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

September 26, 2016

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, 2016,

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, 2016, 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 of Directors in connection with the financial statements

2. The Bank’s Management and Board of Directors are responsible for the preparation and 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. We draw attention to note 5 to the accompanying stand-alone financial statements describing and quantifying the main differences in measurement criteria resulting from comparing BCRA accounting standards used in preparing the accompanying financial statements and the Argentine professional accounting standards effective in Buenos Aires City. This issue does not modify the conclusion expressed in paragraph 4, but the differences identified should be taken into account by those using the abovementioned professional accounting standards to interpret the accompanying financial statements.

6. As further explained in note 24. the accounting standards established by the BCRA which were used by the Bank to prepare the accompanying financial statements and the Argentine professional accounting standards mentioned in the preceding paragraph 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 General Associations Law provisions and the CNV (Argentine Securities Commission) regulations.

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

c) As of June 30, 2016, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 89,066,848, none of which was due as of that date.

d) As of June 30, 2016, as stated in note 17.1. to the accompanying stand-alone financial statements, the Bank carries shareholder´s equity and offsetting eligible assets that exceed the minimum amounts required by applicable CNV regulations for these items.

City of Buenos Aires,

August 9, 2016

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, 2016

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 75 dated 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, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

		06/30/2016			12/31/2015
ASSETS
A.	CASH
	Cash on hand		3,152,022			4,785,578
	Due from banks and correspondents
	Central Bank of Argentina		11,632,660			11,255,835
	Local Other		27,970			16,683
	Foreign		835,992			1,064,995
	Other		933			813
			15,649,577			17,123,904
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings booked at market value		3,172,954			3,201,631
	Holdings booked at amortized cost		1,688,773			1,003,293
	Instruments issued by the Central Bank of Argentina		15,468,699			7,584,005
	Investments in listed private securities		1,284,089			1,127,399
			21,614,515			12,916,328
C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		969,941			747,994
	To the financial sector
	Interfinancing (granted call)		265,000
	Other financing to Argentine Financial Institutions		569,611			67,010
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		30,075			181
	To the non-financial private sector and foreign residents
	Overdrafts		7,681,592			4,532,208
	Documents		7,316,084			6,460,989
	Mortgage loans		3,010,094			3,316,169
	Pledge loans		1,704,822			2,083,730
	Personal loans		21,576,846			19,522,734
	Credit cards		14,847,539			13,747,252
	Other (Note 7.1.)		7,842,420			6,980,773
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		1,158,771			1,066,409
	less:  Unearned discount		(288,775	)		(344,887	)
	less:  Allowances (Exhibit J)		(1,553,092	)		(1,355,295	)
			65,130,928			56,825,267

- 1 - Jorge H. Brito Chairperson

BALANCE SHEETS

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

		06/30/2016			12/31/2015
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		1,762,844			1,431,811
	Amounts receivable from spot and forward sales pending settlement		4,060,090			42,516
	Securities and foreign currency receivables from spot and forward purchases pending settlement (Exhibit O)		261,866			119,752
	Unlisted corporate bonds (Exhibits B, C and D)		231,868			444,127
	Receivables from forward transactions without delivery of underlying assets		498
	Other receivables not covered by debtors classification standards (Note 7.2.)		507,599			412,548
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		182,875			159,998
	Accrued interest receivables covered by debtors classification standards (Exhibit B, C and D)		37			186
	less:  Allowances (Exhibit J)		(229,777	)		(231,490	)
			6,777,900			2,379,448
E.	RECEIVABLES FROM FINANCIAL LEASES (Exhibits B, C and D)
	Receivables from financial leases		400,495			440,257
	Accrued interest and adjustments		8,004			6,768
	less: Allowances (Exhibit J)		(4,626	)		(5,312	)
			403,873			441,713
F.	INVESTMENTS IN OTHER COMPANIES  (Exhibit E)
	In financial institutions		2,077,609			1,739,354
	Other		188,729			207,895
	less: Allowances (Exhibit J)		(579	)		(568	)
			2,265,759			1,946,681
G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		15			36
	Other (Note 7.3.)		1,048,267			911,588
	Accrued interest and adjustments on receivable from sales of assets (Exhibits B, C and D)					1
	less:  Allowances  (Exhibit J)		(4,107	)		(4,459	)
			1,044,175			907,166
H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		1,159,173			1,073,274
I.	OTHER ASSETS (Exhibit F)		1,682,881			1,384,182
J.	INTANGIBLE ASSETS (Exhibit G)
	Goodwill		23,969			30,684
	Organization and development costs		517,939			437,939
			541,908			468,623
K.	ITEMS PENDING ALLOCATION		10,244			11,783
TOTAL ASSETS			116,280,933			95,478,369

- 2 - Jorge H. Brito Chairperson

BALANCE SHEETS

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

		06/30/2016		12/31/2015
LIABILITIES
L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector (Note 7.4.)		7,382,927		6,285,628
	From the financial sector		44,379		40,133
	From the non-financial private sector and foreign residents
	Checking accounts		13,649,615		11,599,047
	Savings accounts		17,980,068		14,355,473
	Time deposits		38,816,910		33,145,708
	Investment accounts		356,752		544,802
	Other (Note 7.5.)		1,653,462		1,270,789
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		884,361		669,674
			80,768,474		67,911,254
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		10,199		11,990
	International Banks and Institutions (Exhibit I)		42,171		97,789
	Non-subordinated Corporate Bonds (Note 11. and Exhibit I)		1,587,413		1,383,667
	Amounts payable for spot and forward purchases pending settlement		260,528		119,699
	Securities and foreign currency to be delivered under spot and forward sales pending settlement (Exhibit O)		4,286,772		42,752
	Financing received from Argentine financial institutions (Exhibit I)
	Interfinancing (received call)				44,000
	Other financing received from Argentine financial institutions		12,293		15,106
	Accrued interest payable				39
	Receivables from forward transactions without delivery of underlying asset				562,123
	Other (Note 7.6. and Exhibit I)		5,217,056		4,777,119
	Accrued interest, adjustments, foreign exchange and quoted price differences payable (Exhibit I)		84,588		76,553
			11,501,020		7,130,837
N.	OTHER LIABILITIES
	Dividends Payable		643,019		596,254
	Fees		65,061		22,000
	Other (Note 7.7.)		2,061,968		1,773,725
			2,770,048		2,391,979
O.	PROVISIONS (Exhibit J)		206,991		198,636
P.	SUBORDINATED CORPORATE BONDS (Note 11. andExhibit I)		2,245,274		1,957,618
Q.	ITEMS PENDING ALLOCATION		11,173		10,495
TOTAL LIABILITIES			97,502,980		79,600,819
SHAREHOLDERS' EQUITY (As per related statement)			18,777,953		15,877,550
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			116,280,933		95,478,369

- 3 - Jorge H. Brito Chairperson

BALANCE SHEETS

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	06/30/2016		12/31/2015
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		58,506,023		232,573,382
Contingent		18,753,134		18,864,773
Guarantees received		16,406,910		17,322,405
Other not covered by debtors classification standards		52		60
Contingent debit-balance contra accounts		2,346,172		1,542,308
Control		38,307,959		207,005,560
Receivables classified as irrecoverable		1,747,366		1,532,222
Other (Note 7.8.)		35,382,368		204,859,843
Control debit-balance contra accounts		1,178,225		613,495
Derivatives (Exhibit O)		1,444,930		6,703,049
Notional value of put options taken (Note 12.b))		13,562		11,821
Notional value of forward transactions without delivery of underlying asset (Note 12.a))		622,700		3,253,734
Derivatives debit-balance contra accounts		808,668		3,437,494
CREDIT-BALANCE ACCOUNTS		58,506,023		232,573,382
Contingent		18,753,134		18,864,773
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		101,857		165,233
Other guarantees provided not covered by debtors classification standards		138,172		137,227
Other covered by debtors classification standards (Exhibits B, C and D)		1,744,544		1,227,180
Other not covered by debtors classification standards		361,599		12,668
Contingent credit-balance contra accounts		16,406,962		17,322,465
Control		38,307,959		207,005,560
Checks to be credited		1,178,225		613,495
Control credit-balance contra accounts		37,129,734		206,392,065
Derivatives (Exhibit O)		1,444,930		6,703,049
Notional value of  call options sold (Note 12.c))		154,408		138,521
Notional value of forward transactions without delivery of underlying asset (Note 12.a))		654,260		3,298,973
Derivatives credit-balance contra accounts		636,262		3,265,555

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.

- 4 - Jorge H. Brito Chairperson

STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

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

(Figures stated in thousands of pesos)

		06/30/2016		06/30/2015
A.	FINANCIAL INCOME
	Interest on cash and due from banks		699		71
	Interest on loans to the financial sector		68,096		17,106
	Interest on overdrafts		1,143,398		638,468
	Interest on documents		755,349		504,010
	Interest on mortgage loans		350,933		228,763
	Interest on pledge loans		184,655		172,235
	Interest on credit card loans		1,759,353		1,163,482
	Interest on financial leases		48,801		39,184
	Interest on other loans (Note 7.9.)		4,951,394		3,409,020
	Net income from government and private securities (Note 7.10.)		2,782,158		1,487,654
	Interest on other receivables from financial intermediation		1,062		1,988
	Income from guaranteed loans - Presidential Decree No. 1387/01		14,726		12,153
	CER (Benchmark Stabilization Coefficient) adjustment		121,609		10,457
	CVS (Salary Variation Coefficient) adjustment		390		134
	Difference in quoted prices of gold and foreign currency		227,313		137,210
	Other (Note 7.11.)		161,917		85,894
			12,571,853		7,907,829
B.	FINANCIAL EXPENSE
	Interest on savings accounts		42,053		28,456
	Interest on time deposits		4,750,241		2,705,108
	Interest on interfinancing received loans (received call)		7,742		6,138
	Interest on other financing from Financial Institutions				1
	Interest on other liabilities from financial intermediation		70,584		45,492
	Interest on subordinated bonds		104,932		64,413
	Other interest		2,258		1,354
	CER adjustment		6,168		2,568
	Contribution to Deposit Guarantee Fund		120,561		175,249
	Other (Note 7.12.)		929,230		578,448
			6,033,769		3,607,227
	GROSS INTERMEDIATION MARGIN - GAIN		6,538,084		4,300,602
C.	PROVISION FOR LOAN LOSSES		427,320		386,188
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		47,099		53,835
	Related to deposits		1,965,712		1,538,855
	Other commissions		86,534		53,269
	Other (Note 7.13.)		1,178,261		906,722
			3,277,606		2,552,681

- 5 - Jorge H. Brito Chairperson

STATEMENTS OF INCOME

FOR THE SIX- MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

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

(Figures stated in thousands of pesos)

		06/30/2016		06/30/2015
E.	SERVICE-CHARGE EXPENSE
	Commissions		216,425		166,441
	Other (Note 7.14.)		857,189		505,654
			1,073,614		672,095
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		2,504,564		1,829,474
	Directors' and statutory auditors' fees		135,557		83,906
	Other professional fees		116,478		94,220
	Advertising and publicity		78,701		63,732
	Taxes		224,588		174,181
	Depreciation of bank premises and equipment		85,591		73,837
	Amortization of organization costs		83,512		66,050
	Other operating expenses (Note 7.15.)		586,152		418,347
	Other		325,862		221,112
			4,141,005		3,024,859
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		4,173,751		2,770,141
G.	OTHER INCOME
	Income from long-term investments		440,415		201,406
	Penalty interest		40,966		34,028
	Recovered loans and allowances reversed		82,964		50,069
	CER adjustment				20
	Other (Note 7.16.)		154,695		99,070
			719,040		384,593
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		41		7
	Charges for other receivables uncollectibility and other allowances		55,310		66,728
	Depreciation and loss of other assets		2,130		1,840
	Goodwill amortization		6,716		7,026
	Other (Note 7.17.)		74,707		117,747
			138,904		193,348
	NET INCOME BEFORE INCOME TAX - GAIN		4,753,887		2,961,386
I.	INCOME TAX (Note 4.)		1,541,000		1,023,000
	NET INCOME FOR THE PERIOD - GAIN		3,212,887		1,938,386

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.

- 6 - Jorge H. Brito Chairperson

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

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

(Figures stated in thousands of pesos)

	06/30/2016																				06/30/2015
							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		2,684,790					7,069,230			5,133,489			15,876,082			11,491,817
Prior years adjustment (3)																1,468			1,468
Subtotal		584,563		399,499		4,511		2,684,790					7,069,230			5,134,957			15,877,550			11,491,817
Distribution of unappropiated earnings, as approved by the Shareholders´ Meeting held on April 26, 2016 and April 23, 2015, respectively:
- Legal reserve								1,001,682								(1,001,682	)
- Cash dividends (4)													(643,019	)					(643,019	)		(596,254	)
- Movements of voluntary reserve (4)													368,546						368,546
- Special reserve for Subordinated Corporate Bonds (2)										190,198						(190,198	)
- Voluntary reserve for future distribution of earnings													3,903,591			(3,903,591	)
- Personal assets tax on share and interests																(38,011	)		(38,011	)		(27,902	)
Reversal of special reserve for Subordinated Corporate
Bonds (2)										(111,800	)					111,800
Net income for the period - Gain																3,212,887			3,212,887			1,938,386
Balances at the end of the period		584,563		399,499		4,511		3,686,472		78,398			10,698,348			3,326,162			18,777,953			12,806,047

(1) See Note 10.

(2) See Note 22 b)

(3) See Note 19.3.

(4) 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.

- 7 - Jorge H. Brito Chairperson

STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

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

(Figures stated in thousands of pesos)

	06/30/2016			06/30/2015
CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.6.)
Cash at the beginning of the fiscal year		18,907,789			14,690,022
Cash at the end of the period		24,196,634			10,854,863
Net increase/ (decrease)  in cash		5,288,845			(3,835,159	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments):
Government and private securities		3,516,101			(4,612,583	)
Loans
To the financial sector		(729,399	)		(14,020	)
To the non-financial government sector		(85,964	)		101,351
To the non-financial private sector and foreign residents		1,437,247			(325,661	)
Other receivables from financial intermediation		(3,949,174	)		(578,730	)
Receivables from financial leases		87,327			6,218
Deposits
From the financial sector		4,246			(9,738	)
From the non-financial government sector		781,401			215,716
From the non-financial private sector and foreign residents		7,156,594			5,342,495
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(51,781	)		(103,362	)
Others (except liabilities included under financing activities)		625,490			39,340
Collections related to service-charge income		3,264,858			2,553,032
Payments related to service-charge expenses		(1,063,078	)		(676,095	)
Administrative expenses paid		(4,001,571	)		(2,926,105	)
Payment of organization and development costs		(163,512	)		(87,220	)
Net collections from penalty interest		40,925			34,021
Differences from payments related to court orders		(2,468	)		(3,020	)
Collections of dividends from other companies		18,662			9,640
Other collections/ (payments) related to other income and losses		135,500			41,733
Net payments from other operating activities		(541,216	)		(1,205,683	)
Payment of income tax		(1,214,645	)		(1,262,870	)
Net cash flows generated in (used in) operating activities		5,265,543			(3,461,541	)

- 8 - Jorge H. Brito Chairperson

STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

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

(Figures stated in thousands of pesos)

	06/30/2016			06/30/2015
Investing activities
Net payments for bank premises and equipment		(159,578	)		(220,751	)
Net payments for other assets		(329,144	)		(279,244	)
Net cash flows used in investing activities		(488,722	)		(499,995	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(62,871	)		(39,108	)
Central Bank of Argentina
Other		(1,978	)		(2,601	)
International Banks and Institutions		(57,196	)		22,269
Subordinated corporate bonds		(100,657	)		(66,175	)
Financing received from Argentine financial institutions		(2,813	)		(2,632	)
Payment of dividends		(227,708	)
Net cash flows used in financing activities		(453,223	)		(88,247	)
Financial income and holding gains on cash and cash equivalents		965,247			214,624
Net increase/ (decrease)  in cash		5,288,845			(3,835,159	)

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.

- 9 - Jorge H. Brito Chairperson

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

(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 Merval (Mercado de Valores de Buenos Aires- Buenos Aires Stock Exchange) since November 1994, as from March 24, 2006 they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015 they were authorized to list on the Mercado Abierto Electrónico SA (MAE).

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, 2016 and December 31, 2015, the deposits held by the Misiones Provincial Government with the Bank amounted to 2,259,810 and 1,579,311 (including 209,859 and 86,650 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, 2016 and December 31, 2015, the deposits held by the Salta Provincial Government with the Bank amounted to 1,773,665 and 877,967 (including 334,534 and 301,855 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, 2016

(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, 2016 and December 31, 2015, the deposits held by the Jujuy Provincial Government with the Bank amounted to 2,838,489 and 1,439,377 (including 220,734 and 186,700 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, 2016 and December 31, 2015, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with Banco del Tucumán SA amounted to 2,461,787 and 2,688,401 (including 864,244 and 750,818 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, 2016 and December 31, 2015, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the proportionate consolidation method amounted to 49,244 and 35,102, respectively.

Also, as of June 30, 2016 and 2015, net income recorded through the method mentioned in the previous paragraph amounted to 24,070 and 22,235, 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 the accounting standards established by Central Bank of Argentina.

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, 2016 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, 2016, are presented comparatively with data for the same period in the prior fiscal year.

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NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

(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

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° 312 of General Resolution No. 7/2015 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.

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, 2016 and 2015 and December 31, 2015, 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, translated into pesos, in accordance with the criterion stated in Note 3.5.a), wherever applicable.

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, in accordance with the criterion stated in Note 3.5.a), wherever applicable. The acquisition value previously mentioned is related to the present value of each security at acquisition date.

As of June 30, 2016 and December 31, 2015, the present value calculated by the Bank for these securities amounted to 1,468,537 and 796,534, 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, in accordance with the criterion stated in Note 3.5.a).

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.

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NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

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, in accordance with the criterion stated in Note 3.5.a), wherever applicable. 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, 2016 and December 31, 2015, the present value reported by the Central Bank for these securities amounted to 640,008 and 533,962, 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.

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”.

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NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

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 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, as supplemented. 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.

g.6) Receivables from forward transactions without delivery of underlying assets:

They were valued at the amounts outstanding originated in forward transactions of foreign currency payables in pesos without delivery of the underlying asset. Such amounts arise from the difference between quoted price of transactions on the last respective business day and the related future price agreed.

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.

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NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

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 each transaction, 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.

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, as supplemented, 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 and for which it is probable that occurs (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.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

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:

	06/30/2016		12/31/2015		06/30/2015
Cash		15,649,577		17,123,904		9,303,335
Government and private securities
Instruments issued by the Central Bank		8,547,057		1,783,885		1,551,528
Cash and cash equivalents		24,196,634		18,907,789		10,854,863

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 and considering what is established by Law No. 27,260, such tax is effective for the fiscal years ended up to December 31, 2018. 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, 2016 and 2015, the Bank estimated an income tax charge of 1,541,000 and 1,023,000, respectively; hence, no minimum presumed income tax should be assessed for the six-month periods ended on such dates.

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

Additionally, as of June 30, 2016, the Bank made income tax prepayments for 507,382 for the 2016 fiscal year, which will be applied to the tax amount assessed in the 2016 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 the accounting standards established by Central Bank of Argentina.

The main items with differences in valuation matters as of June 30, 2016 and December 31, 2015 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		06/30/2016		12/31/2015			06/30/2016			06/30/2016		12/31/2015			06/30/2016
Government securities and assistance to the government sector (a)
Government securities - Holdings booked at amortized cost		1,031		(28,208	)		29,239			3,074		(26,399	)		29,473
Instruments issued by the Central Bank and booked at amortized cost		43,845		4,005			39,840			44,350		4,058			40,292
Guaranteed  loans – Presidential Decree No. 1387/01		66,106		95,083			(28,977	)		66,106		95,083			(28,977	)
Business combinations (b)
Acquisition of Nuevo Banco Bisel SA		(68,734	)	(73,544	)		4,810			(68,734	)	(73,544	)		4,810
Other		(46,829	)	(48,846	)		2,017			(46,829	)	(48,846	)		2,017
Interests in other companies (c)		67,000		56,820			10,180
Deferred assets – Income tax (d)		14,439		38,635			(24,196	)		78,891		93,593			(14,702	)
Liabilities – Provisions (e)		(25,340	)	(10,477	)		(14,863	)		(25,340	)	(10,477	)		(14,863	)
Total		51,518		33,468			18,050			51,518		33,468			18,050

(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, 2015, would have increased by 88,944.

(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.

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NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

(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 (CSJN) 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.

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 was considered and approved by the Board of Directors on March 10, 2015. Additionally, on September 30, 2015 and March 31, 2016, the Bank presented to the Central Bank the implementation plan update.

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

- 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

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:

06/30/2016 12/31/2015

7.1. Loans - Other

Other loans	6,038,211	6,244,564
Export financing and prefinancing	1,804,209	736,209
	7,842,420	6,980,773

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

Debt securities issued by financial trusts (See Note 16.)	282,534	180,458
Certificates of participation in financial trusts (a)	225,065	232,088
Other		2
	507,599	412,548

(a) As of June 30, 2016 and December 31, 2015 the Bank booked an allowance for impairment for 224,043.

7.3. Other receivables – Other

Sundry receivables	539,289	406,353
Security deposits	318,191	371,446
Advanced prepayments	153,669	100,568
Other	37,118	33,221
	1,048,267	911,588

7.4. Deposits - Nonfinancial government sector

Time deposits	3,062,793	981,076
Checking accounts	2,200,821	2,627,558
Savings accounts	1,210,100	2,092,086
Accrued interest, adjustments and foreign exchange differences payable	70,995	18,695
Investment accounts	52,489	31,137
Other	785,729	535,076
	7,382,927	6,285,628

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

Expired time deposits	1,001,154	741,932
Attachments	315,925	236,103
Unemployment fund for workers of the construction industry	284,165	254,716
Other	52,218	38,038
	1,653,462	1,270,789

7.6. Other liabilities from financial intermediation - Other

Purchase financing payables	1,910,514	1,928,432
Miscellaneous not subject to minimum cash requirements	808,698	694,659
Other withholdings and additional withholdings	784,360	811,441
Collections and other transactions on account and behalf of others	716,269	329,702
Other payment orders pending settlement	344,528	665,973
Miscellaneous subject to minimum cash requirements	315,926	83,324
Retirement pension payment orders pending settlement	115,384	48,564
Sociedad Seguro de Depósitos (Sedesa) – Purchase of preferred shares of former Nuevo Banco Bisel SA  (see Note 8.)	94,300	94,300
Other	127,077	120,724
	5,217,056	4,777,119

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

06/30/2016 12/31/2015

7.7. Other Liabilities - Other

Taxes payable (net of prepayments)	1,529,739	1,184,346
Salaries and payroll taxes payable	229,928	341,874
Miscellaneous payables	209,315	179,396
Withholdings on salaries	90,267	65,236
Prepayment for the sale of assets	2,719	2,873
	2,061,968	1,773,725

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

Securities in custody – Other	27,988,741	23,856,634
Checks and securities not yet collected	4,562,810	5,011,117
Checks and securities to be debited	1,426,195	997,516
Managed portfolios (see Note 13.)	992,176	1,101,992
Checks and securities to be collected	412,446	335,657
Checks and securities in custody – Anses (Argentine social security administration)		173,556,927
	35,382,368	204,859,843

06/30/2016 06/30/2015

7.9. Financial income – Interest on other loans

Personal loans	4,010,721	2,749,704
Other	940,673	659,316
	4,951,394	3,409,020

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

Government and private securities	2,639,242	427,154
Financial trusts	68,468	27,223
Other	74,448	33,277
	2,782,158	487,654

7.11. Financial income – Other

Premiums on reverse repurchase agreements with the financial sector	72,076	43,518
Forward foreign-currency transactions offset	45,169	977
Interests on loans for export prefinancing and financing	44,632	41,399
Other	40
	161,917	85,894

7.12. Financial expense – Other

Turnover tax and municipal assessments	911,639	571,531
Premiums on repurchase agreements with the financial sector	17,591	6,917
	929,230	578,448

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

06/30/2016 06/30/2015

7.13. Service-charge income - Other

Debit and credit card income	916,795	663,155
Rental of safe deposit boxes	52,109	42,800
Service commissions – Joint ventures (see Note 2.5.)	50,313	42,262
Other	159,044	158,502
	1,178,261	906,722

7.14. Service-charge expense - Other

Debit and credit card expenses	505,895	304,285
Turnover tax and municipal assessments	171,749	122,018
Commissions paid to lending agents	131,478	57,994
Other	48,067	21,357
	857,189	505,654

7.15. Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	178,617	135,491
Security services	170,388	128,781
Electric power and communications	121,650	71,393
Leases	85,920	57,008
Stationery and office supplies	15,681	14,718
Insurance	13,896	10,956
	586,152	418,347

7.16. Other income – Other

Other adjustments and interest on other receivables	55,264	17,949
Services provided to Banco del Tucumán SA	8,029	5,652
Gain on sale of bank premises and equipment, and other assets	5,542	1,584
Other	85,860	73,885
	154,695	99,070

7.17. Other expense – Other

Donations	32,406	24,651
Turnover tax	7,928	3,836
Municipal assessment	7,901	3,960
Portfolio transactions		48,141
Summary and sanctions (see Note 19.)		12,684
Other	26,472	24,475
	74,707	117,747

8. RESTRICTED ASSETS

As of June 30, 2016 and December 31, 2015 the following Bank’s assets are restricted:

- 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

Item	06/30/2016		12/31/2015
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).		99,104		97,292
• Secured Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior SA (Bice).		30,430		32,606
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing a BID loan of San Juan Provincial Government No. 2763/OC-AR.		20,790		9,414
• 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.		12,300		15,528
• Central Bank of Argentina Internal Bills in pesos, maturity 08/17/2016 securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE.		4,797
• Discount bonds regulated by Argentinean legislation, maturing 2033 for the performance of forward foreign currency trading transactions.		1,125		33,651
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the role of custodian of Sustainability Guarantee Fund investments.				308,570
• Federal Government bond in pesos at Badlar Private + 250 basis points, maturing in 2019, securing the role of custodian of Sustainability Guarantee Fund investments.				103,524
• Central Bank of Argentina Internal Bills in pesos, maturity 01/06/2016 securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE.				19,915
• Other government and private securities.		1,352		1,129
Subtotal government and private securities.		169,898		621,629
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.		81,456		64,619
Subtotal Loans		81,456		64,619
Other receivables from financial intermediation
•    Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities,		1,762,844		1,368,704
•    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 Los Grobo SGR (mutual guarantee association), with an original contribution of 10,000 made on December 30, 2015.		10,000		10,000
-        Risk Fund of Intergarantías SGR, with an original contribution of 7,000 made on December 22, 2014.		6,787		7,000
-        Risk Fund of Intergarantías SGR, with an original contribution of 7,000 made on December 28, 2015.		6,832		7,000
Subtotal other receivables from financial intermediation		1,836,463		1,442,704

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

Item (cont,)	06/30/2016		12/31/2015
Other receivables
•      Security deposits related to credit card transactions.		312,146		255,957
•      Security deposits related to transactions of forward transactions offset.		2,500		111,743
•      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.		3,544		3,746
Subtotal other receivables.		319,017		372,273
Other assets
·    Building related to a call option sold (see Note 12.(c)).		102,626		103,531
Subtotal other assets		102,626		103,531
Total		2,509,460		2,604,756

(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)		06/30/2016		12/31/2015
ASSETS
Cash				10,608						10,608		9,246
Loans						90,953		299,567		390,520		433,559
Other receivables from financial intermediation								45,348		45,348		6,414
Receivables from financial lease						8,335		1,495		9,830		10,178
Other receivables		2,457								2,457
Items pending allocation		29								29
Total assets		2,486		10,608		99,288		346,410		458,792		459,397

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

(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)		06/30/2016		12/31/2015
LIABILITIES
Deposits			3		49,092		160,002		209,097		440,460
Other liabilities from financial intermediation							67,713		67,713		82,558
Other liabilities			178						178		138
Total liabilities			181		49,092		227,715		276,988		523,156
MEMORANDUM ACCOUNTS
Credit-balance accounts – Contingent					885		29,336		30,221		130,955
Credit-balance accounts – Derivatives											393,836

	Banco del Tucumán SA			Macro Bank Limited		Macro Securities SA			Other subsidiaries and related parties (1)			06/30/2016			06/30/2015
INCOME (EXPENSE)
Financial income		612					1,553			16,476			18,641			7,786
Financial expense		(7,167	)							(34,328	)		(41,495	)		(11,570	)
Service-charge income		9			2		187			1,839			2,037			1,592
Service-charge expense							(142	)					(142	)		(197	)
Administrative expenses		(6	)										(6	)		(6	)
Other income		8,667											8,667			6,103
Total income  / (loss)		2,115			2		1,598			(16,013	)		(12,298	)		3,708

(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. In addition, part of the income (loss) reported are generated by forward transactions without delivery of the underlying assets of foreign currency trading transactions, that according to the regular Bank´s transactions are offset with the contra transactions.

10. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of June 30, 2016, 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, 2016	584,563

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

(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 06/30/2016	06/30/2016		12/31/2015
Subordinated – Class 1	USD  150,000,000	(a.1)	USD 150,000,000		2,245,273		1,957,618
Non-subordinated – Class 2	USD  150,000,000	(a.2)	USD 106,395,000		1,643,259		1,432,672
Total					3,888,532		3,390,290

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, 2016

(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 24.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. 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, 2016 and December 31, 2015 are as follows:

Transaction	06/30/2016			12/31/2015
Net position of repurchase agreements		(3,603,899	)		(1,403	)
Net position of forward transactions without delivery of the underlying asset (a)		(31,560	)		(45,239	)
Position of put options taken (b)		13,562			11,821
Position of call options sold (c)		(154,408	)		(138,521	)

Net income (loss) resulting from these transactions for the six-month periods ended June 30, 2016 and 2015, amount to income (loss):

Transaction	06/30/2016			06/30/2015
Premiums on reverse repurchase agreements		72,116			43,518
Premiums on repurchase agreements		(17,592	)		(6,917	)
Forward foreign-currency transactions offset		45,169			977
Total		99,693			37,578

- 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

(a) It is related to negotiation transactions of forward foreign currency exchange rates, carried out through MAE and “over the counter”. For transactions carried out through 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 while “over the counter” transactions are settled upon maturity. In both cases, the underlying asset is not delivered or received.

(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 for an amount of USD 908,975, and the option’s exercise period is from September 24, 2015, through September 23, 2016, both dates included. As of the date of the issuance of these financial statements, the Bank has not exercised the option.

(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 basis 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 notified its intention to acquire the building according to the terms and conditions of the option, still pending the transaction instrumentation.

13. PORTFOLIO MANAGEMENT

As of June 30, 2016 and December 31, 2015, the Bank manages the following portfolios:

	Managed portfolio as of
Item	06/30/2016		12/31/2015
• 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.		13,976		13,976
• 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.		40,081		40,389
• On June 30, 2006, the Bank and Macro Fiducia SA entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio.		55,136		55,712
• On November 22, 2012 and 2013, November 26, 2014 and November 30, 2015, the Bank (trustor) and Macro Fiducia SA (trustee), created the financial trusts Fideicomiso Financiero Privado “SECANE I”, “SECANE II”, “SECANE III” and “SECANE IV”, respectively; in the trusts agreement the trustor assumes the role of collection agent, administration and custodian.		588,628		612,457
• 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.				89,380
• Other portfolios managed by the Bank.		294,355		290,078
Total		992,176		1,101,992

14. MUTUAL FUNDS

As of June 30, 2016, 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, 2016

(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		454,227,996		1,214,182		923,571
Pionero Renta Ahorro		1,446,101,062		6,680,290		6,867,371
Pionero F F		38,198,745		146,069		149,040
Pionero Renta		64,618,861		703,034		705,227
Pionero Acciones		3,189,061		34,919		35,133
Pionero Renta Dólares		6,027		28
Pionero Empresas FCI Abierto PYMES		130,036,363		232,666		231,529
Pionero Consumo		80,081		139		126
Pionero Renta Ahorro Plus		358,724,970		392,114		391,835
Pionero Renta Mixta I		29,191,519		30,111		30,022
Pionero Renta Mixta II		100,000		100
Argenfunds Renta Pesos		281,048,844		440,677		444,551
Argenfunds Renta Argentina		51,514,039		87,462		81,444
Argenfunds Ahorro Pesos		532,490,154		1,283,586		1,327,059
Argenfunds Renta Privada FCI		79,559,833		182,935		184,441
Argenfunds Abierto Pymes		159,360,835		91,747		95,745

(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 an 8.3648% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 11250 of April 4, 2016.

This system shall cover the deposits up to the amount of 450 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:

- 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

- prepayments towards the placement price of trust securities of the financial trusts under public offerings, made by the Bank through underwriting agreements (Consubond, Mila, Garbarino, Accicom and Carfacil). 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.

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, 2016 and December 31, 2015, 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 35,511 and 35,339, 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, 2016 and December 31, 2015, 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 195,653 and 176,113, respectively.

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

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:

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

- 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.

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

As of June 30, 2016 and December 31, 2015, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank amounted to 1,438,081 and 772,102, 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.

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV General Resolution 622, the Bank is registered with this agency as an agent for the custody of collective investment products of mutual funds (AC PIC FCI), comprehensive clearing and settlement agent and trading agent (ALyC y AN - integral), and financial trustee Agent category (FF).

Additionally, the Bank’s shareholders´ equity exceeds the minimum amount required by this regulation, amounting to 26,500, as well as the minimum offsetting required of 11,000, 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, 2013 included, and (ii) certain documentation supporting the economic transactions for fiscal years ended through December 31, 2015, 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 Luis Lagomarsino 1750, formerly Ruta 8 Km 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 2016 are listed below, indicating the balances as of month-end of the related accounts:

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

Item	06/30/2016
Cash
Amounts in Central Bank accounts		11,632,660
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		1,762,844
Total		13,395,504

18.2 Minimum capital requirements:

As the table disclosed, the minimum capital requirements measured on an individual basis, effective for June 2016, along with its computable capital as of the end of that month:

Item	06/30/2016
Minimum capital requirement		8,163,732
Computable capital		16,168,806
Excess amount		8,005,074

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

The Central Bank Communiqué “A” 5689, as supplemented, 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, 2016 is disclosed below:

19.1. Summary Judgements initiated by the Central Bank:

Criminal Foreign Exchange Regime Summary: No. 4674 dated 04/14/2011.

Reason: 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.

Responsible: Banco Macro SA, as the follow-on of Nuevo Banco Bisel SA and Branch Manager (Mariano Raúl Misino and Roberto David Luna).

Status: The Central Bank raised the summary to the Criminal Office of the Federal Court No. 3 of the Judicial Department in Córdoba which is in process under No. FCB 3612/2014.

Criminal Foreign Exchange Regime Summary: No. 5645 dated 01/07/2014.

Reason: 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.

Responsible: Banco Macro S.A and Responsible for Foreign Trade and Foreign Exchange (Susana Lerman, José Luis Vejo, Jorge Francisco Scarinci and Horacio Ricardo Javier Sistac).

Status: In process at the Central Bank. On 05/22/2015 the summary evidence period was initiated. This probationary period has already concluded. The BCRA ordered that the proceedings be filed with a criminal court and, therefore, they are currently pending with the Economic Criminal Trial Court in and for the City of Buenos Aires No. 11, Clerk’s Office No. 22, under case file No. 1282/2015. On 06/02/2016 the legal protection was appealed, based on the most benign criminal legislation, augmenting the legitimacy of Central Bank Communiqué “A” 5899 and the modifications produced through the use of these rules in the treatment of financial debts.

Criminal Foreign Exchange Regime Summary: No. 6545 dated 09/03/2015.

Reason: Supposed infraction of article No. 1 incs e) and f) of CFEL and Central Bank Communiqué “A” 5264, as supplemented, for foreign exchange transactions with a customer without the documentation to support the genuineness of the transaction.

Responsible: Banco Macro S.A and Responsible for Foreign Trade and Foreign Exchange (Susana Lerman, José Luis Vejo, Jorge Francisco Scarinci and Horacio Ricardo Javier Sistac, Carlos Daniel Gomez and Oscar Luis Romero).

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

Status: In process at the Central Bank. On 11/11/2015 rebuttal evidence was presented. On 05/24/2016 the file evidence period has been initiated. In addition, by resolution on 05/23/2016, the Central Bank decided not to admit prescription of the criminal foreign exchange action, appealed by the responsible. On 05/31/2016, an annulment petition with a subsidiary appeal was filed against the Central Bank´s Resolution. As of the date, the request is pending resolution.

Financial summary: No. 1496 dated 02/24/2016

Reason: Deficiencies on supervision on a consolidated basis, exercised by the Bank over its subsidiaries, related to Anti-money laundering procedures.

Responsible: Banco Macro SA and Banco Macro SA Directors (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito, Juan Pablo Brito Devoto, Luis Carlos Cerolini, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Constanza Brito and Emanuel Antonio Alvarez Agis).

Status: In process at the Central Bank. Rebuttal evidence was presented on April 7, 2016. On 05/18/2016, representing Delfín Ezequiel Carballo, the exception for lack of passive legitimation was requested. As of the date, the request is pending resolution.

19.2. Sanctions imposed by the Central Bank:

Financial summary: No. 1227 dated 04/10/2008.

Reason: 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 Limited) with no previous Central Bank authorization. Original sanction amount: 2,625, current sanction amount: 1,400

Responsible: Banco Macro SA Directors (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).

Status: 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 filed 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. On 10/06/2015, the expiration of this extraordinary request was requested, based on the lack of procedural initiative by the Central Bank; in the alternative, notice of the extraordinary appeal filed was answered. On October 6, 2015, notice was served regarding the request made to the BCRA. On November 24, 2015, Courtroom IV declared the nullity of the extraordinary instance, with charges to be borne by the losing BCRA. Measures are being taken for reimbursement of the amounts paid for fines exceeding the reductions established by the court. The request was dismissed because the court understands that it is beyond its jurisdiction.

Financial summary: No. 1380 dated 03/11/2013.

Reason: 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

Responsible: Former Banco Privado de Inversiones SA, Directors, Statutory Audit Committee and Corporate Service Manager (Alejandro Manuel Estrada, Raúl Fernández, Alejandro Carlos Estrada, Eduardo Guillermo Castro, Jorge Norberto Cerrotta, Armando Rogelio Pomar, Carlos Soulé and Baruki Luis Alberto Gonzalez).

Status: 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. On December 2015, the sanction amount was 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. On September 2015, the appeals were presented at the Sala II of CNACAF. On 10/07/2015, the Court informed BCRA about the appeal presented by the Bank and on 11/12/2015, the court took into account the answer to the service of notice of the direct appeal granted to the BCRA. Proceedings were referred to the Prosecutor’s Office. The bank appealed the resolution under the terms of Art. 42 law 21,256, giving rise to the below-referenced proceeding. On 05/10/2016 the Sala II of CNACAF confirmed the fines imposed by the Central Bank. As a consequence, the bank filed a federal extraordinary appeal, which was answer by the Central Bank. As of the date, is pending resolution.

Financial summary: No. 1394 dated 08/01/2013.

Reason: 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.

Responsible: Banco Macro SA and Chairman (Jorge Horacio Brito).

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

Status: 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.

Financial summary: No. 1401 dated 08/14/2013.

Reason: 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.

Responsible: Banco Macro SA and Directors (Jorge Horacio Brito, Jorge Pablo Brito and Marcos Brito).

Status: 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. On 09/24/2015 proceedings were returned and are ready for the issuance of a decision. The bank appealed the resolution under the terms of Art. 42 law 21,256, giving rise to the below-referenced proceeding. On 07/13/2016 the Sala IV of CNACAF admitted the appeal filed by the bank and annulled the resolution imposed. As of the date, the Central Bank has not filed an extraordinary appeal against such sentence.

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

File: No. 62/2009 dated 01/16/2009.

Reason: Purchase of foreign currency from April 2006 through August 2007. Sanction amount: 718

Responsible: Banco Macro SA and those in charge of Anti-money laundering regulation compliance (Juan Pablo Brito Devoto and Luis Carlos Cerolini).

Status: UIF passed Resolution No. 72/2011 on 06/09/2011, imposing fines to those responsible. An appeal was presented at CNACAF.

File: No. 62/2009 (extension) dated 09/06/2011.

Reason: Extension of the summary issued by Resolution 72/2011 for transaction performed from 04/03/2006 through 10/11/2006. Sanction amount: 538.

Responsible: Banco Macro SA and those in charge of Anti-money laundering regulation compliance (Fernando Andrés Sansuste).

Status: UIF passed Resolution No. 04/2014 imposing fines to those responsible. An appeal was presented at CNACAF.

File: No. 6338/2011 dated 11/23/2011.

Reason: Purchase of foreign currency. Sanction amount: 2,136

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)

Status: UIF passed Resolution No. 110/2014 imposing fines to those responsible. An appeal was presented at CNACAF. The Bank has appealed the sanction imposed via a direct appeal and such appeal (No.16,411/14) is currently underway before the CNACAF.

File: No. 6420/2011 dated 11/23/2011.

Reason: Purchase of foreign currency. Sanction amount: 822.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)

Status: 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. As of the date, the file was sent to the Attorney General’s Office to issue its resolution prior to the Argentine Supreme Court’s decision.

File: No. 6406/2011 dated 11/23/2011.

Reason: Purchase of foreign currency. Sanction amount: 677.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)

Status: UIF passed Resolution No. 171/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 10/08/2015 the Court admitted the direct appeal presented and annulled the Resolution No. 171/2014, admitting the prescription defense. UIF presented an extraordinary appeal against such CNACAF sentence. On 11/17/2015, the Court decided to dismiss the extraordinary appeal filed by the UIF. The UIF appealed such resolution to the CNACAF. The appeal was dismissed on 04/05/2016. As a result, this ruling is final.

- 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

File: No. 6407/2011 dated 11/23/2011.

Reason: Purchase of foreign currency. Sanction amount: 802.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)

Status: UIF passed Resolution No. 132/2014 imposing fines to those responsible. An appeal was presented at CNACAF, which is in process under File No. 21294/2014. On 09/18/2015, the court ordered that the file be rendered for final decision.

File: No. 6405/2011 dated 12/07/2011.

Reason: Purchase of foreign currency. Sanction amount: 1,504.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)

Status: UIF passed Resolution No. 26/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 10/08/2015 the Court admitted the direct appeal presented and annulled the Resolution No. 26/2014, admitting the prescription defense. UIF presented an extraordinary appeal against such CNACAF sentence. On 11/17/2015, the Court decided to dismiss the extraordinary appeal filed by the UIF. The UIF appealed such resolution to the CNACAF. The appeal was dismissed on 04/12/2016. As a result, this ruling is final.

File: No. 6491/2011 dated 12/07/2011.

Reason: Banco Suquía SA –Deposits in checking account. Sanction amount: 791.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance (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, Alejandro Macfarlane, Carlos Enrique Videla) Guillermo Eduardo Stanley and Constanza Brito – as Directors of Banco Macro SA).

Status: UIF passed Resolution No. 118/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 10/08/2015 the Court admitted the direct appeal presented and annulled the Resolution No. 118/2014, admitting the prescription defense. UIF presented an extraordinary appeal against such CNACAF sentence. The court ordered service of notice of such appeal to the Bank for a term of 10 business days. On November, 17, 2015, the Court decided to dismiss the extraordinary appeal filed by the Financial Information Unit (“UIF”). The UIF appealed such resolution to the CNACAF. The appeal was dismissed on 04/05/2016. As a result, this ruling is final.

File: No. 6612/2011 dated 12/28/2011.

Reason: Purchase of foreign currency. Sanction amount: 688.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)

Status: UIF passed Resolution No. 53/2014 imposing fines to those responsible. An appeal was presented at CNACAF. The court ordered that the file be rendered for final decision.

File: No. 6614/2011 dated 12/28/2011.

Reason: Purchase of foreign currency. Sanction amount: 843.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)

Status: UIF passed Resolution No. 6/2014 imposing fines to those responsible. An appeal was presented at CNACAF. The court ordered that the file be rendered for final decision.

File: No. 160/2012 dated 05/10/2012.

Reason: Purchase of foreign currency. Sanction amount: 376.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (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).

Status: UIF passed Resolution No. 160/2015 imposing fines to those responsible. An appeal was presented at CNACAF. On 11/23/2015 the Attorney General issued a resolution stating that the court should dismiss the request for unconstitutionality filed by the Bank. On 11/30/2015, the court ordered that the file be rendered for final decision. On 04/07/2016, the fines imposed by the UIF were revoked, based on prescription. The ruling was passed down 04/11/2016. Against such resolution, UIF filed and extraordinary appeal. On 06/23/2016, UIF notified to the responsible about extraordinary appeal.

File: No. 517/2012 dated 06/27/2012.

Reason: Purchase of foreign currency. Sanction amount: 1,857.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (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).

- 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

Status: UIF passed Resolution No. 500/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 09/01/2015 the UIF answered the service of notice of the direct appeal filed. On October 9, 2015, the Bank filed a brief whereby it dismissed informative evidence and requested documentary evidence. On October 9, 2015, the court took into account the Bank’s request and ordered that the file be rendered for final decision.

(1) Fernando Andrés Sansuste, Juan Pablo Brito Devoto y Luis Carlos Cerolini – as Compliance Officer and Director - 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.

On April 2016, as a consequence of Central Bank Communiqué “A” 5940, the sanction amount related to UIF files No. 6406/2011 and 6491/2011 were derecognized against “prior years adjustment”. The amount derecognized total 677 and 791, respectively.

On June 2016, the provision related to UIF file 6405/2011 amounted to 1,504, was derecognized.

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 8,780, which was recorded according to Communiqué “A” 5689 of Central Bank, as supplemented.

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

File: No.1480/2011 (CNV Resolution No. 17,529 dated 09/26/2014).

Reason: Potential non-compliance with the obligation to inform a “Significant Event”.

Responsible: Banco Macro SA, Directors, Statutory Audit Committee members and person in charge of Market relations (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).

Status: On 10/28/2014, rebuttal evidence was presented by the bank and all the responsible, requesting a ruling in their favor.

File: No. 248/2014 (UIF note presidency 245/2013 11/26/2013) dated 07/30/2014.

Reason: Alleged deficiencies in preparing certain “Reports on suspicious transactions (ROS)” due to cases of infringement detected in certain customer files.

Responsible: Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance (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).

Status: On 02/16/2016, the Bank was notified that the evidence period was ended and on 03/01/2016, the closing argument brief was submitted.

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).

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 CSJN in similar cases, which have issued resolutions that are favorable to the Bank’s position.

- 35 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

b) Afip challenged a compensation amount arising from the tax on bank account transactions for 2008, which was used to settle the amount reported in the income tax return filed by former Banco Bisel for tax period 2008, taking into account that the origin could only be computed as from the tax period following the one in which it was used. An appeal was filed with the Federal Administrative Tax Court in order to challenge the resolution issued by the Afip.

c) 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 by the Federal Court of First Instance in Countentios and Administrative No. 6, which was confirmed by the Sala IV of the CNACAF.

d) City of Buenos Aires tax authorities attributed a turnover tax difference to former Banco Privado de Inversiones for fiscal periods 2002 and 2003. On October 19, 2015, Courtroom II of the Administrative and Tax Contentious Court of Appeals confirmed the trial court decision as it agreed with the Bank in that the “compensation bond” is not subject to turnover tax. On December 21, 2015, the Bank was notified that the Buenos Aires City Government filed an action for declaration of unconstitutionality with the Buenos Aires City Highest Court, which is pending resolution. In 2009, the Buenos Aires City Government filed a collection claim and obtained an attachment for 827 (see also Note 8).

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

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. The file is in the CSJN, pending resolution.

Additionally, there are other claims filed by consumers’ associations against the Bank, related to collection of certain financial fees.

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 volatility of financial assets, the foreign exchange market and the economic level growth, among other issues, which has been observed globally with various degrees of intensity and different behavior, over the last few years. In addition, at a local level, there is high volatility of government and private securities and in interest rates, as well as somewhat increase 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, the 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, is on a final stage.

Specifically in connection with the Argentine foreign exchange market, from October 2011 through mid-December 2015, there were certain restrictions to access the MUyLC (single and freely-floating foreign exchange market), the only market approved by Argentine regulations for purchasing and selling foreign exchange. As from that date, the new authorities of the Federal Government made appropriate amendments to current foreign exchange regulations, while there was a significant Argentine peso depreciation with respect to the US dollar.

- 36 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

The Federal Government has also implemented new monetary and tax policies, releasing regulations of lending and borrowing rates, restrictions to foreign currency positions and operations involving foreign-currency futures at the different markets, among others.

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 2016.

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.

d) Through Communiqué “A” 6013, the Central Bank establishes the general procedure to distribute earnings. According to that procedure, earnings may only be distributed previously express authorization of the Central Bank, and only if the following circumstances are met like not records of financial assistance from the Central Bank due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies, there are no certain sanctions established by regulators entities and weighted to be significant, and/or no corrective measures have been applied, 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, statutory and/or voluntary 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 and the amounts recognized in the bank assets due to court cases related to deposits, among other items.

Finally, the Bank shall verify whether –after the proposed earning distribution– a capital maintenance margin equal to 3.5% of risk-weighted assets is kept, apart from the minimum capital required by regulations, to be integrated by of level-1 ordinary capital (COn1), net of deductible items (CDCOn1).

e) Under CNV General Resolution No. 593, the Shareholders’ Meeting in charge of analyzing the annual financial statements will be required to establish a specific use for the Bank’s retained earnings, whether through the actual distribution of dividends, the capitalization thereof through the delivery of bonus shares, the creation of voluntary reserves additional to the legal reserve or a combination of any of these applications.

Among other issues, the Shareholders´ Meeting held on April 23, 2015, decided to distribute cash dividends up to the amount of 596,254. On February 24, 2016 the Central Bank informed the Bank the authorization for the cash dividends distribution for an amount of 227,708 related to the fiscal year 2014, which were paid on March 29, 2016.

In addition, the Shareholders´ Meeting held on April 26, 2016 decided, among other issues, to distribute cash dividends up to the amount of 643,019, for fiscal year ended December 31, 2015. On May 27, 2016, the Central Bank informed the cash distribution authorization.

On May 30, 2016 the Board of Directors decided to postpone for 60 days the payment of the abovemention cash dividends. Additionally, the Board of Directors on its meeting held on August 1, 2016, decided to make available the cash dividends to the beneficiaries on August 17, 2016.

- 37 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

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

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

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 established by the Central Bank of Argentina. The accounting standards established by the BCRA and the Argentine professional accounting standards effective in the City of Buenos Aires (see Note 5.) may not conform with accounting principles generally accepted in other countries.

- 38 - Jorge H. Brito Chairperson

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	06/30/2016				12/31/2015		06/30/2016
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				1,799,635		1,596,215		1,795,271			1,795,271
Federal government bonds in pesos at Badlar + 2% - Maturity: 03-28-2017				478,159		484,928		478,159			478,159
Federal government bonds in pesos at Badlar Private + 2% - Maturity: 2016				331,974		337,075		331,974			331,974
Consolidation bonds in pesos - 8° Serie				159,309		119,030		175,013			175,013
Federal government bonds in US dollars at 8.75% 2024				82,086		2,968		437			437
Federal government bonds in pesos at variable rate 2017				68,446				68,288			68,288
Federal government bonds in pesos at Badlar Private + 250 basis point 2019				57,674		47,577		64,089			64,089
Federal government bonds in US dollars at 6% 2016				46,400
Federal government treasury bonds - Maturity: July 2016				37,951		76,822		37,951			37,951
Secured bonds in pesos under Presidential Decree No. 1579/02 at 2%				31,649		44,030		20,824			20,824
Other				79,671		492,986		93,525			93,525
Subtotal holdings booked at market value				3,172,954		3,201,631		3,065,531			3,065,531
Holdings booked at amortized cost
- Local
Treasury Bills in US dollars - Maturity: 11-07-2016		733,848		733,848				733,848			733,848
Province of Chubut Treasury Bills Series XVI - Maturity 11-24-16		348,114		346,484		400,682		348,114			348,114
Argentine saving bond for the economy development U$S at 4% - Maturity: 07-27-2016		224,134		225,180		196,411		224,134			224,134
Federal government bonds in pesos at Badlar Private + 250 basis point 2019		113,547		113,547		115,302		113,547			113,547
Province of Neuquén Treasury Bills Class I Series III in pesos		110,282		110,042		130,764		110,282			110,282
Province of Neuquén guarantee Treasury Bills Class I in pesos - Maturity: 07-03-2017		67,655		65,826		67,704		67,655			67,655
Province of Río Negro guarantee Treasury Bills Class I in pesos - Maturity: 08-18-2016		48,145		47,930				48,145			48,145
Municipality of City of Córdoba Treasury Bills Series XXI - Maturity: 03-21-2017		29,630		28,740				29,630			29,630
Province of Entre Ríos Treasury Bills - Maturity: 12-11-2016		13,085		12,959		26,031		13,085			13,085
Province of Mendoza Bills - Maturity: 10-22-2016		3,036		3,024		4,439		3,036			3,036
Other		1,195		1,193		61,960		1,195			1,195
Subtotal Holdings booked at amortized cost				1,688,773		1,003,293		1,692,671			1,692,671

- 39 - Jorge H. Brito Chairperson

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	06/30/2016				12/31/2015		06/30/2016
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: 07-20-2016				1,032,834				1,032,834			1,032,834
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-24-2016				857,032				857,032			857,032
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-06-2016				996				996			996
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-06-2016						317,920
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-13-2016						189,282
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-20-2016						205,738
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-27-2016						903,789
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-03-2016						523,342
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-10-2016						528,381
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-17-2016						530,132
Other						1,283,563
Subtotal Central Bank of Argentina Internal Bills at market value - Own Portfolio				1,890,862		4,482,147		1,890,862			1,890,862
Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-11-2017		1,990,209		1,990,209
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-01-2016				1,146,113
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-20-2016		318,648		318,648
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-27-2016				132,716
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions				3,587,686
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-06-2016				1,431,066				1,431,066			1,431,066
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-27-2016				1,132,057				1,125,298			1,125,298
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-03-2016				878,181				768,212			768,212
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-10-2016				870,262				870,262			870,262
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-13-2016				840,574				840,574			840,574
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-13-2016				676,140				676,140			676,140
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-12-2016				647,357				647,357			647,357
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-09-2016				636,525				636,525			636,525
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-21-2016				609,615				609,615			609,615
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-31-2016				571,814				571,814			571,814
Other				1,696,560		3,101,858		1,696,560			1,696,560
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own portfolio				9,990,151		3,101,858		9,873,423			9,873,423
Total Instruments issued by the Central Bank of Argentina				15,468,699		7,584,005		11,764,285			11,764,285
Total Government securities				20,330,426		11,788,929		16,522,487			16,522,487

- 40 - Jorge H. Brito Chairperson

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	06/30/2016			12/31/2015		06/30/2016
Name	Market value or Present Value	Book balance		Book balance		Position without options (1)		Options	Final position
Investments in listed private securities
Capital Instruments
- Local
Petrolera Pampa S.A.			389,313		276,211		389,313			389,313
YPF S.A.			258,088		196,423		258,088			258,088
Telecom Argentina Stet-France Telecom S.A.			191,583		156,951		191,583			191,583
Siderar S.A.I.C.			190,699		218,781		190,699			190,699
Aluar Aluminio Argentino			159,609		195,354		159,609			159,609
Petrobras Energía S.A.			54,520		45,674		54,520			54,520
Molinos Rio de la Plata S.A.			20,542		20,419		20,542			20,542
Cresud S.A.I.C.			15,618		13,015		15,618			15,618
IRSA Inversiones y Prestaciones S.A.			4,117		2,833		4,117			4,117
IRSA Propiedades Comerciales S.A.					1,738					0
Subtotal Capital Instruments			1,284,089		1,127,399		1,284,089			1,284,089
Total Investments in listed private securities			1,284,089		1,127,399		1,284,089			1,284,089
Total government and private Securities			21,614,515		12,916,328		17,806,576			17,806,576

(1) The position without options as of June 30, 2016, results from the following disclosure:

Holdings as of June 30, 2016	21,618,413
Plus: Spot and forward purchases pending settlement	198,347
Less: Spot and forward sales pending settlement	4,010,184
	17,806,576

- 41 - Jorge H. Brito Chairperson

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	06/30/2016		12/31/2015
COMMERCIAL
In normal situation		26,432,492		21,682,457
With Senior “A” guarantees and counter-guarantees		3,040,819		3,255,449
With Senior “B” guarantees and counter-guarantees		3,801,732		4,311,545
Without Senior guarantees or counter-guarantees		19,589,941		14,115,463
Subject to special monitoring		24,520		31,441
In observation
With Senior “B” guarantees and counter-guarantees		14,652		2,465
Without Senior guarantees or counter-guarantees		9,868		28,976
Troubled		84,928		40,872
With Senior “B” guarantees and counter-guarantees		68,496		38,984
Without Senior guarantees or counter-guarantees		16,432		1,888
With high risk of insolvency		163,853		245,205
With Senior “A” guarantees and counter-guarantees		2,370		2,788
With Senior “B” guarantees and counter-guarantees		80,637		133,476
Without Senior guarantees or counter-guarantees		80,846		108,941
Irrecoverable		141,010		108,845
With Senior “B” guarantees and counter-guarantees		13,315
Without Senior guarantees or counter-guarantees		127,695		108,845
Subtotal Commercial		26,846,803		22,108,820

- 42 - Jorge H. Brito Chairperson

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	06/30/2016		12/31/2015
CONSUMER
Performing		41,259,446		37,573,849
With Senior “A” guarantees and counter-guarantees		608,158		556,449
With Senior “B” guarantees and counter-guarantees		2,223,869		2,296,924
Without Senior guarantees or counter-guarantees		38,427,419		34,720,476
Low risk		588,086		420,514
With Senior “A” guarantees and counter-guarantees		687		1,701
With Senior “B” guarantees and counter-guarantees		22,831		17,903
Without Senior guarantees or counter-guarantees		564,568		400,910
Medium risk		341,661		238,470
With Senior “A” guarantees and counter-guarantees		282		47
With Senior “B” guarantees and counter-guarantees		7,893		8,370
Without Senior guarantees or counter-guarantees		333,486		230,053
High risk		224,692		205,910
With Senior “A” guarantees and counter-guarantees		494		805
With Senior “B” guarantees and counter-guarantees		8,467		13,685
Without Senior guarantees or counter-guarantees		215,731		191,420
Irrecoverable		92,852		76,323
With Senior “B” guarantees and counter-guarantees		16,674		12,372
Without Senior guarantees or counter-guarantees		76,178		63,951
Irrecoverable according to Central Bank's rules		175		462
Without Senior guarantees or counter-guarantees		175		462
Subtotal Consumer		42,506,912		38,515,528
Total		69,353,715		60,624,348

- 43 - Jorge H. Brito Chairperson

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	06/30/2016				12/31/2015
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		6,524,030		9.41		3,625,405		5.98
50 next largest customers		6,567,098		9.47		4,478,695		7.39
100 next largest customers		4,290,224		6.19		3,530,211		5.82
Other customers		51,972,363		74.93		48,990,037		80.81
Total		69,353,715		100.00		60,624,348		100.00

- 44 - Jorge H. Brito Chairperson

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF JUNE 30, 2016

(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		6		7,123		55,331		37,949		673,226		109,762		132,699		1,016,096
Financial sector				389,407		100,888		84,492		213,170		78,284		4,019		870,260
Non-financial private sector and foreign residents		753,735		25,206,660		7,379,503		6,950,777		7,058,353		8,153,194		11,965,137		67,467,359
Total		753,741		25,603,190		7,535,722		7,073,218		7,944,749		8,341,240		12,101,855		69,353,715

- 45 - Jorge H. Brito Chairperson

EXHIBIT E

DETAIL OF INVESTMENT IN OTHER COMPANIES

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

												Information on the issuer
	06/30/2016									12/31/2015		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		1,367,752		1,142,776	Financial institution	06-30-16		43,960		1,520,874		250,163
Macro Securities SA	Common		1		1		12,776,680		153,681		167,968	Brokerage house	06-30-16		12,886		154,097		59,492
Macro Fiducia SA	Common		1		1		6,475,143		16,838		18,032	Services	06-30-16		6,567		16,001		2,357
Macro Fondos SGFCISA	Common		1		1		327,183		11,785		15,545	Mutual funds management	06-30-16		1,713		59,377		48,975
Foreign
Macro Bank Limited	Common		1		1		39,816,899		708,681		595,553	Financial institution	06-30-16		86,501		708,681		113,127
Subtotal subsidiaries									2,258,737		1,939,874
- Non-subsidiaries
Local
Provincanje SA	Common		1		1		600,000		603		603	Processing servicies	12-31-15		7,200		6,047		234
Prisma Medio de Pagos	Common		1		1		1,141,503		3,554		3,554	Business services	12-31-15		15,000		436,525		300,971
COEL SA	Common		1		1		86,236		138		138	Financial Services	12-31-14		1,000		3,874		593
Mercado Abierto Electrónico SA	Common		1,200		1		8		121		121	Electronic market	12-31-15		242		85,710		48,325
Argentina Clearing SA	Common		2,500		1		30		31		31	Services	07-31-15		10,250		137,525		47,626
Garantizar SGR	Common		1		1		10,000		10		10	Mutual guarantee association	12-31-15		20,484		2,115,289		121,445
Foreign
Banco Latinoamericano de Exportaciones SA	Common		1		1		7,303		1,176		1,025	Financial institution	12-31-15		3,641,140		12,639,963		1,352,312
Subtotal non-subsidiaries									5,633		5,482
Total in financial institutions, supplementary and authorized activities									2,264,370		1,945,356
In other companies
- Non-subsidiaries
Local
Other									1,895		1,829
Foreign
SWIFT SA	Common		1		1		5		73		64	Services	12-31-15		194,674		5,479,148		275,429
Total in other companies									1,968		1,893
Total (1)									2,266,338		1,947,249

(1) As of June 30, 2016 and December 31, 2015 the Bank booked allowances for impairment in value amounting to 579 and 568, respectively (see Exhibit J).

- 46 - Jorge H. Brito Chairperson

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF JUNE 30, 2016

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

(Figures stated in thousands of pesos)

	Net book value at									Depreciation for the period				Net book
Item	beginning of fiscal year		Increases		Transfers			Decreases		Years of useful life		Amount		value at end of the period
Bank premises and equipment
Buildings		623,008		32,481		9,902			194		50		13,174		652,023
Furniture and facilities		148,972		38,197					25		10		11,963		175,181
Machinery and equipment		276,791		85,115					9		5		55,214		306,683
Vehicles		24,503		7,667					1,644		5		5,240		25,286
Total		1,073,274		163,460		9,902			1,872				85,591		1,159,173
Other assets
Works in progress		756,855		263,563		(46,073	)								974,345
Works of art		1,198													1,198
Prepayments for the purchase of assets		153,921		27,957		(25,417	)								156,461
Foreclosed assets		110,415		209					423		50		900		109,301
Stationery and office supplies		26,931		3,085					3,625						26,391
Other assets		334,862		20,580		61,588			615		50		1,230		415,185
Total		1,384,182		315,394		(9,902	)		4,663				2,130		1,682,881

- 47 - Jorge H. Brito Chairperson

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF JUNE 30, 2016

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

(Figures stated in thousands of pesos)

	Net book value at						Amortization for the period				Net book
Item	Beginning of fiscal year		Increases		Decreases		Years of useful life		Amount		value at end of the period
Goodwill (a)		30,684						10		6,715		23,969
Organization and development costs (b)		437,939		163,692		180		5		83,512		517,939
Total		468,623		163,692		180				90,227		541,908

(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.

- 48 - Jorge H. Brito Chairperson

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	06/30/2016				12/31/2015
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		7,540,240		9.34		6,922,528		10.19
50 next largest customers		4,721,510		5.85		5,708,638		8.41
100 next largest customers		3,151,663		3.90		3,602,795		5.31
Other customers		65,355,061		80.91		51,677,293		76.09
Total		80,768,474		100.00		67,911,254		100.00

- 49 - Jorge H. Brito Chairperson

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF JUNE 30, 2016

(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		63,709,407		14,297,822		2,215,158		536,402		8,275		1,410		80,768,474
Other liabilities from financial intermediation
Central Bank of Argentina		7,730		1,116		1,248				105				10,199
International Banks and Institutions		7,287		23,042		12,243								42,572
Non-subordinated corporate bonds				55,846				1,587,413						1,643,259
Financing received from Argentine financial institutions		1,900		3,431		5,197		10,595		16,095		3,416		40,634
Other		4,825,701		289,036		2,553		3,304		3,162		93,300		5,217,056
		4,842,618		372,471		21,241		1,601,312		19,362		96,716		6,953,720
Subordinated corporate bonds						7,274						2,238,000		2,245,274
Total		68,552,025		14,670,293		2,243,673		2,137,714		27,637		2,336,126		89,967,468

- 50 - Jorge H. Brito Chairperson

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF JUNE 30, 2016

(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		1,355,295		484,758		268,641		18,320		1,553,092
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		231,490		738		2,299		152		229,777
Receivables from financial leases
For uncollectibility risk		5,312		119				805		4,626
Investments in other companies
For impairment in value		568		30				19		579
Other receivables
For uncollectibility risk		4,459		186		508		30		4,107
Total allowances		1,597,124		485,831		271,448		19,326		1,792,181
PROVISIONS
Contingent commitments		6,590		482				3,309		3,763
For other contingencies		153,838		50,715		42,139		2		162,412
Difference from court deposits dollarization		27,924		4,112						32,036
Administrative, disciplinary and criminal sanctions		10,284						1,504		8,780
Total Provisions		198,636		55,309		42,139		4,815		206,991

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

- 51 - Jorge H. Brito Chairperson

EXHIBIT K

CAPITAL STRUCTURE

AS OF JUNE 30, 2016

(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.

- 52 - Jorge H. Brito Chairperson

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	06/30/2016														12/31/2015
	Total Parent		Total per currency
	company and				Pound		Swiss
Items	local branches		US dollar		sterling		franc		Yen		Euro		Other		Total
ASSETS
Cash		8,387,537		8,265,204		2,208		3,446		2,444		89,871		24,364		8,884,780
Government and private securities		1,154,808		1,154,808												2,216,743
Loans		4,965,266		4,965,266												1,865,929
Other receivables from financial intermediation		302,337		302,318				2				17				133,206
Investments in other companies		709,930		709,930												596,642
Other receivables		237,859		237,859												166,107
Items pending allocation		4,743		4,743												4,291
Total		15,762,480		15,640,128		2,208		3,448		2,444		89,888		24,364		13,867,698
LIABILITIES
Deposits		10,585,705		10,585,705												7,778,623
Other liabilities from financial intermediation		2,711,383		2,666,109		350		796				44,128				2,322,008
Subordinated corporate bonds		2,245,274		2,245,274												1,957,618
Items pending allocation		4,446		4,446												9
Total		15,546,808		15,501,534		350		796				44,128				12,058,258
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		2,902,026		2,897,225								4,801				1,534,612
Control		2,851,114		2,701,293						2,716		147,093		12		62,036,844
Derivatives		13,562		13,562												11,821
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		1,815,905		1,799,798								16,107				1,279,632
Control		77		77												1,307

- 53 - Jorge H. Brito Chairperson

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

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

(Figures stated in thousands of pesos)

	In normal		At high risk of
Item	situation		Insolvency		06/30/2016		12/31/2015(1)
Loans
Overdrafts		116,584				116,584		66,312
Without Senior guarantees or counter-guarantees		116,584				116,584		66,312
Documents		74,960				74,960		48,365
With Senior “A” guarantees and counter-guarantees								31,144
Without Senior guarantees or counter-guarantees		74,960				74,960		17,221
Mortgage and pledge		5,630		291		5,921		3,554
With Senior “B” guarantees and counter-guarantees		5,630		291		5,921		3,346
Without Senior guarantees or counter-guarantees								208
Personal		600				600		811
Without Senior guarantees or counter-guarantees		600				600		811
Credit cards		30,228				30,228		32,305
Without Senior guarantees or counter-guarantees		30,228				30,228		32,305
Other		144,918		57		144,975		188,423
Without Senior guarantees or counter-guarantees		144,918		57		144,975		188,423
Total loans		372,920		348		373,268		339,770
Other receivables from financial intermediation		3,209		1		3,210		6,414
Receivables from financial leases and other		9,838				9,838		10,195
Contingent Commitments		30,221				30,221		130,955
Investments in other companies		2,259,212				2,259,212		1,940,348
Total		2,675,400		349		2,675,749		2,427,682
Provisions		4,310		102		4,412		4,014

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

- 54 - Jorge H. Brito Chairperson

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF JUNE 30, 2016

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

(Figures stated in thousands of pesos)

Type of contract

Purpose of the transactions performed

Underlying asset

Type of settlement

Negotiation environment or counter-party

Originally agreed weighted monthly average term

Residual weighted monthly average term

Weighted daily average term settlement of differences

Amount

Repo transactions

Intermediation - own account

Federal government securities

With delivery of underlying asset

MAE (over-the-counter electronic market)

1

1

3,603,899

Intermediation

Foreign

Daily settlement of

MAE (over-the-counter

Futures

- own account

currency

differences

electronic market)

4

2

1

794,680

Intermediation

With delivery of

Over The Counter - Residents

Options

- own account

Other

underlying asset

in Argentina - Non-financial sector

25

1

167,970

Intermediation

Foreign

Maturity settlement

Over The Counter - Residents

Forward

- own account

currency

of differences

in Argentina - Non-financial sector

4

1

30

482,280

- 55 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2016			12/31/2015
ASSETS
A.	CASH
	Cash on hand		3,780,436			5,575,677
	Due from banks and correspondents
	Central Bank of Argentina		12,951,709			11,956,958
	Local Other		28,292			17,046
	Foreign		1,695,674			1,852,327
	Other		933			813
			18,457,044			19,402,821
B.	GOVERNMENT AND PRIVATE SECURITIES
	Holdings booked at market value		5,576,576			4,955,290
	Holdings booked at amortized cost		1,690,708			1,005,691
	Instruments issued by the Central Bank of Argentina		16,597,652			8,302,992
	Investments in listed private securities		1,284,089			1,127,399
			25,149,025			15,391,372
C.	LOANS
	To the non-financial government sector		970,542			748,067
	To the financial sector
	Interfinancing - (granted call)		265,000			160,000
	Other financing to Argentine financial institutions		569,611			67,010
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		30,075			380
	To the non-financial private sector and foreign residents
	Overdrafts		7,679,893			4,707,889
	Documents		7,449,375			6,550,151
	Mortgage loans		3,179,388			3,508,512
	Pledge loans		1,767,262			2,152,645
	Personal loans		25,761,309			23,231,551
	Credit cards		16,052,942			14,793,346
	Other		7,910,400			7,078,576
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		1,288,237			1,186,116
	less:  Unearned discount		(298,624	)		(355,864	)
	less:  Allowances (Note 4.)		(1,706,835	)		(1,495,964	)
			70,918,575			62,332,415

- 56 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2016			12/31/2015
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		1,934,063			1,606,203
	Amounts receivable from spot and forward sales pending settlement		4,810,675			187,196
	Securities and foreign currency receivables from spot and forward purchases pending settlement		261,866			119,752
	Unlisted corporate bonds		428,946			603,567
	Receivables from forward transactions without delivery of underlying assets		498
	Other receivables not covered by debtors classification standards		669,392			604,344
	Other receivables covered by debtors classification standards		478,495			416,946
	Accrued interest receivables covered by debtors classification standards		187			273
	less:  Allowances (Note 4.)		(241,340	)		(243,028	)
			8,342,782			3,295,253
E.	RECEIVABLES FROM FINANCIAL LEASES
	Receivables from financial leases		393,024			432,506
	Accrued interest and adjustments		8,013			6,778
	less: Allowances (Note 4.)		(4,666	)		(5,352	)
			396,371			433,932
F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		1,177			1,025
	Other		11,556			11,479
	less: Allowances (Note 4.)		(1,606	)		(1,595	)
			11,127			10,909
G.	OTHER RECEIVABLES
	Receivables from sale of assets		15			36
	Other		1,140,639			983,440
	Accrued interest and adjustments receivable on from sale of assets					1
	less: Allowances (Note 4.)		(4,107	)		(4,596	)
			1,136,547			978,881
H.	BANK PREMISES AND EQUIPMENT, NET		1,267,562			1,180,959
I.	OTHER ASSETS		1,708,593			1,405,155
J.	INTANGIBLE ASSETS
	Goodwill		23,969			30,684
	Organization and development costs		553,368			464,415
			577,337			495,099
K.	ITEMS PENDING ALLOCATION		16,115			25,163
TOTAL ASSETS			127,981,078			104,951,959

- 57 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2016		12/31/2015
LIABILITIES
L.	DEPOSITS
	From the non-financial government sector		10,548,570		9,588,378
	From the financial sector		44,390		40,145
	From the non-financial private sector and foreign residents
	Checking accounts		16,796,449		14,062,853
	Savings accounts		19,406,464		15,507,850
	Time deposits		41,108,058		34,719,816
	Investment accounts		357,240		545,092
	Other		1,754,330		1,348,989
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		924,255		708,475
			90,939,756		76,521,598
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		10,559		12,917
	International Banks and Institutions		42,171		97,789
	Non-subordinated Corporate Bonds		1,587,413		1,383,667
	Amounts payable for spot and forward purchases pending settlement		381,774		279,858
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		4,959,494		42,752
	Financing received from Argentine financial institutions
	Interfinancing (received call)				44,000
	Other financing received from Argentine financial institutions		12,293		15,106
	Accrued interest payable				39
	Receivables from forward transactions without delivery of underlying asset				562,123
	Other		5,461,796		5,022,561
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		84,588		76,553
			12,540,088		7,537,365
N.	OTHER LIABILITIES
	Dividends Payable		643,019		596,254
	Fees		67,555		25,721
	Other		2,315,451		2,028,484
			3,026,025		2,650,459
O.	PROVISIONS (Note 4.)		281,332		258,025
P.	SUBORDINATED CORPORATE BONDS		2,245,274		1,957,618
Q.	ITEMS PENDING ALLOCATION		17,185		21,039
	MINORITY INTERESTS IN SUBSIDIARIES		153,465		128,305
	TOTAL LIABILITIES		109,203,125		89,074,409
	SHAREHOLDERS' EQUITY		18,777,953		15,877,550
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			127,981,078		104,951,959

- 58 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2016		12/31/2015
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		71,577,179		241,010,767
Contingent		19,362,171		19,539,120
Guarantees received		17,016,832		17,998,080
Other not covered by debtors classification standards		52		60
Contingent debit-balance contra accounts		2,345,287		1,540,980
Control		49,983,159		214,365,689
Receivables classified as irrecoverable		1,879,268		1,641,179
Other		46,925,666		212,111,015
Control debit-balance contra accounts		1,178,225		613,495
Derivatives		1,444,930		6,703,049
Notional value of put options taken		13,562		11,821
Notional value of forward transactions without delivery of underlying asset		622,700		3,253,734
Derivatives debit-balance contra accounts		808,668		3,437,494
Trust activity		786,919		402,909
Trust funds		786,919		402,909
CREDIT-BALANCE ACCOUNTS		71,577,179		241,010,767
Contingent		19,362,171		19,539,120
Other guarantees provided covered by debtors classification standards		100,972		163,905
Other guarantees provided not covered by debtors classification standards		138,172		137,227
Other covered by debtors classification standards		1,744,544		1,227,180
Other not covered by debtors classification standards		361,599		12,668
Contingent credit-balance contra accounts		17,016,884		17,998,140
Control		49,983,159		214,365,689
Checks to be credited		1,178,225		613,495
Control credit-balance contra accounts		48,804,934		213,752,194
Derivatives		1,444,930		6,703,049
Notional value of  call options sold		154,408		138,521
Notional value of forward transactions without delivery of underlying asset		654,260		3,298,973
Derivatives credit-balance contra account		636,262		3,265,555
Trust activity		786,919		402,909
Trust activity credit-balance contra accounts		786,919		402,909

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.

- 59 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2016		06/30/2015
A.	FINANCIAL INCOME
	Interest on cash and due from banks		701		71
	Interest on loans to the financial sector		88,288		42,163
	Interest on overdrafts		1,173,162		659,454
	Interest on documents		768,473		508,739
	Interest on mortgage loans		369,405		244,879
	Interest on pledge loans		190,244		178,267
	Interest on credit card loans		1,931,879		1,271,055
	Interest on financial leases		47,405		38,128
	Interest on other loans		5,706,219		3,933,358
	Net income from government and private securities		3,031,342		1,588,786
	Interest on other receivables from financial intermediation		2,586		2,387
	Income from guaranteed loans - Presidential Decree No. 1,387/01		14,726		12,153
	CER (Benchmark Stabilization Coefficient) adjustment		121,609		10,457
	CVS (Salary Variation Coefficient) adjustment		390		134
	Difference in quoted prices of gold and foreign currency		329,600		162,774
	Other		173,793		94,464
			13,949,822		8,747,269
B.	FINANCIAL EXPENSE
	Interest on savings accounts		43,616		29,582
	Interest on time deposits		5,130,207		2,959,504
	Interest on interfinancing received loans (received call)		1,147		4,498
	Interest on other financing from financial institutions		297		41
	Interest on other liabilities from financial intermediation		70,584		45,492
	Interest on subordinated bonds		104,932		64,413
	Other interest		2,258		1,354
	CER adjustment		6,168		2,568
	Contribution to Deposit Guarantee Fund		131,860		193,159
	Other		1,038,547		634,924
			6,529,616		3,935,535
	GROSS INTERMEDIATION MARGIN - GAIN		7,420,206		4,811,734
C.	PROVISION FOR LOAN LOSSES		476,684		419,001
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		49,144		56,459
	Related to deposits		2,107,731		1,646,028
	Other commissions		86,576		53,314
	Other		1,357,212		1,010,744
			3,600,663		2,766,545

- 60 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2016			06/30/2015
E.	SERVICE-CHARGE EXPENSE
	Commissions		236,367			179,894
	Other		929,639			543,997
			1,166,006			723,891
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		2,738,469			1,996,968
	Directors' and statutory auditors' fees		151,894			94,917
	Other professional fees		128,636			100,254
	Advertising and publicity		83,064			66,651
	Taxes		252,400			194,201
	Depreciation of bank premises and equipment		95,876			81,325
	Amortization of organization costs		91,829			71,236
	Other operating expenses		650,911			460,853
	Other		364,863			259,668
			4,557,942			3,326,073
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		4,820,237			3,109,314
G.	OTHER INCOME
	Income from long-term investments		31,198			3,871
	Penalty interest		42,261			34,984
	Recovered loans and allowances reversed		94,922			55,298
	CER adjustment					20
	Others		156,901			96,954
			325,282			191,127
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		125			24
	Charges for other receivables uncollectibility and other allowances		72,219			69,239
	Depreciation and loss of other assets		2,136			1,846
	Goodwill amortization		6,716			7,026
	Other		91,546			127,991
			172,742			206,126
	MINORITY INTEREST IN SUBSIDIARIES		(25,255	)		(16,497	)
	NET INCOME BEFORE INCOME TAX - GAIN		4,947,522			3,077,818
I.	INCOME TAX		1,734,635			1,139,432
	NET INCOME FOR THE PERIOD - GAIN		3,212,887			1,938,386

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.

- 61 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2016			06/30/2015
CHANGES IN CASH AND CASH EQUIVALENTS  (Note 1.5.)
Cash at the beginning of the fiscal year		22,672,977			18,193,305
Cash at the end of the period		29,837,149			14,180,150
Net increase/ (decrease) in cash		7,164,172			(4,013,155	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments) for:
Government and private securities		4,578,893			(5,563,667	)
Loans
To the financial sector		(549,008	)		(427,032	)
To the non-financial government sector		(86,492	)		101,039
To the non-financial private sector and foreign residents		1,946,862			(85,299	)
Other receivables from financial intermediation		(4,513,290	)		(784,923	)
Receivables from financial leases		85,651			4,996
Deposits
From the financial sector		4,245			(9,742	)
From the non-financial government sector		644,294			305,033
From the non-financial private sector and foreign residents		8,461,811			6,380,118
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(45,186	)		(1,580	)
Others (except liabilities included under financing activities)		586,287			249,331
Collections related to service-charge income		3,588,473			2,766,891
Payments related to service-charge expenses		(1,155,298	)		(714,951	)
Administrative expenses paid		(4,403,617	)		(3,216,005	)
Payment of organization and development costs		(180,781	)		(98,761	)
Net collections from penalty interest		42,136			34,977
Differences from payments related to court orders		(2,468	)		(3,020	)
Collections of dividends from other companies		19,367			269
Other collections/ (payments) related to other income and losses		127,938			33,763
Net payments from other operating activities		(749,302	)		(1,328,215	)
Payment of income tax		(1,327,706	)		(1,389,187	)
Net cash flows generated in (used in) operating activities		7,072,809			(3,745,965	)

- 62 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2016			06/30/2015
Investing activities
Net payments for bank premises and equipment		(170,567	)		(239,760	)
Net payments for other assets		(333,888	)		(292,719	)
Net cash flows used in investing activities		(504,455	)		(532,479	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(62,871	)		(39,108	)
Central Bank of Argentina:
Other		(2,545	)		(1,926	)
International Banks and Institutions		(57,196	)		22,269
Subordinated corporate bonds		(100,657	)		(66,175	)
Financing received from Argentine financial institutions		(3,110	)		(2,672	)
Payment of dividends		(319,612	)
Net cash flows used in financing activities		(545,991	)		(87,612	)
Financial income and holding gains on cash and cash equivalents		1,141,809			352,901
Net increase/ (decrease) in cash		7,164,172			(4,013,155	)

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.

- 63 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2016		12/31/2015
COMMERCIAL
In normal situation		27,192,636		22,725,716
With Senior “A” guarantees and counter-guarantees		3,043,809		3,276,576
With Senior “B” guarantees and counter-guarantees		3,911,743		4,438,261
Without Senior guarantees or counter-guarantees		20,237,084		15,010,879
Subject to special monitoring		24,520		31,441
In observation
With Senior “B” guarantees and counter-guarantees		14,652		2,465
Without Senior guarantees or counter-guarantees		9,868		28,976
Troubled		84,928		48,167
With Senior “B” guarantees and counter-guarantees		68,496		39,735
Without Senior guarantees or counter-guarantees		16,432		8,432
With high risk of insolvency		164,685		248,685
With Senior “A” guarantees and counter-guarantees		2,370		2,788
With Senior “B” guarantees and counter-guarantees		81,390		133,476
Without Senior guarantees or counter-guarantees		80,925		112,421
Irrecoverable		147,510		108,845
With Senior “B” guarantees and counter-guarantees		13,315
Without Senior guarantees or counter-guarantees		134,195		108,845
Subtotal Commercial		27,614,279		23,162,854

- 64 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2016		12/31/2015
CONSUMER
Performing		46,775,523		42,462,761
With Senior “A” guarantees and counter-guarantees		609,632		558,274
With Senior “B” guarantees and counter-guarantees		2,299,017		2,370,316
Without Senior guarantees or counter-guarantees		43,866,874		39,534,171
Low risk		635,871		449,008
With Senior “A” guarantees and counter-guarantees		687		1,701
With Senior “B” guarantees and counter-guarantees		24,592		19,309
Without Senior guarantees or counter-guarantees		610,592		427,998
Medium risk		379,185		273,825
With Senior “A” guarantees and counter-guarantees		282		47
With Senior “B” guarantees and counter-guarantees		8,299		9,784
Without Senior guarantees or counter-guarantees		370,604		263,994
High risk		275,640		247,828
With Senior “A” guarantees and counter-guarantees		494		805
With Senior “B” guarantees and counter-guarantees		9,064		13,879
Without Senior guarantees or counter-guarantees		266,082		233,144
Irrecoverable		98,933		82,833
With Senior “B” guarantees and counter-guarantees		17,516		13,925
Without Senior guarantees or counter-guarantees		81,417		68,908
Irrecoverable according to Central Bank's rules		175		462
Without Senior guarantees or counter-guarantees		175		462
Subtotal Consumer		48,165,327		43,516,717
Total		75,779,606		66,679,571

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.

- 65 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

(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 Argentine Federation of Professionals Councils in Economic Sciences Technical Resolution No. 21, the Bank has consolidated line-by-line (i) its balance sheets as of June 30, 2016 and December 31, 2015 and (ii) the statements of income and cash flows and cash equivalents for the six-month periods ended June 30, 2016 and 2015, 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, 2016):

	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 SGFCI SA	Common		327,183		19.100	%		19.100	%		99.936	%		100.00	%

(a) Consolidated with Sud Asesores (ROU) SA (voting rights: 100%, equity interest: 3,933).

(b) Consolidated with Macro Fondos SGFCI SA (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, 2016 and December 31, 2015.

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.

- 66 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

(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, 2016 and 2015, 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, 2016, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps,
Assets		244,865		3,653,384
Liabilities		197,366		2,944,704
Shareholders’ equity		47,499		708,680

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, 2016:

	Banco Macro SA		Banco del Tucumán SA		Macro Bank Limited (1)		Other subsidiaries (2)		Eliminations		Banco Macro SA (consolidated)
Assets		116,280,933		10,034,457		3,653,384		440,144		2,427,840		127,981,078
Liabilities		97,502,980		8,513,583		2,944,704		268,075		26,217		109,203,125
Shareholders’ equity		18,777,953		1,520,874		708,680		172,069		2,401,623		18,777,953
Income		3,212,887		250,163		113,127		62,761		426,051		3,212,887

(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.

- 67 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

(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:

	06/30/2016		12/31/2015		06/30/2015
Cash		18,457,044		19,402,821		11,232,895
Government and private securities
Holdings booked at market value		2,091,659		997,435		490,670
Instruments issued by the Central Bank		8,997,358		2,018,994		2,265,678
Other receivables for financial intermediation
Other covered by debtor classification standards		291,088		253,727		190,907
Cash and cash equivalents		29,837,149		22,672,977		14,180,150

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	06/30/2016		12/31/2015
2.1.   Banco del Tucumán SA:
Government and Private securities
• Secured bonds in pesos under Presidential Decree No, 1579/2002, maturing in 2018, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No, 622/2013		5,238		5,613
• Central Bank of Argentina Internal Bills in pesos, maturing in 2016 securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE		705		747
Subtotal Government and Private securities		5,943		6,360
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		171,219		172,659
Subtotal other receivables from financial intermediation		171,219		172,659
Other receivables
• Deposits mainly provided in guarantee for the credit card transaction and related to court deposits and MAEClear transactions		28,406		21,327
Subtotal other receivables		28,406		21,327
Total		205,568		200,346

- 68 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

Item	06/30/2016		12/31/2015
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		9,933		8,492
Subtotal other receivables from financial intermediation		9,933		8,492
Investments in other companies
• Other		1,453		1,453
Subtotal investments in other companies		1,453		1,453
Total		11,386		9,945
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		3,622		3,352
Total		3,622		3,352

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, 2016 and December 31, 2015, include assets amounted to 25,644 and 38,248, generated by Loans and other receivables from financial intermediation; liabilities amounted to 1,265,084 and 870,564 generated mainly by Deposits; and memorandum accounts amounted to 3,137,848 and 2,089,274, mainly generated by Items in custody, respectively.

Additionally, as of June 30, 2016 and 2015, net income generated by those transactions amounted to 5,503 and 4,461, respectively.

Lastly, the balances as of those dates for transactions between Macro Group companies amounted to 999 and 551, respectively. Net income from those transactions for six-month periods ended June 30, 2016 and 2015 amount to 0 and 2, respectively. Both balances and income were eliminated in the consolidation process.

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, 2016:

- 69 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2016

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

	Balances at beginning of fiscal				Decreases				Balances at end of the
Breakdown	Year		Increases		Charge off		Reversals		period
Allowances
For loans		1,495,964		534,157		300,080		23,206		1,706,835
For other receivables from financial intermediation		243,028		2,776		2,309		2,155		241,340
For receivables from financial leases		5,352		119				805		4,666
For interests in other companies		1,595		30				19		1,606
For other receivables		4,596		186		645		30		4,107
Total		1,750,535		537,268		303,034		26,215		1,958,554
For contingent commitments		6,590		482				3,309		3,763
For other contingencies		196,506		64,862		44,096		2		217,270
For differences from court deposits dollarization		44,645		6,874						51,519
For administrative, disciplinary and criminal sanctions		10,284						1,504		8,780
Total		258,025		72,218		44,096		4,815		281,332

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, 2016 and December 31, 2015:

Type of contract / underlying asset	06/30/2016		12/31/2015
Futures / foreign currency		794,680		3,447,291
Repo transactions		4,276,621		5,497
Forward contracts / foreign currency		482,280		3,105,416
Options / Other		167,970		150,342

Additionally, positions of transactions effective as of June 30, 2016 and December 31, 2015 are as follows:

Transaction	06/30/2016			12/31/2015
Net position of repurchase agreements		(4,276,621	)		(1,403	)
Net asset position of forward transactions without delivery of the underlying asset		(31,560	)		(45,239	)
Position of put options taken		13,562			11,821
Position of call options sold		(154,408	)		(138,521	)

- 70 -

6. PORTFOLIO MANAGEMENT

In addition to what was mentioned in Note 13, to the Bank’s stand-alone financial statements, as of June 30, 2016 and December 31, 2015, Banco del Tucumán SA manages the following portfolios:

	Managed portfolio as of
Item	06/30/2016		12/31/2015
• On July 31, 2006, Banco del Tucumán SA and Macro Fiducia SA entered into a management and custody agreement regarding the “Gas Tucumán I” trust loan portfolio,		15,164		21,173
• 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,		15,299		15,329
• Other managed portfolios,		4,795		2,577
Total		35,258		39,079

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, 2016 and December 31, 2015:

7.1. Financial trusts for investment purposes

Financial trust	06/30/2016		12/31/2015
Certificates of participation				2,257
Debt securities		13,323		15,094
Total		13,323		17,351

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, 2016 and December 31, 2015, 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 495 and 182, respectively.

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

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.

As of June 30, 2016 and December 31, 2015, 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 706,852 and 408,671, respectively.

- 71 - Jorge H. Brito Chairperson

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: September 26, 2016

MACRO BANK INC.
By:	/s/ Jorge F. Scarinci
Name: Jorge F. Scarinci
Title: Finance and Investor Relations Manager