BUENOS AIRES, September 23, 2008 Ms. NORA RAMOS MANAGER

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BUENOS AIRES, September 23, 2008

Ms. NORA RAMOS MANAGER ISSUE AND TECHNICAL DEPARTMENT, BUENOS AIRES STOCK EXCHANGE S. /

D.

This is to give notice to you that as from October 27, 2008 payment of the fifth period of interest on Series 5 Notes will be made through HSBC Bank USA. Furthermore, for the purpose of making the customary publication at the Buenos Aires Stock Exchange, the relevant notice is hereto attached. Sincerely,

By/BANCO HIPOTECARIO S.A.

NOTICE OF PAYMENT OF INTEREST BANCO HIPOTECARIO S.A. UNSECURED SERIES 5 NOTES We hereby inform the holders of Series 5 Notes that as

from

10.27.2008

corresponding

to

we

the

shall fifth

pay

the

period.

Interest

The

Amounts

accrual

period

corresponding to the payment of interest is from 04.27.2008 to 10.26.2008.

ANNUAL INTEREST RATE:

9.750

%

INTEREST FOR THE PERIOD: 4.875 % on Principal Nominal Amount.

Payment

will

be

made

through

HSBC

Bank

USA,

452

Fifth Avenue, New York, New York 10018, in its capacity as Paying Agent, by check sent by mail to the holder of such Note as recorded in the Register. Furthermore, the Bank will take all the necessary steps for the Clearing systems participants’ funds to be credited with Caja de Valores S.A. Payment of interest will be made to the persons in whose names the Notes are recorded at the closing of business on the fifteenth day prior to the payment date, i.e., on 10.12.2008.

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BUENOS AIRES, September 23, 2008 Ms. NORA RAMOS MANAGER

BUENOS AIRES, September 23, 2008 Ms. NORA RAMOS MANAGER ISSUE AND TECHNICAL DEPARTMENT, BUENOS AIRES STOCK EXCHANGE S. / D. This is to give notice ...

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