their report dated MM/DD/YY, in compliance with current audit standards in Argentina for limited reviews of interim financial statements.

4. In the course of the above-mentioned tasks, we have not performed any management control operations, and thus we have not reviewed the management, financing and marketing criteria and resolutions, which are the exclusive responsibility of the Trust’s Board of Directors.

5. No observations appear from the work that was carried out, the scope of which is detailed in paragraphs 2 and 3 above, other than the remarks included in note 2.1 to the trust financial statements as of 06.30.09.

This report has been prepared to be submitted to the CNV only, and has been approved by the Statutory Audit Committee of Banco Patagonia S.A. at the meeting held on August 14, 2009, as recorded in Minutes No. 669.

City of Buenos Aires, August 14, 2009. On behalf of the Statutory Audit Committee: María Soledad Sampayo Cau - Regular Statutory Auditor”.

Note 2.1 to the trust financial statements as of 06.30.09, referred to in paragraph 5 of this form, reads as follows: “…Likewise, in accordance with the special characteristics of the operations of this Trust, the beginning of activities predates the journal date of certification, which is MM.DD.YY, and therefore some entries chronologically predate the above-mentioned date.”

The following is the list of the twenty-six (27) trusts to which the report above (Form II) would apply, the name of the relevant external auditors, and the date on which their report was issued:

TRUST / AUDITOR / REPORT ISSUED ON
Banco Piano IX / Ernst &Young / August 10, 2009
Banco Piano X / Ernst &Young / August 10, 2009
Banco Piano XI / Ernst &Young / August 10, 2009
Banco Piano XII / Ernst &Young / August 10, 2009
CETROGAR V / Ernst &Young / August 10, 2009
CETROGAR VI / Ernst &Young / August 10, 2009
CETROGAR VII / Ernst &Young / August 10, 2009
CMR FALABELLA XV / Ernst &Young / August 10, 2009
CMR Falabella XVI / Ernst &Young / August 10, 2009
FAVA XIX / Ernst &Young / August 10, 2009
FAVA XX / Ernst &Young / August 10, 2009
FAVA XXI / Ernst &Young / August 10, 2009
FAVA XXII / Ernst &Young / August 10, 2009
FAVA XXIII / Ernst &Young / August 10, 2009
TARJETA KADICARD IV / Ernst &Young / August 10, 2009
LOMBARDI V / Ernst &Young / August 10, 2009
LUCAIOLI SERIE I / Ernst &Young / August 10, 2009
PALMARES VI / Ernst & Young / August 10, 2009
RIBEIRO XXIII / Ernst &Young / August 10, 2009
RIBEIRO XXIV / Ernst &Young / August 10, 2009
RIBEIRO XXV / Ernst &Young / August 10, 2009
RIBEIRO XXVI / Ernst &Young / August 10, 2009
RIBEIRO XXVII / Ernst &Young / August 10, 2009
RIBEIRO XXVIII / Ernst &Young / August 10, 2009
RIBEIRO XXIX / Ernst &Young / August 10, 2009
RIBEIRO XXX / Ernst &Young / August 10, 2009
TARJETA SAENZ III / Ernst &Young / August 10, 2009

FORM III)

“MONTHLY REPORT of the Statutory Audit Committee of Banco Patagonia corresponding to Financial Trust XXX

To the Board of Directors of

BANCO PATAGONIA S.A.

In compliance with CNV General Resolution 507/2007, and in our capacity as statutory auditors of Banco Patagonia S.A., acting as trustee of FINANCIAL TRUST XXX (the Trust), we issue this report pursuant to the provisions of Law 19.550, Section 294, Paragraphs 1 and 2, corresponding to June 2009.

a) verifying that accounting books are kept in compliance with the provisions of the Commercial Code as regards formal aspects;

b)reviewing, on a selective test basis, bank reconciliations and security investment reconciliations, if applicable;

c)performing a selective analysis of balances, in order to verify performance of the financing activities;

e)comparing, on a selective test basis, the accounting records with the relevant supporting documentation.

5. No observations appear from the work that was carried out, the scope of which is detailed in paragraphs 2 and 3 above, taking into account that in accordance with the special characteristics of the operations of this Trust, the beginning of activities predates the journal date of certification, and therefore some entries chronologically predate the above-mentioned date.

This report has been prepared to be submitted to the CNV only, and has been approved by the Statutory Audit Committee of Banco Patagonia S.A. at the meeting held on August 14, 2009, as recorded in Minutes No. 669.

City of Buenos Aires, August 14, 2009. On behalf of the Statutory Audit Committee: María Soledad Sampayo Cau - Regular Statutory Auditor”.

The following is the list of the eight (9) trusts to which the report above (Form III) would apply, the name of the relevant external auditors, and the date on which their report was issued:

TRUST / AUDITOR / REPORT ISSUED ON
Banco Piano XIII / Ernst &Young / August 10, 2009
CUENCRED VII / Deloitte S.C. / August 6, 2009
CUENCRED VIII / Deloitte S.C. / August 6, 2009
CUENCRED IX / Deloitte S.C. / August 6, 2009
GMAC I / Deloitte & CO. S.R.L / August 7, 2009
GMAC II / Deloitte & CO. S.R.L . / August 7, 2009
GMAC III / Deloitte & CO. S.R.L . / August 7, 2009
PALMARES VII / Ernst &Young / August 10, 2009
SERIE RIBEIRO XXXI / Ernst &Young / August 10, 2009

FORM IV)

“MONTHLY REPORT of the Statutory Audit Committee of Banco Patagonia corresponding to Financial Trust XXX

To the Board of Directors of

BANCO PATAGONIA S.A.

In compliance with CNV General Resolution 507/2007, and in our capacity as statutory auditors of Banco Patagonia S.A., acting as trustee of FINANCIAL TRUST XXX (the Trust), we issue this report pursuant to the provisions of Law 19.550, Section 294, Paragraphs 1 and 2, corresponding to June 2009.

a)verifying that accounting books are kept in compliance with the provisions of the Commercial Code as regards formal aspects;

b)reviewing, on a selective test basis, bank reconciliations and security investment reconciliations, if applicable;

c)performing a selective analysis of balances, in order to verify performance of the financing activities;

e)comparing, on a selective test basis, the accounting records with the relevant supporting documentation.

Additionally, our work has taken into account the limited review of the trust balance sheet ended on March 31 2009 and its respective trust income statements, statements of changes in shareholders’ equity, and cash-flow statements, carried out by YYY firm, in its capacity as external auditors, who issued their report dated MM/DD/YY, in compliance with current audit standards in Argentina for limited reviews of interim financial statements. Furthermore, as of the date of issue of this report, the above-mentioned external auditors are carrying out the audit corresponding to the trust liquidation financial statements as of June 30, 2009.

In the course of the above-mentioned tasks, we have not performed any management control operations, and thus we have not reviewed the management, financing and marketing criteria and resolutions, which are the exclusive responsibility of the Trust’s Board of Directors.

5. No observations appear from the work that was carried out, the scope of which is detailed in paragraphs 2 and 3 above.

6. This report has been prepared to be submitted to the CNV only, and has been approved by the Statutory Audit Committee of Banco Patagonia S.A. at the meeting held on August 14, 2009, as recorded in Minutes No. 669.

City of Buenos Aires, August 14, 2009. On behalf of the Statutory Audit Committee: María Soledad Sampayo Cau - Regular Statutory Auditor”.

The following is the list of the only trust to which the report above (Form IV) would apply, the name of the relevant external auditors, and the date on which their report was issued:

TRUST / AUDITOR / REPORT ISSUED ON
IRSA I / Price Waterhouse Coopers / May 11, 2009

FORM V)

“MONTHLY REPORT of the Statutory Audit Committee of Banco Patagonia corresponding to Financial Trust XXX

To the Board of Directors of

BANCO PATAGONIA S.A.

In compliance with CNV General Resolution 507/2007, and in our capacity as statutory auditors of Banco Patagonia S.A., acting as trustee of FINANCIAL TRUST XXX (the Trust), we issue this report pursuant to the provisions of Law 19.550, Section 294, Paragraphs 1 and 2, corresponding to June 2009.

a)verifying that accounting books are kept in compliance with the provisions of the Commercial Code as regards formal aspects;

b)reviewing, on a selective test basis, bank reconciliations and security investment reconciliations, if applicable;

c)performing a selective analysis of balances, in order to verify performance of the financing activities;

e)comparing, on a selective test basis, the accounting records with the relevant supporting documentation.