Banco Macro (BMA) 6-K Current report (foreign)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

August 19, 2015

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Sarmiento 447

Buenos Aires C1 1041

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o No x

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-    N/A  

BANCO MACRO S.A.

Financial Statements as of June 30, 2015,

together with the review report on interim-period financial statements

CONTENTS

· Review report on interim-period financial statements

· Cover

· Balance sheets

· Statements of income

· Statements of changes in shareholders’ equity

· Statements of cash flows

· Notes to the financial statements

· Exhibits A through L, N and O

· Consolidated balance sheets

· Consolidated statements of income

· Consolidated statements of cash flows

· Consolidated statements of debtors by situation

· Notes to the consolidated financial statements with subsidiaries

REVIEW REPORT
ON INTERIM-PERIOD FINANCIAL STATEMENTS

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

I. Report on the financial statements

Introduction

1. We have reviewed (a) the accompanying interim financial statements of BANCO MACRO S.A. (“the Bank”), (b) the accompanying interim consolidated financial statements of BANCO MACRO S.A. and its subsidiaries, which comprise the related balance sheets as of June 30, 2015, and the statements of income, changes in shareholders’ equity and cash flows and cash equivalents for the six-month period then ended, and (c) a summary of the significant accounting policies and additional explanatory information.

Responsibility of the Bank’s Management and Board in connection with the financial statements

2. The Bank’s Management and Board of Directors are responsible for the preparation and fair presentation of these financial statements in accordance with the accounting standards established by the BCRA (Central Bank of Argentina) and are also responsible for performing the internal control procedures that they may deem necessary to allow for the preparation of interim period financial statements that are free from material misstatements, either due to errors or irregularities.

Auditor’s responsibility

3. Our responsibility is to express a conclusion on the accompanying financial statements based on our review, which was performed in accordance with the standards of the Argentine Federation of Professional Councils in Economic Sciences Technical Resolution No. 37 and with the “Minimum external auditing standards” issued by the BCRA, applicable to the review of interim period financial statements, and in compliance with the ethical requirements relevant to the audit of the Bank’s annual financial statements. A review of interim period financial statements consists of making inquiries, mainly of the persons in charge of accounting and financial matters, as well as applying analytical procedures and other review procedures. A review is substantially less in scope than an audit of financial statements; therefore, we cannot obtain reasonable assurance that we will become aware of all the material issues that may arise in an audit. Therefore, we do not express an audit opinion.

Conclusion

4. Based on our review, we have not become aware of anything that may lead us to believe that the accompanying financial statements have not been prepared, in all material respects, in accordance with the accounting standards established by the BCRA.

Emphasis on certain issues disclosed in the financial statements

5. Attention should be paid to note 5. to the accompanying stand-alone financial statements, where valuation differences between the BCRA accounting regulations used in preparing the accompanying financial statements and the Argentine professional accounting standards effective in the City of Buenos Aires are identified and quantified. This issue does not change the conclusion expressed in paragraph 4.

6. As further explained in note 24. to the accompanying stand-alone financial statements, certain accounting practices used by the Bank to prepare the accompanying financial statements conform with the accounting standards established by the BCRA but may not conform with the accounting principles generally accepted in other countries.

II. Report on other legal and regulatory requirements

In compliance with current legal requirements, we report that:

a) Based on our review, we have not become aware of anything that may lead us to believe that the financial statements mentioned in paragraph 1. have not been prepared, in all material respects, in conformity with the applicable Argentine Business Associations Law provisions, the CNV (Argentine Securities Commission) regulations, and BCRA rules.

b) The financial statements mentioned in paragraph 1. have been transcribed to the “Inventory and Financial Statements” Book and arise from the accounting books kept, in all formal respects, pursuant to current legal requirements and the applicable BCRA rules.

c) As of June 30, 2015, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 88,528,340, none of which was due as of that date.

d) To the extent limited by our area of competence, we have no significant findings on the information included in note 17.1. to the accompanying stand-alone financial statements as of June 30, 2015, with regard to the requirements established by the CNV with respect to minimum shareholders’ equity and the liquid assets to cover that amount.

City of Buenos Aires,

August 10, 2015

PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.

C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13

NORBERTO M. NACUZZI

Partner

Certified Public Accountant (U.B.A.)

C.P.C.E.C.A.B.A. Vol. 196 – Fo. 142

FINANCIAL STATEMENTS AS OF

JUNE 30, 2015

BUSINESS NAME: Banco Macro SA

REGISTERED OFFICE: Sarmiento 447 – City of Buenos Aires

CORPORATE PURPOSE AND MAIN BUSINESS: Commercial bank

BCRA (CENTRAL BANK OF ARGENTINA): Authorized as “Argentine private bank” under No. 285.

REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE: Under No. 1,154 - By-laws book No. 2,Folio 75dated March 8, 1967

EXPIRATION OF ARTICLES OF INCORPORATION: March 8, 2066

REGISTRATION WITH THE IGJ (BUSINESS ASSOCIATIONS REGULATORY AGENCY): Under No. 9,777 – Corporations Book No. 119 Volume A, dated October 8, 1996.

SINGLE TAX IDENTIFICATION NUMBER: 30-50001008-4

REGISTRATION DATES OF AMENDMENTS TO BY-LAWS:

August 18, 1972, August 10, 1973, July 15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999, June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009, November 14, 2012, August 2, 2014.

BALANCE SHEETS

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015			12/31/2014
ASSETS
A.    CASH
Cash on hand		3,074,223			3,829,909
Due from banks and correspondents
Central Bank of Argentina		5,483,471			8,701,883
Local Other		18,684			17,568
Foreign		726,389			582,887
Other		568			535
		9,303,335			13,132,782
B.    GOVERNMENT AND PRIVATE SECURITIES(Exhibit A)
Holdings booked at market value		2,982,695			2,606,409
Holdings booked at amortized cost		361,437			332,061
Instruments issued by the Central Bank of Argentina		11,560,851			5,199,976
Investments in listed private securities		908,013			776,655
		15,812,996			8,915,101
C.    LOANS(Exhibits B, C and D)
To the non-financial government sector		525,484			604,391
To the financial sector
Interfinancing (granted call)		70,900
Other financing to Argentine Financial Institutions		68,519			107,657
Accrued interest, adjustments, foreign exchange and quoted price differences receivable		407			1,043
To the non-financial private sector and foreign residents
Overdrafts		4,342,170			3,230,037
Documents		5,210,817			4,598,728
Mortgage loans		2,454,561			2,290,152
Pledge loans		2,152,582			1,786,490
Personal loans		15,937,100			13,457,356
Credit cards		9,646,285			8,501,522
Other (Note 7.1.)		6,593,293			5,720,144
Accrued interest, adjustments, foreign exchange and quoted price differences receivable		781,831			749,125
less:  Unearned discount		(172,533	)		(203,744	)
less:  Allowances (Exhibit J)		(1,241,685	)		(1,083,760	)
		46,369,731			39,759,141

Jorge H. Brito

Chairperson

- 1 -

BALANCE SHEETS

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015			12/31/2014
D.    OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina		893,764			695,631
Amounts receivable from spot and forward sales pending settlement		982,501			198,564
Securities and foreign currency receivables from spot and forward purchases pending settlement (Exhibit O)		297,389			299,209
Unlisted corporate bonds (Exhibits B, C and D)		217,388			448,167
Receivables from forward transactions without delivery of underlying asset		12,950			136,613
Other receivables not covered by debtors classification standards (Note 7.2.)		393,521			401,664
Other receivables covered by debtors classification standards (Exhibits B, C and D)		151,310			163,482
Accrued interest receivables covered by debtors classification standards (Exhibit B, C and D)		239			668
less:  Allowances (Exhibit J)		(229,135	)		(231,346	)
		2,719,927			2,112,652
E.     RECEIVABLES FROM FINANCIAL LEASES(Exhibits B, C and D)
Receivables from financial leases		424,437			391,841
Accrued interest and adjustments		5,595			5,191
less: Allowances (Exhibit J)		(5,115	)		(4,456	)
		424,917			392,576
F.     INVESTMENTS IN OTHER COMPANIES  (Exhibit E)
In financial institutions		1,373,741			1,205,308
Other		144,928			125,142
less: Allowances (Exhibit J)		(727	)		(609	)
		1,517,942			1,329,841
G.    OTHER RECEIVABLES
Receivables from sale of assets (Exhibits B, C and D)		2,594			2,804
Other (Note 7.3.)		683,569			566,668
Accrued interest and adjustments on receivable from sales of assets (Exhibits B, C and D)		126			160
Other accrued interest and adjustments receivable					14
less:  Allowances  (Exhibit J)		(4,149	)		(5,180	)
		682,140			564,466
H.   BANK PREMISES AND EQUIPMENT, NET(Exhibit F)		1,005,010			829,804
I.     OTHER ASSETS(Exhibit F)		1,049,413			800,913
J.    INTANGIBLE ASSETS(Exhibit G)
Goodwill		37,710			44,736
Organization and development costs		365,837			344,667
		403,547			389,403
K.   ITEMS PENDING ALLOCATION		6,598			12,359
TOTAL ASSETS		79,295,556			68,239,038

Jorge H. Brito

Chairperson

- 2 -

BALANCE SHEETS

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015		12/31/2014
LIABILITIES
L.    DEPOSITS (Exhibits H and I)
From the non-financial government sector (Note 7.4.)		6,020,826		5,580,418
From the financial sector		28,925		38,663
From the non-financial private sector and foreign residents
Checking accounts		10,776,897		10,380,946
Savings accounts		12,052,581		10,184,033
Time deposits		25,784,786		20,424,705
Investment accounts		329,513		190,503
Other (Note 7.5.)		1,196,591		1,072,578
Accrued interest, adjustments, foreign exchange and quoted price differences payable		482,500		342,577
		56,672,619		48,214,423
M.   OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina (Exhibit I)
Other		14,695		16,835
International Banks and Institutions (Exhibit I)		112,380		87,858
Non-subordinated Corporate Bonds (Note 11. and Exhibit I)		966,758		909,890
Amounts payable for spot and forward purchases pending settlement		297,324		274,452
Securities and foreign currency to be delivered under spot and forward sales pending settlement (Exhibit O)		1,047,270		213,090
Financing received from Argentine financial institutions (Exhibit I)
Interfinancing (received call)		2,918		100,000
Other financing received from Argentine financial institutions		17,858		20,489
Accrued interest payable		1		142
Other (Note 7.6. and Exhibit I)		3,741,353		3,724,800
Accrued interest, adjustments, foreign exchange and quoted price differences payable (Exhibit I)		66,826		65,406
		6,267,383		5,412,962
N.    OTHER LIABILITIES
Dividends Payable		596,254
Fees		111		10,069
Other (Note 7.7.)		1,389,022		1,688,295
		1,985,387		1,698,364
O.   PROVISIONS (Exhibit J)		191,882		130,413
P.    SUBORDINATED CORPORATE BONDS(Note 11. andExhibit I)		1,367,405		1,287,317
Q.    ITEMS PENDING ALLOCATION		6,301		3,742
TOTAL LIABILITIES		66,490,977		56,747,221
SHAREHOLDERS' EQUITY (As per related statement)		12,804,579		11,491,817
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		79,295,556		68,239,038

Jorge H. Brito

Chairperson

- 3 -

BALANCE SHEETS

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015		12/31/2014
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		107,525,602		93,116,336
Contingent		15,329,611		12,956,202
Guarantees received		14,088,571		12,465,903
Other not covered by debtors classification standards		82		126
Contingent debit-balance contra accounts		1,240,958		490,173
Control		91,536,347		75,035,132
Receivables classified as irrecoverable		1,506,693		1,305,187
Other (Note 7.8.)		89,075,746		73,101,887
Control debit-balance contra accounts		953,908		628,058
Derivatives(Exhibit O)		659,644		5,125,002
Notional value of put options taken (Note 12.b))		9,307		8,759
Notional value of forward transactions without delivery of underlying asset (Note 12.a))		262,153		2,432,466
Derivatives debit-balance contra accounts		388,184		2,683,777
CREDIT-BALANCE ACCOUNTS		107,525,602		93,116,336
Contingent		15,329,611		12,956,202
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		132,362		113,723
Other guarantees provided not covered by debtors classification standards		140,004		145,861
Other covered by debtors classification standards (Exhibits B, C and D)		930,544		219,559
Other not covered by debtors classification standards		38,048		11,030
Contingent credit-balance contra accounts		14,088,653		12,466,029
Control		91,536,347		75,035,132
Checks to be credited		953,908		628,058
Control credit-balance contra accounts		90,582,439		74,407,074
Derivatives(Exhibit O)		659,644		5,125,002
Notional value of call options sold (Note 12.c))		126,031		114,479
Notional value of forward transactions without delivery of underlying asset (Note 12.a))		262,153		2,569,298
Derivatives credit-balance contra accounts		271,460		2,441,225

The accompanying Notes 1 through 24 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

- 4 -

STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Translation on financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015		06/30/2014
A.    FINANCIAL INCOME
Interest on cash and due from banks		71		63
Interest on loans to the financial sector		17,106		29,803
Interest on overdrafts		638,468		690,263
Interest on documents		504,010		487,629
Interest on mortgage loans		228,763		228,162
Interest on pledge loans		172,235		122,909
Interest on credit card loans		1,163,482		797,725
Interest on financial leases		39,184		40,328
Interest on other loans (Note 7.9.)		3,409,020		2,566,394
Net income from government and private securities (Note 7.10.)		1,487,654		783,802
Interest on other receivables from financial intermediation		1,988		1,268
Income from guaranteed loans - Presidential Decree No. 1387/01		12,153		26,594
CER (Benchmark Stabilization Coefficient) adjustment		10,457		56,462
CVS (Salary Variation Coefficient) adjustment		134		431
Difference in quoted prices of gold and foreign currency		137,210		627,849
Other (Note 7.11.)		85,894		263,236
		7,907,829		6,722,918
B.    FINANCIAL EXPENSE
Interest on savings accounts		28,456		22,415
Interest on time deposits		2,705,108		2,361,901
Interest on interfinancing received loans (received call)		6,138		686
Interest on other financing from Financial Institutions		1		12
Interest on other liabilities from financial intermediation		45,492		45,350
Interest on subordinated bonds		64,413		58,332
Other interest		1,354		1,603
CER adjustment		2,568		5,975
Contribution to Deposit Guarantee Fund		175,249		35,799
Other (Note 7.12.)		578,448		440,905
		3,607,227		2,972,978
GROSS INTERMEDIATION MARGIN - GAIN		4,300,602		3,749,940
C.    PROVISION FOR LOAN LOSSES		386,188		274,225
D.    SERVICE-CHARGE INCOME
Related to lending transactions		53,835		35,118
Related to deposits		1,538,855		1,224,538
Other commissions		53,269		34,505
Other (Note 7.13.)		906,722		684,231
		2,552,681		1,978,392

Jorge H. Brito

Chairperson

- 5 -

STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Translation on financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015		06/30/2014
E.    SERVICE-CHARGE EXPENSE
Commissions		166,441		119,009
Other (Note 7.14.)		505,654		392,306
		672,095		511,315
F.    ADMINISTRATIVE EXPENSES
Personnel expenses		1,829,474		1,321,056
Directors' and statutory auditors' fees		83,906		121,228
Other professional fees		94,220		83,382
Advertising and publicity		63,732		45,355
Taxes		174,181		137,489
Depreciation of bank premises and equipment		73,837		57,876
Amortization of organization costs		66,050		52,504
Other operating expenses (Note 7.15.)		418,347		338,200
Other		221,112		167,663
		3,024,859		2,324,753
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		2,770,141		2,618,039
G.    OTHER INCOME
Income from long-term investments		201,406		215,575
Penalty interest		34,028		26,346
Recovered loans and allowances reversed		50,069		48,731
CER adjustment		20		69
Other (Note 7.16.)		99,070		72,256
		384,593		362,977
H.    OTHER EXPENSE
Penalty interest and charges payable to the Central Bank of Argentina		7		1
Charges for other receivables uncollectibility and other allowances		66,728		19,259
Depreciation and loss of other assets		1,840		707
Goodwill amortization		7,026		7,026
Other (Note 7.17.)		119,215		40,083
		194,816		67,076
NET INCOME BEFORE INCOME TAX - GAIN		2,959,918		2,913,940
I.      INCOME TAX (Note 4.)		1,023,000		995,000
NET INCOME FOR THE PERIOD - GAIN		1,936,918		1,918,940

The accompanying Notes 1 through 24 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

- 6 -

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Translation on financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015																				06/30/2014
							Earnings reserved
Changes	Capital stock (1)		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Subordinated Corporate Bonds (2)			Voluntary			Unappropriated earnings			Total			Total
Balances at the beginning of the fiscal year		584,563		399,499		4,511		1,988,882					4,929,430			3,584,932			11,491,817			8,627,431
Distribution of unappropiated earnings, as approved by the Shareholders´ Meeting held on April 23, 2015 and April 29, 2014, respectively:
- Legal reserve								695,908								(695,908	)
- Cash dividends (3)													(596,254	)					(596,254	)		(596,254	)
- Special reserve for Subordinated Corporate Bonds (2)										125,073						(125,073	)
- Voluntary reserve for future distribution of earnings													2,736,054			(2,736,054	)
- Personal assets tax on share and interests																(27,902	)		(27,902	)		(19,712	)
Reversal of special reserve for Subordinated Corporate Bonds (2)										(68,929	)					68,929
Other changes derived from the legal merger with Banco Privado de Inversiones SA																						821
Net income for the period - Gain																1,936,918			1,936,918			1,918,940
Balances at the end of the period		584,563		399,499		4,511		2,684,790		56,144			7,069,230			2,005,842			12,804,579			9,931,226

(1) See Note 10.

(2) See Notes 3.5.o.2) and 11.

(3) See Note 22.

The accompanying Notes 1 through 24 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

- 7 -

STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Translation on financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015			06/30/2014
CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.6.)
Cash at the beginning of the fiscal year		14,690,022			11,249,840
Cash at the end of the period		10,854,863			9,777,390
Net decrease in cash		(3,835,159	)		(1,472,450	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments):
Government and private securities		(4,612,583	)		(6,389,266	)
Loans
To the financial sector		(14,020	)		(199,702	)
To the non-financial government sector		101,351			49,664
To the non-financial private sector and foreign residents		(325,661	)		4,348,300
Other receivables from financial intermediation		(578,730	)		(2,380,607	)
Receivables from financial leases		6,218			48,713
Deposits
From the financial sector		(9,738	)		646
From the non-financial government sector		215,716			1,845,771
From the non-financial private sector and foreign residents		5,342,495			2,052,885
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(103,362	)		(70,782	)
Others (except liabilities included under financing activities)		39,340			679,021
Collections related to service-charge income		2,553,032			1,971,502
Payments related to service-charge expenses		(676,095	)		(508,592	)
Administrative expenses paid		(2,926,105	)		(2,279,520	)
Payment of organization and development costs		(87,220	)		(85,157	)
Net collections from penalty interest		34,021			26,345
Differences from payments related to court orders		(3,020	)		(1,785	)
Collections of dividends from other companies		9,640			5,648
Other collections related to other income and losses		41,733			70,616
Net payments from other operating activities		(1,205,683	)		(904,913	)
Payment of income tax		(1,262,870	)		(912,237	)
Net cash flows used in operating activities		(3,461,541	)		(2,633,450	)

Jorge H. Brito

Chairperson

- 8 -

STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Translation on financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015			06/30/2014
Investing activities
Net payments for bank premises and equipment		(220,751	)		(129,811	)
Net payments for other assets		(279,244	)		(132,934	)
Net cash flows used in investing activities		(499,995	)		(262,745	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(39,108	)		(36,255	)
Central Bank of Argentina
Other Other		(2,601	)		165
International Banks and Institutions		22,269			84,861
Subordinated corporate bonds		(66,175	)		(59,460	)
Financing received from Argentine financial institutions		(2,632	)		(2,192	)
Net cash flows used in financing activities		(88,247	)		(12,881	)
Financial income and holding gains on cash and cash equivalents		214,624			1,436,626
Net decrease in cash		(3,835,159	)		(1,472,450	)

The accompanying Notes 1 through 24 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

- 9 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

1. BRIEF HISTORY OF THE BANK

Macro Compañía Financiera SA was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate as a commercial bank and it was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA (hereinafter, the Bank).

The Bank´s shares have been publicly listed on the BCBA (Buenos Aires Stock Exchange) since November 1994, and as from March 24, 2006, they are listed on the New York Stock Exchange (NYSE).

Since 1994, Banco Macro SA’s market strategy was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial and other banks.

In 2001, 2004, 2006 and 2010, the Bank acquired the control of Banco Bansud SA, Nuevo Banco Suquía SA, Nuevo Banco Bisel SA and Banco Privado de Inversiones SA, respectively. Such entities merged with and into Banco Macro SA in December 2003, October 2007, August 2009 and December 2013, respectively. In addition, during fiscal year 2006, Banco Macro S.A. acquired control over Banco del Tucumán SA.

The Bank currently offers traditional bank products and services to companies, including those operating in regional economies, as well as to individuals, thus reinforcing the Bank's objective to be a multi-services bank.

In addition, the Bank performs certain transactions through its subsidiaries, Banco del Tucumán SA, Macro Bank Limited (an entity organized under the laws of Bahamas), Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCISA.

2. BANK OPERATIONS

2.1. Agreement with the Misiones Provincial Government

The Bank and the Misiones Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a five-year term since January 1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

On November 25, 1999, and December 28, 2006, extensions to such agreement were agreed upon, making it currently effective through December 31, 2019.

As of June 30, 2015 and December 31, 2014, the deposits held by the Misiones Provincial Government with the Bank amounted to 2,212,366 and 2,303,677 (including 71,011 and 63,924 related to court deposits), respectively.

2.2. Agreement with the Salta Provincial Government

The Bank and the Salta Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since March 1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

On February 22, 2005 and August 22, 2014, extensions to such agreements were agreed upon, making it currently effective through February 28, 2026.

As of June 30, 2015 and December 31, 2014, the deposits held by the Salta Provincial Government with the Bank amounted to 813,897 and 1,058,824 (including 280,590 and 273,786 related to court deposits), respectively.

2.3. Agreement with the Jujuy Provincial Government

The Bank and the Jujuy Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since January 12, 1998, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

On April 29, 2005 and July 8, 2014, extensions to such agreement were agreed upon, making it currently effective through September 30, 2024.

- 10 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

As of June 30, 2015 and December 31, 2014, the deposits held by the Jujuy Provincial Government with the Bank amounted to 1,832,046 and 1,545,710 (including 156,536 and 127,743 related to court deposits), respectively.

2.4. Banco del Tucumán S.A.

Banco del Tucumán SA entered into special-relationship agreements with the Tucumán Provincial Government and with the Municipality of San Miguel de Tucumán, appointing it their exclusive financial agent, as well as revenue collection and obligation payment agent, through 2011 and 2013, respectively.

On June 30, 2010, the service agreement with the Tucumán Provincial Government was extended through July 8, 2021, while the agreement executed with the Municipality of San Miguel de Tucumán was automatically extended through July 8, 2018, as set forth in the original agreement.

As of June 30, 2015 and December 31, 2014, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with Banco del Tucumán SA amounted to 2,750,103 and 2,525,505 (including 682,080 and 608,089 related to court deposits), respectively.

2.5. Uniones Transitorias de Empresas (joint ventures)

a) Banco Macro SA - Siemens Itron Business Services SA

On April 7, 1998, the Bank entered into a joint venture agreement with Siemens Itron Business Services SA, in which each holds a 50% equity interest, whereby a provincial data processing center would be provided to manage tax-related issues, to modernize tax collection systems and procedures in the Province of Salta, and to manage and perform the recovery of taxes and municipal assessments payable.

b) Banco Macro SA – Gestiva SA

On May 4, 2010, and August 15, 2012, the Bank and Gestiva SA entered into a joint venture under the name “Banco Macro SA – Gestiva SA – Unión Transitoria de Empresas” which is jointly controlled and is engaged in providing a comprehensive tax processing and management system for the Province of Misiones, its administration and collection of taxes thereof. The Bank has a 5% interest in its capital stock.

As of June 30, 2015 and December 31, 2014, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the equity method amounted to 26,680 and 19,663, respectively.

Also, as of June 30, 2015 and 2014, net income recorded through the method mentioned in the previous paragraph amounted to 22,235 and 17,017, respectively.

3. SIGNIFICANT ACCOUNTING POLICIES

These financial statements, which are taken from the Bank’s books of account, are stated in thousands of pesos and have been prepared in accordance with Central Bank rules.

3.1. Consolidated financial statements

As required under Central Bank rules, the Bank presents consolidated financial statements with its subsidiaries Banco del Tucumán SA, Macro Bank Limited, Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCISA as supplementary information.

3.2. Comparative information

As required under Central Bank rules, the balance sheet as of June 30, 2015 and supplementary information, are presented comparatively with those of the prior fiscal year, while the statements of income, changes in shareholders’ equity and cash flows and cash equivalents for the six-month period ended June 30, 2015, are presented comparatively with data for the same period in the prior fiscal year.

- 11 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

3.3. Unit of measurement

Argentine professional accounting standards effective in the City of Buenos Aires establish that the financial statements should be stated in constant pesos. The adjustment methodology and the need to apply it arise from requirements contained in Technical Resolutions (TR) No. 6 and No. 17 issued by FACPCE (Argentine Federation of Professional Councils in Economic Sciences), which were amended by provisions of TR No. 39 approved by Professional Council in Economic Sciences of the City of Buenos Aires on April 16, 2014, as supplemented by Interpretation No. 8, both of them issued by the abovementioned Federation in October 2013 and June 2014, respectively.

These standards establish mainly, the existence of an inflation rate accumulated over a three-year period reaching or exceeding 100%, considering the domestic wholesale price index of the INDEC (Argentine Institute of Statistics and Censuses), as a key indicator and essential condition, that identifies an inflationary context that warrants adjusting the financial statements so that they are stated in constant currency as of the related date. Additionally, if the adjustment to the financial statements to reflect the effect of changes in the peso purchasing power had to reinstated after a period of discontinuation, such adjustments shall be applicable from the beginning of the fiscal year when the existence of the characteristics identifying inflationary context are verified, and the changes to be considered shall be ones existing as from the moment the adjustment was discontinued or as from a subsequent date, as applicable to the items to be adjusted.

The Bank’s financial statements recognize the changes in the peso purchasing power until February 28, 2003, when the adjustments to reflect those changes were discontinued, as provided by the professional accounting standards effective in the City of Buenos Aires and as required by Presidential Decree 664/2003, Article N° 268 of General Resolution No. 7/2005 of the Business Association Regulatory Agency, Central Bank Communiqué “A” 3921 and CNV (Argentine Securities Commission) General Resolution No. 441.

However, the interpretation of the financial statements should consider the fact that, in recent fiscal years, there have been significant changes in the prices for relevant economic variables, such as salary cost, interest and exchange rates, which do not require such adjustments according to the abovementioned regulations.

3.4. Significant accounting judgments, estimates and assumptions

The preparation of financial statements requires the Bank to make, in certain cases, estimates to determine the book values of assets and liabilities, income, expenses and contingencies, as well as the disclosure thereof, as of each date of accounting information filing. The Bank´s records are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the final amount may differ from such estimates, which may have a positive or negative impact on future fiscal years.

3.5. Valuation methods

The main valuation methods used to prepare the accompanying financial statements as of June 30, 2015 and 2014 and December 31, 2014, were as follows:

a) Assets and liabilities denominated in foreign currency:

The assets and liabilities denominated in US dollars were valued at Central Bank benchmark US dollar exchange rate effective as of the closing date of transactions on the last respective business day. Additionally, assets and liabilities denominated in other foreign currencies were translated at the exchange rate communicated by the Central Bank´s dealing room. Foreign exchange differences were recorded in the related statements of income.

b) Government and private securities:

b.1) Government securities - Holdings booked at market value:

They were valued at the quoted prices or present values reported by the Central Bank, as the case may be. Differences in quoted prices and present values were recorded in the related statements of income.

- 12 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

b.2) Government securities - Holdings booked at amortized cost:

As set forth in Central Bank Communiqué “A” 5180, as supplemented, except what is mentioned in the third paragraph, they were valued at acquisition cost increased by the accrued internal rate of return, net of the related offset account, also compared with the present values calculated by the Bank. The acquisition value previously mentioned is related to the present value of each security at acquisition date.

As of June 30, 2015 and December 31, 2014, the present value calculated by the Bank for these securities amounted to 221,810 and 194,538, respectively.

As required under Central Bank Communiqué “A” 5506, BAADEs (Argentine saving bonds for the economy development) were valued at acquisition cost increased by the accrued internal rate of return.

b.3) Listed Instruments issued by the Central Bank – Holdings booked at market value:

They were valued at the quoted price as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.

b.4) Instruments issued by the Central Bank – Holdings booked at amortized cost:

Holdings with no volatility published by the Central Bank were valued at acquisition cost plus accrued interest, exponentially applying the internal rate of return as per their issuance terms and conditions. The accruals of the internal rate of return mentioned above were recorded in the related statements of income.

b.5) Private Securities – Investment in listed private securities:

They were valued at the quoted price as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.

c) Guaranteed loans – Presidential Decree No. 1387/2001:

As set forth in Central Bank Communiqués “A” 4898, “A” 5180, as supplemented, the guaranteed loans issued by the Argentine Government under Presidential Decree No. 1387/01 were valued at the specific acquisition value of each security, increased by accrued income including the benchmark stabilization coefficient (CER), net of the related offset account, compared in turn with the present values reported by the Central Bank.

As of June 30, 2015 and December 31, 2014, the present value reported by the Central Bank for these securities amounted to 451,611 and 429,982, respectively.

d) Interest accrual:

Interest has been accrued according to a compound interest formula in the period in which it was generated, except interest on transactions in foreign currency and those whose maturity does not exceed 92 days, on which interest has been accrued according to a simple interest formula.

The Bank suspends the interest accrual whenever loan payments are not settled (generally, after 90 days) or when the recoverability of the collection of principal or interest accrued is doubtful. Accrued interest is considered part of the loan balance when determining the allowances for loan losses. Afterwards, interest is only recognized on a cash basis.

e) CER accrual:

Receivables and payables have been indexed by the CER, wherever applicable, as follows:

e.1) Guaranteed loans: as explained in Note 3.5.c).

e.2) Deposits and other assets and liabilities: the CER as of the last respective business day was applied.

- 13 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

f) Allowance for loan losses and provision for contingent commitments:

These provisions have been calculated based on the estimated uncollectibility risk of the Bank's credit portfolio, which, among other factors, results from the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering Central Bank Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies.

When loans covered by specific allowances are settled or generate a reversal of the allowances recorded in the current period, and in cases where the allowances set in prior years exceed what is considered necessary, the excess allowance is reversed with effects on income for the current period.

The recovery of receivables previously classified under “Debit-balance control memorandum accounts - Receivables classified as irrecoverable” are recorded directly in the related statements of income.

The Bank assesses the credit risk related to possible commitments and determines the appropriate amount of allowances to be recorded. The allowances related to amounts recorded in memorandum accounts, contingent commitments, are included under “Provisions”.

g) Other receivables from financial intermediation and Other liabilities from financial intermediation:

g.1) Amounts receivable from spot and forward sales pending settlement and amounts payable for spot and forward purchases pending settlement:

They were valued based on the prices agreed upon for each transaction, plus related premiums accrued.

g.2) Securities and foreign currency to be received for spot and forward purchases pending settlement and to be delivered for spot and forward sales pending settlement:

i. With volatility (active market): they were valued at the effective quoted prices for each of them at the last respective business day. Differences in quoted prices were recorded in the related statements of income.

ii. Without volatility (without active market): they were valued at their cost value increased exponentially by their internal rate of return. Such accruals were recorded in the related statements of income.

g.3) Debt securities and certificates of participation in financial trusts:

i. Debt securities: they were valued as provided by Central Bank Communiqué “A” 4414, at their cost value, increased exponentially by their internal rate of return, translated into pesos according to the method described in Note 3.5.a), as the case may be.

ii. Certificates of participation: they were stated at cost or face value increased as the case may be, by interest accrued until the last respective business day, translated into Argentine pesos according to the method described in Note 3.5.a), as appropriate.

The values recorded, net of allowances, do not exceed the recoverable values from the respective trusts.

g.4) Unlisted corporate bonds purchased:

They were valued by the accrual method based on their internal rate of return, as provided by Central Bank Communiqué "A" 4414 and supplementary regulations. Such accruals were recorded in the related statements of income.

g.5) Non subordinated corporate bonds issued:

They were valued at the amount due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were recorded in the related statements of income.

- 14 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

h) Receivables from financial leases:

In accordance with Central Bank Communiqué “A” 5047, as supplemented, they were valued according to the discounted value of the sum of minimum installments pending collection (excluding any contingent installments), from the previously agreed residual value and the purchase options, for the financial lease agreements in which the Bank acts as lessor. The discounted value is calculated by applying the imputed interest rate of each lease agreement.

The effective financial lease agreements do not represent significant amounts with respect to the total financing granted by the Bank. Additionally, their characteristics are among the usual ones for this kind of transactions, and there are no differentiating issues of any kind compared with the transactions agreed on the Argentine financial market. These transactions are distributed among the Bank’s customers, and there are no pre-established contingent installments or automatic renewal clauses.

i) Investments in other companies:

i.1) In controlled financial institutions, supplementary and authorized activities: they were valued by the equity method.

i.2) In non-controlled financial institutions, supplementary and authorized activities:

i. In pesos: they were valued at acquisition cost, plus the nominal value of share-dividends received, restated as explained in Note 3.3., as the case may be.

ii. In foreign currency: they were valued at the acquisition cost in foreign currency, plus the nominal value of share-dividends received, translated into pesos in accordance with the criterion stated in Note 1.3. to the consolidated financial statements.

Such net values do not exceed the values calculated by the equity method on the basis of the latest financial statements published by the companies.

i.3) In other non-controlled companies: they were valued at acquisition cost, plus the nominal value of share-dividends received, restated as described in Note 3.3., as the case may be, net of allowances for impairment in value. Such net values do not exceed the values calculated by the equity method on the basis of the latest financial statements published by the companies.

j) Bank premises and equipment, other assets and intangible assets:

They were valued at their acquisition cost, restated as explained in Note 3.3., less the related accumulated depreciation and amortization, calculated based on their estimated useful life using the straight line method.

k) Valuation of derivatives:

k.1) Forward transactions without delivery of underlying asset: they were valued at the quoted price of the underlying assets upon maturity, as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.

k.2) Put options taken and call option sold: valued at the agreed-upon exercise price.

See also Note 12.

l) Severance payments:

The Bank charges these payments directly to expenses.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

m) Provisions included in liabilities:

The Bank carries certain contingent liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations. Liabilities are recorded when it is probable that future costs will be incurred and whenever such costs may be reasonably estimated.

Additionally, and as provided by Central Bank Communiqué “A” 5689, includes provisions for summary judgements and sanctions applied by the Central Bank and other regulators, which are equivalent to the relevant amounts not yet paid (see Note 19.).

n) Subordinated corporate bonds:

They were valued at the amount due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were recorded in the related statements of income.

o) Shareholders’ equity accounts:

o.1) They are restated as explained in Note 3.3., except for the "Capital stock" account which has been kept at its original value. The adjustment resulting from its restatement as explained in such note was included in the "Adjustments to shareholders’ equity" account.

o.2) Special reserve for subordinated corporate bonds: related to the reserve created for paying the financial services of the subordinated corporate bonds issued by the Bank (see Note 11.a.1)). This reserve is reversed on a monthly basis as the related interests are recorded in the related statement of income.

p) Statement-of-income accounts:

p.1) The accounts comprising monetary transactions (financial income (expense), service-charge income (expense), provision for loan losses, administrative expenses, among others) were computed at their historical amounts on a monthly accrual basis.

p.2) The accounts reflecting the effects on income from the sale, retirement or consumption of non-monetary assets were computed on the basis of the amounts of such assets, which were restated as mentioned in Note 3.3.

p.3) The income (loss) from equity interests in subsidiaries were computed on the basis of such companies’ income (loss).

3.6. Statement of cash flows and cash equivalents

The Bank considers “cash and cash equivalents” to include the following accounts: Cash and investments which mature less than three months from their date of acquisition. Below is a breakdown of the reconciliation of the “Cash” item on the Statement of cash flows with the related balance sheet accounts:

	06/30/2015		12/31/2014		06/30/2014
Cash		9,303,335		13,132,782		8,069,466
Government and private securities
Instruments issued by the Central Bank		1,551,528		1,557,240		1,707,924
Cash and cash equivalents		10,854,863		14,690,022		9,777,390

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

4. INCOME TAX AND MINIMUM PRESUMED INCOME TAX

The Bank calculates income tax by applying the effective 35% rate to the estimated taxable income for each period, without considering the effect of temporary differences between book and taxable income.

In 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. At present, after subsequent extensions, such tax is effective through December 30, 2019. This tax is supplementary to income tax, while the latter is levied on the taxable income for the year, minimum presumed income tax is a minimum levy assessment by applying 1% over 20% of certain assets as provided by the law for financial institutions. Therefore, the Bank’s tax obligation for each year will be equal to the higher of these taxes. However, if minimum presumed income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs) have been used.

As of June 30, 2015 and 2014, the Bank estimated an income tax charge of 1,023,000 and 995,000, respectively; hence, no minimum presumed income tax should be assessed for the six-month periods ended on such dates.

Additionally, as of June 30, 2015, the Bank made income tax prepayments for 433,373 for the 2015 fiscal year, which will be applied to the tax amount assessed in the 2015 tax return.

5. DIFFERENCES BETWEEN CENTRAL BANK RULES AND THE ARGENTINE PROFESSIONAL ACCOUNTING STANDARDS EFFECTIVE IN THE CITY OF BUENOS AIRES

Argentine professional accounting standards effective in the City of Buenos Aires differ, in certain valuation aspects, from Central Bank accounting standards.

The main items with differences in valuation matters as of June 30, 2015 and December 31, 2014 are as follows:

	Adjustments under professional accounting standards
	Stand-alone financial statements									Consolidated financial statements
	to equity						to total income (1)			to equity						to total income (1)
Item	06/30/2015			12/31/2014			06/30/2015			06/30/2015			12/31/2014			06/30/2015
Government securities and assistance to the government sector (a)
Government securities - Holdings booked at amortized cost		(9,576	)		(22,815	)		13,239			(8,125	)		(21,420	)		13,295
Instruments issued by the Central Bank and booked at amortized cost		17,942			2,443			15,499			18,740			2,381			16,359
Guaranteed  loans – Presidential Decree No. 1387/01		31,764			15,155			16,609			31,764			15,155			16,609
Business combinations (b)
Acquisition of Nuevo Banco Bisel SA		(78,360	)		(83,157	)		4,797			(78,360	)		(83,157	)		4,797
Other		(51,163	)		(53,359	)		2,196			(51,163	)		(53,359	)		2,196
Interests in other companies (c)		40,644			35,725			4,919
Deferred assets – Income tax (d)		187,774			209,462			(21,688	)		226,169			243,854			(17,685	)
Liabilities – Provisions (e)		(26,693	)		(81,534	)		54,841			(26,693	)		(81,534	)		54,841
Total		112,332			21,920			90,412			112,332			21,920			90,412

- 17 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

(1) Additionally, according to the Argentine professional accounting standards effective in the City of Buenos Aires, individual and consolidated income for the six-month period ended June 30, 2014, would have increased by 54,988.

(a) Holdings of government securities, instruments issued by the Central Bank and credit assistance to the nonfinancial government sector: these holdings and financing are valued based on the specific regulations and standards issued by the Argentine government and the Central Bank, which set forth, among other issues, the use of present values, technical values and offset accounts, as explained in Notes 3.5.b.2), 3.5.b.4) and 3.5.c). Pursuant to the Argentine professional accounting standards effective in the City of Buenos Aires, the securities, instruments and assistance mentioned in those notes should be stated at their market and/or present values, as the case may be. In addition, current Central Bank regulations establish that financing to the nonfinancial government sector is not subject to loan-loss provisioning, whereas the Argentine professional accounting standards effective in the City of Buenos Aires require that assets in general to be compared with their recoverable value every time financial statements are prepared.

(b) Business combinations: under the standards set forth by Central Bank, business acquisitions are recorded according to the book values of the acquired company and, if the purchase price exceeds the book value, the excess amount is recorded in the acquiring company´s books as a positive goodwill. On the other hand, if the purchase price is lower than book value, the difference is recorded in the acquiring company´s books as a negative goodwill. If the goodwill is positive, Central Bank standards establish that such goodwill should be amortized under the straight-line method based on an estimated useful life of ten years. If the goodwill is negative, Central Bank Communiqué “A” 3984 establishes specific amortization methods; the maximum amortization allowed per year is 20%.

According to the Argentine professional accounting standards effective in the City of Buenos Aires, business combinations are recorded based on the market values of the acquired company’s identifiable net assets and the difference between the purchase price and the identifiable net asset measurement value is recorded as either a positive or a negative goodwill, as the case may be. If a positive goodwill is recognized, this goodwill will be amortized systematically over the estimated useful life, unless it has an indefinite useful life considering the estimates made by the Bank´s Management, in which case it shall not be amortized, but compared with its recoverable value as of each year-end. If a negative goodwill is recognized due to expected losses or future expenses of the acquired entity and which should not have been recorded as liabilities as of the acquisition date, it will either be charged to the statement of income according to the change in specific circumstances that gave rise to it or systematically, taking into account an average weighted useful life of the acquired entity’s assets subject to depreciation and amortization.

(c) Subsidiary Banco del Tucumán SA prepares its financial statements in conformity with Central Bank rules which differ from the Argentine professional accounting standards effective in the City of Buenos Aires.

(d) Income tax: The Bank and its subsidiaries determine income tax applying the effective rate to the estimated taxable income, without considering the effect of the temporary differences between book and taxable income. According to the Argentine professional accounting standards effective in the City of Buenos Aires, income tax should be booked following the deferred tax method, according to which (i) in addition to the current tax payable, either an asset (if certain conditions are met) or a liability is recognized for deferred taxes related to the tax effect of the temporary differences between the book and tax valuation of assets and liabilities, and (ii) a tax expense (income) is recognized in relation to the portion involving the current tax expense (income) as well as the one involving the deferred tax expense (income), resulting from the creation and reversal of the abovementioned temporary differences in the year. Under Argentine professional accounting standards effective in the City of Buenos Aires, a deferred tax asset is recognized when there are unused NOLs or tax credits that can be deducted from future taxable income, provided they are likely.

(e) The Bank books the effects of the Argentine Supreme Court rulings dated December 27, 2006, and August 28, 2007, upon payment of such precautionary measures, in conformity with Central Bank indications in the notice dated August 4, 2008. According to the Argentine professional accounting standards effective in the City of Buenos Aires, the Bank should have recorded a liability related to this item. Additionally, as explained in Note 3.5.m), the Bank booked certain provisions that should not have been booked under the Argentine professional accounting standards effective in the City of Buenos Aires, in view of their remote probability of occurrence (see Note 19.).

- 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

6. IMPLEMENTATION PLAN TOWARDS INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

On February 12, 2014 the Central Bank, through Communiqué “A” 5541 established the general guidelines towards conversion to the IFRS issued by the International Accounting Standards Board (IASB) for preparing financial statements of the entities under its supervision, for the annual fiscal years beginning on January 1, 2018 as well as those of interim-periods.

According to such conversion process, on March 27, 2015, the Bank presented to the Central Bank, their own implementation plan together with the appointment of a person in charge, according to Central Bank Communiqué “A” 5635, which were approved by the Board of Directors on March 10, 2015.

As of the date of issuance of these financial statements, the Bank is implementing the abovementioned IFRS conversion process.

7. BREAKDOWN OF THE ITEMS INCLUDED IN “OTHER” AND MAIN SUBACCOUNTS

The breakdown of the “Other” account in the balance sheet and statement of income is as follows:

  06/30/2015 12/31/2014

7.1. Loans - Other

Other loans	5,087,054	4,726,467
Export financing and prefinancing	1,506,239	993,677
	6,593,293	5,720,144

7.2. Other receivables from financial intermediation - Other receivables not covered by
debtor classification standards

Certificates of participation in financial trusts (a)	236,396	235,984
Debt securities issued by financial trusts (See Note 16.)	157,125	165,542
Other		138
	393,521	401,664

(a) As of June 30, 2015 and December 31, 2014, the Bank booked an allowance
for impairment for 223,832.

7.3. Other receivables – Other

Sundry receivables	335,084	288,489
Security deposits	235,353	190,246
Advanced prepayments	82,561	64,642
Other	30,571	23,291
	683,569	566,668

7.4. Deposits - Nonfinancial government sector

Checking accounts	2,739,539	2,851,908
Time deposits	2,001,419	1,638,321
Savings accounts	312,085	67,205
Investment accounts	74,857	131,697
Accrued interest, adjustments and foreign exchange differences payable	19,445	24,354
Other	873,481	866,933
	6,020,826	5,580,418

7.5. Deposits - From the non-financial private sector and foreign residents - Other

Expired time deposits	692,259	592,631
Unemployment fund for workers of the construction industry	243,548	210,347
Attachments	212,790	215,416
Other	47,994	54,184
	1,196,591	1,072,578

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

06/30/2015 12/31/2014

7.6. Other liabilities from financial intermediation - Other

Purchase financing payables	1,356,191	1,486,838
Other withholdings and additional withholdings	609,849	489,076
Other payment orders pending settlement	468,525	394,883
Miscellaneous not subject to minimum cash requirements	464,644	434,672
Collections and other transactions on account and behalf of others	359,963	442,020
Miscellaneous subject to minimum cash requirements	213,922	193,393
Sociedad Seguro de Depósitos (Sedesa) – Purchase of preferred shares of former Nuevo Banco Bisel SA (see Note 8.)	90,673	90,673
Retirement pension payment orders pending settlement	60,483	81,710
Other	117,103	111,535
	3,741,353	3,724,800

7.7. Other Liabilities - Other

Taxes payable (net of prepayments)	919,184	1,189,860
Miscellaneous payables	209,602	175,056
Salaries and payroll taxes payable	176,639	269,720
Withholdings on salaries	81,192	50,130
Prepayment for the sale of assets	2,405	3,529
	1,389,022	1,688,295

7.8. Memorandum accounts – Debit-balance accounts – Control – Other

Checks and securities in custody – Anses (Argentine social security administration)	65,541,226	55,081,889
Securities in custody – Other	18,038,541	12,613,366
Checks and securities not yet collected	3,358,024	3,406,076
Checks and securities to be debited	1,190,167	881,869
Managed portfolios (see Note 13.)	832,077	992,159
Checks and securities to be collected	115,711	126,528
	89,075,746	73,101,887

06/30/2015 06/30/2014

7.9. Financial income – Interest on other loans

Personal loans	2,749,704	2,008,503
Other	659,316	557,891
	3,409,020	2,566,394

7.10. Financial income – Net income from government and private securities

Government and private securities	1,427,154	696,952
Financial trusts	27,223	65,523
Other	33,277	21,327
	1,487,654	783,802

7.11. Financial income – Other

Premiums on reverse repurchase agreements with the financial sector	43,518	83,481
Interests on loans for export prefinancing and financing	41,399	42,152
Forward foreign-currency transactions offset	977	135,515
Other		2,088
	85,894	263,236

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

06/30/2015 06/30/2014

7.12. Financial expense – Other

Turnover tax and municipal assessments	571,531	439,488
Premiums on repurchase agreements with the financial sector	6,917	1,417
	578,448	440,905

7.13. Service-charge income - Other

Debit and credit card income	663,155	476,416
Rental of safe deposit boxes	42,800	38,456
Service commissions – Joint ventures (see Note 2.5.)	42,262	32,147
Other	158,505	137,212
	906,722	684,231

7.14. Service-charge expense - Other

Debit and credit card expenses	304,285	231,465
Turnover tax and municipal assessments	122,018	88,869
Commissions paid to lending agents	57,994	44,658
Other	21,357	27,314
	505,654	392,306

7.15. Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	135,491	106,125
Security services	128,781	105,604
Electric power and communications	71,393	58,086
Leases	57,008	48,376
Stationery and office supplies	14,718	11,511
Insurance	10,956	8,498
	418,347	338,200

7.16. Other income – Other

Other adjustments and interest on other receivables	17,949	24,103
Services provided to Banco del Tucumán SA	5,652	5,281
Gain on sale of bank premises and equipment, and other assets	1,584	764
Other	73,885	42,108
	99,070	72,256

7.17. Other expense – Other

Portfolio transactions	48,141
Donations	24,651	6,424
Summary and sanctions (see Note 19.)	14,152
Municipal assessment	3,960	13,299
Turnover tax	3,836	3,455
Other	24,475	16,905
	119,215	40,083

- 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

8. RESTRICTED ASSETS

As of June 30, 2015 and December 31, 2014 the following Bank’s assets are restricted:

Item	06/30/2015		12/31/2014
Government and private securities
•Federal Government bond in pesos at Badlar Private + 200 basis points, maturing in 2017 used as security in favor of Sedesa (1).		89,501		84,569
•Federal Government bond in pesos at Badlar Private + 250 basis points, maturing in 2019, securing the role of custodian of Sustainability Guarantee Fund investments.		94,646		92,464
•Federal Government bond in pesos at Badlar Private + 200 basis points, maturing in 2017 and Federal Government bond in pesos at Badlar Private + 300 basis points, maturing in 2015 securing the role of custodian of Sustainability Guarantee Fund investments, respectively.		57,750		62,043
•Discount securities regulated by Argentinean legislation, maturing 2033 securing the role of custodian of Sustainability Guarantee Fund investments.		21,210
• Discount securities regulated by Argentinean legislation, maturing 2033 and Federal Government bond in pesos at Badlar Private + 300 basis points, maturing in 2015 for the performance of forward foreign currency trading transactions, respectively.		6,556		45,274
•Secured Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior SA (Bice).		32,695		36,748
•Federal Government bond in pesos at Badlar Private + 200 basis points, maturing in 2017, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013.		14,567		13,991
•Other government and private securities.		2,390		2,881
Subtotal government and private securities		319,315		337,970
Loans
•Guaranteed Loans under Presidential Decree No. 1387/01 – Global 17 at a variable rate provided as guarantee in favor of the Central Bank in relation to the auctions of advances intended for the production sector under the Bicentennial Production Financing Program.		59,498		56,577
Subtotal Loans		59,498		56,577
Other receivables from financial intermediation
•     Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities.		893,764		695,631
•     Interests resulting in contributions made in the Bank´s capacity by contributory partner of the following venture funds: (2)
-       Risk Fund of Los Grobo SGR (mutual guarantee association), with an original contribution of 30,000 made on December 23, 2014.		30,000		30,000
-       Risk Fund of Garantizar SGR, with an original contribution of 20,000 made on December 22, 2014.		20,000		20,000
-       Risk Fund of Intergarantías SGR, with an original contribution of 3,000 made on December 30, 2013.		2,808		3,000
-       Risk Fund of Intergarantías SGR, with an original contribution of 7,000 made on December 22, 2014.		6,809		7,000
Subtotal other receivables from financial intermediation		953,381		755,631

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

Item (cont.)	06/30/2015		12/31/2014
Other receivables
•      Security deposits related to credit card transactions		230,288		185,146
•      Sundry receivables includes an item related to the attachment ordered in the context of a claim initiated by the City of Buenos Aires tax authorities on turnover tax differences.		827		827
•      Other guarantee security.		5,065		5,100
Subtotal other receivables		236,180		191,073
Other assets
·      Building related to a call option sold (see Note 12.(c)).		104,381		105,258
Subtotal other assets		104,381		105,258
Total		1,672,755		1,446,509

(1) As replacement for the preferred shares of former Nuevo Banco Bisel SA to secure to Sedesa the price payment and the fulfillment of all the obligations assumed in the purchase and sale agreement dated May 28, 2007, maturing on August 11, 2021.

(2) In order to keep tax benefits related to these contributions, they must be maintained between two and three years from the date they were made.

9. TRANSACTIONS WITH RELATED PARTIES

The receivables/payables and income (loss) from transactions performed with subsidiaries and affiliates are as follows (see also Note 3. to the consolidated financial statements):

	Banco del Tucumán SA		Macro Bank Limited		Macro Securities SA		Other subsidiaries and related parties (1)		06/30/2015		12/31/2014
ASSETS
Cash				6,460						6,460		6,083
Loans								319,784		319,784		269,398
Other receivables from financial intermediation								126,990		126,990		401,646
Receivables from financial lease						9,139		1,771		10,910		10,458
Other receivables								81		81		993
Items pending allocation		19								19	��	20
Total assets		19		6,460		9,139		448,626		464,244		688,598

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

	Banco del Tucumán SA	Macro Bank Limited		Macro Securities SA		Other subsidiaries and related parties (1)		06/30/2015		12/31/2014
LIABILITIES
Deposits			6		31,034		129,772		160,812		208,121
Other liabilities from financial intermediation							466		466		342,496
Other liabilities			104						104
Total liabilities			110		31,034		130,238		161,382		550,617
MEMORANDUM ACCOUNTS
Credit-balance accounts – Contingent					1,328		414		1,742		3,724
Credit-balance accounts – Derivatives											154,555

	Banco del Tucumán SA			Macro Bank Limited		Macro Securities SA			Other subsidiaries and related parties (1)			06/30/2015			06/30/2014
INCOME (EXPENSE)
Financial income							1,149			6,637			7,786			12,663
Financial expense		(5,529	)							(6,041	)		(11,570	)		(13,390	)
Service-charge income		13			2		213			1,364			1,592			1,145
Service-charge expense							(197	)					(197	)
Administrative expenses		(6	)										(6	)		(6	)
Other income		6,103											6,103			5,721
Total income / (loss)		581			2		1,165			1,960			3,708			6,133

(1) Includes amounts generated by the Bank with its subsidiaries and its related parties regarding transactions performed in the normal course of business, under normal market conditions, in terms of interest rates and prices, as well as guarantees required.

10. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of June 30, 2015, amounted to 584,563. Since December 31, 2012, the Bank’s capital stock has changed as follows.

As of December 31, 2012	594,485
Capital stock increase approved by the General Special Shareholders’ Meeting of June 10, 2013 (1)	78
Capital stock decrease as provided by Art. 67 of Law No. 26,831 (2)	(10,000	)
As of June 30, 2015	584,563

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

(1) Related to the capital increase in the amount of 77,860 Class B shares of common stock with a face value of Ps 1, each one entitled to one vote, and delivered to the minority shareholders of former Banco Privado de Inversiones SA, in the merger process with Banco Macro SA.

(2) Related to capital stock decrease resulting from the lapse of three years from acquisition from September through December 2011, involving 10,000,000 own registered Class B shares of common stock for a total amount of 92,919. These shares have not been sold and the shareholders’ meeting has issued no resolution as to the application thereof. On June 25, 2015, the capital stock decrease was registered in the Public Registry of Commerce.

11. CORPORATE BONDS ISSUANCE

The corporate bond liabilities recorded in the accompanying financial statements amount to:

Corporate Bonds	Original value			Residual face value as of 06/30/2015		06/30/2015		12/31/2014
Subordinated – Class 1	USD	150,000,000	(a.1)	USD	150,000,000		1,367,405		1,287,317
Non-subordinated – Class 2	USD	150,000,000	(a.2)	USD	106,395,000		1,000,769		942,115
Total							2,368,174		2,229,432

On September 1, 2006, June 4, 2007, April 26, 2011 and April 23, 2015 the general regular shareholders’ meeting approved the creation, and subsequent extension, of a Global Program for the Issuance of Simple Corporate Bonds in a short, medium or long term, either subordinated or non-subordinated, with or without guarantee, in accordance with the provisions of Law No, 23,576, as amended by Law No. 23,962, and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US dollars), or an equal amount in other currencies, under which it will be possible to issue different classes and/or series of corporate bonds denominated in US dollars or other currencies and reissue the successive classes or series to be amortized.

a.1) On December 18, 2006, under the abovementioned Global Program, Banco Macro SA issued the 1st series of Class 1 subordinated Notes for a face value of USD 150,000,000 (US dollars one hundred and fifty million). The main characteristics of this issuance are:

- Computable to the Bank’s required minimum capital (computable equity), as established by Communiqué “A” 4576.

- The Notes fall due within a 30-year term, with full amortization upon maturity (December 18, 2036), with full redemption option in 10 years since the issuance date.

- Interest payments will be made with a semiannual frequency (June 18 and December 18, every year).

- During the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one for the remaining years (six-month LIBOR, plus 7.11%). As established by Communiqué “A” 4576, the interest rate payable can be increased only once over the life of the instrument and subsequent to the 10-year term since their issuance.

- They do not include covenants that change the subordination order.

- No interest on the Notes will neither fall due and payable if: (i) payments of such interest is the distributable amount, as defined in the pricing supplement dated November 23, 2006; (ii) there is a general prohibition by the Central Bank; (iii) the Bank is subject to the provisions of Articles 34 or 35 bis, Financial Institutions Law; (iv) the Bank is receiving financial assistance from Central Bank for illiquidity under Article 17 of Central Bank Charter; (v) the Bank is not in compliance with or has failed to comply in a timely basis with reporting obligations to the Central Bank; and/or (vi) the Bank is not in compliance with minimum capital requirements (both on an individual and consolidated basis levels) or with minimum cash reserves (on average).

- Unpaid interest is not cumulative.

- They have authorizations both for their public offering and their listing on domestic or foreign stock exchanges or markets.

- 25 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

- In no case, the payment of financial services may exceed net unappropriated retained earnings as per the financial statements for the last fiscal year, with an external auditor’s report, which should be appropriated to a reserve created to such end, as established by Communiqué “A” 4576 (see Note 22.b)).

The Bank used the funds derived from such issuance to grant loans.

a.2) On January 29, 2007, Banco Macro SA issued the 1st series of Class 2 non-subordinated simple corporate bonds at a fixed rate of 8.5% p.a., not convertible into shares, fully amortizable upon maturity (February 1, 2017) for a face value of USD 150,000,000 (one hundred and fifty million US dollars), under the terms and conditions set forth in the price supplement dated January 10, 2007. Interest is paid semiannually on February 1 and August 1 of every year.

Additionally, the Bank has the option to redeem such issuance, either fully or partially, at any time and from time to time. The Bank used the funds derived from such issuance to grant loans.

On August 16, 2007, the Securities and Exchange Commission (SEC) authorized the abovementioned exchange offers mentioned in a.1) and a.2).

12. DERIVATIVE FINANCIAL INSTRUMENTS

The Bank performs transactions that involve derivative financial instruments, as established by Central Bank rules and Argentine professional accounting standards effective in the City of Buenos Aires. Such instruments mainly relate to:

- Forward transactions involving securities and foreign currency.

- Forward transactions without delivery of the underlying asset.

- Options.

- Interest rate swaps.

Such transactions were valued as explained in Notes 3.5.g.1), 3.5.g.2) and 3.5.k).

Positions of transactions effective as of June 30, 2015 and December 31, 2014 are as follows:

Transaction	06/30/2015			12/31/2014
Net position of repurchase agreements		(976,168	)		94,917
Net asset position of forward transactions without delivery of the underlying asset (a)					(136,832	)
Position of put options taken (b)		9,307			8,759
Position of call options sold (c)		(126,031	)		(114,479	)

Net income (loss) resulting from these transactions for the six-month periods ended June 30, 2015 and 2014, amount to income (loss):

Transaction	06/30/2015			06/30/2014
Premiums on reverse repurchase agreements		43,518			83,614
Premiums on repurchase agreements		(6,917	)		(1,417	)
Interest rate swap					1,955
Forward foreign-currency transactions offset		977			135,515
Total		37,578			219,667

(a) It is related mainly to negotiation transactions of forward foreign currency exchange rates, carried out through Mercado Abierto Electrónico (MAE). The differences of such trading transactions are settled on a daily basis based on the prices agreed upon and their quoted price upon maturity; the underlying asset is not delivered or received.

- 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

(b) It is related to a put option taken with a Bank´s customer of a property received by the Bank as payment of loans granted by it. The price was set at USD 1,024,250, and the option’s exercise period is from September 24, 2015, through September 23, 2016, both dates included.

(c) It is related to a call option sold to a bank´s customer on a building received by the Bank as payment of loans granted by it. The initial price was set at 104,135, and will accrue interest at a corrected Badlar rate, re-calculated on a monthly basis, plus 200 basic points and the option’s exercise period is from July 24, 2014, through July 31, 2016, both dates included. As of the date of issuance of these financial statements, the holder has not exercised the option.

13. PORTFOLIO MANAGEMENT

As of June 30, 2015 and December 31, 2014, the Bank manages the following portfolios:

	Managed portfolio as of
Item	06/30/2015		12/31/2014
•On March 1, 1996, former Banco de Salta SA (which was absorbed by the Bank) and the Salta Provincial Government entered into an Agreement to Manage the Loan Portfolio of Banco Provincial de Salta (in liquidation) related to the nonfinancial private sector.		13,977		14,026
•On August 11, 1998, former Banco de Jujuy SA (which was absorbed by the Bank) and the Jujuy provincial Government entered into an agreement to manage the loan portfolio of the former Banco de la Provincia de Jujuy and to provide a monthly report on the tasks performed.		40,705		40,927
•On April 6, 2001, through Provincial Decree No. 806, the Ministry of the Treasury of the Province of Salta approved an extension to the “Contract for the service of collecting, processing and arranging information, managing the loan portfolio and performing collection procedures related to the receivables of the IPDUV (Provincial Institute of Urban and Housing Development)" entered into on March 27, 2001, between such Agency and Banco Macro SA.		87,041		110,469
•On June 30, 2006, the Bank and Macro Fiducia SA entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio.		55,164		55,738
•On November 22, 2012 and 2013 and November 26, 2014, the Bank (trustor) and Macro Fiducia SA (trustee), created the financial trusts Fideicomiso Financiero Privado “SECANE I”, “SECANE II” and “SECANE III”, respectively; in the trusts agreement the trustor assumes the role of collection agent, administration and custodian.		360,113		368,358
•On August 19, 2002, ABN AMRO Bank NV Sucursal Argentina, as trustee, the former Scotiabank Quilmes SA, as trustor, Banco Comafi SA, as an agent and collecting manager and the former Banco Bansud SA (currently Banco Macro SA), entered into an “Agreement for the LAVERC financial trust’s collection administration and management”. On May 4, 2015, the Bank incorporated the loan portfolio to its equity.				70,015
•Other portfolios managed by the Bank.		275,077		332,626
Total		832,077		992,159

14. MUTUAL FUNDS

As of June 30, 2015, the Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and assets from the following mutual funds:

- 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

Fund	Shares of interest		Equity		Assets (1)
Pionero Pesos		605,055,584		1,367,968		1,109,835
Pionero Renta Ahorro		1,215,416,963		4,263,770		4,360,270
Pionero F F		69,446,694		205,253		211,371
Pionero Renta		40,229,689		310,307		310,445
Pionero Acciones		3,060,694		28,738		28,551
Pionero Renta Dólares		6,027		20
Pionero Empresas FCI Abierto PYMES		63,820		92		89
Pionero Consumo		80,081		110		110
Argenfunds Renta Pesos		266,000,937		314,784		315,347
Argenfunds Renta Argentina		49,590,015		59,309		59,443
Argenfunds Ahorro Pesos		371,191,939		685,488		709,830
Argenfunds Renta Privada FCI		133,849,525		212,322		213,994
Argenfunds Abierto Pymes		122,151		158		165

(1) These amounts reflect the mutual funds’ assets and are recorded under the “Checks and securities in custody” memorandum account.

15. BANK DEPOSIT GUARANTEE INSURANCE SYSTEM

Law No. 24,485, and Presidential Decree No, 540/1995, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited, mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided for the organization of Sedesa to manage the Deposit Guarantee Fund. Such company was organized in August 1995. The Bank holds a 8.7559% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 10981 of March 26, 2015.

This system shall cover the deposits up to the amount of 350 in Argentine pesos and foreign currency with the participating institutions as checking accounts, savings accounts, certificates of deposit or any other modes determined by the Central Bank, as long as the requirements under Presidential Decree No. 540/1995 and any others established by the enforcement agency are fulfilled. On the other hand, Central Bank established that the deposits made by other financial institutions, those made by persons related to the Bank, and deposits of securities, among others, must be excluded from the deposit guarantee system.

16. TRUST ACTIVITIES

The Bank is related to different types of trusts. The different trust agreements are disclosed below, according to the Bank’s business purpose:

16.1 Financial trusts for investment purposes

The Bank holds investment as describe in Note 7.2.

Debt securities include mainly:

- prepayments towards the placement price of trust securities of the financial trusts under public offerings, made by the Bank through underwriting agreements (Mila, Garbarino and Accicom). The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust securities are placed once the public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities have been placed on the market, the Bank recovers the disbursements made, plus an agreed-upon compensation (“underwriting Price”). If after making the best efforts, such trust securities cannot be placed, the Bank (“Underwriter”) will retain the securities subject to underwriting and,

- 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

- debt securities related to Loma Blanca Financial Trust.

According to the latest accounting information available as of the date of issuance of these financial statements, the corpus assets of the trusts, exceed the carrying amount in the related proportions.

Additionally, Note 7.1. to the consolidated financial statements, includes a list of the holdings for investment held by the Bank´s subsidiaries.

16.2 Trusts created using financial assets transferred by the Bank

The Bank transferred financial assets (loans) to trusts for the purpose of issuing and selling securities for which collection is guaranteed by the cash flow resulting from such assets or group of assets. This way the funds that were originally used to finance the loans are obtained earlier.

As of June 30, 2015 and December 31, 2014, considering the latest available accounting information as of the date of the financial statements, the assets managed through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 28,158 and 20,668, respectively.

Additionally, Note 7.2. to the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but created with corpus assets transferred by the Bank’s subsidiaries.

16.3 Trusts guaranteeing loans granted by the Bank

As it is common in the Argentine banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receive assets in a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed in case of the debtor's noncompliance.

Trusts usually act as conduits to collect cash from the debtor’s flow of operations and send it to the bank for the payment of the debtor’s loans and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.

Additionally, other guarantee trusts manage specific assets, mainly real property.

Provided there is no noncompliance or delays by debtor in the obligations assumed with the beneficiary, the Trustee shall not execute the guaranty and all excess amounts as to the value of the obligations are reimbursed by the Trustee to the debtor.

As of June 30, 2015 and December 31, 2014, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank and Macro Fiducia SA (subsidiary) amounted to 389,612 and 493,078, respectively.

16.4 Trusts in which the Bank acts as trustee (administration)

The Bank performs management duties of the corpus assets directly according to the agreements, performing only trustee duties and has no other interests in the trust.

In no case shall the Trustee be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements. The fees earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.

Trusts usually manage funds derived from the activities performed by trustors, for the following main purposes:

- Guaranteeing, in favor of the beneficiary the existence of the resources required to finance and/or pay certain obligations, such as the payment of amortization installments regarding work or service certificates, and the payment of invoices and fees stipulated in the related agreements.

- Promoting the production development of the private economic sector at a provincial level.

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

- Being a party to public work concession agreements granting road exploitation, management, keeping and maintenance.

As of June 30, 2015 and December 31, 2014, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank amounted to 726,105 and 614,284, respectively.

Additionally, Note 7.3. to the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but managed by the Bank’s subsidiaries.

17. INFORMATION REQUIRED BY THE CNV

17.1 Compliance with requirements to act in the capacity of agents belonging to different categories of agents defined by the CNV.

As mentioned in Note 21., on September 5, 2013, the CNV issued General Resolution No. 622. Considering Banco Macro SA’s current operations, and according to the different categories of agents established by the abovementioned Resolution, the Bank is registered with this agency as an agent for the custody of collective investment products of mutual funds (AC PIC FCI), and comprehensive clearing and settlement agent and trading agent (ALyC y AN - integral), and is in the process of registering for financial trustee (AF) and non-financial trustee (FNOF) agent categories.

Additionally, the Bank’s shareholders´ equity exceeds the minimum amount required by this regulation, amounting to 24,750, as well as the minimum required offsetting entry of 14,000, which the Bank paid-in at the end of the period with government securities as described in Note 8.

17.2 Documentation in custody

As a general policy, the Bank delivers for custody to third parties, the documentary support of its aged accounting and management operations, i.e those whose date is prior to the last fiscal year-end, except for the inventory book, in which aging is deemed to include those with a date prior to the two fiscal years ended. In compliance with CNV General Resolution No. 629 requirements, the Bank has kept (i) the inventory books for fiscal years ended through December 31, 2012 included, and (ii) certain documentation supporting the economic transactions for fiscal years ended through December 31, 2014, included, under the custody of the following companies: AdeA Administradora de Archivos SA (warehouse located at Ruta 36, km 31.5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración de Documentos SA (warehouse located at avenida Circunvalación, between Camino San Carlos and 60 cuadras, Province of Cordoba and avenida Sargento Cayetano Beleira 410, formerly Ruta Km 8 51.2, Pilar, Province of Buenos Aires).

18. MINIMUM CASH AND MINIMUM CAPITAL REQUIREMENTS

18.1 Accounts identifying compliance with the minimum cash requirements:

The items computed by the Bank to constitute the minimum cash requirement effective for June 2015 are listed below, indicating the balances as of month-end of the related accounts:

Item	06/30/2015
Cash
Amounts in Central Bank accounts		5,483,471
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		893,764
Total		6,377,235

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

18.2 Minimum capital requirements:

As the table disclosed, the minimum capital requirements measured on an individual basis, effective for June 2015, along with its computable capital as of the end of that month:

Item	06/30/2015
Minimum capital requirement		5,872,509
Computable capital		11,376,471
Excess amount		5,503,962

19. SUMMARY JUDGEMENTS AND SANCTIONS APPLIED BY THE CENTRAL BANK AND CERTAIN REGULATORS

The Central Bank Communiqué “A” 5689 requires banks to disclose in their financial statements certain information regarding summaries and sanctions received from certain regulators, regardless of the amounts involved and the final conclusions of each cause. The information required as of June 30, 2015 is disclosed below:

19.1. Summary Judgements initiated by the Central Bank:

Date & No. of Summary	Reason	Responsible	Status
04/14/2011 Criminal Foreign Exchange Regime Summary No. 4674.	Supposed infraction of article No. 1 incs. e) and f) and No. 2 inc f) of the Criminal Foreign Exchange Law (“CFEL”), in an exchange operation transaction with a suspended customer with no Central Bank authorization.	Banco Macro SA, as the follow-on of Nuevo Banco Bisel SA and Branch Manager. (1)	The Central Bank raised the summary to the Criminal Office of the Federal Court No. 3 of the Judicial Department in Córdoba.
01/07/2014 Criminal Foreign Exchange Regime Summary No. 5645.	Supposed infraction of article No. 1 incs. e) and f) y No. 2 inc f) of the CFEL, for foreign exchange transactions with no Central Bank authorization.	Banco Macro S.A and Responsible for Foreign Trade and Foreign Exchange. (2)	In process at the Central Bank. On 05/22/2015 the summary evidence period was initiated. This probationary period has already concluded.

(1) Mariano Raúl Misino and Roberto David Luna.

(2) Susana Lerman, José Luis Vejo, Jorge Francisco Scarinci and Horacio Ricardo Javier Sistac.

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

19.2. Sanctions imposed by the Central Bank:

Date & No. of Summary	Reason	Responsible	Status
04/10/2008 Financial summary No. 1227	Supposed infraction of Communiqué “A" 2241; CREFI-2; Chapter IV, Section 4, point 4.1. and 4.2., involving two capital contributions to its subsidiary Sudbank and Trust Company Ltd. (currently Macro Bank Limited) with no previous Central Bank authorization. Original sanction amount: 2,625 Current sanction amount: 1,400	Banco Macro SA Directors. (1)	On 11/05/2013 the fine was debited from Banco Macro´s account 00285 at the Central Bank. On 11/20/2013 a direct appeal was file against Resolution No. 723 issued by SEFyC (Argentine regulatory agency of financial and foreign exchange institutions), on 10/10/2013, representing the Bank and the natural persons subject to the summary proceeding, before the Federal Court of Appeals in Contentious and Administrative Matters in the City of Buenos Aires (CNACAF). As a result of the appeal filed, on 04/14/2015, the Bank was notified about the resolution that reduced the amount of the fine. On 04/29/2015 the Central Bank filed a federal extraordinary appeal to CNACAF.
03/11/2013 Financial Summary No. 1380.	Supposed excess in the assets used for guarantee purpose which should have been used for related statutory operation ratios; failure to fulfill with the limitations of deposits increase, lack of veracity in book records, neglect to present the corresponding accounting disclosure of such excess and failures according to Central Bank requirements. Sanction amount: 2,000	Former Banco Privado de Inversiones SA (BPI), Directors, Statutory Audit Committee and Corporate Service Manager. (2)	On 06/12/2015 the Central Bank passed Sentence No. 527, imposing fines to those responsible. On 06/25/2015 the fine was paid. On 07/10/2015 a direct appeal was filed against such resolution to CNACAF. The sanction amount will be recovered by the Entity as a result of the guarantee provided by the sellers at the moment of acquisition of the shares of former BPI SA.
08/01/2013 Summary No. 1394	Supposed failure of Communiqué “A” 3700. CREFI 2-36, Exhibit, Item I, Sub-item 5.2. For presenting out of term the corresponding documentation regarding the appointment of authorities.	Banco Macro SA and Chairman. (3)	On 12/02/2014 the Central Bank passed Sentence No. 828, imposing the sanction to those responsible. On 02/02/2015 the Bank rejected the resolution and presented an appeal to revoke the sentence at the Central Bank. On 03/27/2015 the Central Bank passed Sentence No. 272, whereby the appeal was dismissed and the sanction was confirmed.

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

Date & No. of Summary	Reason	Responsible	Status
08/14/2013 Financial Summary No. 1401.	Supposed failure of financing to the non-financial public sector, for temporary overdrafts through checking accounts of the Municipality of Córdoba and Reconquista. Sanction amount: 2,400	Banco Macro SA and Directors. (4)	On 03/02/2015 the Central Bank passed Resolution No. 183/15 imposing fines to the Bank, which were debited from the Bank´s account 00285 on 03/12/2015. On 03/30/2015 a direct appeal was filed against such resolution to CNACAF. On April 2015 the appeal was presented at the Sala IV of the Federal Contentious Administrative Court of Appeals under No. 19,971/2015. On 06/23/2015 the Court informed BCRA about the appeal presented by Banco Macro.

(1) Jorge Horacio Brito; Delfín Jorge Ezequiel Carballo; Juan Pablo Brito Devoto; Luis Carlos Cerolini; Carlos Enrique Videla; Fernando Andrés Sansuste, Enrique Jaratz and Jorge Pablo Brito.

(2) Alejandro Manuel Estrada, Raúl Fernández, Alejandro Carlos Estrada, Eduardo Guillermo Castro, Jorge Norberto Cerrotta, Armando Rogelio Pomar, Carlos Soulé and Baruki Luis Alberto Gonzalez .

(3) Jorge Horacio Brito.

(4) Jorge Horacio Brito, Jorge Pablo Brito and Marcos Brito.

19.3. Sanctions imposed by the Financial Information Unit (UIF).

Date & File No.	Reason	Responsible	Status
01/16/2009 File No. 62/2009	Purchase of foreign currency from April 2006 through August 2007. Sanction amount: 718	Banco Macro SA and those in charge of Anti-money laundering regulation compliance. (1)	UIF passed Resolution No. 72/2011 on 06/09/2011, imposing fines to those responsible. An appeal was presented at CNACAF.
06/09/2011 File No. 62/2009 (extension)	Extension of the summary issued by Resolution 72/2011 for transaction performed from 04/03/2006 through 10/11/2006. Sanction amount: 538	Banco Macro SA and those in charge of Anti-money laundering regulation compliance. (2)	UIF passed Resolution No. 04/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
11/23/2011 File No. 6338/2011	Purchase of foreign currency. Sanction amount: 2,136	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 110/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
11/23/2011 File No. 6420/2011	Purchase of foreign currency. Sanction amount: 822	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 124/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 04/21/2015 the Court rejected the appeal presented and confirmed UIF resolution No. 124/2014. On 05/08/2015, an extraordinary appeal was presented to the Argentine Supreme Court (CSJN). On 06/09/2015 the Court denied the extraordinary appeal presented, with cost. On 06/17/2015 a complaint appeal was presented to CSJN, as denial of extraordinary appeal.

- 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

Date & File No.	Reason	Responsible	Status
11/23/2011 File No. 6406/2011	Purchase of foreign currency. Sanction amount: 677	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 171/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
11/23/2011 File No. 6407/2011	Purchase of foreign currency. Sanction amount: 802	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 132/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
12/07/2011 File No. 6405/2011	Purchase of foreign currency. Sanction amount: 1,504	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 26/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
12/07/2011 File No. 6491/2011	Banco Suquía SA –Deposits in checking account. Sanction amount: 791	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (4)	UIF passed Resolution No. 118/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
12/28/2011 File No. 6612/2011	Purchase of foreign currency. Sanction amount: 688	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 53/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
12/28/2011 File No. 6614/2011	Purchase of foreign currency. Sanction amount: 843	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 6/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
05/10/2012 File No. 160/2012	Purchase of foreign currency. Sanction amount: 376	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (5)	UIF passed Resolution No. 160/2015 imposing fines to those responsible. An appeal was presented at CNACAF.
06/27/2012 File No. 517/2012	Purchase of foreign currency. Sanction amount: 1,857	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (6)	UIF passed Resolution No. 500/2014 imposing fines to those responsible. An appeal was presented at CNACAF.

(1) Juan Pablo Brito Devoto and Luis Carlos Cerolini.

(2) Fernando Andrés Sansuste.

(3) Fernando Andrés Sansuste, Juan Pablo Brito Devoto and Luis Carlos Cerolini – as Compliance Officers and Directors – and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley and Constanza Brito –as Directors of Banco Macro SA.

(4) Juan Pablo Brito Devoto and Luis Carlos Cerolini – as Compliance Officers and Directors- and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Fernando Andrés Sansuste, Jorge Pablo Brito, Roberto Julio Eilbaum, Guillermo Eduardo Stanley and Constanza Brito – as Directors of Banco Macro SA.

- 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

(5) Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Luis Carlos Cerolini, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley and Constanza Brito.

(6) Luis Carlos Cerolini – as Compliance Officer and Director - and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Fernando Andrés Sansuste, Juan Pablo Brito Devoto, Jorge Pablo Brito, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley and Constanza Brito – as Directors of Banco Macro SA.

Although, sanctions do not involve material amounts, as of the date of issuance of these financial statements, the total amount of monetary sanctions received, pending to be paid for been appealed or about to be appealed, amounted to 11,752, which was recorded according to Communiqué “A” 5689 of Central Bank.

Additionally, there are pending summaries at CNV and UIF, as described below:

Date & Resolution No.	Reason	Responsible
09/26/2014 CNV. Resolution No. 17,529	Potential non-compliance with the obligation to inform a “Significant Event”.	Banco Macro SA, Directors, Statutory Audit Committee members and person in charge of Market relations. (1)
07/30/2014 File No. 248/2014 (UIF note presidency 245/2013 11/26/2013)	Alleged deficiencies in preparing certain “Reports on suspicious transactions (ROS)” due to cases of infringement detected in certain customer files.	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (2)

(1) Jorge Horacio Brito; Delfín Jorge Ezequiel Carballo; Juan Pablo Brito Devoto, Jorge Pablo Brito; Luis Carlos Cerolini; Roberto Julio Eilbaum; Alejandro Macfarlane; Carlos Enrique Videla; Guillermo Eduardo Stanley; Constanza Brito, Daniel Hugo Violatti, Ladislao Szekely, Santiago Marcelo Maidana and Herman Fernando Aner.

(2) Luis Carlos Cerolini (as Compliance Officer and Director) and Jorge Horacio Brito; Delfin Jorge Ezequiel Carballo; Juan Pablo Brito Devoto; Jorge Pablo Brito; Alejandro Macfarlane; Carlos Enrique Videla; Guillermo Eduardo Stanley; Constanza Brito; Emanuel Antonio Alvarez Agis; Marcos Brito and Rafael Magnanini –as Directors of Banco Macro SA.

The Bank Management and its legal advisors consider no further significant accounting effects than could arise from the effect of the above mentioned situations.

20. TAX AND OTHER CLAIMS

20.1. The AFIP (Federal Public Revenue Agency) and provincial tax authorities have reviewed the tax returns filed by the Bank related to income tax, minimum presumed income tax and other taxes (mainly turnover tax) for the fiscal years prior to 2005.

The most significant ongoing claims arising from the previous paragraph are detailed below:

a) Afip challenged the income tax returns filed by the former Banco Bansud SA (for the fiscal years since June 30, 1995, through June 30, 1999, and of the irregular six-month period ended December 31, 1999) and by the former Banco Macro SA (for the fiscal years ended since December 31, 1998, through December 31, 2000).

The matter under discussion that has not been resolved as yet and on which the regulatory agency bases its position is the impossibility of deducting credits that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and the Argentine Supreme Court in similar cases, which have issued resolutions that are favorable to the Bank’s position.

b) City of Buenos Aires tax authorities attributed a turnover tax difference to Banco Macro SA for fiscal period 2002, in relation to the treatment of the compensation bond, over which a precautionary measure was issued in 2009 in favor of the Bank.

c) City of Buenos Aires tax authorities attributed a turnover tax difference to former Banco Privado de Inversiones SA for fiscal periods 2002 and 2003. In February 2009, a complaint was filed to challenge the assessment with the Federal Administrative Tax Court, which is pending proceedings. City of Buenos Aires government filed an action for payment and secured a provisional attachment in the amount of 827 (see also Note 8.).

Additionally, there are other appeals filed with the Tax Court, which are not relevant.

- 35 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

20.2. Moreover, as a result of a lawsuit filed in 2007 by consumers’ association “ADECUA” claiming about various aspects related to the collection of the “life insurance” charge for products marketed by former Banco Privado de Inversiones SA, on November 29, 2010, the parties reached a settlement agreement, approved by the Federal Commercial Court in and for the City of Buenos Aires No. 3, clerk’s office No. 5, and complied with by the Bank. However, on March 22, 2013, the judge hearing the case ordered to adjust the performance of the agreement, as regards the reimbursement of the funds to the customers from whom the charge had been collected, a resolution which was appealed by the Bank.

On April 24, 2014, the Court of Appeals dismissed the appeals filed and changed what was resolved in First Instance, ordered the Agreement nullity, to continue with the proceeding and to allow the Bank to answer the complaint. Such resolution was appealed by the Bank.

Additionally, there are other claims filed by consumers’ associations against the Bank, which are not relevant.

The Bank’s Management and its tax and legal advisors believe there are no additional significant effects to those already recognized in the books that may result from the final outcome of such claims.

21. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE FINANCIAL AND CAPITAL SYSTEM AND THE BANK

The international and local macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of the contractions in growth levels, the volatility of financial assets and the foreign exchange market, among other issues, which has been observed with various degrees of intensity over the last few years. In addition, at a local level, there was an increase in the volatility of government and private securities and in interest rates, as well as somewhat significant changes in the prices for other relevant economic variables, such as salary costs, the prices of the main raw materials and the exchange rate. In addition, resolution is currently pending in a claim against the Argentine Government by holders of government securities who did not join the debt restructuring carried out in 2005 and 2010, which has generated consequences in the interest payment service of certain government securities.

Specifically in connection with the Argentine foreign exchange market, as from October 2011, the Federal Government imposed certain restrictions to access to the MUyLC (single and free foreign exchange market). Moreover, during the first quarter of 2014, there was a strong appreciation of foreign currency and a rise in interest rates, both deposit and lending rates.

Lastly, on December 27, 2012, a new Capital Markets Law was enforced (No. 26,831), as enacted by Presidential Decree No. 1023/2013 dated July 29, 2013, and CNV General Resolution No. 622 dated September 5, 2013. As a result of this new regulation, different agents had to make material, operative and business modifications (see also Note 17.1).

Therefore, the Bank’s Management permanently monitors the change of the abovementioned situations in international and local markets, to determine the possible actions to adopt and to identify the possible impacts on its financial situation that may need to be reflected in the financial statements for future periods.

22. RESTRICTION ON EARNINGS DISTRIBUTION

a) According to Central Bank regulations 20% of income for the year plus / minus prior-year adjustments and less accumulated losses as for the prior year-end, if any, should be allocated to the Legal Reserve.

b) As established in the issuance conditions for the instruments representing long term debt mentioned in Note 11.a.1), the Shareholders’ Meeting must set a special reserve for the interest to be paid upon the maturities, taking place in June and December.

c) Under Law No. 25,063, dividends to be distributed in cash or in kind in excess of taxable income accumulated as of the end of the fiscal year immediately preceding the payment or distribution date shall be subject to a 35% income tax withholding as a single and definitive payment. For this purpose, income to be considered in each year will result from adding dividends or earnings from other corporations not computed in the calculation of those earnings in the same tax period(s) to the earnings determined under application of Income Tax Law, and deducting the tax paid for the tax period(s) in which the earnings, or the related proportional amount, being distributed were generated.

- 36 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish – See Note 24)

(Figures stated in thousands of pesos, except for where indicated)

Additionally, from the amendments introduced by Law No. 26,893, distributions of dividends (except for shares) to individuals of the country or foreign individuals or legal entities shall be subject to a 10% income tax.

d) As established by CNV (consolidated text in 2013), the Shareholders’ Meeting considering financial statements with retained earnings should specifically decide how they will be used.

e) Through Communiqué “A” 5485 as supplemented, the Central Bank establishes the general procedure to distribute earnings. According to that procedure, earnings may only be distributed with the Central Bank express authorization, provided there are no records of financial assistance from the Central Bank due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies or there are no sanctions imposed by UIF, weighted to be significant, among other previous conditions listed in the abovementioned communiqué.

Therefore, earnings may only be distributed to the extent that income was booked, after deducting, on a nonaccounting basis, from unappropriated retained earnings and the voluntary reserve for future distribution of earnings, the amounts of the legal and statutory reserves which are mandatory, the positive net difference between the book value and market value or present value reported by the Central Bank, as the case may be, of government debt securities and/or monetary regulation instruments issued by the Central Bank not valued at market value, among other items.

Lastly, the maximum amount to be distributed cannot exceed the excess payments of the required minimum capital considering, solely for this purpose (i) an 75% incremental adjustment to the total requirements, (ii) 100% of the additional capital requirement, established by Communiqué “A” 5694 for financial institution with domestic systemically important banks (D-SIBs), deducting the abovementioned adjustments, among others.

Among other issues, the Regular Shareholders´ Meeting held on April 23, 2015, decided to distribute cash dividends up to the amount of 596,254. Such distribution is pending approval by Central Bank.

23. FINANCIAL STATEMENTS PUBLICATION

Under Communiqué “A” 760, the Central Bank prior intervention is not required for the publication of these financial statements. 

24. ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These financial statements are presented on the basis of the accounting standards set forth by the Central Bank and, except for the effects of the matters mentioned in Note 5., in accordance with argentine professional accounting standards effective in the City of Buenos Aires. Certain accounting practices applied by the Bank may not conform with accounting principles generally accepted in other countries.

Jorge H. Brito

Chairperson

- 37 -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015				12/31/2014		06/30/2015
Name	Market or Present Value		Book balance		Book balance		Position without options (1)		Options	Final position
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings booked at market value
- Local
Discount bonds denominated in pesos at 5.83% - Maturity: 2033				878,174		861,594		809,400			809,400
Federal government bonds in pesos at Badlar + 2% - Maturity: 03-28-2017				451,438		494,833		451,438			451,438
Federal government bonds in pesos at Badlar Private + 2% - Maturity: 2016				368,496		377,042		368,496			368,496
Federal government treasury bonds - Maturity: 2016				350,293				362,052			362,052
Federal government treasury bonds - Maturity: 2016				349,586				349,915			349,915
Federal government bonds in pesos at Badlar Private + 2.50 % - Maturity: 2019				91,842		38,560		85,262			85,262
Federal government bonds in US dollars at 1.75 % - Maturity: 2016				90,393		80,099		90,393			90,393
Federal government bonds in US dollars at 8.75% - Maturity: 2024				80,467				80,467			80,467
Secured bonds in pesos under Presidential Decree No. 1579/02 at 2% - Maturity: 02-04-2018				67,245		54,512		67,368			67,368
Consolidation bonds in pesos - 8° Serie				66,309		65,005		65,892			65,892
Other				188,452		634,764		175,735			175,735
Subtotal holdings booked at market value				2,982,695		2,606,409		2,906,418			2,906,418
Holdings booked at amortized cost
- Local
Federal government bonds in pesos at Badlar Private + 2.50% - Maturity: 2019		163,107		165,758		161,937		163,107			163,107
Argentine saving bond for the economy development in US dollars at 4% - Maturity: 07-27-2016		132,278		137,206		129,184		132,278			132,278
Province of Neuquén guarantee Treasury Bills Class I Series I in pesos - Maturity 05-28-2016		28,641		28,641				28,641			28,641
Province of Entre Ríos Treasury Bills - Maturity: 12-11-2016		25,657		25,427		25,487		25,657			25,657
Province of Mendoza Bills - Maturity: 10-22-2016		4,405		4,405				4,405			4,405
Province of Chaco Treasury Bills - Maturity: 01-22-2015						15,453
Subtotal Holdings booked at amortized cost				361,437		332,061		354,088			354,088

Jorge H. Brito

Chairperson

- 38 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015				12/31/2014		06/30/2015
Name	Market value or Present Value		Book balance		Book balance		Position without options (1)		Options	Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Internal Bills at market value - Own portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-16-2015				700,100				700,100			700,100
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-09-2015				642,028				642,028			642,028
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-26-2015				495,808				495,808			495,808
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-22-2015				481,028				481,028			481,028
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-12-2015				446,368				446,368			446,368
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-29-2015				442,280				442,280			442,280
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-08-2015				436,325				436,325			436,325
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-01-2015				388,325				388,325			388,325
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-05-2015				371,070				371,070			371,070
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-15-2015				367,616				412,205			412,205
Other				279,410		3,288,286		279,410			279,410
Subtotal Central Bank of Argentina Internal Bills at market value - Own Portfolio				5,050,358		3,288,286		5,094,947			5,094,947
Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-16-2015		407,531		407,531
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-16-2015				80,047
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-30-2015				72,147
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-02-2015				68,856
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-22-2015		49,323		49,323
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-05-2015		48,825		48,825
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-23-2015		47,198		47,198
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-29-2015		41,237		41,237
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-30-2015				33,425
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-21-2015				25,011
Other				9,135		36,107
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions				882,735		36,107
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-19-2015				584,353				584,353			584,353
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-02-2015				550,160				550,160			550,160
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-02-2015				539,099				539,099			539,099
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-21-2015				471,884				471,884			471,884
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-30-2015				406,191				406,191			406,191
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-07-2015				373,802				373,802			373,802
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-20-2016				347,049				347,049			347,049
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-23-2015				265,516				265,516			265,516
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 07-15-2015				228,424				228,424			228,424
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 07-08-2015				205,433				205,433			205,433
Other				1,655,847		1,875,583		1,831,062			1,831,062
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own portfolio				5,627,758		1,875,583		5,802,973			5,802,973
Subtotal Instruments issued by the Central Bank of Argentina				11,560,851		5,199,976		10,897,920			10,897,920

Jorge H. Brito

Chairperson

- 39 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015			12/31/2014		06/30/2015
Name	Market value or Present Value	Book balance		Book balance		Position without options (1)		Options	Final  position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			11,560,851		5,199,976		10,897,920			10,897,920
Total Instruments issued by the Central Bank of Argentina			11,560,851		5,199,976		10,897,920			10,897,920
Total Government securities			14,904,983		8,138,446		14,158,426			14,158,426
Investments in listed private securities
Capital Instruments
- Local
YPF SA			275,524		258,458		275,524			275,524
Siderar SAIC			151,905		154,670		151,905			151,905
Petrolera Pampa SA			152,072		99,231		152,072			152,072
Aluar Aluminio Argentino			136,794		124,724		136,794			136,794
Telecom Argentina Stet-France Telecom SA			116,539		87,378		116,539			116,539
Petrobras Energía SA			48,854		30,286		48,854			48,854
Cresud SAIC			12,025		9,169		12,025			12,025
Molinos Rio de la Plata SA			8,979		8,858		8,979			8,979
IRSA Inversiones y Prestaciones SA			3,870		2,886		3,870			3,870
Alto Palermo SA (Apsa)			1,451		995		1,451			1,451
Subtotal Capital Instruments			908,013		776,655		908,013			908,013
Total Investments in listed private securities			908,013		776,655		908,013			908,013
Total government and private Securities			15,812,996		8,915,101		15,066,439			15,066,439
(1) The position without options as of June 30, 2015, results from the following disclosure:
Holdings as of June 30, 2015			15,805,647
Plus: Spot and forward purchase pending settlement			251,453
Less: Deposits of government securities			2,968
Less: spot and forward sales pending settlement			987,693
			15,066,439

Jorge H. Brito

Chairperson

- 40 -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015		12/31/2014
COMMERCIAL
In normal situation		18,520,121		15,197,007
With Senior “A” guarantees and counter-guarantees		1,963,483		1,352,637
With Senior “B” guarantees and counter-guarantees		3,239,962		2,839,846
Without Senior guarantees or counter-guarantees		13,316,676		11,004,524
Subject to special monitoring		49,840		67,494
In observation
With Senior “B” guarantees and counter-guarantees		20,135		31,279
Without Senior guarantees or counter-guarantees		29,705		36,215
Troubled		54,940		86,085
With Senior “B” guarantees and counter-guarantees		31,003		26,506
Without Senior guarantees or counter-guarantees		23,937		59,579
With high risk of insolvency		262,406		244,230
With Senior “A” guarantees and counter-guarantees		2,788		1,206
With Senior “B” guarantees and counter-guarantees		122,992		152,521
Without Senior guarantees or counter-guarantees		136,626		90,503
Irrecoverable		126,757
With Senior “B” guarantees and counter-guarantees		90,400
Without Senior guarantees or counter-guarantees		36,357
Subtotal Commercial		19,014,064		15,594,816

Jorge H. Brito

Chairperson

- 41 -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015	12/31/2014
CONSUMER
Performing	29,547,104	25,765,495
With Senior “A” guarantees and counter-guarantees	530,367	499,578
With Senior “B” guarantees and counter-guarantees	2,257,786	2,110,321
Without Senior guarantees or counter-guarantees	26,758,951	23,155,596
Low risk	387,617	330,910
With Senior “A” guarantees and counter-guarantees	7,655	861
With Senior “B” guarantees and counter-guarantees	29,708	20,298
Without Senior guarantees or counter-guarantees	350,254	309,751
Medium risk	248,566	213,372
With Senior “A” guarantees and counter-guarantees	10
With Senior “B” guarantees and counter-guarantees	7,874	8,581
Without Senior guarantees or counter-guarantees	240,682	204,791
High risk	176,466	186,537
With Senior “A” guarantees and counter-guarantees	1,156	1,595
With Senior “B” guarantees and counter-guarantees	8,337	12,416
Without Senior guarantees or counter-guarantees	166,973	172,526
Irrecoverable	101,954	97,165
With Senior “B” guarantees and counter-guarantees	12,115	7,820
Without Senior guarantees or counter-guarantees	89,839	89,345
Irrecoverable according to Central Bank's rules	240	201
Without Senior guarantees or counter-guarantees	240	201
Subtotal Consumer	30,461,947	26,593,680
Total	49,476,011	42,188,496

Jorge H. Brito

Chairperson

- 42 -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015				12/31/2014
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		3,577,889		7.23		2,051,695		4.86
50 next largest customers		4,212,016		8.51		3,911,770		9.27
100 next largest customers		3,140,775		6.35		2,822,271		6.69
Other customers		38,545,331		77.91		33,402,760		79.18
Total		49,476,011		100.00		42,188,496		100.00

Jorge H. Brito

Chairperson

- 43 -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	Terms remaining to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector		9		44,288		32,629		42,291		9,148		426,682				555,047
Financial sector		2		77,875		12,355		13,028		96,806		13,457		5,825		219,348
Non-financial private sector and foreign residents		596,111		17,905,396		4,866,872		4,530,317		4,876,322		6,932,565		8,994,033		48,701,616
Total		596,122		18,027,559		4,911,856		4,585,636		4,982,276		7,372,704		8,999,858		49,476,011

Jorge H. Brito

Chairperson

- 44 -

EXHIBIT E

DETAIL OF INVESTMENT IN OTHER COMPANIES

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos) 

												Information on the issuer
	06/30/2015									12/31/2014		Data from latest financial statements
Name	Class	Unit face value		Votes per share		Number		Amount		Amount		Main business activity	Year-end date / Period	Capital stock		Shareholders' equity		Income for the year / Period
In financial institutions, supplementary and authorized activities
- Subsidiaries
Local
Banco del Tucumán SA	Common		100		1		395,341		974,909		827,903	Financial institution	06-30-15		43,960		1,084,051		163,459
Macro Securities SA	Common		1		1		12,776,680		115,565		93,423	Brokerage house	06-30-15		12,886		116,901		22,296
Macro Fiducia SA	Common		1		1		6,475,143		15,671		17,812	Services	06-30-15		6,567		15,081		1,609
Macro Fondos SGFCISA	Common		1		1		327,183		7,213		7,488	Mutual funds management	06-30-15		1,713		37,148		26,950
Foreign
Macro Bank Limited	Common		1		1		39,816,899		397,584		376,230	Financial institution	06-30-15		86,501		397,584		21,356
Subtotal subsidiaries									1,510,942		1,322,856
-Non-subsidiaries
Local
Provincanje SA	Common		1		1		600,000		603		603	Processing servicies	12-31-14		7,200		5,813		(1,571	)
Prisma Medio de Pagos (former Visa Argentina SA)	Common		1		1		1,141,503		3,554		3,554	Business services	05-31-14		15,000		356,378		295,046
COEL SA	Common		1		1		86,236		138		138	Financial Services	12-31-14		1,000		3,874		593
ACH SA	Common		1		1		110,500		196		196	Electronic information services	12-31-12		650		266		(105	)
Mercado Abierto Electrónico SA	Common		1,200		1		8		121		121	Electronic market	12-31-14		242		37,385		12,485
Argentina Clearing SA	Common		2,500		1		30		31		31	Services	07-31-14		10,250		96,305		54,025
Garantizar SGR	Common		1		1		10,000		10		10	Mutual guarantee association	12-31-14		19,465		1,439,275		52,204
Foreign
Banco Latinoamericano de Exportaciones SA	Common		10		1		7,303		716		674	Financial institution	12-31-14		2,394,389		7,791,411		914,551
Banco Latinoamericano de Exportaciones SA	Com "E"		1		1		3,729		532		501	Financial institution	12-31-14		2,394,389		7,791,411		914,551
Subtotal non-subsidiaries									5,901		5,828
Total in financial institutions, supplementary and authorized activities									1,516,843		1,328,684
In other companies
- Non-subsidiaries
Local
Other									1,781		1,724
Foreign
SWIFT SA	Common		1		1		5		45		42	Services	12-31-14		2,693,104		3,386,078		301,403
Total in other companies									1,826		1,766
Total (1)									1,518,669		1,330,450

(1) As of June 30, 2015 and December 31, 2014 the Bank booked allowances for impairment in value amounting to 727 and 609, respectively (see Exhibit J).

Jorge H. Brito

Chairperson

- 45 -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	Net book									Depreciation for the period				Net book
Item	value at beginning of fiscal year		Increases		Transfers			Decreases		Years of useful life		Amount		value at end of the period
Bank premises and equipment
Buildings		452,559		104,121		28,076			169		50		10,658		573,929
Furniture and facilities		105,498		28,920		(40	)				10		8,786		125,592
Machinery and equipment		245,151		80,611		52			3		5		46,617		279,194
Vehicles		26,596		8,142		(12	)		655		5		7,776		26,295
Total		829,804		221,794		28,076			827				73,837		1,005,010
Other assets
Works in progress		364,037		166,100		(21,128	)								509,009
Works of art		1,170		28											1,198
Prepayments for the purchase of assets		74,925		43,348											118,273
Foreclosed assets		113,941							1,011		50		907		112,023
Stationery and office supplies		24,512		7,201					7,716						23,997
Other assets		222,328		70,537		(6,948	)		212		50		792		284,913
Total		800,913		287,214		(28,076	)		8,939				1,699		1,049,413

Jorge H. Brito

Chairperson

- 46 -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	Net book						Amortization for the period				Net book
Item	value at beginning of fiscal year		Increases		Decreases		Years of useful life		Amount		value at end of the period
Goodwill (a)		44,736						10		7,026		37,710
Organization and development costs (b)		344,667		87,257		37		5		66,050		365,837
Total		389,403		87,257		37				73,076		403,547

(a)	Related to the difference between the total price of the transaction and the value by the equity method of Banco del Tucumán SA, former Nuevo Banco Bisel SA and former Banco Privado de Inversiones SA acquisitions.
(b)	Includes the cost of information technology projects hired from independent parties and leasehold improvements.

Jorge H. Brito

Chairperson

- 47 -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	06/30/2015				12/31/2014
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		7,061,189		12.46		5,099,796		10.58
50 next largest customers		4,043,999		7.14		4,685,951		9.72
100 next largest customers		2,428,747		4.29		2,594,395		5.38
Other customers		43,138,684		76.11		35,834,281		74.32
Total		56,672,619		100.00		48,214,423		100.00

Jorge H. Brito

Chairperson

- 48 -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	Terms remaining to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		45,850,651		8,475,505		2,203,807		138,405		1,645		2,606		56,672,619
Other liabilities from financial intermediation
Central Bank of Argentina		5,898		1,042		1,542		3,202		2,800		211		14,695
International Banks and Institutions		24,439		72,458		16,219								113,116
Non-subordinated corporate bonds				34,011						966,758				1,000,769
Financing received from Argentine financial institutions		4,551		2,687		4,060		8,235		16,994		16,329		52,856
Other		3,480,361		168,642		1,816		1,672				88,862		3,741,353
		3,515,249		278,840		23,637		13,109		986,552		105,402		4,922,789
Subordinated corporate bonds						4,430						1,362,975		1,367,405
Total		49,365,900		8,754,345		2,231,874		151,514		988,197		1,470,983		62,962,813

Jorge H. Brito

Chairperson

- 49 -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

	Balances at beginning of		Increases		Decreases				Balances at end of the
Breakdown	fiscal year		(1)		Charge off		Reversals		period
ALLOWANCES
Loans
For uncollectibility risk and impairment in value		1,083,760		495,334		331,771		5,638		1,241,685
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		231,346		1,094		2,308		997		229,135
Receivables from financial leases
For uncollectibility risk		4,456		718		34		25		5,115
Investments in other companies
For impairment in value		609		118						727
Other receivables
For uncollectibility risk		5,180		1,724		2,746		9		4,149
Total allowances		1,325,351		498,988		336,859		6,669		1,480,811
PROVISIONS
Contingent commitments		2,264		1,223				6		3,481
For other contingencies		109,786		62,688		15,332		4		157,138
Difference from court deposits dollarization		18,363		1,148						19,511
Administrative, disciplinary and criminal sanctions				14,152		2,400				11,752
Total Provisions		130,413		79,211		17,732		10		191,882

(1) See Notes 3.5.f). and 3.5.m).

Jorge H. Brito

Chairperson

- 50 -

EXHIBIT K

CAPITAL STRUCTURE

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

Shares					Capital stock (1)
			Votes per			Issued
Class	Stock number		share			Outstanding		Paid in
Registered common stock A		11,235,670		5			11,236		11,236
Registered common stock B		573,327,358		1			573,327		573,327
Total		584,563,028					584,563		584,563

(1) See Note 10.

Jorge H. Brito

Chairperson

- 51 -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

			06/30/2015													12/31/2014
	Total Parent			Total per currency
	company and local					Pound		Swiss
Items	branches			US dollar		sterling		franc		Yen		Euro		Other		Total
ASSETS
Cash		2,855,748			2,773,482		4,186		885		1,674		61,121		14,400		4,731,883
Government and private securities		2,146,982			2,146,982												803,954
Loans		3,000,221			3,000,221												1,873,167
Other receivables from financial intermediation		400,316			399,764								4		548		259,626
Investments in other companies		398,877			398,877												377,447
Other receivables		84,666			84,666												81,242
Items pending allocation		3,014			3,013		1										3,107
Total		8,889,824			8,807,005		4,187		885		1,674		61,125		14,948		8,130,426
LIABILITIES
Deposits		2,985,079			2,985,079												2,998,040
Other liabilities from financial intermediation		1,929,824			1,893,428		183		167				35,439		607		1,632,907
Other liabilities		3,271			3,271												3,079
Subordinated corporate bonds		1,367,405			1,367,405												1,287,317
Items pending allocation		790			585		8		3				135		59		4
Total		6,286,369			6,249,768		191		170				35,574		666		5,921,347
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		1,308,895			1,308,895												1,191,573
Control		1,682,759			1,599,710								83,049				1,483,902
Derivatives		9,307			9,307												8,759
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		970,601			961,881								8,720				246,643
Control		100			100												130

Jorge H. Brito

Chairperson

- 52 -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

Item	06/30/2015 (1)		12/31/2014 (1)
Loans
Overdrafts		12,140		20,685
Without Senior guarantees or counter-guarantees		12,140		20,685
Documents		43,752
With Senior “A” guarantees and counter-guarantees		13,031
Without Senior guarantees or counter-guarantees		30,721
Mortgage and pledge		5,516		7,588
With Senior “B” guarantees and counter-guarantees		5,300		7,122
Without Senior guarantees or counter-guarantees		216		466
Personal		864		614
Without Senior guarantees or counter-guarantees		864		614
Credit cards		21,077		8,939
Without Senior guarantees or counter-guarantees		21,077		8,939
Other		209,280		199,258
Without Senior guarantees or counter-guarantees		209,280		199,258
Total loans		292,629		237,084
Other receivables from financial intermediation		25,114		12,929
Receivables from financial leases and other		10,997		10,692
Contingent Commitments		1,742		3,724
Investments in other companies		1,511,417		1,323,331
Total		1,841,899		1,587,760
Provisions		3,737		3,057

(1) As of June 30, 2015 and December 31, 2014 all debtors are classified in performing situation.

Jorge H. Brito

Chairperson 

- 53 -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish - See Note 24)

(Figures stated in thousands of pesos)

Originally

Weighted daily

Purpose of the

agreed

Residual

average term of

Type of

transactions

Underlying

Type of

Negotiation environment

weighted

weighted

settlement of

contract

performed

asset

settlement

or counter-party

average term

average term

differences

Amount

Options

Intermediation - own account

Other

With delivery of underlying asset

Over The Counter - Residents in Argentina - Non-financial sector

25

13

135,338

Repo transactions

Intermediation- own account

Federal government securities

With delivery of underlying asset

MAE (over-the-counter electronic market)

1

1

976,168

Futures

Intermediation - own account

Foreign currency

Daily settlement of differences

MAE (over-the-counter electronic market)

11

8

1

314,581

Forward

Intermediation - own account

Foreign currency

Maturity settlement of differences

Over The Counter - Residents in Argentina - Non-financial sector

12

9

30

209,725

Jorge H. Brito

Chairperson

- 54 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2015			12/31/2014
ASSETS
A.	CASH
	Cash on hand		3,337,383			4,703,574
	Due from banks and correspondents
	Central Bank of Argentina		6,185,669			9,459,016
	Local Other		19,147			17,921
	Foreign		1,690,128			1,253,156
	Other		568			535
			11,232,895			15,434,202
B.	GOVERNMENT AND PRIVATE SECURITIES
	Holdings booked at market value		4,074,393			3,469,616
	Holdings booked at amortized cost		364,799			336,302
	Instruments issued by the Central Bank of Argentina		12,989,450			5,729,925
	Investments in listed private securities		908,013			776,655
			18,336,655			10,312,498
C.	LOANS
	To the non-financial government sector		525,822			604,417
	To the financial sector
	Interfinancing - (granted call)		613,900			105,000
	Other financing to Argentine financial institutions		68,519			107,657
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		643			1,210
	To the non-financial private sector and foreign residents
	Overdrafts		4,458,434			3,385,551
	Documents		5,251,613			4,627,375
	Mortgage loans		2,639,649			2,466,073
	Pledge loans		2,230,149			1,857,121
	Personal loans		18,890,429			16,120,921
	Credit cards		10,423,825			9,189,482
	Other		6,755,475			5,835,233
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		874,243			831,683
	less: Unearned discount		(177,500	)		(205,384	)
	less: Allowances (Note 4.)		(1,355,253	)		(1,186,044	)
			51,199,948			43,740,295

Jorge H. Brito

Chairperson 

- 55 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2015			12/31/2014
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		1,017,335			810,922
	Amounts receivable from spot and forward sales pending settlement		1,253,372			275,223
	Securities and foreign currency receivables from spot and forward purchases pending settlement		308,036			50,246
	Unlisted corporate bonds		250,314			463,816
	Receivables from forward transactions without delivery of underlying asset		12,950			136,613
	Other receivables not covered by debtors classification standards		493,887			501,417
	Other receivables covered by debtors classification standards		344,964			345,953
	Accrued interest receivables covered by debtors classification standards		239			673
	less:  Allowances (Note 4.)		(235,837	)		(235,755	)
			3,445,260			2,349,108
E.	RECEIVABLES FROM FINANCIAL LEASES
	Receivables from financial leases		416,451			383,668
	Accrued interest and adjustments		5,605			5,202
	less: Allowances (Note 4.)		(5,138	)		(4,459	)
			416,918			384,411
F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		1,246			1,176
	Other		11,631			11,561
	less: Allowances (Note 4.)		(1,764	)		(1,506	)
			11,113			11,231
G.	OTHER RECEIVABLES
	Receivables from sale of assets		2,594			2,804
	Other		750,159			607,819
	Accrued interest and adjustments receivable on from sale of assets		126			160
	Other accrued interest and adjustments receivable					14
	less: Allowances (Note 4.)		(4,328	)		(5,383	)
			748,551			605,414
H.	BANK PREMISES AND EQUIPMENT, NET		1,108,480			925,427
I.	OTHER ASSETS		1,073,985			808,239
J.	INTANGIBLE ASSETS
	Goodwill		37,710			44,736
	Organization and development costs		391,940			364,414
			429,650			409,150
K.	ITEMS PENDING ALLOCATION		9,388			15,659
TOTAL ASSETS			88,012,843			74,995,634

Jorge H. Brito

Chairperson

- 56 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2015		12/31/2014
LIABILITIES
L.	DEPOSITS
	From the non-financial government sector		9,223,958		8,570,055
	From the financial sector		28,941		38,683
	From the non-financial private sector and foreign residents
	Checking accounts		12,831,044		11,896,322
	Savings accounts		13,157,804		11,013,878
	Time deposits		27,228,257		21,510,754
	Investment accounts		329,513		190,503
	Other		1,269,823		1,137,750
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		505,778		358,609
			64,575,118		54,716,554
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		15,494		16,959
	International Banks and Institutions		112,380		87,858
	Non-subordinated Corporate Bonds		966,758		909,890
	Amounts payable for spot and forward purchases pending settlement		345,184		122,466
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,320,757		235,574
	Financing received from Argentine financial institutions
	Interfinancing (received call)		2,918
	Other financing received from Argentine financial institutions		17,858		20,489
	Accrued interest payable		1
	Other		3,920,764		3,898,070
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		66,826		65,406
			6,768,940		5,356,712
N.	OTHER LIABILITIES
	Dividends Payable		596,254
	Fees		1,323		12,196
	Other		1,544,132		1,859,148
			2,141,709		1,871,344
O.	PROVISIONS (Note 4.)		235,820		171,923
P.	SUBORDINATED CORPORATE BONDS		1,367,405		1,287,317
Q.	ITEMS PENDING ALLOCATION		9,829		6,966
	MINORITY INTERESTS IN SUBSIDIARIES		109,443		93,001
	TOTAL LIABILITIES		75,208,264		63,503,817
	SHAREHOLDERS' EQUITY		12,804,579		11,491,817
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			88,012,843		74,995,634

Jorge H. Brito

Chairperson

- 57 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2015		12/31/2014
MEMORANDUM ACCOUNTS
	DEBIT-BALANCE ACCOUNTS		114,615,509		99,719,828
	Contingent		15,822,803		13,422,838
	Guarantees received		14,583,091		12,934,170
	Other not covered by debtors classification standards		82		126
	Contingent debit-balance contra accounts		1,239,630		488,542
	Control		97,765,983		80,804,064
	Receivables classified as irrecoverable		1,601,108		1,386,465
	Other		95,210,967		78,789,541
	Control debit-balance contra accounts		953,908		628,058
	Derivatives		659,644		5,125,002
	Notional value of put options taken		9,307		8,759
	Notional value of forward transactions without delivery of underlying asset		262,153		2,432,466
	Derivatives debit-balance contra accounts		388,184		2,683,777
	Trust activity		367,079		367,924
	Trust funds		367,079		367,924
	CREDIT-BALANCE ACCOUNTS		114,615,509		99,719,828
	Contingent		15,822,803		13,422,838
	Other guarantees provided covered by debtors classification standards		131,034		112,092
	Other guarantees provided not covered by debtors classification standards		140,004		145,861
	Other covered by debtors classification standards		930,544		219,559
	Other not covered by debtors classification standards		38,048		11,030
	Contingent credit-balance contra accounts		14,583,173		12,934,296
	Control		97,765,983		80,804,064
	Checks to be credited		953,908		628,058
	Control credit-balance contra accounts		96,812,075		80,176,006
	Derivatives		659,644		5,125,002
	Notional value of  call options sold		126,031		114,479
	Notional value of forward transactions without delivery of underlying asset		262,153		2,569,298
	Derivatives credit-balance contra account		271,460		2,441,225
	Trust activity		367,079		367,924
	Trust activity credit-balance contra accounts		367,079		367,924

The accompanying Notes 1 through 7 to the consolidated financial statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco Macro SA and should be read together with them.

Jorge H. Brito

Chairperson

- 58 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2015		06/30/2014
A.	FINANCIAL INCOME
	Interest on cash and due from banks		71		63
	Interest on loans to the financial sector		42,163		41,667
	Interest on overdrafts		659,454		703,895
	Interest on documents		508,739		492,010
	Interest on mortgage loans		244,879		239,187
	Interest on pledge loans		178,267		126,706
	Interest on credit card loans		1,271,055		874,409
	Interest on financial leases		38,128		40,026
	Interest on other loans		3,933,358		2,962,092
	Net income from government and private securities		1,588,786		838,203
	Interest on other receivables from financial intermediation		2,387		1,610
	Income from guaranteed loans - Presidential Decree No. 1,387/01		12,153		26,594
	CER (Benchmark Stabilization Coefficient) adjustment		10,457		56,462
	CVS (Salary Variation Coefficient) adjustment		134		431
	Difference in quoted prices of gold and foreign currency		162,774		713,996
	Other		94,464		269,694
			8,747,269		7,387,045
B.	FINANCIAL EXPENSE
	Interest on checking accounts				301
	Interest on savings accounts		29,582		23,219
	Interest on time deposits		2,959,504		2,541,948
	Interest on interfinancing received loans (received call)		4,498		35
	Interest on other financing from financial institutions		41		12
	Interest on other liabilities from financial intermediation		45,492		45,350
	Interest on subordinated bonds		64,413		58,332
	Other interest		1,354		1,603
	CER adjustment		2,568		5,975
	Contribution to Deposit Guarantee Fund		193,159		39,179
	Other		634,924		485,485
			3,935,535		3,201,439
	GROSS INTERMEDIATION MARGIN - GAIN		4,811,734		4,185,606
C.	PROVISION FOR LOAN LOSSES		419,001		299,040
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		56,459		37,421
	Related to deposits		1,646,028		1,300,203
	Other commissions		53,314		34,558
	Other		1,010,744		760,208
			2,766,545		2,132,390

Jorge H. Brito

Chairperson

- 59 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2015			06/30/2014
E.	SERVICE-CHARGE EXPENSE
	Commissions		179,894			129,046
	Other		543,997			421,075
			723,891			550,121
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		1,996,968			1,440,819
	Directors' and statutory auditors' fees		94,917			129,949
	Other professional fees		100,254			88,846
	Advertising and publicity		66,651			47,804
	Taxes		194,201			151,036
	Depreciation of bank premises and equipment		81,325			62,337
	Amortization of organization costs		71,236			57,363
	Other operating expenses		460,853			370,913
	Other		259,668			187,777
			3,326,073			2,536,844
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		3,109,314			2,931,991
G.	OTHER INCOME
	Income from long-term investments		3,871			11,128
	Penalty interest		34,984			26,932
	Recovered loans and allowances reversed		55,298			53,439
	CER adjustment		20			69
	Others		96,954			72,913
			191,127			164,481
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		24			1,443
	Charges for other receivables uncollectibility and other allowances		69,239			26,908
	Depreciation and loss of other assets		1,846			1,526
	Goodwill amortization		7,026			7,026
	Other		129,459			46,650
			207,594			83,553
	MINORITY INTEREST IN SUBSIDIARIES		(16,497	)		(12,142	)
	NET INCOME BEFORE INCOME TAX - GAIN		3,076,350			3,000,777
I.	INCOME TAX		1,139,432			1,081,837
	NET INCOME FOR THE PERIOD- GAIN		1,936,918			1,918,940

The accompanying Notes 1 through 7 to the consolidated financial statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco Macro SA and should be read together with them.

Jorge H. Brito

Chairperson

- 60 -

CONSOLIDATED STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2015			06/30/2014
CHANGES IN CASH AND CASH EQUIVALENTS  (Note 1.5.)
Cash at the beginning of the fiscal year		18,193,305			13,512,271
Cash at the end of the period		14,180,150			13,090,005
Net decrease in cash		(4,013,155	)		(422,266	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments) for:
Government and private securities		(5,563,667	)		(6,445,379	)
Loans
To the financial sector		(427,032	)		(397,779	)
To the non-financial government sector		101,039			49,813
To the non-financial private sector and foreign residents		(85,299	)		4,692,326
Other receivables from financial intermediation		(784,923	)		(2,621,790	)
Receivables from financial leases		4,996			48,978
Deposits
From the financial sector		(9,742	)		645
From the non-financial government sector		305,033			2,265,120
From the non-financial private sector and foreign residents		6,380,118			2,979,907
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(1,580	)		(131	)
Others (except liabilities included under financing activities)		249,331			597,786
Collections related to service-charge income		2,766,891			2,125,500
Payments related to service-charge expenses		(714,951	)		(536,966	)
Administrative expenses paid		(3,216,005	)		(2,484,205	)
Payment of organization and development costs		(98,761	)		(93,097	)
Net collections from penalty interest		34,977			26,931
Differences from payments related to court orders		(3,020	)		(1,785	)
Collections of dividends from other companies		269			3,596
Other collections related to other income and losses		33,763			67,422
Net payments from other operating activities		(1,328,215	)		(1,023,675	)
Payment of income tax		(1,389,187	)		(988,410	)
Net cash flows used in operating activities		(3,745,965	)		(1,735,193	)

Jorge H. Brito

Chairperson

- 61 -

CONSOLIDATED STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2015 AND 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2015			06/30/2014
Investing activities
Net payments for bank premises and equipment		(239,760	)		(134,617	)
Net payments for other assets		(292,719	)		(140,786	)
Net cash flows used in investing activities		(532,479	)		(275,403	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(39,108	)		(36,255	)
Central Bank of Argentina:
Other		(1,926	)		103
International Banks and Institutions		22,269			84,861
Subordinated corporate bonds		(66,175	)		(59,460	)
Financing received from Argentine financial institutions		(2,672	)		(1,711	)
Net cash flows used in financing activities		(87,612	)		(12,462	)
Financial income and holding gains on cash and cash equivalents		352,901			1,600,792
Net decrease in cash		(4,013,155	)		(422,266	)

The accompanying Notes 1 through 7 to the consolidated financial statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco Macro SA and should be read together with them.

Jorge H. Brito

Chairperson

- 62 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2015		12/31/2014
COMMERCIAL
In normal situation		19,726,552		15,912,318
With Senior “A” guarantees and counter-guarantees		1,963,483		1,356,411
With Senior “B” guarantees and counter-guarantees		3,347,567		2,926,586
Without Senior guarantees or counter-guarantees		14,415,502		11,629,321
Subject to special monitoring		49,841		67,494
In observation
With Senior “B” guarantees and counter-guarantees		20,135		31,279
Without Senior guarantees or counter-guarantees		29,706		36,215
Troubled		62,453		86,085
With Senior “B” guarantees and counter-guarantees		31,804		26,506
Without Senior guarantees or counter-guarantees		30,649		59,579
With high risk of insolvency		262,406		244,230
With Senior “A” guarantees and counter-guarantees		2,788		1,206
With Senior “B” guarantees and counter-guarantees		122,992		152,521
Without Senior guarantees or counter-guarantees		136,626		90,503
Irrecoverable		126,757
With Senior “B” guarantees and counter-guarantees		90,400
Without Senior guarantees or counter-guarantees		36,357
Subtotal Commercial		20,228,009		16,310,127

Jorge H. Brito

Chairperson

- 63 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2015		12/31/2014
CONSUMER
Performing		33,395,453		29,235,948
With Senior “A” guarantees and counter-guarantees		533,234		502,532
With Senior “B” guarantees and counter-guarantees		2,344,254		2,191,291
Without Senior guarantees or counter-guarantees		30,517,965		26,542,125
Low risk		416,656		354,005
With Senior “A” guarantees and counter-guarantees		7,655		861
With Senior “B” guarantees and counter-guarantees		30,562		21,543
Without Senior guarantees or counter-guarantees		378,439		331,601
Medium risk		276,530		241,046
With Senior “A” guarantees and counter-guarantees		10
With Senior “B” guarantees and counter-guarantees		8,193		8,764
Without Senior guarantees or counter-guarantees		268,327		232,282
High risk		211,593		216,629
With Senior “A” guarantees and counter-guarantees		1,156		1,595
With Senior “B” guarantees and counter-guarantees		8,582		13,546
Without Senior guarantees or counter-guarantees		201,855		201,488
Irrecoverable		108,591		102,307
With Senior “B” guarantees and counter-guarantees		14,664		9,218
Without Senior guarantees or counter-guarantees		93,927		93,089
Irrecoverable according to Central Bank's rules		240		204
Without Senior guarantees or counter-guarantees		240		204
Subtotal Consumer		34,409,063		30,150,139
Total		54,637,072		46,460,266

The accompanying Notes 1 through 7 to the consolidated financial statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco Macro SA and should be read together with them.

Jorge H. Brito

Chairperson

- 64 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

1. SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

1.1. Valuation and disclosure criteria:

According to the procedures provided by Central Bank rules - Communiqué “A” 2227, as supplemented - and FACPCE TR No. 21, the Bank has consolidated line-by-line (i) its balance sheets as of June 30, 2015 and December 31, 2014 and (ii) the statements of income and cash flows for the six-month periods ended June 30, 2015 and 2014, with the financial statements of the subsidiaries listed in Note 1.2., as of each respective date.

The financial statements of the Bank’s subsidiaries have been prepared based on methods similar to those applied by the Bank to prepare its own financial statements, with respect to assets and liabilities valuation and disclosure, income (loss) measurement and restatement procedures, as explained in Note 3. to the Bank’s stand-alone financial statements.

The receivables/payables and transactions between the companies were eliminated in the consolidation process.

1.2. List of subsidiaries:

The table below shows the equity interests that Banco Macro SA holds in subsidiaries (percentage of equity interest and votes held directly or indirectly as of June 30, 2015):

	Banco Macro SA’s direct equity interest									Banco Macro SA’s direct and indirect equity interest
	Shares			Percentage of						Percentage of
Company	Type	Number		Capital stock			Possible votes			Capital stock			Possible votes
Banco del Tucumán SA	Common		395,341		89.932	%		89.932	%		89.932	%		89.932	%
Macro Bank Limited (a)	Common		39,816,899		99.999	%		99.999	%		99.999	%		100.00	%
Macro Securities SA (b) and (c)	Common		12,776,680		99.154	%		99.154	%		99.921	%		99.932	%
Macro Fiducia SA	Common		6,475,143		98.605	%		98.605	%		98.605	%		98.605	%
Macro Fondos SGFCISA	Common		327,183		19.100	%		19.100	%		99.936	%		100.00	%

(a) Consolidated with Sud Asesores (ROU) SA (voting rights: 100%, equity interest: 2,207).

(b) Consolidated with Macro Fondos SGFCISA (percentage of capital stock and votes 80.90%).

(c) The indirect equity interest of Banco Macro SA comes from Macro Fiducia SA.

1.3. Methods of incorporating foreign subsidiaries:

The financial statements of Macro Bank Limited were adapted to Central Bank rules. Also, as they are originally stated in US dollars, they were translated into pesos following the procedures indicated below:

a) Assets and liabilities were converted at the reference exchange rate at the closing of transactions on the last business day as of June 30, 2015 and December 31, 2014.

b) Figures related to the owners’ contributions (capital stock, additional paid-in capital and irrevocable capital contributions) were translated applying the effective exchange rates as of the date on which such contributions were paid in.

c) Retained earnings were estimated by the difference between assets, liabilities and owners’ contributions, translated into pesos, as indicated above.

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

d) The amounts of the accounts in the statements of income for the six-month periods ended June 30, 2015 and 2014, were converted into pesos, as described in a). In both cases, the difference between the sum of the amounts thus obtained and lump-sum income (loss) for each period (difference between retained earnings at beginning of fiscal year and retained earnings at period) was recorded in “Other income – Income from long-term investments” and “Financial income – Difference in quoted prices of gold and foreign currency” or “Financial expense – Difference in quoted prices of gold and foreign currency”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

The main figures included in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU) SA) as of June 30, 2015, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		248,644		2,259,305
Liabilities		204,888		1,861,719
Shareholders’ equity		43,756		397,586

1.4. The table below shows total assets, liabilities, shareholders’ equity and income (loss) of Banco Macro SA and each of its subsidiaries as of June 30, 2015:

	Banco Macro SA		Banco del Tucumán SA		Macro Bank Limited (1)		Other subsidiaries (2)		Eliminations		Banco Macro SA (consolidated)
Assets		79,295,556		7,815,688		2,259,305		202,802		1,560,508		88,012,843
Liabilities		66,490,977		6,731,637		1,861,719		70,362		53,569		75,208,264
Shareholders’ equity		12,804,579		1,084,051		397,586		132,440		1,614,077		12,804,579
Income		1,936,918		163,459		21,356		24,114		208,929		1,936,918

(1) Figures related to Macro Bank Limited consolidated with Sud Asesores (ROU) SA.

(2) Figures related to the subsidiaries Macro Securities SA, (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión SA) and Macro Fiducia SA.

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

1.5. Statement of cash flows and cash equivalents

The Bank and its subsidiaries consider “Cash and cash equivalents” to be the Cash account and Government and investments which mature less than three months since their date of acquisition/constitution, Below is a breakdown of the reconciliation of the “Cash” item in the consolidated statement of cash flows with the related consolidated balance sheets accounts:

	06/30/2015		12/31/2014		06/30/2014
Cash		11,232,895		15,434,202		9,992,996
Government and private securities
Holdings booked at market value		490,670		769,679		1,179,235
Instruments issued by the Central Bank		2,265,678		1,809,774		1,917,774
Other receivables for financial intermediation
Other covered by debtor classification standards		190,907		179,650
Cash and cash equivalents		14,180,150		18,193,305		13,090,005

2. RESTRICTED ASSETS

In addition, to the assets broken down in Note 8. to the stand-alone financial statements, certain assets are restricted as follows:

Item	06/30/2015		12/31/2014
2.1.   Banco del Tucumán SA:
Government and Private securities
• Secured bonds in pesos under Presidential Decree No. 1579/2002, maturity 2018, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013		7,370		8,284
Subtotal Government and Private securities		7,370		8,284
Other receivables from financial intermediation
• Special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar entities		123,571		115,291
Subtotal other receivables from financial intermediation		123,571		115,291
Other receivables
• Deposits mainly provided in guarantee for the credit card transaction and related to court deposits.		15,563		11,202
Subtotal other receivables		15,563		11,202
Total		146,504		134,777

- 67 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

Item	06/30/2015		12/31/2014
2.2.   Macro Securities SA:
Other receivables from financial intermediation
· Share of interest of the mutual fund Pionero Renta for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013		9,494		8,446
Subtotal other receivables from financial intermediation		9,494		8,446
Investments in other companies
• Other		1,453		1,453
Subtotal investments in other companies		1,453		1,453
Total		10,947		9,899
2.3.   Macro Fiducia SA:
Government and private securities
· Federal secured bonds maturing 2018 for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013		3,377		4,421
Total		3,377		4,421

3. TRANSACTIONS WITH RELATED PARTIES

In relation to the transactions performed by the Bank’s subsidiaries with parties related to Macro Group, as part of the ordinary course of business, and in addition to those described in Note 9. to the stand-alone financial statements, the consolidated financial statements as of June 30, 2015 and December 31, 2014, include assets amounted to 42,312 and 28,034, generated by Loans and other receivables from financial intermediation; liabilities amounted to 915,451 and 800,135 generated by Deposits; and memorandum accounts amounted to 1,188,880 and 1,272,193, mainly generated by Items in custody, respectively.

Additionally, as of June 30, 2015 and 2014, net income generated by those transactions amounted to 4,461 and 2,871, respectively.

Lastly, the balances as of those dates for transactions between Macro Group companies amounted to 582 and 527, respectively. Net income from those transactions for the six-month period ended June 30, 2015 and 2014 amount to 2 and 3, respectively. Both balances and income were eliminated in the consolidation process.

- 68 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

4. CHANGES IN ALLOWANCES AND PROVISIONS

The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of June 30, 2015:

	Balances at
	beginning								Balances at
	of fiscal				Decreases				end of the
Breakdown	year		Increases		Charge off		Reversals		period
Allowances
For loans		1,186,044		524,832		349,152		6,471		1,355,253
For other receivables from financial intermediation		235,755		4,472		2,317		2,073		235,837
For receivables from financial leases		4,459		738		34		25		5,138
For interests in other companies		1,506		258						1,764
For other receivables		5,383		1,751		2,746		60		4,328
Total		1,433,147		532,051		354,249		8,629		1,602,320
For contingent commitments		2,264		1,223				6		3,481
For other contingencies		138,604		64,654		15,828		4		187,426
For differences from court deposits dollarization		31,055		2,106						33,161
For administrative, disciplinary and criminal sanctions				14,152		2,400				11,752
Total		171,923		82,135		18,228		10		235,820

5. DERIVATIVE FINANCIAL INSTRUMENTS

Below is a breakdown of the volumes, in absolute values, by type of derivative financial instrument involved in the transactions between the Bank and its subsidiaries, which are effective as of June 30, 2015 and December 31, 2014:

Type of contract / underlying asset	06/30/2015		12/31/2014
Futures / foreign currency		314,581		3,107,509
Repo transactions / Federal Government Securities		1,246,276		176,522
Forward contracts / foreign currency		209,725		1,894,255
Options / Other		135,338		123,238

Additionally, positions of transactions effective as of June 30, 2015 and December 31, 2014 are as follows:

Transaction	06/30/2015			12/31/2014
Net position of repurchase agreements		(1,246,276	)		(176,522	)
Net asset position of forward transactions without delivery of the underlying asset					(136,832	)
Position of put options taken		9,307			8,759
Position of call options sold		(126,031	)		(114,479	)

- 69 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

6. PORTFOLIO MANAGEMENT

In addition to what was mentioned in Note 13. to the Bank’s stand-alone financial statements, as of June 30, 2015 and December 31, 2014, Banco del Tucumán SA manages the following portfolios:

	Managed portfolio as of
Item	06/30/2015		12/31/2014
• On December 31, 2008, Banco del Tucumán SA and Macro Fiducia SA entered into a management and custody agreement regarding the “BATUC 1” trust loan portfolio.		15,845		15,910
• Other managed portfolios.		26,568		22,929
Total		42,413		38,839

7. TRUST AGREEMENTS

In addition to what was mentioned in Note 16. to the Bank’s stand-alone financial statements, the subsidiaries have the following trust agreements as of June 30, 2015 and December 31, 2014:

7.1. Financial trusts for investment purposes

Financial trust	06/30/2015		12/31/2014
Certificates of participation		5,762		8,981
Debt securities				2,843
Total		5,762		11,824

7.2. Trusts created using financial assets transferred by the Bank’s subsidiaries.

In addition to what has been mentioned in Note 16.2., to the stand-alone financial statements, which includes the trusts created with financial assets transferred by Banco Macro SA, subsidiary Banco del Tucumán SA transferred financial assets (loans) to trusts for the purpose of issuing and selling securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way, the funds originally used to finance loans are recovered earlier, increasing the entities lending capacity.

As of June 30, 2015 and December 31, 2014, considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed by the trustors of these types of trusts amount to 182 and 150, respectively.

7.3. Trusts in which the Bank’s subsidiaries act as trustees (administration).

As mentioned in Note 16.4. to the stand-alone financial statements, and in addition to those included in that Note, in these trusts the Bank, through Macro Fiducia SA (subsidiary) only carries out administrative duties regarding the corpus assets, in accordance with the agreements.

- 70 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

As of June 30, 2015 and December 31, 2014, considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed through Macro Fiducia SA (subsidiary) of these types of trusts amount to 343,248 and 318,961, respectively.

Jorge H. Brito

Chairperson

- 71 -

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: August 19, 2015

MACRO BANK INC.
By:	/s/ Luis Cerolini
Name: Luis Cerolini
Title: Director