PRICING SUPPLEMENT TO THE OFFERING MEMORANDUM DATED APRIL 20, 2006 ______________________________________________________________________________ Banco Hipotecario S.A. US$250,000,000 Series No. 5 9.75% Notes due 2016 Issue Price: 99.217% ______________________________________________________________________________ This pricing supplement relates to the series of notes referred to above, or the “notes”, and is supplementary to and should be read together with the offering memorandum dated April 20, 2006, or the “offering memorandum”, attached hereto, issued in connection with our US$1,200,000,000 Global Medium-Term Note Program. The notes will constitute obligaciones negociables under, and will be issued pursuant to and in compliance with all the requirements of, Argentine Negotiable Obligations Law No. 23,576, as amended by Argentine Law No. 23,962, or the “Negotiable Obligations Law”, Joint Resolution No. 470-1738/2004, or the “Resolution”, issued by Argentina’s Comisión Nacional de Valores (the Argentine National Securities Commission), or the “CNV”, and the Argentine Tax Authority and any other applicable Argentine laws and regulations. The establishment of the program has been authorized by Resolution No. 14,546 of the CNV dated June 26, 2003. Such authorization means only that the information requirements of the CNV have been satisfied. The CNV has not rendered any opinion in respect of the information contained in the offering memorandum and/or in this pricing supplement. The accuracy of the accounting, financial, economic and all other information contained in the offering memorandum and/or in this pricing supplement is the sole responsibility of the board of directors of the Bank and, to the extent applicable, the Bank’s auditors who delivered their reports on the financial statements included in the offering memorandum. The program is currently rated “raA” at domestic level and “B” at global scale by Standard and Poor’s, and “A(arg)” at domestic level by Fitch Argentina. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold to or for the account or benefit of U.S. persons except in transactions that are exempt from registration under the Securities Act. Accordingly, we will only sell the notes to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) (“QIBs”) or outside the United States in compliance with Regulation S under the Securities Act. For a description of these and certain further restrictions on offers and sales of the notes and distribution of the pricing supplement and the remainder of the offering memorandum, see “Subscription and Sale” and “Transfer Restrictions” in the offering memorandum and “Selling Restrictions” in this pricing supplement. No representation can be made as to the availability of the exemption provided by Rule 144 under the Securities Act for resale of any notes. The notes are excluded from the Argentine deposit insurance system established pursuant to Argentine Law No. 24,485, and will not benefit from the exclusive priority right granted to depositors pursuant to Article 49(d) and (e) of the Argentine Financial Institutions Law, as amended. The notes are not secured by any floating security or special guarantee nor are the notes guaranteed by any other means or by any other financial entity. We will apply to list the notes on the Euro MTF market of the Luxembourg Stock Exchange and in the Republic of Argentina on the Buenos Aires Stock Exchange and to have the notes admitted for trading on the Mercado Abierto Electrónico S.A. However, there can be no assurance that an active trading market for the notes will develop, or, if one does develop, that it will be maintained. If an active trading market for the notes does not develop or is not maintained, the market price and liquidity of the notes may be adversely affected. You should carefully consider the Risk Factors beginning on page 21 of the offering memorandum for a discussion of certain factors to consider in connection with an investment in the notes. Citigroup Deutsche Bank Securities April 20, 2006 The issue of the notes was authorized by a resolution of the Board of Directors of the Bank dated March 10, 2006. We are relying on an exemption from registration under the Securities Act for offers and sales of securities that do not involve a public offering. By purchasing the notes, you will be deemed to have made the acknowledgements, representations, warranties and agreements described in the offering memorandum. You should understand that you will be required to bear the financial risks of your investment for an indefinite period of time. This pricing supplement and the accompanying offering memorandum are based on information provided by us and by other sources that we believe are reliable. We cannot assure you that this information is accurate or complete. This pricing supplement and the accompanying offering memorandum summarize certain documents and other information and we refer you to them for a more complete understanding of what we discuss in this offering memorandum. In making an investment decision, you must rely on your own examination of our company and the terms of the offering and the notes, including the merits and risks involved. We are not making any representation to any purchaser of the notes regarding the legality of an investment in the notes by such purchaser under any legal investment or similar laws or regulations. You should not consider any information in this pricing supplement or the accompanying offering memorandum to be legal, business or tax advice. You should consult your own attorney, business advisor and tax advisor for legal, business and tax advice regarding an investment in the notes. Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this pricing supplement or the accompanying offering memorandum is truthful or complete. Any representation to the contrary is a criminal offense. This pricing supplement is supplementary to, and should be read in conjunction with, the offering memorandum. ____________________ NOTICE TO NEW HAMPSHIRE INVESTORS NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES WITH THE STATE OF NEW HAMPSHIRE, NOR THE FACT THAT A NOTE IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE, CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT FILED UNDER CHAPTER 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A NOTE OR TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, NOTE OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE INVESTOR, CUSTOMER, OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH. FOR PURCHASES MADE IN ARGENTINA: IN ACCORDANCE WITH THE TERMS OF THE RESOLUTION, NON-BINDING EXPRESSIONS OF INTEREST IN CONNECTION WITH THE PURCHASE OF THE NOTES MAY BE MADE TO CITICORP CAPITAL MARKETS S.A., DEUTSCHE BANK S.A. AND BANK BOSTON N.A. SUCURSAL BUENOS AIRES DURING THE PERIOD OF NINE (9) DAYS, OR THE “SOLICITATION PERIOD”, COMMENCING ON THE DATE OF PUBLICATION OF THIS PRICING SUPPLEMENT IN THE BUENOS AIRES STOCK EXCHANGE’S BULLETIN (UNLESS SUCH PERIOD IS EXTENDED BY US, AND NOTICE OF SUCH EXTENSION IS PROVIDED THROUGH THE BUENOS AIRES STOCK EXCHANGE’S BULLETIN AND PUBLISHED IN AN ARGENTINE NEWSPAPER OF GENERAL CIRCULATION PRIOR TO THE EXPIRATION OF THE SOLICITATION PERIOD). IN ACCORDANCE WITH THE TERMS OF THE RESOLUTION, ONCE THE ISSUE PRICE AND THE INTEREST RATE FOR THE NOTES HAVE BEEN DETERMINED ON THE PRICING DATE (AS DEFINED BELOW), A NOTICE WILL BE PUBLISHED IN THE BUENOS AIRES STOCK EXCHANGE’S BULLETIN AND INVESTORS WILL BE ABLE TO CONFIRM, DURING THE BUSINESS DAY (IN BUENOS AIRES) FOLLOWING THE DAY OF PUBLICATION OF SUCH NOTICE, ANY NON-BINDING EXPRESSIONS OF INTEREST PLACED DURING THE SOLICITATION PERIOD. “PRICING DATE” MEANS THE LAST BUSINESS DAY (IN BUENOS AIRES) IN THE SOLICITATION PERIOD. BOTH THE ISSUE PRICE AND THE INTEREST RATE FOR THE NOTES WILL BE DETERMINED BY THE ARRANGERS AND DEALERS TOGETHER WITH US. 2 ___________________ PLACEMENT EFFORTS AND ALLOCATION PROCESS Placement Efforts The Bank, the Arrangers and the Dealers and, in Argentina, the Argentine Placement Agents, plan to make a series of marketing and placement efforts, the “Public Offering Placement Efforts”, in connection with the public offering of the notes, both in Argentina and abroad. The notes will be offered and marketed to the largest possible audience of Argentine and international institutional investors, as more fully described in the offering memorandum. The Bank’s credit profile and history will itself present an effective marketing tool to assist potential investors in familiarizing themselves with the Bank’s business fundamentals, financial situation and strategy. The Public Offering Placement Efforts will consist of a variety of marketing methods that have proven successful in past transactions, among them: 1) a road show in Buenos Aires in which potential institutional investors such as pension funds, insurance companies, brokerage firms and retail