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 8, 2017

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 ¨

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 ¨ 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 ¨ No x

BANCO MACRO S.A.

Financial Statements as of June 30, 2017,

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 Jun 30, 2017, 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. Without changing the conclusion expressed in paragraph 4, we draw attention to the following information: (i) note 5 to the accompanying financial statements describes and quantifies the main differences in measurement and disclosure criteria resulting from comparing BCRA accounting standards, used in the preparation of the accompanying financial statements and Argentine professional accounting standards effective in Buenos Aires City. The identified differences should be taken into account by those users who use the abovementioned professional accounting standards for the interpretation of the accompanying financial statements; and (ii) as indicated in note 6 to the accompanying financial statements, the items and figures contained in the reconciliations included in that note may be subject to change and may only be considered final when preparing the annual financial statements for the year in which IFRS are applied for the first time, within the scope defined by the BCRA in its Communiqué "A" 6114.

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

7. 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 Jun 30, 2017, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 111,601,625, none of which was due as of that date.

d) As of Jun 30, 2017, 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 10, 2017

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, 2017

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, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

		06/30/2017			12/31/2016
		(Unaudited)
ASSETS
A.	CASH
	Cash on hand		4,522,808			4,208,887
	Due from banks and correspondents
	Central Bank of Argentina		19,821,748			26,666,365
	Local Other		47,246			79,158
	Foreign		9,245,322			2,055,936
	Other		1,038			991
			33,638,162			33,011,337
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings booked at market value		2,646,176			1,940,096
	Holdings booked at amortized cost		24,216			1,569,338
	Instruments issued by the Central Bank of Argentina		26,804,360			13,755,276
	Investments in listed private securities					319,469
			29,474,752			17,584,179
C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		497,026			1,532,006
	To the financial sector
	Interfinancing (granted call)		235,000			5,000
	Other financing to Argentine Financial Institutions		1,950,962			1,659,738
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		65,837			65,882
	To the non-financial private sector and foreign residents
	Overdrafts		9,591,249			8,801,712
	Documents		12,236,083			10,968,163
	Mortgage loans		4,877,841			3,923,386
	Pledge loans		3,170,475			2,210,991
	Personal loans		30,913,268			24,849,213
	Credit cards		19,062,894			17,467,209
	Other (Note 7.1.)		15,168,404			10,377,498
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		1,459,541			1,182,463
	less: Unearned discount		(314,636	)		(345,500	)
	less: Allowances (Exhibit J)		(2,093,230	)		(1,654,084	)
			96,820,714			81,043,677

- 1 - Jorge H. Brito Chairperson

BALANCE SHEETS

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

		06/30/2017			12/31/2016
		(Unaudited)
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		1,967,143			1,902,862
	Amounts receivable from spot and forward sales pending settlement		2,790,207			155,905
	Securities and foreign currency receivables from spot and forward purchases pending settlement (Exhibit O)		820,039			1,259,031
	Unlisted corporate bonds (Exhibits B, C and D)		150,059			277,666
	Receivables from forward transactions without delivery of underlying assets		1,958			855
	Other receivables not covered by debtors classification standards (Note 7.2.)		1,110,805			944,707
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		263,332			292,435
	Accrued interest receivables covered by debtors classification standards (Exhibit B, C and D)		419			232
	less: Allowances (Exhibit J)		(231,149	)		(231,496	)
			6,872,813			4,602,197
E.	RECEIVABLES FROM FINANCIAL LEASES (Exhibits B, C and D)
	Receivables from financial leases		485,324			375,898
	Accrued interest and adjustments		6,512			4,992
	less: Allowances (Exhibit J)		(5,682	)		(3,993	)
			486,154			376,897
F.	INVESTMENTS IN OTHER COMPANIES (Exhibit E)
	In financial institutions		1,907,842			2,399,238
	Other		421,537			287,888
	less: Allowances (Exhibit J)		(361	)		(579	)
			2,329,018			2,686,547
G.	OTHER RECEIVABLES
	Other (Note 7.3.)		1,455,863			1,182,758
	less: Allowances (Exhibit J)		(4,205	)		(4,148	)
			1,451,658			1,178,610
H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		1,373,711			1,351,839
I.	OTHER ASSETS (Exhibit F)		2,314,907			1,941,322
J.	INTANGIBLE ASSETS (Exhibit G)
	Goodwill		17,799			20,609
	Organization and development costs		723,845			615,760
			741,644			636,369
K.	ITEMS PENDING ALLOCATION		24,976			8,231
TOTAL ASSETS			175,528,509			144,421,205

- 2 - Jorge H. Brito Chairperson

BALANCE SHEETS

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

		06/30/2017		12/31/2016
		(Unaudited)
LIABILITIES
L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector (Note 7.4.)		7,162,565		5,964,863
	From the financial sector		57,355		55,861
	From the non-financial private sector and foreign residents
	Checking accounts		17,834,985		16,692,516
	Savings accounts		31,962,708		26,032,427
	Time deposits		50,156,800		44,882,439
	Investment accounts		296,693		333,188
	Other (Note 7.5.)		4,255,293		7,918,326
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		563,606		617,326
			112,290,005		102,496,946
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		10,281		8,211
	International Banks and Institutions (Exhibit I)		345,307		128,912
	Non-subordinated Corporate Bonds (Note 11. and Exhibit I)		4,620,570		1,686,382
	Amounts payable for spot and forward purchases pending settlement		820,042		1,154,071
	Securities and foreign currency to be delivered under spot and forward sales pending settlement (Exhibit O)		3,019,701		156,536
	Financing received from Argentine financial institutions (Exhibit I)
	Interfinancing (received call)				90,000
	Other financing received from Argentine financial institutions		780,075		30,568
	Accrued interest payable				126
	Receivables from forward transactions without delivery of underlying asset		228
	Other (Note 7.6. and Exhibit I)		7,435,937		6,773,610
	Accrued interest, adjustments, foreign exchange and quoted price differences payable (Exhibit I)		136,843		82,721
			17,168,984		10,111,137
N.	OTHER LIABILITIES
	Fees		21,036		89,617
	Other (Note 7.7.)		3,224,115		2,953,144
			3,245,151		3,042,761
O.	PROVISIONS (Exhibit J)		278,390		251,366
P.	SUBORDINATED CORPORATE BONDS (Note 11. and Exhibit I)		6,709,114		6,407,840
Q.	ITEMS PENDING ALLOCATION		9,325		5,257
TOTAL LIABILITIES			139,700,969		122,315,307
SHAREHOLDERS' EQUITY (As per related statement)			35,827,540		22,105,898
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			175,528,509		144,421,205

- 3 - Jorge H. Brito Chairperson

BALANCE SHEETS

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

	06/30/2017		12/31/2016
	(Unaudited)
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		101,546,495		76,561,044
Contingent		27,454,786		22,163,765
Guarantees received		26,475,393		21,261,105
Other not covered by debtors classification standards		30		39
Contingent debit-balance contra accounts		979,363		902,621
Control		73,406,172		53,901,492
Receivables classified as irrecoverable		1,945,626		1,778,857
Other (Note 7.8.)		69,617,645		50,987,686
Control debit-balance contra accounts		1,842,901		1,134,949
Derivatives (Exhibit O)		685,537		495,787
Notional value of forward transactions without delivery of underlying asset (Note 12.a))		252,110		135,597
Derivatives debit-balance contra accounts		433,427		360,190
CREDIT-BALANCE ACCOUNTS		101,546,495		76,561,044
Contingent		27,454,786		22,163,765
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		223,905		288,382
Other guarantees provided not covered by debtors classification standards		152,399		158,986
Other covered by debtors classification standards (Exhibits B, C and D)		384,859		354,315
Other not covered by debtors classification standards		218,200		100,938
Contingent credit-balance contra accounts		26,475,423		21,261,144
Control		73,406,172		53,901,492
Checks to be credited		1,842,901		1,134,949
Control credit-balance contra accounts		71,563,271		52,766,543
Derivatives (Exhibit O)		685,537		495,787
Notional value of call options sold (Note 12.b))		186,858		167,721
Notional value of forward transactions without delivery of underlying asset (Note 12.a))		246,569		192,469
Derivatives credit-balance contra accounts		252,110		135,597

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, 2017 AND 2016

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

(Figures stated in thousands of pesos)

		06/30/2017		06/30/2016
		(Unaudited)		(Unaudited)
A.	FINANCIAL INCOME
	Interest on cash and due from banks		899		699
	Interest on loans to the financial sector		197,141		68,096
	Interest on overdrafts		1,264,644		1,143,398
	Interest on documents		745,182		755,349
	Interest on mortgage loans		340,541		350,933
	Interest on pledge loans		201,029		184,655
	Interest on credit card loans		1,964,639		1,759,353
	Interest on financial leases		43,141		48,801
	Interest on other loans (Note 7.9.)		6,377,595		4,951,394
	Net income from government and private securities (Note 7.10.)		2,102,775		2,782,158
	Interest on other receivables from financial intermediation		3,192		1,062
	Income from guaranteed loans - Presidential Decree No. 1387/01		3,073		14,726
	CER (Benchmark Stabilization Coefficient) adjustment		55,939		121,609
	CVS (Salary Variation Coefficient) adjustment		192		390
	Difference in quoted prices of gold and foreign currency		528,994		227,313
	Other (Note 7.11.)		495,878		161,917
			14,324,854		12,571,853
B.	FINANCIAL EXPENSE
	Interest on savings accounts		47,902		42,053
	Interest on time deposits		3,855,663		4,750,241
	Interest on interfinancing received loans (received call)		4,717		7,742
	Interest on other financing from Financial Institutions		810
	Interest on other liabilities from financial intermediation		138,715		70,584
	Interest on subordinated bonds		212,091		104,932
	Other interest		1,386		2,258
	CER adjustment		7,853		6,168
	Contribution to Deposit Guarantee Fund		91,742		120,561
	Other (Note 7.12.)		1,186,406		929,230
			5,547,285		6,033,769
	GROSS INTERMEDIATION MARGIN - GAIN		8,777,569		6,538,084
C.	PROVISION FOR LOAN LOSSES		735,843		427,320
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		148,125		47,099
	Related to deposits		2,723,096		1,965,712
	Other commissions		98,082		86,534
	Other (Note 7.13.)		1,492,671		1,178,261
			4,461,974		3,277,606

- 5 - Jorge H. Brito Chairperson

STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016

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

(Figures stated in thousands of pesos)

		06/30/2017		06/30/2016
		(Unaudited)		(Unaudited)
E.	SERVICE-CHARGE EXPENSE
	Commissions		290,332		216,425
	Other (Note 7.14.)		1,093,099		857,189
			1,383,431		1,073,614
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		3,346,150		2,504,564
	Directors' and statutory auditors' fees		159,318		135,557
	Other professional fees		152,177		116,478
	Advertising and publicity		77,399		78,701
	Taxes		303,375		224,588
	Depreciation of bank premises and equipment		108,225		85,591
	Amortization of organization costs		110,057		83,512
	Other operating expenses (Note 7.15.)		729,948		586,152
	Other		441,332		325,862
			5,427,981		4,141,005
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		5,692,288		4,173,751
G.	OTHER INCOME
	Income from long-term investments		547,021		440,415
	Penalty interest		34,768		40,966
	Recovered loans and allowances reversed		194,861		82,964
	Other (Note 7.16.)		109,002		154,695
			885,652		719,040
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		42		41
	Charges for other receivables uncollectibility and other allowances		155,645		55,310
	Depreciation and loss of other assets		2,722		2,130
	Goodwill amortization		2,810		6,716
	Other (Note 7.17.)		427,909		74,707
			589,128		138,904
	NET INCOME BEFORE INCOME TAX - GAIN		5,988,812		4,753,887
I.	INCOME TAX (Note 4.)		2,209,500		1,541,000
	NET INCOME FOR THE PERIOD - GAIN		3,779,312		3,212,887

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, 2017 AND 2016

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

(Figures stated in thousands of pesos)

	06/30/2017																	06/30/2016
	(Unaudited)																	(Unaudited)
							Earnings reserved
Changes	Capital stock (1)		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Voluntary			Unappropriated earnings			Total			Total
Balances at the beginning of the fiscal year		584,563		399,499		4,511		3,686,472		10,698,348			6,732,505			22,105,898			15,877,550
Distribution of unappropiated earnings, as approved by the Shareholders´ Meeting held on April 28, 2017 and April 26, 2016, respectively:
- Legal reserve								1,308,460					(1,308,460	)
- Cash dividends (2)										(701,476	)					(701,476	)		(643,019	)
- Voluntary reserve for future distribution of earnings										5,371,582			(5,371,582	)
- Personal assets tax on share and interests													(52,463	)		(52,463	)		(38,011	)
- Voluntary reserve movements																			368,546
Capital stock increase as approved by Shareholders´ Meeting of April 28, 2017		74,000		10,622,269												10,696,269
Net income for the period - Gain													3,779,312			3,779,312			3,212,887
Balances at the end of the period		658,563		11,021,768		4,511		4,994,932		15,368,454			3,779,312			35,827,540			18,777,953

(1) See Note 10.

(2) 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, 2017 AND 2016

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

(Figures stated in thousands of pesos)

	06/30/2017			06/30/2016
	(Unaudited)			(Unaudited)
CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.6.)
Cash at the beginning of the fiscal year		34,815,058			18,907,789
Cash at the end of the period		49,284,962			24,196,634
Net increase in cash		14,469,904			5,288,845
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments):
Government and private securities		6,185,878			3,516,101
Loans
To the financial sector		(324,038	)		(729,399	)
To the non-financial government sector		1,058,082			(85,964	)
To the non-financial private sector and foreign residents		(6,104,353	)		1,437,247
Other receivables from financial intermediation		(2,895,812	)		(3,949,174	)
Receivables from financial leases		(67,805	)		87,327
Deposits
From the financial sector		1,494			4,246
From the non-financial government sector		881,196			781,401
From the non-financial private sector and foreign residents		4,807,967			7,156,594
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(94,843	)		(51,781	)
Others (except liabilities included under financing activities)		738,482			625,490
Collections related to service-charge income		4,451,389			3,264,858
Payments related to service-charge expenses		(1,356,767	)		(1,063,078	)
Administrative expenses paid		(5,287,218	)		(4,001,571	)
Payments of organization and development costs		(218,142	)		(163,512	)
Net collections from penalty interest		34,726			40,925
Differences from payments related to court orders		(2,443	)		(2,468	)
Collections of dividends from other companies		40,704			18,662
Other collections related to other income and losses		64,920			135,500
Net collections/ (payments) from other operating activities		4,454,656			(541,216	)
Payment of income tax		(2,251,016	)		(1,214,645	)
Net cash flows generated in operating activities		4,117,057			5,265,543

- 8 - Jorge H. Brito Chairperson

STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016

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

(Figures stated in thousands of pesos)

	06/30/2017			06/30/2016
	(Unaudited)			(Unaudited)
Investing activities
Net payments for bank premises and equipment		(112,345	)		(159,578	)
Net payments for other assets		(367,493	)		(329,144	)
Net cash flows used in investing activities		(479,838	)		(488,722	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(1,766,904	)		(62,871	)
Central Bank of Argentina
Other		2,070			(1,978	)
International Banks and Institutions		213,379			(57,196	)
Subordinated corporate bonds		(206,280	)		(100,657	)
Financing received from Argentine financial institutions		748,697			(2,813	)
Capital contributions		10,696,269
Payment of dividends		(701,476	)		(227,708	)
Other payments for financing activities		(255,081	)
Net cash flows generated in/ (used in) financing activities		8,730,674			(453,223	)
Financial income and holding gains on cash and cash equivalents		2,102,011			965,247
Net increase in cash		14,469,904			5,288,845

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, 2017

(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, 2017 and December 31, 2016, the deposits held by the Misiones Provincial Government with the Bank amounted to 3,218,059 and 2,495,781 (including 158,186 and 139,610 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, 2017 and December 31, 2016, the deposits held by the Salta Provincial Government with the Bank amounted to 2,037,037 and 1,340,738 (including 407,820 and 370,154 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.

- 10 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

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

As of June 30, 2017 and December 31, 2016, the deposits held by the Jujuy Provincial Government with the Bank amounted to 1,039,068 and 1,580,312 (including 296,908 and 253,622 related to court deposits), respectively.

2.4. Banco del Tucumán S.A.

Banco del Tucumán SA acts as an exclusive financial agent and as revenue collection and obligation payment agent of the Tucumán Provincial Government and of the Municipality of San Miguel de Tucumán, through 2021 and 2018, respectively.

As of June 30, 2017 and December 31, 2016, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with Banco del Tucumán SA amounted to 2,584,696 and 2,450,436 (including 1,114,091 and 943,683 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, 2017 and December 31, 2016, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the proportionate consolidation method amounted to 65,675 and 56,001, respectively.

Also, as of June 30, 2017 and 2016, net income recorded through the method mentioned in the previous paragraph amounted to 30,395 and 23,563, respectively.

3. SIGNIFICANT ACCOUNTING POLICIES

These financial statements 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, 2017 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, 2017, are presented comparatively with data for the same period in the prior fiscal year.

- 11 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(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 (IGJ), 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. In that sense, it should be considered that the INDEC (National Statistics Institute) has been informed since January 2016, the monthly inflation data based on the IPIM (Internal Index Wholesale Prices), but has not assigned specific inflation rate for the month of November and December 2015. As of the date of issuance of these financial statements, the last IPIM informed by the INDEC is for June 2017 and the accumulated inflation rate for the three-year period ended in June 2017 is approximately 73%.

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, 2017 and 2016 and December 31, 2016, 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, 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, 2017 and December 31, 2016, the present value calculated by the Bank for these securities amounted to 24,217 and 1,578,551, respectively.

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.

- 12 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(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:

As of December 31, 2016, 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, as of December 31, 2016, 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 December 31, 2016, the present value reported by the Central Bank for these securities amounted to 726,098.

On January 30, 2017 the total abovementioned holding were cancelled and collected, for an amount of 740,653.

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.

As established by item 2.2.2.1 of Central Bank rules related to minimum allowances for loan losses, 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”.

- 13 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(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.

- 14 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

h) Receivables from financial leases:

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

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

i) Investments in other companies:

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

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

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

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

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

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

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

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

k) Valuation of derivatives:

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

k.2) Call option sold: they were valued at the agreed-upon exercise price.

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.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

n) Subordinated corporate bonds:

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

o) Shareholders’ equity accounts:

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.

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:

	06/30/2017		12/31/2016		06/30/2016
Cash		33,638,162		33,011,337		15,649,577
Government and private securities
Holdings booked at market value				71
Instruments issued by the Central Bank		15,646,800		1,803,650		8,547,057
Cash and cash equivalents		49,284,962		34,815,058		24,196,634

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, 2017 and 2016, the Bank estimated an income tax charge of 2,209,500 and 1,541,000, respectively; hence, no minimum presumed income tax should be assessed for the six-month periods ended on such dates.

Additionally, as of June 30, 2017, the Bank made income tax prepayments for 760,523 for the 2017 fiscal year, which will be applied to the tax amount assessed in the 2017 tax return.

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

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 and presentation aspects, from the accounting standards established by Central Bank of Argentina.

The main items with differences in valuation matters as of June 30, 2017 and December 31, 2016 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	06/30/2017			12/31/2016			06/30/2017			06/30/2017			12/31/2016			06/30/2017
Government securities and assistance to the government sector (a)
Government securities - Holdings booked at amortized cost		(17	)		3,642			(3,659	)		910			5,309			(4,399	)
Instruments issued by the Central Bank and booked at amortized cost		10,789			5,716			5,073			10,789			6,580			4,209
Guaranteed  loans – Presidential Decree No. 1387/01					11,824			(11,824	)					11,824			(11,824	)
Business combinations (b)
Acquisition of Nuevo Banco Bisel SA		(65,227	)		(66,716	)		1,489			(65,227	)		(66,716	)		1,489
Other		(44,004	)		(45,415	)		1,411			(44,004	)		(45,415	)		1,411
Interests in other companies (c)		94,302			76,903			17,399
Deferred assets – Income tax (d)		285,382			62,974			222,408			378,757			137,346			241,411
Total		281,225			48,928			232,297			281,225			48,928			232,297

(1) Additionally, according to the Argentine professional accounting standards effective in the City of Buenos Aires, individual and consolidated income for the period ended June 30, 2016, would have increased by 18,050.

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

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

- 17 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

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.

In addition, the main presentation differences between professional accounting standards and the Central Bank rules, applicable to the Bank are that the Bank has not presented current and non-current assets and current and non-current liabilities, maturity dates of all credits and debts and their interest rate and adjustments, non-segregation in the Statement of Income of operating expenses by function and cash flow of interest collected and paid by the Bank.

6. RECONCILIATION OF AMOUNTS WITH THE ACCOUNTING FRAMEWORK FOR CONVERGENCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

On February 12, 2014, Central Bank issued Communiqué "A" 5541, which set the general guidelines for convergence to the IFRS issued by the International Accounting Standards Board (IASB), aimed at the preparation of the financial statements issued by the entities under its supervision for the fiscal years beginning on or after January 1, 2018, as well as their interim periods.

Through Communiqué “A” 6114, the Central Bank set specific requirements as part of that convergence process, which included defining (i) the provisional exemption from the application of section 5.5 “Impairment” under NIIF 9 “Financial instruments” (items B5.5.1 through B5.5.55) until the Central Bank analyzes classification, provision and guarantee standards and proposes a schedule for transition from the current provision model to the model adopted in view of international best practices; and (ii) that, in order to calculate the effective interest rate of assets and liabilities, as required for their measurement, pursuant to IFRS 9, a lump-sum estimate may be performed –provisionally until December 31, 2019– to calculate the effective interest rate over a group of financial assets or liabilities with similar characteristics to those subject to application.

Considering the previous statements, the Bank is currently performing the convergence towards IFRS with the scope defined by Central Bank Communiqué “A” 6114, and January 1, 2017, is the transition date according to IFRS 1 “First-time adoption of International Financial Reporting Standards.”

As established by Central Bank Communiqué “A” 6206, and based on the requirements set in Communiqué “A” 6114, below is the reconciliation of amounts assessed as per Central Bank’s accounting standards with respect to assets, liabilities, equity accounts and income (loss) as of June 30, 2017, and for the six-month period then ended, as well as amounts obtained for those items as a result of applying IFRS.

- 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Banco Macro SA

Accounts	Central Bank		IFRS Adjustment			IFRS amount
ASSETS		175,528,509		2,472,184			178,000,693
Cash		33,638,162		(758,069	)		32,880,093
Government and private securities		29,474,752		(2,391,117	)		27,083,635
Loans		96,820,714		(114,801	)		96,705,913
Other receivables from financial intermediation		6,872,813		65,466			6,938,279
Receivables from financial leases		486,154					486,154
Investments in other companies		2,329,018		439,078			2,768,096
Other receivables		1,451,658		(51,841	)		1,399,817
Bank premises and equipment, net		1,373,711		3,180,032			4,553,743
Other assets		2,314,907		2,104,182			4,419,089
Intangible assets		741,644		(746	)		740,898
Items pending allocation		24,976					24,976
LIABILITIES		139,700,969		(1,422,260	)		138,278,709
Deposits		112,290,005		(843,304	)		111,446,701
Other liabilities from financial intermediation		17,168,984		(2,299,710	)		14,869,274
Other liabilities		3,245,151		1,753,598			4,998,749
Provisions		278,390					278,390
Subordinated corporate bonds		6,709,114		(32,844	)		6,676,270
Items pending allocation		9,325					9,325

Accounts	Central Bank		First-Time IFRS Adjustment (1)		IFRS Adjustment			IFRS Amount
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE CONTROLLING INTEREST		35,827,540		3,608,297		286,147			39,721,984
Capital, contributions and reserves		32,048,228				(248,940	)		31,799,288
Other comprehensive income				9,209		38,915			48,124
Unappropriated retained earnings (accumulated losses)		3,779,312		3,599,088		496,172			7,874,572

Accounts	Central Bank			IFRS Adjustment			IFRS Amount
INCOME FOR THE PERIOD, NET		3,779,312			496,172			4,275,484
Financial income		14,324,854			(57,343	)		14,267,511
Financial expense		(5,547,285	)		44,062			(5,503,223	)
Provision for loan losses		(735,843	)					(735,843	)
Service-charge income		4,461,974			(35,638	)		4,426,336
Service-charge expense		(1,383,431	)		2,635			(1,380,796	)
Administrative expenses		(5,427,981	)		58,171			(5,369,810	)
Other
Other Income		885,652			7,541			893,193
Other expense		(589,128	)		280,381			(308,747	)
Income tax		(2,209,500	)		196,363			(2,013,137	)
OTHER COMPREHENSIVE INCOME								38,915
Difference for conversion of financial statements								36,346
Income or losses from financial instruments at fair value through other comprehensive income (items 5.7.5 and 4.1.2A, IFRS 9)								2,569
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD								4,314,399

(1) Including 3,446,264 due to application of paragraph D5, IFRS 1, as of December 31, 2016, and 162,033 for the rest of reconciliation adjustments as of that date.

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Banco Macro SA (consolidated)

Accounts	Central Bank		IFRS Adjustment			IFRS Amount
ASSETS		187,767,925		2,459,765			190,227,690
Cash		36,477,202		(881,080	)		35,596,122
Government and private securities		31,363,943		(2,393,242	)		28,970,701
Loans		105,396,358		(120,962	)		105,275,396
Other receivables from financial intermediation		7,784,217		69,891			7,854,108
Receivables from financial leases		479,751					479,751
Investments in other companies		32,626		228,733			261,359
Other receivables		1,567,894		(35,448	)		1,532,446
Bank premises and equipment, net		1,488,326		3,492,251			4,980,577
Other assets		2,365,812		2,104,391			4,470,203
Intangible assets		771,434		(4,769	)		766,665
Items pending allocation		40,362					40,362
LIABILITIES		151,940,385		(1,586,361	)		150,354,024
Deposits		123,657,376		(966,315	)		122,691,061
Other liabilities from financial intermediation		17,433,723		(2,299,534	)		15,134,189
Other liabilities		3,614,188		1,837,108			5,451,296
Provisions		376,922					376,922
Subordinated corporate bonds		6,709,114		(32,844	)		6,676,270
Items pending allocation		24,286					24,286
Minority interest in subsidiaries		124,776		(124,776	)

Accounts	Central Bank		First- Time IFRS Adjustment (1)		IFRS Adjustment			IFRS Amount
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE CONTROLLING INTEREST		35,827,540		3,608,297		286,147			39,721,984
Capital, contributions and reserves		32,048,228				(248,940	)		31,799,288
Other comprehensive income				48,516		27,320			75,836
Unappropriated retained earnings (accumulated losses)		3,779,312		3,559,781		507,767			7,846,860
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTEREST				207,968		(56,286	)		151,682

Accounts	Central Bank			IFRS Adjustment			IFRS Amount
INCOME FOR THE PERIOD, NET		3,779,312			507,767			4,287,079
Financial income		15,954,909			(45,719	)		15,909,190
Financial expense		(6,069,694	)		44,062			(6,025,632	)
Provision for loan losses		(830,350	)					(830,350	)
Service-charge income		4,976,781			(35,350	)		4,941,431
Service-charge expense		(1,509,579	)		2,635			(1,506,944	)
Administrative expenses		(6,007,719	)		56,449			(5,951,270	)
Other
Minority interest in subsidiaries		(34,944	)		(1,737	)		(36,681	)
Other income		448,574			11,887			460,461
Other expenses		(638,385	)		280,350			(358,035	)
Income tax		(2,510,281	)		195,190			(2,315,091	)

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Accounts (contd.)	Central Bank	IFRS Adjustment	IFRS Amount
OTHER COMPREHENSIVE INCOME				27,320
Difference for conversion of financial statements				36,346
Income or losses from financial instruments at fair value through other comprehensive income (items 5.7.5 and 4.1.2A, IFRS 9)				(9,026	)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD				4,314,399

Total comprehensive income attributable to:

Total comprehensive income attributable to the controlling interests: 4,277,868

Total comprehensive income attributable to non-controlling interests: 36,531

(1) Including 3,650,715 due to application of paragraph D5, IFRS 1, as of December 31, 2016, and (42,418) for the rest of reconciliation adjustments as of that date.

The items and figures included in these reconciliations could be amended to the extent that, upon the preparation of these first annual financial statements in accordance with IFRS, new standards are issued or current standards are amended, with mandatory or early application as of that date, or it is opted to change the selection of any of the exemptions under IFRS 1 “First-time adoption of International Financial Reporting Standards”, or the Bank makes more accurate calculations or adjustments than those performed for the purpose of these reconciliations.

Therefore, the items and figures contained in this reconciliation may only be deemed final when annual financial statements are prepared for the period in which IFRS are applied for the first time, with the scope defined by the Central Bank in its Communiqué “A” 6114.

Below is a summary of the main adjustments and reclassifications of the transition to IFRS previously mentioned:

Cash

According to IFRS 9 “Financial instruments”, the checks to be credited and debited and the checks to be collected that are pending payment or collection should be recognized as financial instruments. Under Central bank rules, they are included in memorandum accounts. The contra account of this adjustment is included under Deposits.

Government and private securities

Under IFRS 9 “Financial instruments”, financial assets are classified based on the Bank’s business model to manage financial assets and the characteristics of its contractual cash flows. Based on this classification, the Bank defined the coexistence of three potential business models applicable to the operations and investments of government and private securities:

· Amortized cost: the purpose is to obtain contractual cash flows of the financial asset.

· Fair value through other comprehensive income: the purpose is to obtain contractual cash flows of the financial asset and/or income from its sale.

· Fair value through profit or loss: this is a business model aimed at generating income from the purchase and sale of financial assets.

Adjustments to this item arise mainly when the valuation established for each business model in which holdings were classified differs from the valuation under Central Bank rules.

In addition, reverse repurchase agreement transaction were performed wich underlying assets under Central Bank rules should be recognized as Bank’s assets. Under IFRS, these assets received from third parties do not meet the requirements for recognition.

- 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Additionally, the Bank received deposits of securities. Under Central Bank rules it implies to record the equivalent amount of cash of such securities under this item and the counterpart as liability, which was recorded under Deposits, for the principal plus agreed interest and the quote prices differences. According to IFRS 9, this transaction does not imply on asset and liability recognition. Also, all income accrued from depositors were reclassified from “Financial expenses” to “Service-charge expenses” under “Fees related to securities transactions”.

Loans

The Bank’s loan portfolio was generated from a business model structure that is mainly aimed at obtaining contractual cash flows (formed by principal and interest.) According to IFRS 9 “Financial instruments”, the loan portfolio should be valued at amortized cost using the effective interest rate method, which implies that the fees collected and increasing direct costs related to financing granted must be deferred and recognized throughout the term of the financing.

Under Central Bank rules, interest has been accrued according to the compound interest formula in the period in which it was generated and the fees collected and direct costs are recognized at the time that they are generated.

In addition, loan portfolio purchases made by the Bank were valued according to such IFRS, and they are recognized at fair value at inception. Under Central Bank rules, these transactions were valued at their contractual value.

Additionally, to prepare book amounts as of the transition date regarding those purchases, the Bank used the voluntary exemption under paragraph D20, IFRS 1 “First-time adoption of International Financial Reporting Standards”, recognizing the costs of related transactions prospectively.

Other receivables from financial intermediation

This item includes debt securities from financial trusts. According to IFRS 9 “Financial instruments” and based on the comments made in “Government and private securities”, the purpose of these holdings is mainly obtaining contractual cash flows, therefore they were valued at amortized cost using the effective interest rate method. Under Central Bank rules, these instruments were also valued at amortized cost.

According to IFRS 15 “Revenue from Contracts with Customers”, contract assets were included as a result of the commission from adhering to one of the Bank’s customer loyalty programs. In that program, the only describe performance obligation is to put the Bank’s customer in contact with a well-known airline company. In consideration for that service, the Bank earns a membership commission.

In addition, the contributions to mutual guarantee association risk funds in which the Bank participate do not pass the financial assets individual test; therefore, they are not included in the Bank’s business model and were stated at fair value through profit or loss.

Investments in other companies

The companies in which the Bank has no material control or influence were valued at their best approximation to the fair value through profit or loss pursuant to “IFRS 9 “Financial instruments”. The equity interests in associates were valued according to the equity method under IAS 28 “Investments in Associates and Joint Ventures.” Under Central bank rules, these equity interests were valued at acquisition cost, plus the nominal value of stock dividends received.

The Bank holds interests in joint ventures, which according to IFRS 11 “Joint Arrangements”, are booked using the equity method. Under Central bank rules, the proportionate consolidation method is used.

Bank premises and equipment

To prepare book amounts as of the transition date, the Bank used the voluntary exemption under paragraph D, IFRS 1 “First-time adoption of International Financial Reporting Standards” to measure its real property. This implies that the fair value was used as deemed cost. To determine such fair value, the Bank used valuations for all assets.

In accordance with IAS 16 “Property, plant and equipment”, the Bank chose the “Cost model” for all property, plant and equipment components.

The new deemed cost under IFRS implies an increase in depreciation charged to Administrative expenses under the statement of income.

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Other assets

To prepare book amounts as of the transition date, the Bank used the voluntary exemption under paragraph D5, IFRS 1 “First-time adoption of International Financial Reporting Standards” to measure certain assets included in this item, such as the work in progress of the future company building. This implies that the fair value was used as deemed cost as of that date. To determine such fair value, the Bank used valuations for all assets. In accordance with IAS 40 “Investment property”, the Bank chose the “Cost model” to measure the assets falling thereunder.

The new deemed cost under IFRS implies an increase in depreciation charged to other expense under the statement of income.

The Bank has held-for-sale fixed assets that are subject to IFRS “Non-current Assets Held for Sale and Discontinued Operations”.

The assets included in the abovementioned classification were stated at their carrying amount or fair value, whichever lower, less costs of sales, and they are not amortized to the extent that they meet this condition.

Under Central Bank rules, the other assets were valued at acquisition or addition cost, less related accumulated depreciation and amortization, calculated proportionately to the estimated months of useful life.

According to IAS 23 “Borrowing Costs”, the financing costs attributable to the construction of the new company building were capitalized in this item.

Intangible assets

According to IAS 38 “Intangible assets”, are measured at cost. Under Central Bank rules, the Bank capitalized certain software costs and other organization expenses, which according to such IAS, should not be recognized as an asset and, therefore, they must be charged as expenses for the period.

Other liabilities from financial intermediation

According to IFRS 15 “Revenue from Contracts with Customers”, the Bank recognizes revenues from ordinary activities representing the transfer of assets or services committed with customers in exchange for an amount showing the consideration at which the Bank expects to have a right to exchange those assets or services.

The commissions charged by the Bank in which there is a time difference between their collection and the service provision are deferred and recognized throughout the time of the transaction.

Additionally, this item includes non-subordinated corporate bonds that were measured at amortized cost, using the effective interest rate method, which implied booking placement direct expenses as fewer liabilities. Under Central Bank rules, they were measured at the amount due for principal and interest accrued and expenses were charged under “other expenses”.

Other liabilities

According to IAS 19 “Employee Benefits”, vacations are deemed irrevocable accumulated absences subject to compensation to be measured at the expected cost of those absences, based on the amounts expected to be paid for them in view of the days accumulated in favor of the employees and not enjoyed at the end of the reporting period. In the Bank’s financial statements currently prepared under Central Bank rules, vacation charges are booked at the time staff use them, i.e. upon their payment.

Deferred tax liabilities is included as well, which according to IAS 12 “Income tax”, should book (i) the portion of the current tax expected to be paid or recovered, and (ii) the deferred tax is the tax expected to be settled or recovered from income tax for accumulated NOLs and temporary differences arising from the tax bases of assets and liabilities and their carrying amounts. Under Central Bank rules, the Bank assesses income tax by applying the effective rate to the estimated taxable income disregarding the effect of differences between book and taxable income.

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Subordinated corporate bonds

According to IFRS 9 “Financial instruments”, the subordinated corporate bond issued by the Bank was measured at amortized cost, using the effective interest rate method, which implied booking placement direct expenses as fewer liabilities. Under Central Bank rules, they were measured at the amount due for principal and interest accrued.

Capital stock – Stock issuance premium

According to IAS 32 “Financial instruments: presentation”, costs incurred by the Bank for the issuance of share are accounted for as a deduction from equity to the extent they are incremental cost directly attributable to the equity transaction that otherwise would have been avoided. Under Central Bank rules, the Bank has charged these costs in the statement of income (other – other expenses).

Foreign currency translation

According to IAS 21“The effects of changes in foreign exchange rates”, foreign currency translation differences were recognized and reclassified, which arise from the Bank’s interest in a foreign subsidiary. The Bank used the voluntary exemption under paragraph D, IFRS 1 “First-time adoption of International Financial Reporting Standards”, and did not recognize the translation differences accumulated at the beginning of the transition date.

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:

06/30/2017 12/31/2016

7.1. Loans - Other

Other loans	9,693,131	7,531,496
Export financing and prefinancing	5,475,273	2,846,002
	15,168,404	10,377,498

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

Debt securities issued by financial trusts	886,973	719,918
Certificates of participation in financial trusts (a)	223,832	224,043
Other		746
	1,110,805	944,707
(a) As of June 30, 2017 and December 31, 2016 the Bank booked an allowance for impairment for 223,832 and 224,043, respectively.

7.3. Other receivables – Other

Sundry receivables	734,786	575,585
Security deposits	435,082	358,578
Advanced prepayments	234,176	182,697
Other	51,819	65,898
	1,455,863	1,182,758

7.4. Deposits - Nonfinancial government sector

Time deposits	3,173,654	2,374,739
Checking accounts	3,523,905	2,890,080
Savings accounts	287,416	522,100
Investment accounts	73,330	58,748
Accrued interest, adjustments and foreign exchange differences payable	41,209	29,740
Other	63,051	89,456
	7,162,565	5,964,863

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

06/30/2017 12/31/2016

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

Tax amnesty	1,857,471	5,878,001
Expired time deposits	1,360,002	1,195,105
Attachments	526,083	416,685
Unemployment fund for workers of the construction industry	450,166	346,326
Other	61,571	82,209
	4,255,293	7,918,326

7.6. Other liabilities from financial intermediation - Other

Purchase financing payables	3,153,298	3,012,145
Miscellaneous not subject to minimum cash requirements	947,940	916,156
Collections and other transactions on account and behalf of others	856,293	582,574
Other withholdings and additional withholdings	831,406	920,134
Other payment orders pending settlement	656,355	598,398
Miscellaneous subject to minimum cash requirements	398,457	331,700
Retirement pension payment orders pending settlement	170,586	101,947
Sociedad Seguro de Depósitos (Sedesa) – Purchase of preferred shares of former Nuevo Banco Bisel SA  (see Note 8.)	98,082	98,082
Other	323,520	212,474
	7,435,937	6,773,610

7.7. Other Liabilities - Other

Taxes payable (net of prepayments)	2,089,145	2,136,271
Salaries and payroll taxes payable	512,963	477,977
Miscellaneous payables	342,360	247,512
Advances collections	165,244
Withholdings on salaries	110,218	88,542
Prepayment for the sale of assets	4,185	2,842
	3,224,115	2,953,144

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

Securities in custody – Other	60,046,974	41,094,883
Checks and securities not yet collected	5,890,824	6,948,439
Checks and securities to be debited	2,274,051	1,350,161
Managed portfolios (see Note 13.)	1,094,138	1,175,510
Checks and securities to be collected	311,658	418,693
	69,617,645	50,987,686

06/30/2017 06/30/2016

7.9. Financial income – Interest on other loans

Personal loans	5,405,046	4,010,721
Other	972,549	940,673
	6,377,595	4,951,394

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

Government and private securities	2,000,951	2,639,242
Financial trusts	90,243	68,468
Other	11,581	74,448
	2,102,775	2,782,158

- 25 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

06/30/2017 06/30/2016

7.11. Financial income – Other

Premiums on reverse repurchase agreements with the financial sector	445,447	72,116
Interests on loans for export prefinancing and financing	50,431	44,632
Forward foreign-currency transactions		45,169
	495,878	161,917

7.12. Financial expense – Other

Turnover tax and municipal assessments	1,150,501	911,639
Premiums on repurchase agreements with the financial sector	30,215	17,591
Forward foreign-currency transactions	5,690
	1,186,406	929,230

7.13. Service-charge income - Other

Debit and credit card income	1,216,881	916,792
Rental of safe deposit boxes	77,701	52,109
Service commissions – Joint ventures (see Note 2.5.)	64,102	55,744
Other	133,987	153,616
	1,492,671	1,178,261

7.14. Service-charge expense - Other

Debit and credit card expenses	738,237	547,289
Turnover tax and municipal assessments	247,180	171,749
Commissions paid to agents for marketed bank products	59,299	131,478
Life insurance expense	33,101
Other	15,282	6,673
	1,093,099	857,189

7.15. Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	229,699	178,617
Security services	220,610	170,388
Electric power and communications	147,250	121,650
Leases	97,134	85,920
Stationery and office supplies	17,881	15,681
Insurance	17,374	13,896
	729,948	586,152

7.16. Other income – Other

Other adjustments and interest on other receivables	25,408	55,264
Gain on sale of bank premises and equipment, and other assets	13,928	5,542
Services provided to Banco del Tucumán SA	10,749	8,029
Other	58,917	85,860
	109,002	154,695

- 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

06/30/2017 06/30/2016

7.17. Other expense – Other

Stock issuance expenses	255,081
Donations	39,275	32,406
Loans transactions	36,483
Expenses for corporate bonds placements	30,229
Turnover tax	6,078	7,928
Interest and adjustments tax	4,557	7,901
Other	56,206	26,472
	427,909	74,707

8. RESTRICTED ASSETS

As of June 30, 2017 and December 31, 2016 the following Bank’s assets are restricted:

Item	06/30/2017		12/31/2016
Government and private securities
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 as of June 30, 2017 and Federal Government bond in pesos at Badlar Private + 200 basis points, maturing in 2017 as of December 31, 2016 used as security in favor of Sedesa (1).		121,535		99,886
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing a competitiveness program of regional economies - BID loan No. 3174/OC-AR.		37,750		36,015
• Discount bonds regulated by Argentinean legislation, maturing 2033 for the performance of forward foreign currency transactions.		32,076		1,286
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing a BID loan of San Juan Provincial Government No. 2763/OC-AR.		24,915		23,770
• Secured bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior SA (Bice).		15,050		23,600
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing sectorial receivables of San Juan Province. Financing funds of productive investments.		12,458		11,885
• Discount bonds in pesos regulated by Argentinean legislation maturing 2033  as of June 30, 2017 and Federal Government bond in pesos at Badlar Private + 200 basis points, maturing 2017 as of December 31, 2016, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013.		12,080		12,036
• Central Bank of Argentina Internal Bills in pesos, maturing 08/16/2017 as of June 30, 2017 and maturing 02/08/2017 as of December 31, 2016, securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE, respectively.		8,734		2,095
• Other government and private securities.		1,600		1,524
Subtotal government and private securities.		266,198		212,097
Other receivables from financial intermediation
• Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities,		1,967,143		1,902,862
• Interests resulting in contributions made in the Bank´s capacity by contributory partner. (2)		96,919		97,000
Subtotal other receivables from financial intermediation		2,064,062		1,999,862

- 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Item (contd)	06/30/2017		12/31/2016
Other receivables
• Security deposits related to credit card transactions.		428, 041		352,373
• Security deposits related to transactions of forward transactions offset.		2,500		2,500
• Sundry receivables - 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.		4,541		3,705
Subtotal other receivables.		435,909		359,405
Other assets
• Building related to a call option sold (see Note 12.(b)).		100,872		101,749
Subtotal other assets		100,872		101,749
Total		2,867,041		2,673,113

(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. Risk Funds in which the Bank has interests in are as follows: Risk Fund of Garantizar SGR, Risk Fund of Los Grobo SGR and Risk Fund of Intergarantías SGR.

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)		06/30/2017		12/31/2016
ASSETS
Cash				11,586						11,586		11,269
Loans								321,042		321,042		886,718
Other receivables from financial intermediation												51,565
Receivables from financial lease						7,311		1,960		9,271		9,025
Other receivables		2,934						3,416		6,350
Items pending allocation		33								33		47
Total assets		2,967		11,586		7,311		326,418		348,282		958,624

- 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(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)		06/30/2017		12/31/2016
LIABILITIES
Deposits				17		129,350		383,770		513,137		1,747,390
Other liabilities from financial intermediation		332,363						2,013		334,376		137,639
Other liabilities						154		647		801		340
Subordinated Corporate Bonds								26,219		26,219		213,681
Total liabilities		332,363		17		129,504		412,649		874,533		2,099,050
MEMORANDUM ACCOUNTS
Credit-balance accounts – Contingent								20,704		20,704		23,986

	Banco del Tucumán SA			Macro Bank Limited			Macro Securities SA			Other subsidiaries and related parties (1)			06/30/2017			06/30/2016
INCOME (EXPENSE)
Financial income								959			27,183			28,142			18,641
Financial expense		(1,566	)		(228	)					(6,318	)		(8,112	)		(41,495	)
Service-charge income		6			1			587			2,128			2,722			2,037
Service-charge expense											(7,751	)		(7,751	)		(8,643	)
Administrative expenses		(23	)								(7,630	)		(7,653	)		(885	)
Other income		11,521												11,521			8,667
Other expense								(14,394	)					(14,394	)
Total (loss) / income		9,938			(227	)		(12,848	)		7,612			4,475			(21,678	)

(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, as of June 30, 2017 and December 31, 2016, there are other transactions with related parties due to work in process over buildings, for an amount of 47,499 and 29,378, respectively.

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

10. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of June 30, 2017, amounted to 658,563. Since December 31, 2013, the Bank’s capital stock has changed as follows:

As of December 31, 2013	594,563
Capital stock decrease as provided by Art, 67 of Law No, 26,831 (1)	(10,000	)
Capital stock increase as approved by Shareholders´ Meeting held on April 28, 2017 (2)	74,000
As of June 30, 2017	658,563

(1) 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.

(2) Related to capital stock increase by issuing 74,000,000 new, common, registered, Class “B” shares with a face value of Ps. 1, each one entitled to one vote, and entitled to dividends under the same condition as common, registered, Class “B” shares, outstanding upon issuance. As of the date of these financial statements, such capital increase was fully subscribed and paid-in. As required by CNV regulations, it is advised that the funds arising from the public subscription of shares shall be used to finance its general business operations, to increase its borrowing capacity and leverage the potential acquisitions opportunities in the Argentine financial system.

In addition, as resolved at the Shareholders´ meeting, on July 7, 2017, the internationals underwriters notified about the exercise of the option to oversubscribe 15% of capital stock, which was formalized on July 13, 2017 through the issuance and payment of 11,099,993 new shares. In this regard, as of the date of issuance of these financial statements, capital stock amounts to 669,663. These shares, just as those mentioned in the previous paragraph, were placed at USD 9 per share.

As of the date of issuance of these financial statements, both capital increases are pending registration with IGJ. The public offering of the new shares was authorized by CNV Resolution No. 18716 dated May 24, 2017 and by the BCBA on May 26, 2017.

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 06/30/2017		06/30/2017		12/31/2016
Non-subordinated – Class 2		USD  150,000,000	(a.1)						1,746,108
Subordinated Resettable – Class A		USD 400,000,000	(a.2)		USD 400,000,000		6,709,114		6,407,840
Non-subordinated – Class 2		USD 300,000,000	(a.3)		USD 300,000,000		4,737,368
Total							11,446,482		8,153,948

a.1) 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 was 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.

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

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.

On August 16, 2007, the Securities and Exchange Commission (SEC) authorized the abovementioned exchange offers.

On February 1, 2017, the Bank paid the total amount of principal and accrued interest pending payment as of that date.

a.2) On April 26, 2016, the general regular shareholders’ meeting approved the creation of a Global Program for the Issuance of Medium-Term Debt Securities, in accordance with the provisions of Law No. 23,576, as amended 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 simple corporate bonds, not convertible into shares in one or more classes. Also, on April 28, 2017, the General and Special Shareholder´s Meeting resolved to extend of the maximum amount of the abovementioned Global Program up to USD 1,500,000,000 (one thousand five hundred millions US dollars).

On November 4, 2016, under the abovementioned Global Program, Banco Macro SA issued Subordinated Resettable Corporate Bonds, class A, at a fixed rate of 6.750% p.a. until reset date, fully amortizable upon maturity (November 4, 2026) for a face value of USD 400,000,000 (four hundred million US dollars), under the terms and conditions set forth in the pricing supplement dated October 21, 2016. Interest is paid semiannually on May 4 and November 4 of every year and the reset date will be November 4, 2021. Since reset date, these Corporate Bonds will accrue a benchmark reset rate plus 546.3 basis point, according terms and conditions abovementioned.

In addition, the Bank has the option to fully redeem the issuance as the reset date and under the conditions established in the pricing supplement after that date. The Bank has the intention to use the funds derived from such issuance to refinance certain outstanding debt, to make loans in accordance with Central Bank guidelines and for general working capital.

a.3) On May 8, 2017, under Global Program mention on item a.2), Banco Macro SA issued non subordinated simple corporate bonds not convertible into shares, at a fixed rate of 17.50%, fully amortizable upon maturity (May 8, 2022) for a face value of pesos 4,620,570,000 equivalent to USD 300,000,000 (three hundred million US dollars), under the terms and conditions set forth in the price supplement dated April 21, 2017. Interest will be paid semiannually on November 8 and May 8 of every year, beginning on November 8, 2017.

In addition, the Bank may fully redeem the issuance for tax matters, but not partially. The Bank has the intention to use the funds derived from such issuance to (i) refinance liabilities in the ordinary business, (ii) to grant loans in accordance its commercial strategy and with Central Bank guidelines and (iii) for general working capital in Argentina.

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.

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

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Positions of transactions effective as of June 30, 2017 and December 31, 2016 are as follows:

Transaction	06/30/2017			12/31/2016
Net position of repurchase agreements		(2,281,280	)		1,181,659
Net position of forward transactions of foreign currency without delivery of the underlying asset (a)		5,541			(56,872	)
Position of call options sold (b)		(186,858	)		(167,721	)

Net income (loss) resulting from these transactions for fiscal years ended June 30, 2017 and 2016, amount to income / (loss):

Transaction	06/30/2017			06/30/2016
Premiums on reverse repurchase agreements		445,447			72,116
Premiums on repurchase agreements		(30,215	)		(17,592	)
Forward foreign-currency transactions offset		(5,690	)		45,169
Total		409,542			99,693

(a) It is related to negotiation transactions of forward foreign currency exchange rates, carried out through MAE, ROFEX and “over the counter”. For transactions carried out through MAE or ROFEX, 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 call option sold to a bank´s customer on a building received as payment of loans previously granted by it. The initial price was set at 104,135, and will adjusted 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 exercise it and the Bank has informed its intention to extend the option´s exercise period and to authorize its transfer to a third party interested in acquire the building, subject to certain conditions that have not been set until the date of issuance of these consolidated financial statements.

13. PORTFOLIO MANAGEMENT

As of June 30, 2017 and December 31, 2016, the Bank manages the following portfolios:

	Managed portfolio as of
Item	06/30/2017		12/31/2016
• On November 22, 2012 and 2013, November 26, 2014, November 30, 2015 and November 30, 2016, the Bank (trustor) and Macro Fiducia SA (trustee), created the financial trusts Fideicomiso Financiero Privado “SECANE I”, “SECANE II”, “SECANE III”,  “SECANE IV” and “SECANE V”, respectively; in the trusts agreement the trustor assumes the role of collection agent, administration and custodian.		737,351		777,429
• Other portfolios managed by the Bank.		356,787		398,081
Total		1,094,138		1,175,510

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

14. MUTUAL FUNDS

As of June 30, 2017, 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:

Fund	Share of interest		Equity		Assets (1)
Pionero Pesos		477,280,999		1,507,015		1,217,174
Pionero Renta Ahorro		2,280,735,681		13,362,037		13,499,979
Pionero F F		61,431,468		292,528		296,749
Pionero Renta		16,444,371		217,594		219,195
Pionero Acciones		11,944,110		183,443		187,449
Pionero Renta Plus		6,027		30
Pionero Empresas FCI Abierto PYMES		170,570,063		370,112		370,509
Pionero Pesos Plus		78,677		161		93
Pionero Renta Ahorro Plus		580,980,518		803,306		807,892
Pionero Renta Mixta I		75,613		100
Pionero Renta Mixta II		897,231,943		1,052,957		1,053,561
Pionero Ahorro Dólares		186,682,102		3,174,108		3,126,698
Pionero Renta Global – Clase B		50,000		830
Pionero Renta Fija Dólares		51,453,027		872,913		795,009
Argenfunds Renta Pesos		328,724,048		646,961		648,372
Argenfunds Renta Argentina		122,981,797		241,484		241,480
Argenfunds Ahorro Pesos		473,441,881		1,444,992		1,478,456
Argenfunds Renta Privada FCI		198,807,325		544,426		514,429
Argenfunds Abierto Pymes		67,928,881		47,407		48,036
Argenfunds Renta Total		522,178,560		575,419		578,116
Argenfunds Renta Flexible		211,055,392		246,811		247,280
Argenfunds Renta Dinámica		90,154		103		92
Argenfunds Renta Mixta		91,933		102		91
Argenfunds Renta Global		147,231,873		166,911		167,063
Argenfunds Renta Capital		2,067,553		34,954		34,857
Argenfunds Renta Balanceada		99,960,226		111,384		111,387
Argenfunds Renta Crecimiento		4,548,076		76,832		69,636

(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 8.3440% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 11491 of March 1, 2017.

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.

- 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

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

Debt securities include mainly prepayments towards the placement price of trust securities of the financial trusts under public offerings, made by the Bank through underwriting agreements (Consubond, Accicom, PvCred, Secubono, Mila and Credicuotas Consumo). 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.

As of June 30, 2017 and December 31, 2016, debt securities managed by the Bank for investment purpose amounted to 886,973 and 719,918, respectively.

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, 2017 and December 31, 2016, 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 116,387 and 58,633, 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, 2017 and December 31, 2016, 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 329,847and 451,569, respectively.

- 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

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:

- 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, 2017 and December 31, 2016, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank amounted to 1,190,787 and 1,396,421, 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 mutual funds group investment products (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 32,000, as well as the minimum offsetting required of 11,000, paid-in 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, 2014 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 Agustín Tosco Colectora Sur, between Puente San Carlos and Puente 60 cuadras, Province of Cordoba and avenida Luis Lagomarsino 1750, formerly Ruta Nacional 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 2017 are listed below, indicating the balances as of month-end of the related accounts:

Item	06/30/2017
Cash
Amounts in Central Bank accounts		19,821,748
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		1,967,143
Total		21,788,891

- 35 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

18.2 Minimum capital requirements:

As the table disclosed, the minimum capital requirements measured on an individual basis, effective for June 2017, along with its computable capital as of the end of that month:

Item	06/30/2017
Minimum capital requirement		11,692,910
Computable capital		39,863,850
Excess amount		28,170,940

19. SUMMARY JUDGEMENTS AND PENALTIES 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 penalties received from certain regulators, regardless of the amounts involved and the final conclusions of each cause. The information required as of June 30, 2017 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 infringement 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: On 05/31/2011 the Bank filed its defense, offering evidence and requesting an acquittal. On 08/03/2011 and 08/05/2011, defense brief were filed on behalf of the natural persons subject to summary proceedings, in line with the filing made by Banco Macro. The Central Bank ordered that the proceeding be filed with the Criminal Office of the Federal Court No. 3 of the Judicial Department in Córdoba which and they are being heard under No. FCB (federal Córdoba Justice) 3612/2014. In December 2016, the Bank made a voluntary filing requesting to be acquitted since on the grounds that the criminal action has become statute-barred. As of the date, this filing is pending resolution.

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

Reason: Supposed infringement 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).

Status: On 11/11/2015, the Bank and the natural persons subject to summary proceeding filed their defense, offering evidence and requesting an acquittal. In addition, by Resolution dated 05/23/2016, the Central Bank decided not to admit statute-barred 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. On 07/11/2016, the Central Bank decided not to admit the annulment petition. Against such resolution, on 07/15/2016, the Bank filed a brief to the proper Economic Criminal Trial Court related to actions provided by Art. 9 of the CFEL, whereby it formulates the right to reissue the proposition based on that the criminal foreign exchange infraction has become statute-barred. On 08/09/2016, the Bank submitted a closing argument brief as a result of that the probatory period was ended and on 08/18/2016 a new brief was filed, requesting the use of retrospective application of the most benign foreign exchange rule. As of the date, it is pending resolution by the Central Bank.

- 36 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

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. On 04/07/2016, the Bank filed its defense and offered evidence. 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. Penalties imposed by the Central Bank:

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; infringement 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 infringement according to Central Bank requirements. Penalty 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, subject to the devolutive effect of the direct remedy. On 06/25/2015 the fine was paid. On 07/10/2015 a direct appeal was filed against such resolution to Federal Court of Appeals in Contentious and Administrative Matters in the City of Buenos Aires (CNACAF). On December 2015, the penalty 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 Courtroom II of CNACAF. On 05/10/2016 the Courtroom II of CNACAF confirmed the fines imposed by the Central Bank. As a result, the bank filed a federal extraordinary appeal, which was dismissed by the Courtroom II of CNACAF on 08/02/2016. On 08/16/2016, representing the Bank and Mr. Carlos Soulé and as a consequence of the denial of a federal extraordinary appeal, a petition for denied appeal was filed which, as of the date, is in process.

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

Reason: due to alleged infringement of financing to the non-financial public sector, for temporary overdrafts through checking accounts of the Municipality of Córdoba and Reconquista. Penalty 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 Courtroom IV of the Federal Contentious Administrative Court of Appeals under No. 19,971/2015. On 06/23/2015 the Court informed to the Central bank about the appeal presented by Banco Macro. On 07/13/2016 the Courtroom IV of CNACAF sustained the appeal filed by the bank and annulled the resolution imposed. The Central Bank filed a federal extraordinary appeal, which was answered by the Bank on 08/29/2016. On 09/06/2016 the Courtroom IV of CNACAF dismissed the extraordinary appeal. On 09/14/2016 the Central Bank formulated a petition for denied appeal to the Argentine Supreme Court (CSJN), which is pending resolution.

19.3. Penalties 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. Penalty amount: 718

Responsible: Banco Macro SA and officers 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. On 10/31/2016 the Courtroom III resolved (i) related to transactions performed between 10/11/2006 to 08/22/2007, decided that at the time of the file, the UIF punitive authority has become statute-barred, annulling UIF resolution No. 72/2001, (ii) related to transactions performed since 03/05/2007 and between 04/17/2007 to 08/22/2007, decided to refer proceedings to UIF, for a new resolution and readjusting the fines imposed in the same resolution against the Bank and Messrs Juan Pablo Brito Devoto and Luis Carlos Cerolini. As a consequence and pursuant to the abovementioned, the Courtroom III decided to partially sustained the appeals and annulled the penalty imposed, ordering the UIF to readjust the penalties. Charges are distributed to each part. Such sentence was appealed by the Bank and UIF. On April 25, 2017, those remedies were dismissed by the Court. On May 10, 2017 both the bank and the UIF, filed petitions for denied appeals with the CSJN, which as of the date are still pending resolution.

- 37 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

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

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

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

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 petition for denied appeal was presented to CSJN, as denial of extraordinary appeal. On 09/04/2016, the file was sent to the Attorney General’s Office to issue its resolution prior to the Argentine Supreme Court’s decision. On May 23, 2017 the CSJN to sustain the petition for denied appeal filed by the Bank, to declare the applicability of the extraordinary appeal and to abrogate the decision pronounce by Courtroom II of CNACAF which had confirmed the fines imposed by the UIF, plus legal costs. Based on that decision, the case file shall return to the CNACAF for the pronouncement of a new decision pursuant to CSJN´s resolution dated on May 23, 2017. As of the date, the decision is pending.

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

Reason: Alleged failure to prepare certain reports on suspicious transactions regarding alleged cases of noncompliance in certain customer files. Penalty amount: 330.

Responsible: Banco Macro SA, Directors and officers in charge of Anti-money laundering regulation compliance (Luis Carlos Cerolini – as Compliance Officer and Director - and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Emanuel Antoni Alvarez Agis, Marcos Brito and Rafael Magnanini – as Directors of Banco Macro SA).

Status: After being notified about the commencement of the summary proceedings, on 05/08/2015, the Bank filed its defense, offering evidence and requesting an acquittal. On 12/26/2016 the UIF issued Resolution 164/16, imposing a fine on the persons subject to the summary proceedings. On 12/29/2016, the Bank was notified about the Resolution, which allowed bringing a direct appeal before the CNACAF by 03/15/2017. Such resolution, notified to the Bank on 12/19/2016, also sustained the lack of passive legitimations of Mr. Carballo and Mr. Magnanini. On 01/30/2017, the fine was paid. On 03/13/2017, a direct appeal was filed against such resolution, which has been lodging of the Courtroom III of CNACAF, under “Banco Macro SA and other against UIF – Criminal Code – law 25246 – Decree. 290/07 art. 25” (file Nº 13500/2017). As of the date, the file is pending resolution.

· Ended summaries

Financial Summary: No. 1227 dated on 04/10/2008 in relation to two capital contributions to its subsidiaries Sudbank SA and Trust Company Ltd. (currently, Macro Bank Ltd), which ended up in favor of the Bank, as the CNACAF declared on November 24, 2015, the nullity of the extraordinary instance filed by the Central Bank.

Criminal Foreign Exchange Regime Summary: No. 5645 dated on 01/07/2017 related to foreign exchange transactions allegedly performed without Central Bank authorization, which ended up in favor of the Bank, as resolved on October 29, 2016, by Criminal Economic Federal Trial Court No. 11.

Files: No. 62/2009 (extension) dated on 06/09/2011 in relation to foreign currency purchase transaction for an amount of 538 and No. 6614/2011 dated on 12/28/2011 for an amount of 843, which ended up in favor of the Bank, as the CSJN dismissed on April 25, 2017, the petition for the denied appeal file by UIF. Thus the court of appeals ´decision revoking the fined imposed became final.

Files: No. 6338/2011 dated on 11/23/2011 in relation to foreign currency purchase transaction for an amount of 2,136 and No. 160/2012 dated on 05/10/2012 for an amount of 376, which ended up in favor of the Bank, as the CSJN dismissed on 05/09/2017, the petition for denied appeal filed by the UIF. Thus the court of appeals ´decision revoking the fined imposed became final.

Files: No. 6407/2011 dated on 11/23/2011 in relation to foreign currency purchase transaction for an amount of 802, No. 6612/2011 dated on 12/28/2011 for an amount of 688 and No. 517/2012 dated on 06/12/2012, which ended up in favor of the Bank as the CSJN dismissed on 06/06/2017, the petition for denied appeal filed by the UIF. Thus the court of appeals ´decision revoking the fined imposed became final.

- 38 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Although, penalties do not involve material amounts, as of the date of issuance of these financial statements, the total amount of monetary penalties received, pending to be paid for been appealed or about to be appealed, amounted to 718 which was recorded according to Communiqués “A” 5689 and “A” 5940 of Central Bank, as supplemented.

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

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

Reason: alleged infringement 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, the bank and the natural persons subject to summary proceedings, filed its defense, offering evidence and requesting an acquittal. On 08/03/2015, the evidence period was ended and on 08/19/2015, the closing argument brief was submitted. As of the date, is pending resolution.

File: No. 2577/2014 (CNV Resolution No. 18863) dated 07/20/2017.

Reason: potential failure to comply with section 59, Law No. 19550 and item 1, Chapter 6, section 19, Part IV of Chapter II under CNV Regulations (as enacted in 2013 and as amended) in force at the time of the events under analysis.

Responsible: Banco Macro SA, in its capacity as an agent for the custody of mutual funds group investment products, Directors and member of the audit committee (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito, Juan Pablo Brito Devoto, Luis Carlos Cerolini, Federico Pastrana, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Constanza Brito, Emmanuel Antonio Agis, Alejandro Almarza, Carlos Javier Piazza and Vivian Haydee Stenghele).

Status: on 07/28/2017 the Bank and responsibles were notified about the opening of the reference proceedings, whereby they were granted ten business days to file a presentation.

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.

b) City of Buenos Aires tax authorities attributed a turnover tax difference to Banco Macro SA for fiscal period 2002, in relation to the treatment of the compensation bond, over which a precautionary measure was issued in 2009 in favor of the Bank by the Federal Court of First Instance in Countentios and Administrative No. 6, which was confirmed by the Sala IV of the CNACAF.

c) 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 under discussion other claims and appeals filed with the Tax Court.

- 39 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

20.1. 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 and certain withholdings made by the Bank to individuals as a withholding Agent, related to stamp tax imposed by the City of Buenos Aires.

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 political matters and the economic level growth, among other issues. Besides, at a local level, although it cannot be confirmed as a definitive trend, volatility of government and private securities, interest rates and exchange rate have decreased. In addition, there is an increase in prices of other relevant variables, such as salary cost and the prices of the main raw materials.

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) 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.

c) 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.

- 40 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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

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

Finally, the proposed earning distribution will be affected if it is not maintained a required margin of capital, which for companies like Banco Macro SA, considered systematically important, is equal to 3.5% of risk-weighted assets is kept. This is apart from the minimum capital required by regulations, to be integrated by of level-1 ordinary capital (COn1), net of deductible items (CDCOn1).

d) 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.

In addition, the Regular and Special Shareholders´ Meeting held on April 28, 2017, among other issues, decided to distribute cash dividends up to the amount of 701,476. On May 29, 2017, the Central Bank informed the cash distribution authorization. As of the date of issuance of these financial statements, the cash dividends are fully paid.

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 Central Bank 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.

For a description and quantification of the significant differences between Central Bank rules and US GAAP as of December 31, 2016, see Note 35. to the financial statements included in our Form 20-F as of such date and filed with the SEC on April 24th, 2017.

- 41 - Jorge H. Brito Chairperson

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

	06/30/2017				12/31/2016		06/30/2017
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				1,461,929		1,420,912		1,432,145			1,432,145
Federal government treasury bonds in pesos at monetary police rate  - Maturity 06-21-2020				220,169				67,140			67,140
Consolidation bonds in pesos - 8° Serie				219,169		214,653		188,084			188,084
Federal government bonds in pesos at Badlar Private + 250 basis point  2019				186,229		30,221		117,582			117,582
Federal government treasury bonds in pesos adjustment by CER - Maturity 07-22-2021				121,957		7,394		120,004			120,004
Consolidation bonds in pesos - 6° Serie  at 2%				75,258		22,924		75,156			75,156
Federal government in pesos at Badlar Private + 200 basis point - Maturity 04-03-2022				61,936				61,936			61,936
Federal government bonds in US dollars at 8.75% 2024				49,164				6,130			6,130
Par bonds denominated in pesos - Maturity: 2038				47,140		748		48,193			48,193
Federal government bonds in US dollars at 8% - Maturity 10/08/2020				42,051		337		23,658			23,658
Other				161,174		242,907		96,055			96,055
Subtotal holdings booked at market value				2,646,176		1,940,096		2,236,083			2,236,083
Holdings booked at amortized cost
- Local
Province of Neuquén guarantee Treasury Bills Class 1 Series 2 in pesos - Maturity: 06-06-2018		15,259		15,259		145,006		15,259			15,259
Treasury Bills in USD - Maturity: 07-03-2017		7,448		7,448		7,112		7,448			7,448
Treasury Bills in US dollars - Maturity: 09-29-2017		1,510		1,509				1,510			1,510
Treasury Bills in US dollars - Maturity: 03-20-2017						787,649
Debt Securities of Province of Buenos Aires Series 1 Clase II - Maturity: 12-06-2019						338,086
Federal government bonds in pesos Badlar Private + 250 PBS 2019						106,508
Province of Río Negro Treasury Bills Class 1, Series 6  in pesos - Maturity: 03-15-2017						95,439
Province of Neuquén Treasury Bills  in pesos - Maturity: 09-09-2020						71,202
Municipality of City of Córdoba Treasury Bills Series XXIII  - Maturity: 03-30-2017						9,880
Municipality of City of Córdoba Treasury Bills Series XXI  - Maturity: 03-21-2017						7,399
Other						1,057		300,000			300,000
Subtotal Holdings booked at amortized cost				24,216		1,569,338		324,217			324,217

- 42 - Jorge H. Brito Chairperson

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

	06/30/2017			12/31/2016		06/30/2017
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: 07-19-2017			9,895,469				9,846,022			9,846,022
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-16-2017			6,146,879				6,146,879			6,146,879
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-20-2017			3,168,588				3,168,588			3,168,588
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-20-2017			2,247,408				2,247,408			2,247,408
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-21-2018			225,213				225,213			225,213
Central Bank of Argentina Bills in pesos – Maturity: 01-18-2017					424,639
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-15-2017					371,992
Central Bank of Argentina Bills in pesos – Maturity: 01-25-2017					147,233
Subtotal Central Bank of Argentina Internal Bills at market value - Own Portfolio			21,683,557		943,864		21,634,110			21,634,110
Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-20-2017			1,924,889
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-19-2017			256,631
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-16-2017			61,135
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-18-2017					19,335
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions			2,242,655		19,335
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-15-2017			2,858,160				2,858,160			2,858,160
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-17-2018			8,438				8,438			8,438
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-18-2017			8,217				8,217			8,217
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-21-2017			3,333				3,333			3,333
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-18-2017					5,290,967
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-15-2017					2,525,348
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-04-2017					1,749,356
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-25-2017					1,203,357
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-11-2017					1,115,684
Central Bank of Argentina Bills in pesos – Maturity: 01-11-2017					309,457
Other					597,908
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own portfolio			2,878,148		12,792,077		2,878,148			2,878,148
Total Instruments issued by the Central Bank of Argentina			26,804,360		13,755,276		24,512,258			24,512,258
Total Government securities			29,474,752		17,264,710		27,072,558			27,072,558

- 43 - Jorge H. Brito Chairperson

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

	06/30/2017			12/31/2016		06/30/2017
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
Siderar S.A.I.C.					106,938
Petrolera Pampa S.A.					90,261
Aluar Aluminio Argentino					78,791
YPF S.A.					25,190
Molinos Rio de la Plata S.A.					18,289
Subtotal Capital Instruments					319,469
Total Investments in listed private securities					319,469
Total government and private Securities			29,474,752		17,584,179		27,072,558			27,072,558

(1) The position without options as of June 30, 2017, results from the following disclosure:

Holdings: book balance, market value or present value, wherever applicable	29,474,753
Plus: Spot and forward purchases pending settlement	476,266
Less: Government securities deposits	100,496
Less: Spot and forward sales pending settlement	2,777,965
	27,072,558

- 44 - Jorge H. Brito Chairperson

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

	06/30/2017		12/31/2016
COMMERCIAL
In normal situation		40,013,609		34,128,374
With Senior “A” guarantees and counter-guarantees		2,401,076		2,538,782
With Senior “B” guarantees and counter-guarantees		6,090,653		5,119,268
Without Senior guarantees or counter-guarantees		31,521,880		26,470,324
Subject to special monitoring		56,382		27,887
In observation
With Senior “B” guarantees and counter-guarantees		48,147		18,875
Without Senior guarantees or counter-guarantees		8,235		9,012
Troubled		30,050		50,039
With Senior “B” guarantees and counter-guarantees		28,706		50,039
Without Senior guarantees or counter-guarantees		1,344
With high risk of insolvency		227,980		137,431
With Senior “A” guarantees and counter-guarantees		1,346		1,882
With Senior “B” guarantees and counter-guarantees		157,719		61,374
Without Senior guarantees or counter-guarantees		68,915		74,175
Irrecoverable				4
Without Senior guarantees or counter-guarantees				4
Subtotal Commercial		40,328,021		34,343,735

- 45 - Jorge H. Brito Chairperson

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

	06/30/2017		12/31/2016
CONSUMER
Performing		58,446,118		48,698,468
With Senior “A” guarantees and counter-guarantees		1,706,268		767,733
With Senior “B” guarantees and counter-guarantees		3,951,967		2,483,434
Without Senior guarantees or counter-guarantees		52,787,883		45,447,301
Low risk		674,148		502,812
With Senior “A” guarantees and counter-guarantees		4,894		1,486
With Senior “B” guarantees and counter-guarantees		24,374		20,622
Without Senior guarantees or counter-guarantees		644,880		480,704
Medium risk		488,637		390,339
With Senior “A” guarantees and counter-guarantees		276		3,188
With Senior “B” guarantees and counter-guarantees		10,755		7,634
Without Senior guarantees or counter-guarantees		477,606		379,517
High risk		333,454		268,927
With Senior “A” guarantees and counter-guarantees		802		2,099
With Senior “B” guarantees and counter-guarantees		22,785		20,284
Without Senior guarantees or counter-guarantees		309,867		246,544
Irrecoverable		157,642		87,190
With Senior “B” guarantees and counter-guarantees		20,088		16,642
Without Senior guarantees or counter-guarantees		137,554		70,548
Irrecoverable according to Central Bank's rules		334		210
Without Senior guarantees or counter-guarantees		334		210
Subtotal Consumer		60,100,333		49,947,946
Total		100,428,354		84,291,681

- 46 - Jorge H. Brito Chairperson

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

	06/30/2017				12/31/2016
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		9,924,883		9.88		6,353,953		7.54
50 next largest customers		9,076,331		9.04		8,920,400		10.58
100 next largest customers		6,852,468		6.82		5,525,254		6.55
Other customers		74,574,672		74.26		63,492,074		75.33
Total		100,428,354		100.00		84,291,681		100.00

- 47 - Jorge H. Brito Chairperson

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF JUNE 30, 2017

(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		21		26,492		97,705		49,548		99,633		168,360		129,072		570,831
Financial sector				509,775		414,804		300,759		778,475		285,287		211,633		2,500,733
Non-financial private sector and foreign residents		621,988		28,884,120		8,945,190		11,885,275		11,916,610		11,791,932		23,311,675		97,356,790
Total		622,009		29,420,387		9,457,699		12,235,582		12,794,718		12,245,579		23,652,380		100,428,354

- 48 - Jorge H. Brito Chairperson

EXHIBIT E

DETAIL OF INVESTMENT IN OTHER COMPANIES

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

												Information on the issuer
	06/30/2017									12/31/2016		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		1,109,555		1,628,973	Financial institution	06-30-17		43,960		1,233,771		345,593
Macro Securities SA	Common		1		1		12,776,680		377,334		236,971	Brokerage house	06-30-17		12,886		370,029		134,249
Macro Fiducia SA	Common		1		1		6,475,143		18,457		19,122	Services	06-30-17		6,567		15,097		1,244
Macro Fondos SGFCISA	Common		1		1		327,183		19,666		25,319	Mutual funds management	06-30-17		1,713		101,752		91,350
Foreign
Macro Bank Limited	Common		1		1		39,816,899		796,979		769,016	Financial institution	06-30-17		86,501		796,980		27,963
Subtotal subsidiaries									2,321,991		2,679,401
- Non-subsidiaries
Local
Provincanje SA	Common		1		1		600,000		603		603	Processing servicies	12-31-16		7,200		3,257		(2,789	)
Prisma Medio de Pagos	Common		1		1		1,141,503		3,554		3,554	Business services	12-31-16		15,000		860,439		664,691
COEL SA	Common		1		1		86,236		138		138	Financial Services	12-31-15		1,000		15,726		11,852
Mercado Abierto Electrónico SA	Common		1,200		1		8		121		121	Electronic market	12-31-16		242		230,433		144,723
Argentina Clearing SA	Common		2,500		1		30		31		31	Services	07-31-16		10,250		326,912		197,715
Garantizar SGR	Common		1		1		10,000		10		10	Mutual guarantee association	12-31-16		21,519		4,567,006		99,279
Foreign
Banco Latinoamericano de Exportaciones SA	Common		1		1		7,303		1,308		1,249	Financial institution	12-31-16		4,437,739		16,029,529		1,379,681
Subtotal non-subsidiaries									5,765		5,706
Total in financial institutions, supplementary and authorized activities									2,327,756		2,685,107
In other companies
- Non-subsidiaries
Local
Other									1,541		1,941
Foreign
SWIFT SA	Common		1		1		5		82		78	Services	12-31-16		230,017		6,939,241		438,059
Total in other companies									1,623		2,019
Total (1)									2,329,379		2,687,126

(1) As of June 30, 2017 and December 31, 2016 the Bank booked allowances for impairment in value amounting to 361 and 579, respectively (see Exhibit J).

- 49 - Jorge H. Brito Chairperson

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF JUNE 30, 2017

(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		760,661		18,762		13,203			74		50		17,379		775,173
Furniture and facilities		210,057		23,599		17					10		15,879		217,794
Machinery and equipment		355,058		59,460		(17	)				5		68,211		346,290
Vehicles		26,063		16,104					957		5		6,756		34,454
Total		1,351,839		117,925		13,203			1,031				108,225		1,373,711
Other assets
Works in progress		1,210,316		364,442		(7,579	)								1,567,179
Works of art		1,162													1,162
Prepayments for the purchase of assets		163,581		6,502											170,083
Foreclosed assets		108,218		11,603					163		50		906		118,752
Stationery and office supplies		32,242		1,655					10,081						23,816
Other assets		425,803		16,608		(5,624	)		1,107		50		1,765		433,915
Total		1,941,322		400,810		(13,203	)		11,351				2,671		2,314,907

- 50 - Jorge H. Brito Chairperson

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF JUNE 30, 2017

(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)		20,609					10		2,810		17,799
Organization and development costs (b)		615,760		218,142			5		110,057		723,845
Total		636,369		218,142					112,867		741,644

(a) As of December 31, 2016 it related to the difference between the total price of the transaction and the equity method of Banco Privado de Inversiones SA acquisition.

(b) Includes the cost of information technology projects hired from independent parties and leasehold improvements.

- 51 - Jorge H. Brito Chairperson

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

	06/30/2017				12/31/2016
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		6,191,568		5.51		6,187,859		6.04
50 next largest customers		5,679,226		5.06		6,415,928		6.26
100 next largest customers		3,645,609		3.25		3,954,135		3.86
Other customers		96,773,602		86.18		85,939,024		83.84
Total		112,290,005		100.00		102,496,946		100.00

- 52 - Jorge H. Brito Chairperson

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF JUNE 30, 2017

(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		95,914,735		14,275,260		1,758,096		274,715		60,938		6,261		112,290,005
Other liabilities from financial intermediation
Central Bank of Argentina		10,176						105						10,281
International Banks and Institutions		502		130,456		216,154								347,112
Non-subordinated Corporate Bonds						116,798						4,620,570		4,737,368
Financing received from Argentine financial institutions		2,874		5,238		729,842		10,893		10,584		38,884		798,315
Other		6,831,273		466,373		5,078		6,979		10,052		116,182		7,435,937
		6,844,825		602,067		1,067,872		17,977		20,636		4,775,636		13,329,013
Subordinated corporate bonds						69,714						6,639,400		6,709,114
Total		102,759,560		14,877,327		2,895,682		292,692		81,574		11,421,297		132,328,132

- 53 - Jorge H. Brito Chairperson

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF JUNE 30, 2017

(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		1,654,084		793,299		342,939		11,214		2,093,230
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		231,496		4,195		3,609		933		231,149
Receivables from financial leases
For uncollectibility risk		3,993		1,730				41		5,682
Investments in other companies
For impairment in value		579		232				450		361
Other receivables
For uncollectibility risk		4,148		73		16				4,205
Total allowances		1,894,300		799,529		346,564		12,638		2,334,627
PROVISIONS
Contingent commitments		208,222		155,645		86,195				277,672
Difference from court deposits dollarization		34,034						34,034
Administrative, disciplinary and criminal sanctions		9,110				330		8,062		718
Total Provisions		251,366		155,645		86,525		42,096		278,390

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

- 54 - Jorge H. Brito Chairperson

EXHIBIT K

CAPITAL STRUCTURE

AS OF JUNE 30, 2017

(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		647,327,358		1		647,327		647,327
Total		658,563,028				658,563		658,563

(1) See Note 10.

- 55 - Jorge H. Brito Chairperson

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

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

(Figures stated in thousands of pesos)

	06/30/2017														12/31/2016
	Total Parent		Total per currency
	company and				Pound		Swiss
Items	local branches		US dollar		sterling		franc		Yen		Euro		Other		Total
ASSETS
Cash		20,503,862		20,423,026		2,223		3,063		1,612		50,024		23,914		20,074,325
Government and private securities		148,122		148,122												807,701
Loans		16,724,696		16,717,784								6,912				10,157,362
Other receivables from financial intermediation		643,018		589,959								53,059				345,150
Receivables from financial leases		1,543		1,543
Investments in other companies		798,369		798,369												770,343
Other receivables		503,890		503,890												329,204
Items pending allocation		13,816		13,816												3,288
Total		39,337,316		39,196,509		2,223		3,063		1,612		109,995		23,914		32,487,373
LIABILITIES
Deposits		20,834,567		20,834,567												21,793,774
Other liabilities from financial intermediation		2,471,324		2,379,861		975		243				90,039		206		2,799,493
Other liabilities		830		830
Subordinated corporate bonds		6,709,114		6,709,114												6,407,840
Items pending allocation		2,669		2,669												61
Total		30,018,504		29,927,041		975		243				90,039		206		31,001,168
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		7,251,684		7,251,660								24				5,163,340
Control		11,260,506		11,238,650		162				925		20,769				4,078,621
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		480,413		432,523								47,890				518,256
Control		23,024		23,024												6,499

- 56 - Jorge H. Brito Chairperson

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

	In normal
Item	Situation		Irrecoverable		06/30/2017		12/31/2016
Loans
Overdrafts		10,903				10,903		7,459
Without Senior guarantees or counter-guarantees		10,903				10,903		7,459
Documents		56,038				56,038		99,347
With Senior “A” guarantees and counter-guarantees		8,594				8,594		7,263
Without Senior guarantees or counter-guarantees		47,444				47,444		92,084
Mortgage and pledge		4,822		171		4,993		5,579
With Senior “B” guarantees and counter-guarantees		4,689		171		4,860		5,431
Without Senior guarantees or counter-guarantees		133				133		148
Personal		65				65		1,083
Without Senior guarantees or counter-guarantees		65				65		1,083
Credit cards		24,177				24,177		22,996
Without Senior guarantees or counter-guarantees		24,177				24,177		22,996
Other		209,883				209,883		161,571
Without Senior guarantees or counter-guarantees		209,883				209,883		161,571
Total loans		305,888		171		306,059		298,035
Receivables from financial leases and other		9,276				9,276		9,035
Contingent Commitments		20,704				20,704		23,986
Investments in other companies		2,322,015				2,322,015		2,679,877
Total		2,657,883		171		2,658,054		3,010,933
Provisions		3,152		85		3,237		3,632

- 57 - Jorge H. Brito Chairperson

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF JUNE 30, 2017

(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

2,281,280

Intermediation

Foreign

Daily settlement of

MAE (over-the-counter

Futures

- own account

currency

differences

electronic market)

3

2

1

369,007

Intermediation

Foreign

Daily settlement of

ROFEX (over-the-counter

Futures

- own account

currency

differences

electronic market)

3

2

1

17,703

Intermediation

With delivery of

Over The Counter  - Residents

Options

- own account

Other

underlying asset

in Argentina - Non-financial sector

24

1

186,858

Intermediation

Foreign

Maturity settlement

Over The Counter  - Residents

Forward

- own account

currency

of differences

in Argentina - Non-financial sector

8

6

30

111,969

- 58 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2017			12/31/2016
		(Unaudited)
ASSETS
A.	CASH
	Cash on hand		5,366,544			4,955,294
	Due from banks and correspondents
	Central Bank of Argentina		21,262,814			28,482,100
	Local Other		47,400			79,473
	Foreign		9,799,406			2,571,298
	Other		1,038			991
			36,477,202			36,089,156
B.	GOVERNMENT AND PRIVATE SECURITIES
	Holdings booked at market value		4,502,406			2,810,838
	Holdings booked at amortized cost		25,018			1,570,708
	Instruments issued by the Central Bank of Argentina		26,836,519			15,145,254
	Investments in listed private securities					319,469
			31,363,943			19,846,269
C.	LOANS
	To the non-financial government sector		497,262			1,532,532
	To the financial sector
	Interfinancing - (granted call)		235,000			5,000
	Other financing to Argentine financial institutions		1,950,962			1,659,738
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		65,837			65,882
	To the non-financial private sector and foreign residents
	Overdrafts		9,638,183			8,837,695
	Documents		12,332,283			11,198,902
	Mortgage loans		5,195,451			4,158,608
	Pledge loans		3,263,440			2,285,050
	Personal loans		37,342,482			29,784,759
	Credit cards		20,590,886			18,851,619
	Other		15,281,514			10,465,842
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		1,649,734			1,317,912
	less:  Unearned discount		(323,785	)		(360,027	)
	less:  Allowances (Note 4.)		(2,322,891	)		(1,830,505	)
			105,396,358			87,973,007

- 59 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2017			12/31/2016
		(Unaudited)
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		2,174,298			2,093,960
	Amounts receivable from spot and forward sales pending settlement		3,010,845			297,107
	Securities and foreign currency receivables from spot and forward purchases pending settlement		820,039			1,259,031
	Unlisted corporate bonds		407,002			486,144
	Receivables from forward transactions without delivery of underlying assets		1,958			855
	Other receivables not covered by debtors classification standards		1,255,470			1,119,756
	Other receivables covered by debtors classification standards		355,470			296,787
	Accrued interest receivables covered by debtors classification standards		497			232
	less:  Allowances (Note 4.)		(241,362	)		(240,265	)
			7,784,217			5,313,607
E.	RECEIVABLES FROM FINANCIAL LEASES
	Receivables from financial leases		478,915			369,146
	Accrued interest and adjustments		6,518			4,999
	less: Allowances (Note 4.)		(5,682	)		(3,993	)
			479,751			370,152
F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		1,307			1,247
	Other		31,776			11,691
	less: Allowances (Note 4.)		(457	)		(1,586	)
			32,626			11,352
G.	OTHER RECEIVABLES
	Other		1,572,323			1,281,229
	less: Allowances (Note 4.)		(4,429	)		(4,148	)
			1,567,894			1,277,081
H.	BANK PREMISES AND EQUIPMENT, NET		1,488,326			1,460,092
I.	OTHER ASSETS		2,365,812			1,980,746
J.	INTANGIBLE ASSETS
	Goodwill		17,799			20,609
	Organization and development costs		753,635			643,463
			771,434			664,072
K.	ITEMS PENDING ALLOCATION		40,362			13,426
TOTAL ASSETS			187,767,925			154,998,960

- 60 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2017		12/31/2016
		(Unaudited)
LIABILITIES
L.	DEPOSITS
	From the non-financial government sector		10,803,983		9,552,190
	From the financial sector		57,357		55,867
	From the non-financial private sector and foreign residents
	Checking accounts		19,951,102		17,686,171
	Savings accounts		34,087,906		27,895,965
	Time deposits		53,428,750		47,652,387
	Investment accounts		297,003		333,786
	Other		4,433,734		8,113,965
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		597,541		649,409
			123,657,376		111,939,740
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		10,375		8,403
	International Banks and Institutions		345,307		128,912
	Non-subordinated Corporate Bonds		4,620,570		1,627,261
	Amounts payable for spot and forward purchases pending settlement		1,048,574		1,310,696
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		3,019,701		156,536
	Financing received from Argentine financial institutions
	Interfinancing (received call)				90,000
	Other financing received from Argentine financial institutions		448,105		30,568
	Accrued interest payable				126
	Receivables from forward transactions without delivery of underlying asset		228
	Other		7,804,413		7,095,374
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		136,450		80,627
			17,433,723		10,528,503
N.	OTHER LIABILITIES
	Dividends Payable		303
	Fees		26,454		96,020
	Other		3,587,431		3,386,887
			3,614,188		3,482,907
O.	PROVISIONS (Note 4.)		376,922		335,007
P.	SUBORDINATED CORPORATE BONDS		6,709,114		6,407,840
Q.	ITEMS PENDING ALLOCATION		24,286		16,266
	MINORITY INTERESTS IN SUBSIDIARIES		124,776		182,799
	TOTAL LIABILITIES		151,940,385		132,893,062
	SHAREHOLDERS' EQUITY		35,827,540		22,105,898
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			187,767,925		154,998,960

- 61 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2017		12/31/2016
	(Unaudited)
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		114,166,669		89,304,148
Contingent		28,181,819		23,017,895
Guarantees received		27,202,426		22,116,120
Other not covered by debtors classification standards		30		39
Contingent debit-balance contra accounts		979,363		901,736
Control		84,286,867		65,012,008
Receivables classified as irrecoverable		2,094,312		1,898,911
Other		80,349,654		61,978,148
Control debit-balance contra accounts		1,842,901		1,134,949
Derivatives		685,537		495,787
Notional value of forward transactions without delivery of underlying asset		252,110		135,597
Derivatives debit-balance contra accounts		433,427		360,190
Trust activity		1,012,446		778,458
Trust funds		1,012,446		778,458
CREDIT-BALANCE ACCOUNTS		114,166,669		89,304,148
Contingent		28,181,819		23,017,895
Other guarantees provided covered by debtors classification standards		223,905		287,497
Other guarantees provided not covered by debtors classification standards		152,399		158,986
Other covered by debtors classification standards		384,859		354,315
Other not covered by debtors classification standards		218,200		100,938
Contingent credit-balance contra accounts		27,202,456		22,116,159
Control		84,286,867		65,012,008
Checks to be credited		1,842,901		1,134,949
Control credit-balance contra accounts		82,443,966		63,877,059
Derivatives		685,537		495,787
Notional value of  call options sold		186,858		167,721
Notional value of forward transactions without delivery of underlying asset		246,569		192,469
Derivatives credit-balance contra account		252,110		135,597
Trust activity		1,012,446		778,458
Trust activity credit-balance contra accounts		1,012,446		778,458

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.

- 62 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2017		06/30/2016
		(Unaudited)		(Unaudited)
A.	FINANCIAL INCOME
	Interest on cash and due from banks		908		701
	Interest on loans to the financial sector		200,097		88,288
	Interest on overdrafts		1,271,797		1,173,162
	Interest on documents		764,050		768,473
	Interest on mortgage loans		365,601		369,405
	Interest on pledge loans		208,883		190,244
	Interest on credit card loans		2,157,674		1,931,879
	Interest on financial leases		42,317		47,405
	Interest on other loans		7,471,736		5,706,219
	Net income from government and private securities		2,229,553		3,031,342
	Interest on other receivables from financial intermediation		4,947		2,586
	Income from guaranteed loans - Presidential Decree No. 1,387/01		3,073		14,726
	CER (Benchmark Stabilization Coefficient) adjustment		60,786		121,609
	CVS (Salary Variation Coefficient) adjustment		192		390
	Difference in quoted prices of gold and foreign currency		583,425		329,600
	Other		589,870		173,793
			15,954,909		13,949,822
B.	FINANCIAL EXPENSE
	Interest on savings accounts		50,124		43,616
	Interest on time deposits		4,226,846		5,130,207
	Interest on interfinancing received loans (received call)		3,526		1,147
	Interest on other financing from financial institutions		480		297
	Interest on other liabilities from financial intermediation		138,487		70,584
	Interest on subordinated bonds		212,091		104,932
	Other interest		1,386		2,258
	CER adjustment		7,853		6,168
	Contribution to Deposit Guarantee Fund		99,899		131,860
	Other		1,329,002		1,038,547
			6,069,694		6,529,616
	GROSS INTERMEDIATION MARGIN - GAIN		9,885,215		7,420,206
C.	PROVISION FOR LOAN LOSSES		830,350		476,684
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		152,410		49,144
	Related to deposits		2,930,387		2,107,731
	Other commissions		98,127		86,576
	Other		1,795,857		1,357,212
			4,976,781		3,600,663

- 63 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		06/30/2017			06/30/2016
		(Unaudited)			(Unaudited)
E.	SERVICE-CHARGE EXPENSE
	Commissions		319,766			236,367
	Other		1,189,813			929,639
			1,509,579			1,166,006
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		3,677,771			2,738,469
	Directors' and statutory auditors' fees		185,294			151,894
	Other professional fees		164,999			128,636
	Advertising and publicity		81,841			83,064
	Taxes		340,858			252,400
	Depreciation of bank premises and equipment		119,193			95,876
	Amortization of organization costs		124,230			91,829
	Other operating expenses		816,751			650,911
	Other		496,782			364,863
			6,007,719			4,557,942
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		6,514,348			4,820,237
G.	OTHER INCOME
	Income from long-term investments		74,094			31,198
	Penalty interest		36,274			42,261
	Recovered loans and allowances reversed		227,543			94,922
	Others		110,663			156,901
			448,574			325,282
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		60			125
	Charges for other receivables uncollectibility and other allowances		204,642			72,219
	Depreciation and loss of other assets		2,728			2,136
	Goodwill amortization		2,810			6,716
	Other		428,145			91,546
			638,385			172,742
	MINORITY INTEREST IN SUBSIDIARIES		(34,944	)		(25,255	)
	NET INCOME BEFORE INCOME TAX - GAIN		6,289,593			4,947,522
I.	INCOME TAX		2,510,281			1,734,635
	NET INCOME FOR THE PERIOD - GAIN		3,779,312			3,212,887

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.

- 64 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2017			06/30/2016
	(Unaudited)			(Unaudited)
CHANGES IN CASH AND CASH EQUIVALENTS  (Note 1.5.)
Cash at the beginning of the fiscal year		39,818,086			22,672,977
Cash at the end of the period		53,775,692			29,837,149
Net increase in cash		13,957,606			7,164,172
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments) for:
Government and private securities		6,249,158			4,578,893
Loans
To the financial sector		(321,082	)		(549,008	)
To the non-financial government sector		1,058,372			(86,492	)
To the non-financial private sector and foreign residents		(6,467,856	)		1,946,862
Other receivables from financial intermediation		(2,875,250	)		(4,513,290	)
Receivables from financial leases		(68,971	)		85,651
Deposits
From the financial sector		1,490			4,245
From the non-financial government sector		935,287			644,294
From the non-financial private sector and foreign residents		6,296,895			8,461,811
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(93,652	)		(45,186	)
Others (except liabilities included under financing activities)		856,501			586,287
Collections related to service-charge income		4,964,758			3,588,473
Payments related to service-charge expenses		(1,482,485	)		(1,155,298	)
Administrative expenses paid		(5,829,516	)		(4,403,617	)
Payment of organization and development costs		(234,402	)		(180,781	)
Net collections from penalty interest		36,214			42,136
Differences from payments related to court orders		(2,443	)		(2,468	)
Collections of dividends from other companies		40,704			19,367
Other collections related to other income and losses		74,335			127,938
Net collections /(payments) from other operating activities		4,272,077			(749,302	)
Payment of income tax		(2,562,250	)		(1,327,706	)
Net cash flows generated in operating activities		4,847,884			7,072,809

- 65 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2017			06/30/2016
	(Unaudited)			(Unaudited)
Investing activities
Net payments for bank premises and equipment		(129,108	)		(170,567	)
Net payments for other assets		(378,980	)		(333,888	)
Net cash flows used in investing activities		(508,088	)		(504,455	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(1,766,904	)		(62,871	)
Central Bank of Argentina:
Other		1,972			(2,545	)
International Banks and Institutions		213,379			(57,196	)
Subordinated corporate bonds		(206,280	)		(100,657	)
Financing received from Argentine financial institutions		417,062			(3,110	)
Capital contributions		10,696,269
Payment of dividends		(1,647,172	)		(319,612	)
Other payments for financing activities		(255,081	)
Net cash flows increase in/ (used in) financing activities		7,453,245			(545,991	)
Financial income and holding gains on cash and cash equivalents		2,164,565			1,141,809
Net increase in cash		13,957,606			7,164,172

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.

- 66 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2017		12/31/2016
COMMERCIAL
In normal situation		40,729,536		34,766,790
With Senior “A” guarantees and counter-guarantees		2,418,950		2,545,541
With Senior “B” guarantees and counter-guarantees		6,269,205		5,297,800
Without Senior guarantees or counter-guarantees		32,041,381		26,923,449
Subject to special monitoring		57,269		27,887
In observation
With Senior “B” guarantees and counter-guarantees		48,147		18,875
Without Senior guarantees or counter-guarantees		9,122		9,012
Troubled		30,050		50,039
With Senior “B” guarantees and counter-guarantees		28,706		50,039
Without Senior guarantees or counter-guarantees		1,344
With high risk of insolvency		227,980		137,431
With Senior “A” guarantees and counter-guarantees		1,346		1,882
With Senior “B” guarantees and counter-guarantees		157,719		61,374
Without Senior guarantees or counter-guarantees		68,915		74,175
Irrecoverable		7,404		7,372
With Senior “B” guarantees and counter-guarantees		849		813
Without Senior guarantees or counter-guarantees		6,555		6,559
Subtotal Commercial		41,052,239		34,989,519

- 67 - Jorge H. Brito Chairperson

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2017		12/31/2016
CONSUMER
Performing		66,654,541		55,204,350
With Senior “A” guarantees and counter-guarantees		1,710,392		771,053
With Senior “B” guarantees and counter-guarantees		4,111,770		2,573,886
Without Senior guarantees or counter-guarantees		60,832,379		51,859,411
Low risk		739,256		555,222
With Senior “A” guarantees and counter-guarantees		4,894		1,486
With Senior “B” guarantees and counter-guarantees		25,359		20,699
Without Senior guarantees or counter-guarantees		709,003		533,037
Medium risk		569,496		443,357
With Senior “A” guarantees and counter-guarantees		276		3,188
With Senior “B” guarantees and counter-guarantees		11,184		7,676
Without Senior guarantees or counter-guarantees		558,036		432,493
High risk		394,912		317,466
With Senior “A” guarantees and counter-guarantees		802		2,099
With Senior “B” guarantees and counter-guarantees		22,785		20,486
Without Senior guarantees or counter-guarantees		371,325		294,881
Irrecoverable		165,637		92,508
With Senior “B” guarantees and counter-guarantees		20,615		18,222
Without Senior guarantees or counter-guarantees		145,022		74,286
Irrecoverable according to Central Bank's rules		334		210
Without Senior guarantees or counter-guarantees		334		210
Subtotal Consumer		68,524,176		56,613,113
Total		109,576,415		91,602,632

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.

- 68 - Jorge H. Brito Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

1. SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

1.1. Valuation and disclosure criteria:

According to the procedures provided by Central Bank rules - Communiqué “A” 2227, as supplemented - and FACPCE TR No. 21, the Bank has consolidated line-by-line (i) its balance sheets as of June 30, 2017 and December 31, 2016 and (ii) the statements of income and cash flows and equivalents for the six-month periods ended June 30, 2017 and 2016, with the financial statements of the subsidiaries listed in Note 1.2., as of each respective date.

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, 2017):

	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), (c) and (d)	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 2,933).

(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.

(d) In order to provide the new capital market needs, as established by Law 26831, Mercado de Valores de Buenos Aires (Merval) implemented a reorganization process, proceeding to partially spin-off its equity and creating a new company Bolsas y Mercados Argentinos (BYMA), as a follow-on of Merval business activities. In that sense, and as a consequence of the abovemention partial spin-off, Macro Securities received for each Merval shares, 250,000 BYMA´s shares.

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, 2017 and December 31, 2016.

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.

- 69 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(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 six-month periods ended June 30, 2017 and 2016, 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, 2017, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		156,788		2,602,452
Liabilities		108,773		1,805,472
Shareholders’ equity		48,015		796,980

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, 2017:

	Banco  Macro SA		Banco del Tucumán SA		Macro Bank Limited (1)		Other subsidiaries (2)		Eliminations		Banco  Macro SA (consolidated)
Assets		175,528,509		11,727,005		2,602,452		729,368		2,819,409		187,767,925
Liabilities		139,700,969		10,493,234		1,805,472		330,093		389,383		151,940,385
Shareholders’ equity		35,827,540		1,233,771		796,980		399,275		2,430,026		35,827,540
Income		3,779,312		345,593		27,963		144,351		517,907		3,779,312

(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.

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:

- 70 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

	06/30/2017		12/31/2016		06/30/2016
Cash		36,477,202		36,089,156		18,457,044
Government and private securities
Holdings booked at market value		1,619,531		538,936		2,091,659
Instruments issued by the Central Bank		15,678,959		3,189,994		8,997,358
Other receivables for financial intermediation
Other covered by debtor classification standards						291,088
Cash and cash equivalents		53.775.692		39,818,086		29,837,149

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	06/30/2017		12/31/2016
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		5,243		5,126
• 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		776		715
Subtotal Government and Private securities		6,019		5,841
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		207,155		191,098
Subtotal other receivables from financial intermediation		207,155		191,098
Other receivables
• Deposits mainly provided in guarantee for the credit card transaction and related to court deposits and MAEClear transactions		36,292		35,702
Subtotal other receivables		36,292		35,702
Total		249,466		232,641
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		9,369		8,420
Subtotal other receivables from financial intermediation		9,369		8,420
Investments in other companies
· Other				1,453
Subtotal investments in other companies				1,453
Total		9,.369		9,873

- 71 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

Item (cont.)	06/30/2017		12/31/2016
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		4,456		3,987
Total		4,456		3,987
2.4   Macro Fondos SGFCI SA
Other receivables from financial intermediation
· Share of interest of the mutual fund Pionero FF for the minimum amount required to perform as an Agent  de Administration Agent for Collective investments of mutual funds provided by CNV General Resolution No. 622/2013		1,286		1,166
Total		1,286		1,166

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 June 30, 2017 and December 31, 2016, include assets amounted to 31,875 and 35,310, generated mainly by Loans; liabilities amounted to 1,342,671 and 167,033 generated mainly by Deposits; and memorandum accounts amounted to 3,874,445 and 3,675,866, mainly generated by Items in custody, respectively.

Additionally, as of June 30, 2017 and 2016, net income generated by those transactions amounted to 6,983 and 5,503 respectively.

Lastly, the balances as of those dates for transactions between Macro Group companies amounted to 425 and 1,005, respectively. Net income from those periods ended June 30, 2017 and 2016 amount to 0. Balances 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, 2017:

- 72 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(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								Balances at
	beginning of				Decreases				end of the
Breakdown	fiscal year		Increases		Charge off		Reversals		period
Allowances
For loans		1,830,505		885,646		379,719		13,541		2,322,891
For other receivables from financial intermediation		240,265		6,210		3,627		1,486		241,362
For receivables from financial leases		3,993		1,731				42		5,682
For interests in other companies		1,586		232				1,361		457
For other receivables		4,148		297		16				4,429
Total		2,080,497		894,116		383,362		16,430		2,574,821
For other contingencies		271,039		203,541		98,376				376,204
For differences from court deposits dollarization		54,858		1,226				56,084
For administrative, disciplinary and criminal penalties		9,110				330		8,062		718
Total		335,007		204,767		98,706		64,146		376,922

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, 2017 and December 31, 2016 a:

Type of contract / underlying asset	06/30/2017		12/31/2016
Futures / foreign currency		386,710		194,131
Repo transactions		2,281,280		1,220,329
Forward contracts / foreign currency		111,969		133,935
Options / Other		186,858		167,721

Additionally, positions of transactions effective as of June 30, 2017 and December 31, 2016 are as follows:

Transaction	06/30/2017			12/31/2016
Net position of repurchase agreements		(2,281,280	)		1,181,659
Net asset position of forward transactions without delivery of the underlying asset		5,541			(56,872	)
Position of call options sold		(186,858	)		(167,721	)

- 73 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

6. PORTFOLIO MANAGEMENT

In addition to what was mentioned in Note 13, to the Bank’s stand-alone financial statements, as June 30, 2017 and December 31, 2016, Banco del Tucumán SA manages the following portfolios:

	Managed portfolio as of
Item	06/30/2017		12/31/2016
• On November 30, 2016, Banco del Tucumán SA and Macro Fiducia SA entered into a management and custody agreement regarding the “SECANE V” trust loan portfolio,		32,842		33,685
• 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,		15,251		15,280
• 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,		8,610		11,463
• Other managed portfolios,		3,485		4,658
Total		60,188		65,086

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, 2017 and December 31, 2016:

7.1. Financial trusts for investment purposes

Financial trust	06/30/2017		12/31/2016
Debt securities		10,694		10,754
Total		10,694		10,754

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, 2017 and December 31, 2016 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 310 and 495, 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, 2017 and December 31, 2016, 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 923,077 and 721,538, respectively.

- 74 - 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 8, 2017

MACRO BANK INC.
By:	/s/ Jorge Francisco Scarinci
Name: Jorge Francisco Scarinci
Title: Finance Manager