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

October 8, 2018

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.

Interim consolidated financial statements as of March 31, 2018 together with the Reports on review of consolidated interim financial statements.

CONTENT

·	Cover Sheet
·	Condensed consolidated interim balance sheet	1
·	Condensed consolidated interim statement of income	4
·	Condensed consolidated interim statement of other comprehensive income	6
·	Condensed consolidated interim statement of changes in shareholders’ equity	7
·	Condensed consolidated interim statement of cash flows	8
·	Notes to the condensed consolidated interim financial statements	10
·	Consolidated Exhibits	80
·	Condensed separate interim balance sheet	109
·	Condensed separate interim statement of income	111
·	Condensed separate interim statement of other comprehensive income	113
·	Condensed separate interim statement of changes in shareholders’ equity	114
·	Condensed separate interim statement of cash flows	115
·	Notes to the condensed separate interim financial statements	117
·	Separate Exhibits	138
·	Review report on condensed consolidated interim – period financial statements	1
·	Review report on condensed separate interim – period  financial statements	1

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

CORPORATE NAME: Banco Macro SA

REGISTERED OFFICE: Sarmiento 447 – Autonomous City of Buenos Aires

CORPORATE PURPOSE AND MAIN ACTIVITY: Commercial Bank

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

REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE: Under No. 1154 - By-laws Book No. 2, Folio 75 dated March 8, 1967

BY-LAWS EXPIRY DATE: March 8, 2066

REGISTRATION WITH THE IGJ (SUPERINTENDENCY OF CORPORATIONS): Under No. 9777 – Corporations Book No. 119 Volume A of Sociedades Anónimas, dated October 8, 1996.

PERSONAL 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.

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Items	Notes	03/31/2018		12/31/2017		12/31/2016
ASSETS
Cash and Deposits in Banks			29,440,799		35,561,574		35,986,159
Cash			7,386,019		6,761,426		4,871,152
Financial Entities and Correspondent Banks
Central Bank of Argentina			19,891,660		23,703,476		28,482,100
Other Local and Foreign Entities			1,948,191		3,781,451		2,631,916
Other			214,929		1,315,221		991
Debt Securities at fair value through profit or loss	42		605,195		1,086,028		332,481
Derivative Financial Instruments	8		4,562		8,228		9,721
Repo Transactions	4		587,283		1,419,808		19,124
Other financial assets			3,054,960		2,272,679		1,105,513
Loans and other financing			147,618,804		132,658,674		88,390,646
Non-financial Public Sector			1,886,029		1,865,886		1,584,960
Other Financial Entities			4,041,993		3,239,511		1,713,170
Non-financial Private Sector and Foreign Residents			141,690,782		127,553,277		85,092,516
Other Debt Securities	42		34,745,683		34,703,765		20,395,499
Financial Assets delivered as guarantee	5		4,729,157		7,638,352		3,690,694
Investments in Equity Instruments	42		110,231		282,659		406,868
Investment in subsidiaries, associates and joint arrangements			287,999		218,947		124,268
Property, Plant and Equipment			7,233,681		7,040,152		6,066,706
Intangible Assets			947,279		880,683		656,178
Deferred Income Tax Assets	21		33,373		27,762
Other Non-financial Assets			2,157,851		2,339,869		2,097,090
Non-current assets held for sale			109,356		199,890		89,648
TOTAL ASSETS			231,666,213		226,339,070		159,370,595

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 1 -

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Items	Notes	03/31/2018		12/31/2017		12/31/2016
LIABILITIES
Deposits			149,488,093		144,129,177		111,862,805
Non-financial Public Sector			13,846,676		12,890,701		9,468,055
Financial Sector			93,158		81,359		55,867
Non-financial Private Sector and Foreign Residents			135.548.259		131,157,117		102,338,883
Liabilities at fair value through profit or loss			12,755		6,450
Derivative Financial Instruments	8		13,656		23,107
Repo Transactions	4		9,245		2,688,093		1,095,634
Other Financial Liabilities			9,093,898		10,561,203		6,341,674
Financing received from the Central Bank of Argentina and other financial entities			486,995		1,174,111		260,458
Issued Corporate Bonds	37		4,913,044		4,712,216		1,684,636
Current Income Tax Liabilities			4,072,103		3,975,320		1,749,800
Subordinated Corporate Bonds	37		8,257,754		7,565,759		6,376,537
Provisions	17		734,632		694,919		335,007
Deferred Income Tax Liabilities	21		357,919		496,849		1,321,393
Other Non-financial Liabilities			3,917,229		3,576,002		3,164,158
TOTAL LIABILITIES			181,357,323		179,603,206		134,192,102

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 2 -

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Items	Notes	03/31/2018		12/31/2017		12/31/2016
SHAREHOLDERS’ EQUITY
Capital Stock	29		669,663		669,663		584,563
Non-capital contributions			12,428,461		12,428,461		399,499
Adjustments to Shareholders’ Equity			4,511		4,511		4,511
Earnings Reserved			20,363,386		20,363,386		14,384,820
Unappropiated Retained Earnings			12,864,441		2,799,084		2,990,757
Other Comprehensive Income			213,069		204,560		65,711
Net Income for the period / fiscal year			3,542,183		10,065,357		6,540,832
Net Shareholders’ Equity attributable to the owners of parent company (*)			50,085,714		46,535,022		24,970,693
Net Shareholders’ Equity attributable to non-controlling interests			223,176		200,842		207,800
TOTAL SHAREHOLDERS’ EQUITY			50,308,890		46,735,864		25,178,493

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 3 -

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

FOR THE THREE MONTHS PERIODS ENDED MARCH 31, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Items	Notes	Quarter ended 03/31/2018			Quarter ended 03/31/2017			Accumulated from beginning of year up to 03/31/2018			Accumulated from beginning of year up to 03/31/2017
Interests income			11,336,771			7,458,410			11,336,771			7,458,410
Interests expense			3,395,679			2,276,586			3,395,679			2,276,586
Net interests income			7,941,092			5,181,824			7,941,092			5,181,824
Commissions income	22		1,835,499			1,425,046			1,835,499			1,425,046
Commissions expense			184,925			154,444			184,925			154,444
Net Commissions income			1,650,574			1,270,602			1,650,574			1,270,602
Subtotal (Net Interests income + Net Commissions income)			9,591,666			6,452,426			9,591,666			6,452,426
Net Income from measurement of financial instruments at fair value through profit or loss			249,249			29,341			249,249			29,341
Loss from sold assets at amortized cost			(2,945	)		(13,683	)		(2,945	)		(13,683	)
Difference in quoted prices of gold and foreign currency	23		150,592			182,068			150,592			182,068
Other operating income	24		1,304,031			1,063,383			1,304,031			1,063,383
Provision for loan losses			566,812			362,950			566,812			362,950
Net Operating Income			10,725,781			7,350,585			10,725,781			7,350,585
Employee benefits	25		2,017,746			1,720,415			2,017,746			1,720,415
Administrative expenses	26		1,402,010			1,013,463			1,402,010			1,013,463
Depreciation of Property, Plant and Equipment			162.875			130,046			162,875			130,046
Other Operating Expenses	27		2,029,163			1,408,808			2,029,163			1,408,808
Operating Income			5,113,987			3,077,853			5,113,987			3,077,853
Income from associates and joint arrangements			75,363			40,987			75,363			40,987
Income before tax on continuing operations	21		5,189,350			3,118,840			5,189,350			3,118,840
Income tax on continuing operations			1.624.813			1,096,228			1,624,813			1,096,228
Net Income from continuing operations			3.564.537			2,022,612			3,564,537			2,022,612
Net Income for the period			3,564,537			2,022,612			3,564,537			2,022,612
Net Income for the period attributable to the owners of the Parent Company			3,542,183			2,005,248			3,542,183			2,005,248
Net Income for the period attributable to non-controlling interests			22,354			17,364			22,354			17,364

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 4 -

Items	Accumulated from beginning of year up to 03/31/2018		Accumulated from beginning of year up to 03/31/2017
Net Profit attributable to Parent’s shareholders		3,542,183		2,005,248
PLUS: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		3,542,183		2,005,248
Weighted average of outstanding common shares for the period		669,663		584,563
PLUS: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares for the period adjusted as per dilution effect		669,663		584,563
Basic earnings per share		5.2895		3.4303

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 5 -

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTHS PERIODS ENDED MARCH 31, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Items	Notes	Quarter ended 03/31/2018			Quarter ended 03/31/2017			Accumulated from beginning of year up to 03/31/2018			Accumulated from beginning of year up to 03/31/2017
Net Income for the period			3,564,537			2,022,612			3,564,537			2,022,612
Foreign currency translation differences in financial statements conversion			53,659			(22,526	)		53,659			(22,526	)
Foreign currency translation differences for the period			53,659			(22,526	)		53,659			(22,526	)
Profits or losses for financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)			(45,170	)		(2,938	)		(45,170	)		(2,938	)
Income for the period from financial instruments at fair value through other comprehensive income (FVOCI)			(61,750	)		1,614			(61,750	)		1,614
Income tax			16,580			(4,552	)		16,580			(4,552	)
Total other comprehensive income that is subsequently reclassified to profit or loss			8,489			(25,464	)		8,489			(25,464	)
Total Other Comprehensive Income			8,489			(25,464	)		8,489			(25,464	)
Total Comprehensive Income for the period			3,573,026			1,997,148			3,573,026			1,997,148
Total Comprehensive Income attributable to the owners of the parent Company			3,550,692			1,980,129			3,550,692			1,980,129
Total Comprehensive Income attributable to non-controlling interests			22,334			17,019			22,334			17,019

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 6 -

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

	Capital Stock		Non-capital Contributions				Other Comprehensive Income					Earnings Reserved
Changes	Outstanding shares		Stock issuance Premium		Adjustments to Shareholders´ Equity		Accumulat. foreign currency translation difference in financial statemets conversion		Other			Legal		Other		Unappropiated Retained Earnings		Total Equity net of Controlling Interests		Total Equity net of Non- controlling Interests			Total Equity
Balance at the beginning of the fiscal year		669,663		12,428,461		4,511		137,148		67,412			4,994,932		15,368,454		12,864,441		46,535,022		200,842			46,735,864
Total comprehensive income for the period
- Net income for the period																	3,542,183		3,542,183		22,354			3,564,537
- Other comprehensive income for the period								53,659		(45,170	)								8,509		(20	)		8,489
Balance at the end of the period		669,663		12,428,461		4,511		190,807		22,262			4,994,932		15,368,454		16,406,624		50,085,714		223,176			50,308,890

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2017

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

	Capital Stock		Non-capital Contributions				Other Comprehensive Income						Earnings Reserved
Changes	Outstanding shares		Stock issuance Premium		Adjustments to Shareholders´ Equity		Accumulat. foreign currency translation difference in financial statemets conversion			Other			Legal		Other		Unappropiated Retained Earnings		Total Equity net of Controlling Interests			Total Equity net of Non- controlling Interests			Total Equity
Balance at the beginning of the fiscal year		584,563		399,499		4,511					65,711			3,686,472		10,698,348		9,531,589		24,970,693			207,800			25,178,493
Total comprehensive income for the period
- Net income for the period																		2,005,248		2,005,248			17,364			2,022,612
- Other comprehensive income for the period								(22,526	)		(2,593	)								(25,119	)		(345	)		(25,464	)
Balance at the end of the period		584,563		399,499		4,511		(22,526	)		63,118			3,686,472		10,698,348		11,536,837		26,950,822			224,819			27,175,641

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 7 -

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS PERIODS ENDED MARCH 31, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Items	Notes	03/31/2018			03/31/2017
CASH FLOWS FROM OPERATING ACTIVITIES
Income for the period before Income Tax			5,189,350			3,118,840
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			162,875			130,046
Provision for loan losses			566,812			362,950
Other adjustments			(321,845	)		(228,632	)
Net increase/ decrease from operating assets:
Debt Securities at fair value though profit and loss			480.789			(1,803,384	)
Derivative financial instruments			3,666			4,244
Repo transactions			832,525			(8,570,001	)
Loans and other financing
Non-financial public sector			(20,143	)		1,056,464
Other financial entities			(802,482	)		(158,656	)
Non-financial private sector and foreign residents			(14,698,483	)		(7,260,976	)
Other debt securities			9,111,246			(9,610,578	)
Financial assets delivered as guarantee			2,909,195			1,146,945
Investments in equity instruments			172,427			300,404
Other assets			(1,057,287	)		(157,890	)
Net increase/ decrease from operating liabilities:
Deposits
Non-financial public sector			955,975			3,468,425
Financial sector			11,799			(4,998	)
Non-financial private sector and foreign residents			4,391,142			(206,750	)
Liabilities at fair value through profit or loss			6,305
Derivative financial instruments			(9,451	)
Repo transactions			(2,678,848	)		(1,066,161	)
Other liabilities			(2,506,061	)		170,647
Collections / payments for Income Tax			(843,275	)		(559,587	)
TOTAL CASH FROM OPERATING ACTIVITIES (A)			1,856,231			(19,868,648	)

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 8 -

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Items	Notes	03/31/2018			03/31/2017
CASH FLOWS FROM INVESTING ACTIVITIES
Payments:
Acquisition of PPE, intangible assets and other assets			(200,713	)		(308,640	)
TOTAL CASH USED IN INVESTING ACTIVITIES (B)			(200,713	)		(308,640	)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments:
Non-subordinated corporate bonds						(1,766,904	)
Central Bank of Argentina			(22	)		(34	)
Financing from local financial entities			(200,000	)		(1,628	)
Proceeds:
Central Bank of Argentina			1,822			14
Financing to local financial entities			152,196
Other proceeds related to financing activities						1,646
TOTAL CASH USED IN FINANCING ACTIVITIES (C)			(46,004	)		(1,766,906	)
EFFECT OF EXCHANGE RATE FLUCTUATIONS (D)			1,428,448			36,579
TOTAL CHANGES IN CASH FLOWS
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D)			3,037,962			(21,907,615	)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FISCAL YEAR	28		41,203,545			52,070,153
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	28		44,241,507			30,162,538

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 9 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

1. CORPORATE INFORMATION

Banco Macro SA (hereinafter, the Bank), is a stock corporation (sociedad anónima), organized in the Republic of Argentina that offers traditional banking products and services to companies, including those companies operating in regional economies, as well as to individuals, strengthening in this way its goal to be a multi-services bank. In addition, through its subsidiaries, the Bank performs transactions as a trustee agent, direction and management of mutual funds and stock exchange services.

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.

The Bank´s shares have been publicly listed on the Bolsas y Mercados Argentinos (BYMA) 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.

On May 15, 2018, the Board of Directors approved the issuance of these Condensed consolidated interim financial statements.

2. OPERATIONS OF THE BANK

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 March 31, 2018 and December 31, 2017 and 2016, the deposits held by the Misiones Provincial Government with the Bank amounted to 4,251,480, 3,255,353 and 2,495,781(including 334,437, 333,032 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 March 31, 2018 and December 31, 2017 and 2016, the deposits held by the Salta Provincial Government with the Bank amounted to 1,129,508, 908,270 and 1,340,738 (including 494,122, 458,550 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.

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

- 10 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

As of March 31, 2018 and December 31, 2017 and 2016, the deposits held by the Jujuy Provincial Government with the Bank amounted to 2,610,479, 4,649,184 and 1,580,312 (including 376,766, 320,825 and 253,622 related to court deposits), respectively.

2.4. Banco del Tucumán SA

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, respectively.

The service agreement with the Tucumán Provincial Government is currently effective through the year 2021, while the agreement executed with the Municipality of San Miguel de Tucumán was automatically extended through the year 2023, as set forth in the original agreement.

As of March 31, 2018 and December 31, 2017 and 2016, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with Banco del Tucumán SA amounted to 3,790,426, 1,913,801 and 2,450,436 (including 1,294,894, 1,225,993 and 943,683 related to court deposits), respectively.

3. BASIS FOR THE PREPARATION OF THESE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS

Preparation basis

Applicable Accounting Standards

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

Additionally, through Communiqués “A” 6114, the Central Bank set specific guidelines within the scope of such convergence process, among which it defined (i) the transitory exception to the application of section 5.5 “Impairment” of the IFRS 9 “Financial Instruments” (sections B5.5.1 to B5.5.55)) up to the fiscal years beginning as of January 1, 2020; and (ii) in order to calculate the effective interest rate of assets and liabilities so requiring it for the measurement thereof, pursuant to IFRS 9, up to December 31, 2019, the Bank may transitorily make a global estimate of the calculation of the effective interest rate on a group of financial assets or liabilities with similar characteristics which shall be applied such effective interest rate. To the date of the present condensed consolidated interim financial statements the Bank is in the process of determining and quantifying the effect the application of section 5.5 “Impairment” mentioned in (i) above will have. Finally, through Communiqués “A” 6323 and 6324 and supplementary rules, the Central Bank defined the minimum chart of accounts and the provisions applicable to the preparation and presentation of the financial statements of financial entities for the fiscal years beginning on January 1, 2018, respectively.

The accompanying Condensed consolidated interim financial statements of the Bank were prepared pursuant to Communiqué “A” 6114 and supplementary rules of the Central Bank. Taking into account the exceptions described in the preceding paragraph, the new regulatory framework comprises the Standards and Interpretations adopted by the IASB and includes:

- the IFRS;

- the International Accounting Standards (IAS); and

- the interpretations developed by the IFRS Interpretations Committee (IFRIC) or former IFRIC (SIC).

The accompanying Condensed consolidated interim financial statements are the first Financial Statements presented in accordance with Central Bank Communiqué “A” 6114. For the preparation of the present Financial Statements the Bank applied the basis for the preparation and consolidation, the accounting policies and the material accounting judgements, estimates and assumptions described in this Note. The Bank further contemplated the exceptions and exemptions provided for in IFRS 1 “First-time Adoption of International Financial Reporting Standards” and those applied for the preparation of the accompanying Condensed consolidated interim financial statements are described in the section “First-time Adoption of International Financial Reporting Standards in accordance with Communiqué 6114 of the Central Bank” of this Note.

- 11 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Up to the fiscal year ended December 31, 2017, the Bank prepared its consolidated Financial Statements in accordance with the rules and standards issued by the Central Bank. The financial information for previous fiscal years and included in the accompanying consolidated Financial Statements for comparative purposes, was modified and is disclosed in accordance with the basis described in the preceding paragraphs. The effects of changes between the standards applied as of the end of the fiscal year ended December 31, 2017 and the IFRS are explained in the reconciliations disclosed under the title “First-time Adoption of International Financial Reporting Standards in accordance with Central Bank Communiqué “A” 6114” of this Note 3.

The accompanying condensed consolidated interim financial statements for the three months period ended March 31, 2018 have been prepared in accordance with IAS 34 “Interim Financial Reporting”.

These condensed consolidated interim Financial Statements include all the necessary information for an appropriate understanding, by the users thereof, of the basis for the preparation and disclosure used therein, as well as the relevant events and transactions occurred after the issuance of the last annual consolidated Financial Statements for the fiscal year ended December 31, 2017. Nevertheless, the present condensed consolidated interim Financial Statements do not include all the information or all the disclosures required for the annual consolidated financial statements prepared in accordance with the IAS 1 “Presentation of Financial Statements”. Therefore, the accompanying condensed consolidated interim Financial Statements must be read together with the annual consolidated financial statements for the fiscal year ended December 31, 2017.

The accounting policies comply with the IFRS as currently approved and are applicable to the preparation of the first annual consolidated Financial Statements in accordance with the IFRS (December 31, 2018). Notwithstanding the above, these accounting policies might change if, at the time of preparing those first annual Financial Statements in accordance with the IFRS, new standards are issued or the existing ones are modified, or the compulsory application to that date is modified, or if the Bank chooses to change its choice of any of the exemptions under IFRS 1. Generally, the Central Bank does not allow the anticipated application of any IFRS, unless it expressly states the contrary.

Transcription in the Books of Accounts

To the date of the accompanying Financial Statements, the same are in the process of being transcribed in the Bank’s Books of Account.

Figures expressed in thousands of Pesos

The accompanying consolidated Financial Statements disclose figures expressed in thousands of Argentine pesos and round the amounts in thousands of pesos to the nearest whole number, unless it expressly states the contrary.

Balance Sheet Disclosure

The Bank presents its assets and liabilities in order of liquidity. The analysis referred to the recovery of assets and settlement of liabilities during the 12 months following the reporting date (current assets and liabilities) and more than 12 months after the reporting date (non-current assets and liabilities) is disclosed in Note 19 to the accompanying condensed consolidated interim financial statements.

Financial assets and financial liabilities are generally disclosed in gross numbers in the Balance Sheet. They are only compensated and disclosed in net figures when there is a legal and unconditional right to compensate such financial assets and liabilities and the Management intends to settle them on a net basis or to realize assets and settle liabilities simultaneously.

Note also that the present condensed consolidated interim financial statements were prepare on the basis of historical amounts, except for monetary Regulation Instruments of the Central Bank and certain Federal Government Securities, which were valued at fair value through Other Comprehensive Income (OCI) and Provincial Government Securities, Corporate Bonds, Debt Securities and Certificates of Participation in Financial Trusts, listed or unlisted Securities and certain Federal Government Securities, which were valued at Fair Value Through Profit or Loss. In addition, as to derivative instruments (term and forward transactions) both assets and liabilities were valued at Fair Value through Profit or Loss.

- 12 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Comparative information

The present Condensed consolidated interim balance sheet as of March 31, 2018, is presented comparatively with year-end data of the immediately preceding fiscal year, while the Statement of income and Other comprehensive income, the Statement of changes in shareholders’ equity and the Statement of cash flows and Cash equivalents for the three-month period ended March 31, 2018, are presented comparatively with data as of same period of the immediately preceding fiscal year.

In compliance with IFRS 1 “First-time Adoption of International Financial Reporting Standards” and since the accompanying Condensed consolidated interim financial statements are the first ones being submitted pursuant to Communiqué “A” 6114 of the Central Bank, we include the opening Balance sheet to the transition date (December 31, 2016).

Unit of measure

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, and as required by Presidential Decree 664/2003, Article No. 312 of General Resolution No. 7/2015 of the Superintendency of Corporations (Public Registry of Commerce), Central Bank Communiqué “A” 3921 and the General Resolution No. 441 issued by the CNV (Argentine Securities Exchange Commission).

IAS 29 “Financial Reporting in Hyperinflationary Economies” establishes that the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy, whether they are based on a historical cost approach or a current cost approach, shall be expressed in terms of the measuring unit current at the end of the reporting period, computing for such purpose the inflation produced from the acquisition date, in the case of non-monetary items carried at cost or cost less accumulated depreciation, or from the revaluation date, in the case of non-monetary items carried at amounts current on dates other than that of the balance sheet or the acquisition date. For this purpose, although the standard does not fix an absolute inflation rate at which hyperinflation is deemed to arise, it is a general practice to consider for this purpose a variation approaching or exceeding 100% cumulative inflation over three years, together with other qualitative factors regarding the macroeconomic environment.

The Bank evaluates whether the argentine peso meets the characteristics to qualify as the currency of an hyperinflationary economy following the provisions under IAS 29, and to evaluate the above mentioned quantitative factor the Bank takes into account the evolution of the internal wholesale price index (WPI) published by the Instituto Nacional de Estadísticas y Censos (INDEC), since such index is the one that best reflects the conditions required by IAS 29.

From the assumption of the current federal government, that took place on December 10, 2015, the INDEC started a reorganization process. Such Organism announced monthly inflation data measured based on the WPI starting on January 2016, without giving any specific inflation to the months of November and December 2015. To the date of approval of the accompanying Condensed consolidated interm financial statements, the last WPI published by INDEC is that for the month of March 2018 and the cumulative inflation rate for the period of three years ended that same month is approximately 95%.

Although not all necessary objective conditions are met to qualify the economy as hyperinflationary, it is necessary to consider in the interpretation of the Financial statements the fact that during the last fiscal years there have been significant variations in the prices of indicators relevant to the economy, such as wage cost, interest rate and foreign exchange rate.

Basis for Consolidation

The accompanying Condensed consolidated interim financial statements include the Financial Statements of the Bank and its subsidiaries as of March 31, 2018.

Subsidiaries are all the entities controlled by the Bank. The Bank controls other entity when it is exposed, or has rights, to variable returns from its continuing involvement with such other entity, and has the ability to use its power to direct the operating and financing policies of such other entity, to affect the amounts of such returns.

This generally happens when there is a shareholding of more than half of its shares having voting rights.

- 13 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Notwithstanding the above, under certain particular circumstances, the Bank may still have control with less than a 50% participating interest or may not have the control even if it holds more than half of the shares of such other entity. Upon evaluating whether it has power over the controlled entity, and therefore controls the variation of its returns, the Bank shall consider all relevant facts and circumstances, including:

- the purpose and design of the controlled entity,

- what the relevant activities are and how decisions about those activities are made and whether the Bank has the ability to direct such relevant activities,

- contractual arrangements such as call rights, put rights and liquidation rights,

- whether the Bank is exposed, or has rights, to variable returns from its involvement with such controlled entity, and whether the Bank has the ability to use its power over the controlled entity to affect the amount of the Bank’s returns.

The Bank has no interests in structured entities that required to be consolidated.

Subsidiaries are completely consolidated since the date of the effective transfer of the control over the same to the Bank and consolidation ceases when the Bank loses control over the subsidiaries. The accompanying condensed consolidated interim Financial Statements include the assets, liabilities, income and each component of other comprehensive income of the Bank and its subsidiaries. Transactions between consolidated entities are completely eliminated.

Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are equity transactions. However, if a parent company loses control of a subsidiary, it shall derecognize the assets (including any goodwill) and liabilities of the subsidiary, any non-controlling interests in the former subsidiary and other capital components, while any profit or loss derived from the transaction, event or circumstances that resulted in the loss of control shall be recognized as a profit or loss, and any investment retained in the former subsidiary shall be recognized at its fair value at the date when control is lost.

The Financial Statements of the subsidiaries have been prepared to the same dates and for the same accounting periods as those of the Bank, using uniform accounting policies consistent with those applied by the latter. In case necessary, adjustments shall be made to the Financial Statements of the subsidiaries so that the accounting policies used by the group will be uniform.

The Bank considers the Argentine peso as its functional and presentation currency. To such effect, before consolidation, the Financial statements of its subsidiary Macro Bank Limited, originally expressed in US dollars, were translated to pesos (presentation currency) using the following method:

· Assets and liabilities were converted at the reference exchange rate of the Central Bank, in force for that foreign currency at the closing of business on the last business day of the period, ended March 31, 2018 and of the fiscal years ended December 31, 2017 and 2016.

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

· Income for the periods of three months ended March 31, 2018 and 2017 were translated to pesos on a monthly basis, using the monthly average of the reference exchange rate of the Central Bank.

· Foreign currency translation differences arising as a result of the preceding paragraphs are recognized as a separate component within the Shareholders’ Equity account reporting them in the Statement of Other Comprehensive Income, which is called “Foreign currency translation differencies in financial statements conversion”.

· Non-monetary items measured at historical cost were converted at the reference Exchange rate of the Central Bank as of the date on which such items were recognized.

On the other hand, non-controlling interests represent the portion of income and equity not directly or indirectly attributable to the Bank and in the accompanying Condensed consolidated intermin financial statements they are disclosed as a separate line in the Balance Sheet, the Statement of Income, the Statement of Other Comprehensive Income and the Statement of Changes in Shareholders’ Equity.

- 14 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

As of March 31, 2018 and December 31, 2017 and 2016, the Bank has consolidated its Financial Statements with the Financial Statements of the following companies:

Subsidiaries	Principal Place of Business	Country	Main Activity
Banco del Tucumán SA	San Martín 721 – San Miguel de Tucumán – Province of Tucumán	Argentina	Banking Entity
Macro Securities SA (a) and (b)	Juana Manso 555 – 8th floor, Office A – Autonomous City of Buenos Aires	Argentina	Stock-Exchange Services
Macro Fiducia SA	Sarmiento 447 – 7th floor– Autonomous City of Buenos Aires	Argentina	Services
Macro Fondos SGFCISA	Juana Manso 555 – 9th floor, Office A – Autonomous City of Buenos Aires	Argentina	Direction and Management of Mutual Funds
Macro Bank Limited (c)	Caves Village, Building 8 Office 1 – West Bay St., Nassau	Bahamas	Banking Entity

(a) Consolidates with Macro Fondos SGFCI SA (80,90% Participating and Voting Interest).

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

(c) Consolidates with Sud Asesores (ROU) SA (100% Voting Interest–Equity interest 2,278).

The table below shows the Bank’s participating interest in the companies it consolidates as of March 31, 2018 and December 31, 2017 and 2016:

	Shares			Bank’s Participating Interest						Non-Controlling Interest
Subsidiaries	Type	Number		Total Capital Stock			Voting Interest			Total Capital Stock			Voting Interest
Banco del Tucumán SA	Common		395,341		89.932	%		89.932	%		10.068	%		10.068	%
Macro Securities SA	Common		12,776,680		99.921	%		99.932	%		0.079	%		0.068	%
Macro Fiducia SA	Common		6,475,143		98.605	%		98.605	%		1.395	%		1.395	%
Macro Fondos SGFCISA	Common		327,183		99.936	%		100.00	%		0.064	%		-
Macro Bank Limited	Common		39,816,899		99.999	%		100.00	%		0.001	%		-

Total assets, liabilities and net equity of the Bank and each of its subsidiaries as of March 31, 2018 and December 31, 2017 and 2016 are as follows:

As of 03/31/2018	Banco Macro SA		Banco del Tucumán SA		Other Subsidiaries		Eliminations			Consolidated
Assets		217,012,053		16,267,893		3,013,446		(4,627,179	)		231,666,213
Liabilities		166,926,339		14,059,830		1,327,353		(956,199	)		181,357,323
Equity attributable to the owners of the Bank											50,085,714
Equity attributable to non-controlling interests											223,176

As of 12/31/2017	Banco Macro SA		Banco del Tucumán SA		Other Subsidiaries		Eliminations			Consolidated
Assets		213,157,890		14,789,932		2,922,317		(4,531,069	)		226,339,070
Liabilities		166,622,874		12,802,723		1,259,908		(1,082,293	)		179,603,212
Equity attributable to the owners of the Bank											46,535,022
Equity attributable to non-controlling interests											200,842

- 15 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

As of 12/31/2016	Banco Macro SA		Banco del Tucumán SA		Other Subsidiaries		Eliminations			Consolidated
Assets		148,783,028		11,548,487		2,215,093		(3,176,013	)		159,370,595
Liabilities		123,812,335		9,489,193		1,107,074		(216,500	)		134,192,102
Equity attributable to the owners of the Bank											24,970,693
Equity attributable to non-controlling interests											207,800

The Bank’s Management considers there are no other companies or structured entities to be included in the Financial Statements as of March 31, 2018 and December 31, 2017 and 2016.

Summary of significant accounting policies

Below there is a description of the principal valuation and disclosure criteria used for the preparation of the accompanying Conndensed consolidated interim financial satements as of March 31, 2018 and December 31, 2017 and 2016:

3.1 Assets and liabilities denominated in foreign currency:

The Bank considers the Argentine Peso as its functional and presentation currency. The assets and liabilities denominated in foreign currency, mainly in US dollars, were valued at Central Bank benchmark US dollar exchange rate effective as of the closing date of transactions on the last business day of each period or fiscal year, as applicable.

Additionally, assets and liabilities denominated in other foreign currencies were translated at the repo exchange rate communicated by the Central Bank. Foreign exchange differences were recorded in the related statements of income as “Difference in quoted prices of gold and foreign currency”.

3.2 Financial Instruments

Initial Recognition and Measurement

The purchase and sale of financial assets requiring the delivery of assets within the term generally established by the rules and regulations or the market conditions are recorded on the transaction’s trading date, i.e., on the date the Bank undertakes to acquire or sell the relevant asset.

At initial recognition, the financial assets and liabilities were recognized at fair value. Those financial assets and liabilities not recognized at fair value through profit or loss, were recognized at fair value adjusted for transactions costs directly attributable to the acquisition or issue of the financial asset or liability.

At initial recognition, the fair value of a financial instrument is generally the transaction price. Nevertheless, if part of the consideration received or paid is for something different from the financial instrument, the Bank estimates the fair value of the financial instrument. Any additional amount regarding the consideration shall be an expense or lesser income, except it meets the requirements to be recognized as any other type of asset.

Subsequent measurement – Business Model

The Bank established three categories for the classification and measurement of its financial instruments, in accordance with the Bank’s business model to manage its financial assets and the contractual cash flow characteristics thereof:

- at amortized cost: the objective of the business model is to hold financial assets in order to collect contractual cash flows.

- at fair value through other comprehensive income: the objective of the business model is both collecting the contractual cash flows of the financial asset and/or of those derived from the sale of the financial asset.

- at fair value from profit or loss: the objective of the business model is generating income derived from the purchase and sale of financial assets.

- 16 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Therefore, the bank measures its financial assets at fair value, except for those that meet the following two conditions and are measured at amortized cost:

- the financial assets are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows,

- the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Bank’s business model is determined at a level that reflects how groups of financial assets are managed together to achieve a particular business objective.

The business model is not assessed on an instrument-by-instrument approach, but it should rather be determined on a higher level of aggregation and is based on observable factors such as:

- how the performance of the business model and the financial assets held within that business model are evaluated and reported to the Bank’s key management personnel,

- the risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way in which those risks are managed; and,

- the expected frequency, value, timing and reasons of sales are also important aspects.

The assessment of the business model is performed on the basis of scenarios that the Bank reasonably expects to occur, without taking into account the scenarios such as the so-called ‘worst case’ or ‘stress case’ scenarios. If after the initial recognition cash flows are realized in a way that is different from the Bank’s expectations, the Bank does not change the classification of the remaining financial assets held in that business model, but rather considers all relevant information to assess the newly originated or newly purchased financial assets.

Test of contractual cash flow characteristics

As part of the classification process, the Bank assessed the contractual terms of its financial instruments in order to determine if such financial instruments give rise to cash flows on specific dates which are solely payments of principal and interest on the principal amount outstanding.

For the purposes of this assessment, “principal” is defined as the fair value of the financial asset at initial recognition, provided such amount may change over the life of the financial asset, for example, if there are repayments of principal or premium amortization or discount.

The most significant elements of interest within a loan agreement are typically the consideration for the time value of money and credit risk.

In order to test contractual cash flow characteristics, the Bank applies judgment and considers relevant factors such as the currency in which the financial asset is denominated and the period for which the interest rate is set.

However, contractual terms that introduce exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending arrangement, do not give rise to contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. In such cases, financial assets are required to be measured at fair value through profit or loss.

Therefore, the financial assets and liabilities were classified pursuant to the above expressed as “Financial assets at fair value through profit or loss”, “Financial assets at fair value through other comprehensive income” or “Financial assets at amortized cost”. Such classification is disclosed in Exhibit P “Categories of Financial Assets and Liabilities”.

· Financial assets at fair value through profit or loss

This category presents two subcategories: financial assets at fair value held for trading and financial assets initially designated at fair value by the Management or under section 6.7.1. of IFRS 9. The Bank’s Management, has not designated, at the beginning, financial assets at fair value through profit or loss.

- 17 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

The Bank classifies the financial assets as held for trading when they have been acquired or incurred principally for the purpose of selling or repurchasing it in the near term or when they are part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking.

Financial assets and liabilities at fair value through profit or loss are recognized at fair value in the Balance Sheet. Changes in fair value are recognized under the item “Net Income for measurement of financial instruments at fair value through profit or loss”, as well as income or expenses for interest and dividends pursuant to the contractual terms and conditions, or when the right to receive payment of the dividend is established.

The fair value of instruments categorized as Level 1 was assessed by using the quotes effective as of the end of each period or fiscal year, as applicable, in active markets if representative. At present, for government or private securities or bonds, there are two main markets in which the Bank operates, that are BYMA and MAE. Additionally, as for derivatives, both MAE and Mercado a Término de Rosario S.A. (ROFEX) are deemed as active markets.

On the other hand, for certain instruments that do not have a quoted price in an active market, categorized as Level 2, the Bank used valuation techniques that included the use of market transactions performed under mutual independent terms and conditions, between interested and duly informed parties, provided there are any available, as well as references to the current fair value of other instrument being substantially similar, or otherwise the analysis of cash flows discounted at rates built from market information of similar instruments.

In addition, certain assets and liabilities included in this categorization were valued using identical quoted prices of identical instruments in “less active markets”.

Finally, the Bank has categorized as level 3 those assets and liabilities for which there are no identical or similar transactions in the market. In order to determine the market value of these instruments, the Bank used valuation techniques based on its own assumptions, which are similar to those that would be used by any other market player. For this approach, the Bank mainly used the cash flow discount model.

· Financial assets at fair value through other comprehensive income

A financial asset shall be measured at fair value through other comprehensive income if (i) the financial instrument is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and (ii) the contractual terms of the financial asset meet the determination that cash flows are solely payments of principal and interest on the principal amount outstanding.

Debt instruments at fair value through other comprehensive income are recognized in the Balance Sheet at fair value. Profits and losses derived from changes in fair value are recognized in other comprehensive income as “Profits or losses from financial instruments at fair value through other comprehensive income”. Income from interest, profit and loss from translation differences and impairment are recognized in the statement of income in the same manner as for financial assets measured at amortized cost and are disclosed as “Income from interest received”, “Difference in quoted prices of gold and foreign currency” and “Provision for loan losses”, respectively.

When the Bank has more than one investment on the same security, it must be considered that they shall be disclosed using the first in first out costing method.

On derecognition, gains and losses accumulated previously recognized in OCI are reclassified to profit or loss.

· Financial assets at amortized cost

They represent financial assets held in order to collect contractual cash flows and the contractual terms of which give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

- 18 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

After initial recognition, these financial assets are recognized in the Balance Sheet at amortized cost using the effective interest method, less the allowance for loan losses. The effective interest method uses the rate that allows the discount of estimated future cash payments or receipts through the expected life of the financial instrument or lesser term, if applicable, to the net carrying amount of the financial asset or to the financial liability. When applying this method, the Bank identifies incremental direct costs as an integral part of the effective interest rate. For such purposes, interest is the consideration for the time value of money and for the credit risk associated with the amount of principal outstanding during a specific period of time. Income from interest and impairment are disclosed in the Statement of Income as “Income from interest received” and “Provision for loan losses”, respectively.

Changes in the allowance are presented in Exhibit R “Loss allowance – Allowance for uncollectibility risk”.

3.2.1 Cash and deposits in banks

They were value at their nominal value plus the relevant accrued interest, if applicable. Accrued interests were allocated to income as “Interests income”.

3.2.2 Repo transactions (purchase and sale of financial instruments)

These transactions were recognized in the Balance Sheet as financing granted (received), as “Repo transactions”.

The difference between purchase and sale prices of such instruments were recognized as interest accrued during the effective term of the transactions using the effective interest method and were allocated to income as “Interests income” and “Interests expense”.

3.2.3 Loans and other financing

Non-derivative financial assets that the Bank holds within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of which give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding.

After initial recognition, loans and other financing were measured at amortized cost using the effective interest method, less the allowance for loan losses. The amortized cost was calculated taking into account any discount or premium incurred in the origination or acquisition, and origination fees or commissions, which are part of the effective interest rate. Income from interest was allocated to income as “Interests income”.

3.2.4 Allowance for loan losses and allowance for eventual commitments

These allowances were built-up based on estimated loan losses of the credit facilities of the Bank, deriving, among other aspects, from the assessment of the compliance level of debtors and the guarantees that secure the relevant transactions taking into account the provisions of Communiqué “A” 2950 and supplementary provisions of the Central Bank and the allowance policies of the Bank.

In the case of loans with specific allowances that are repaid or generate the reversion of allowances built-up in the current period, and in case of allowances built-up in previous fiscal years that turn out to exceed those deemed necessary, such allowance excess is reversed with impact on the income for the present period.

Impairment losses are included in the Statement of Income as “Provision for loan losses” and the changes in this accounting item are disclosed in Exhibit R “Value correction for credit losses – Allowance for uncolectibility risk”. The section “Accounting judgments, estimates and assumptions” in this Note includes a more detailed description of impairment estimates.

3.2.5 Financial liabilities

After initial recognition, certain financial liabilities were measured at amortized cost using the effective interest method, except for derivatives that were measured at fair value through profit or loss. Interests were allocated to income as “Interests expense”.

- 19 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Within other financial liabilities we included guarantees granted and eventual liabilities, which must be disclosed in the Notes to the Financial statements, when the documents supporting such credit facilities are issued and are initially recognized at fair value of the commission received, in the Balance Sheet. After initial recognition, the liability for each guarantee was recognized at the higher of the amortized commission and the best estimate of the disbursement required to settle any financial obligation arising as a result of the financial guarantee.

Any increase in the liabilities related to a financial guarantee was recognized as income. The commission received has been recognized as “Income from commissions received” in the Statement of income, based on the amortization thereof following the straight-line method over the effective term of the financial guarantee granted.

3.2.6 Derivative financial instruments

Receivables from forward transactions without delivery of underlying assets

It includes forward purchase and sale transactions of foreign currency without delivery of traded underlying asset. Such transactions were measured at the fair value of the contracts and were performed by the Bank with intermediation purposes on its own account. The originated income was allocated to income as “Net income for measurement of financial instruments at fair value through profit or loss”.

Derecognition of financial assets and liabilities

A financial asset (or, if applicable, a part of a financial asset or a part of a group of similar financial assets) shall be derecognized when: (i) the contractual rights to the cash flows from the financial asset expire, or (ii) the Bank transfers the contractual rights to receive the cash flows of the financial asset or retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows received immediately to a third party pursuant to a transfer agreement.

A transfer shall qualify for derecognition of the financial asset only if (i) the Bank has transferred substantially all the risks and rewards of ownership of the financial asset, or (ii) it has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset, but has transferred the control of the financial asset, considering that the control is transferred if, and only if, the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

If the Bank neither transfers nor retains substantially all the risks and rewards of ownership of a transferred asset, and has retained the control over it, the Bank shall continue to recognize such transferred asset to the extent to which it is exposed to changes in the value of the transferred asset.

On the other hand, a financial liability is derecognized when the obligation specified in the relevant contract is discharged or cancelled or expires. When there is an exchange between an existing borrower and lender of debt instruments with substantially different terms, or the terms are substantially modified, such exchange or modification shall be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability, recognizing the difference between the carrying amount of a financial liability extinguished or transferred to another party and the consideration paid, in profit or loss as “Other operating income”.

Reclassification of financial assets and liabilities

The Bank does not reclassify its financial assets after the initial recognition thereof, except under extraordinary circumstances when it changes its business model for managing financial assets, as a result of external or internal changes significant to the Bank’s transactions. Financial liabilities are never reclassified. As of March 31, 2018 and December 31, 2017 and 2016, the Bank has made no reclassifications.

- 20 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

3.3 Financial Leases

The Bank grants loans through financial leases, recognizing the current value of lease payments as a financial asset. The difference between the total lease receivables and the current value of financing is recognized as interest to accrue. This income is recognized during the term of the lease using the effective interest rate method, which reflects a constant rate of return and is recognized in profit or loss as “Interests income”. Losses originated for impairment are included in the Statement of income as “Provision for loan losses” and changes in this accounting item are disclosed in Exhibit R “Loss allowance– Allowance for uncolectibility risk”.

3.4 Investment in associates and joint arrangements

An associate is an entity over which the Bank has significant influence, i.e. the power to participate in the financial and operating policy decisions of such controlled entity, but without having the control thereof. Investments in associates were recognized through the equity method and they were initially recognized at cost. The Bank’s share in the profits or losses after the acquisition of its associates was accounted for in profits or losses, and its share in other comprehensive income after the acquisition were accounted for in other comprehensive income.

A joint arrangement is an arrangement of which the Bank and other party or parties have joint control. Under IFRS 11 “Joint Arrangements”, investments in these arrangements are classified as joint ventures or joint operations depending on the contractual rights and obligations of each investor, regardless of the legal structure of the arrangement. A joint venture is an arrangement pursuant to which the parties having joint control of the arrangement have rights to the net assets of such arrangement. A joint operation is an arrangement pursuant to which the parties having joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The Bank has assessed the nature of its joint arrangements and determined that the same are joint ventures. Investments in joint ventures were recognized using the equity method described in the paragraph above.

3.5 Property, plant and equipment

The Bank chose the cost model for all kinds of assets accounted for in this accounting item, taking into account the considerations mentioned in the section “First-time Adoption of International Financial Reporting Standards in accordance with Central Bank Communiqué “A” 6114” of this Note for the real property owned by the Bank. These assets were carried at their cost less any accumulated depreciation and any accumulated impairment losses, if applicable. The historical cost of acquisition includes all expenses directly attributable to the acquisition of the assets. Maintenance and repair costs were accounted for in profits or losses as incurred. Any replacement and significant improvement of an item of property, plant and equipment is recognized as an asset only when it is likely to produce any future economic benefits exceeding the return originally assessed for such asset.

Depreciation of the items of property, plant and equipment was assessed in proportion to the estimated months of useful life, depreciating completely on the acquisition month of the assets and not on the derecognition date. In addition, at least at each financial year-end, the Bank reviews if expectations regarding the useful life of each item of property, plant and equipment differ from previous estimates, in order to detect any material changes in useful life which, if confirmed, shall be adjusted applying the relevant correction to the depreciation of property, plant and equipment accounting item.

The residual value of the assets, as a whole, does not exceed their recoverable amount.

Furthermore, the Bank is building a new corporate building in the Autonomous City of Buenos Aires. Under IAS 23 “Borrowing Costs”, this is qualifying asset and therefore all costs related to financing directly or indirectly attributable to the acquisition and construction of this asset were capitalized.

3.6 Intangible Assets

Intangible assets acquired separately were initially measured at cost. After initial recognition, they were accounted for at cost less any accumulated depreciation (for those to which finite useful lives have been allocated) and any accumulated impairment losses, if applicable.

- 21 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Internally generated intangible assets, excluding capitalized development expenses, shall not be capitalized and the relevant disbursement shall be reported in the balance sheet for the period in which such expenditure is incurred.

Useful lives of intangible assets may be finite or indefinite.

Intangible assets with finite useful lives are amortized over their economic useful lives, and are reviewed in order to determine whether they had any impairment loss to the extent there is any evidence that indicates that the intangible asset may be impaired. The period and method of amortization for an intangible asset with a finite useful life are reviewed at least at the financial year-end of each reporting period. Amortization charges of intangible assets with finite useful lives are accounted for in the statement of income.

Intangible assets with indefinite useful lives are not amortized and are subject to annual tests in order to determine whether they are impaired, either individually or as part of the cash-generating unit to which such intangible assets were allocated. The Bank has not intangible assets with indefinite useful lives.

The gain or loss arising from the derecognition of an intangible asset shall be determined as the difference between the net disposal proceeds, if any, and the carrying amount of the asset, and it shall be recognized in profit or loss when the asset is derecognized.

Development expenditure incurred in a specific project shall be recognized as intangible asset when the Bank can demonstrate all of the following:

- the technical feasibility of completing the intangible asset so that it will be available for use or sale,

- its intention to complete the intangible asset and use or sell it,

- how the intangible asset will generate probable future economic benefits,

- the availability of adequate resources to complete the development, and

- its ability to measure reliably the expenditure attributable to the intangible asset during its development.

After initial recognition of the development expenditure as an asset, such asset shall be carried at its cost less any accumulated amortization and any applicable accumulated impairment losses. Amortization shall begin when the development phase has been completed and the asset is available for use. The asset amortizes over the period in which the asset is expected to generate future benefits. Amortization is accounted for in the Statement of income. During the development phase, the asset is subject to annual tests to determine whether there is any impairment loss.

3.7 Investment Property

We included certain real property that the Bank holds for undetermined future use, which were recognized pursuant to IAS 40 “Investment Property”.

For this kind of property, the Bank chose the cost model described in Note 3.5 Property, plant and equipment.

An investment property is derecognized on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of the retirement or disposal.

An entity shall transfer a property to, or from, investment property when, and only when, there is a change in use. For a transfer from investment property to an item of property, plant and equipment, the property’s deemed cost for subsequent accounting is its fair value at the date of change in use. If an item of property, plant and equipment becomes an investment property the Bank recognizes the asset up to the date of change in use in accordance with the policy established for property, plant and equipment.

- 22 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

3.8 Non-current Assets Held for Sale

The Bank reclassifies in this category non-current assets of which the carrying amount will be recovered principally through a sale transaction rather than through continuing use. The asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable.

Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.

3.9 Impairment of Non-financial Assets

The Bank evaluates, at least at each fiscal year-end, whether there are any events or changes in the circumstances that may indicate the impairment of non-financial assets or whether there is any evidence that a non-financial asset may be impaired.

When there is any evidence or when an annual impairment test is required for an asset, the Bank shall estimate the recoverable amount of such asset. If the carrying amount of an asset exceeds its recoverable amount, such asset is deemed impaired and its carrying amount shall be reduced to its recoverable amount. To the date of the accompanying Condensed consolidated interim financial statements, there is no evidence of impairment of non-financial assets.

3.10 Provisions

The Bank recognizes a provision if and only if the following circumstances are met: (a) the Bank has a present obligation as a result of a past event; (b) it is probable (i.e., it is more likely than not) that an outflow of resources will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation.

In order to determine the amount of provisions, the risks and uncertainties were considered taking into account the opinion of independent and internal legal advisors of the Bank. Where the effect of the time value of money is material, the provisions shall be discounted using a pre-tax rate that reflects, if applicable, current risks specific to the liability. When the discount is recognized, the effect of the provision derived from the lapse of time is accounted for as Interests expense” in the Statement of Income. Based on the analysis carried out, the Bank recognized as provision the amount of the best estimate of the expenditure required to settle the present obligation at the end of each reporting period.

The provisions accounted for by the Bank are reviewed at the end of each reporting period or fiscal year, as applicable, and adjusted to reflect the current best available estimate. In addition, provisions are recognized with specific allocation to be used only for the expenditures for which they were originally recognized.

In the event: a) the obligation is possible; or b) it is not probable that an outflow of resources will be required for the Bank to settle the obligation; or c) the amount of the obligation cannot be estimated reliably, the contingent liability shall not be recognized and shall be disclosed in the Notes. Nevertheless, when the possibility of an outflow of resources is remote, no disclosures shall be made.

3.11 Recognition of income and expenses

3.11.1 Revenue from interests income and interests expense

Revenue from interest received and expenses for interest paid were recognized according to their accrual period, applying the effective interest method.

Revenue from interest received includes the return on fixed income investments and negotiable instruments, as well as the discount and premium on financial instruments.

Bond coupons were recognized at the time they were declared.

- 23 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

3.11.2 Loan commissions

Commission charges and direct incremental costs related with the granting of financing facilities were deferred and recognized adjusting the effective interest rate thereof.

3.11.3 Service commissions, fees and similar items

The commissions charged were accounted for to the extent the Bank satisfied each performance obligation undertaken in contracts with customers and in an amount that reflected the consideration to which the Bank expected to be entitled in exchange for those goods or services.

A performance obligation implies a promise in a contract with a customer to transfer: (i) a good or service (or a bundle of goods or services) that is distinct; or (ii) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.

3.11.4 Non-financial revenue and expenses

They were accounted for to the extent the Bank satisfied each performance obligation undertaken in contracts with customers and in an amount that reflected the consideration to which the Bank expected to be entitled in exchange for those goods or services, as described in the preceding section.

3.12 Customer Loyalty Program

The loyalty program offered by the Bank consists in accumulating points generated by purchases made with the credit cards, which can be exchanged by any reward (including, among other offers, products, benefits and awards) available in the program platform.

The Bank concluded that the rewards to be granted originate a separate performance obligation. Therefore, at the end of each period or fiscal year, as the case may be, the Bank recognizes a provision for the rewards to be granted in “Other financial liabilities”.

Based on the variables that the Bank takes into account in order to estimate the (fair) value of the points granted to customers (and the relation thereof with the exchange of the Reward), it is worthwhile to mention that such estimates are subject to a significant level of uncertainty (and variation) that should be considered. These considerations are described in detail in the section “Accounting judgments, estimates and assumptions” in this Note.

3.13 Income Tax and Minimum Presumed Income Tax

a) Income Tax

Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income). This tax is accounted for as part of profit or loss in the statements, except in the case of accounting items that are to be recognized directly in other comprehensive income statements. In this case, each accounting item is presented before assessing their impact on Income Tax, which is accounted for in the relevant accounting item.

- Current income tax: the consolidated current income tax expense is the sum of the income tax expenses of the different entities that compose the Group, which were assessed, in each case, by applying the tax rate to the taxable income, in accordance with the Income Tax Law, or equivalent rule or provision, of the countries in which any subsidiary operates.

- 24 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

- Deferred income tax: it is assessed based on the individual Financial statements of the Bank and of each of its subsidiaries and reflects the effects of temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. Assets and liabilities are measured using the tax rate that is expected to be applied to the taxable income in the years in which these differences are expected to be settled or recovered. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that will follow from the manner in which the Bank and its subsidiaries expect, at the end of the reporting period, to recover or settle the carrying amount of their assets and liabilities. Deferred tax assets and liabilities are recognized regardless of the time in which the temporary differences are expected to reverse. Deferred tax assets are recognized when it is probable that taxable profit will be available against which the deductible temporary difference can be utilized.

On December 29, 2017 the Argentine Executive Power passed and put into effect the Tax Reform Act which, among other things, reduces the corporate rate of income tax applicable to corporate retained earnings and impacts on the measurement of deferred tax assets and liabilities. This reduction in the corporate rate of income shall be implemented gradually over the next four years dropping from the 35% rate applicable for and including the fiscal year 2017, to a 25% rate in 2020. The effects thereof shall be considered from the deferred taxes assessed as of December 31, 2017, as follows: if reverse shall occur from January 1, 2018 and up to December 31, 2019, the applicable tax rate is 30% and if reversion shall occur from January 1, 2020 onwards, the applicable tax rate is 25%. In addition, through this tax reform the Government introduced changes in connection with the balancing tax, tax adjustment for inflation, treatment of acquisitions and investments made from January 1, 2018, tax revaluation and employer contributions among other issues.

b) Minimum Presumed Income Tax

In the fiscal year 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. At present, after subsequent extensions, and taking into account the provisions of Law No. 27,260, such tax is effective through the fiscal years ending up to and including 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 applicable on the potential income of certain production assets at a 1% rate. Therefore, the Bank’s tax obligation for each year will be equal to the higher of these taxes. In the case of entities subject to the Financial Entities Act, the above mentioned Law provides that such entities shall consider as taxable basis for the minimum presumed income tax 20% of their taxable assets after deducting those defined as non-taxable assets.

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 March 31, 2018 and 2017, the amounts recognized for income tax exceeded those assessed for minimum presumed income tax for those same periods.

3.14 Earnings per share

Basic earnings per share shall be calculated by dividing Net profit attributable to parent´s shareholders of the Bank by the weighted average number of ordinary shares outstanding during the period.

3.15 Fiduciary activities and investment management

The Bank renders custody, administration, investment management and advisory services to third parties that originate the holding or placement of assets in the name of such third parties. These assets and the income on them are not included in the Financial Statements, since they are not owned by the Bank. The commissions derived from these activities are accounted for as “Commissions income” in the Statement of income.

- 25 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Accounting judgments, estimates and assumptions

The preparation of the accompanying condensed consolidated interim financial statements requires the Bank’s Management to consider significant accounting judgments, estimates and assumptions that impact on the reported assets and liabilities, income, revenues and expenses, as well as the assessment and disclosure of contingent assets and liabilities, as of the end of the reporting period. The Bank’s reported amounts are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the uncertainties associated with the estimates and assumptions made by the Bank’s Management may drive in the future to final amounts that may differ from those estimates and may require material adjustments to the reported amounts of the affected assets and liabilities.

In certain cases, the Financial Statements prepared in accordance with Central Bank Communiqué “A” 6114, require that the assets and liabilities to be recognized and/or presented at their fair value. The fair value is the amount at which an asset can be exchanged, or at which a liability can be settled, in mutual independent terms and conditions between participants of the principal market (or most advantageous market) duly informed and willing to transact in an orderly and current transaction. When prices in active markets are available, we have used them as basis for valuation. When prices in active markets are not available, the Bank estimated those values as values based on the best available information, including the use of models and other assessment techniques.

Additionally, the Central Bank allows for additional allowances for loan losses and changes in classification of debtors, as the case maybe, based on the Bank’s risk management policy. The Risk Management Committee may decide to increase the amount of the provision for loan losses by establishing additional allowances after assessing the portfolio risk, basing its decision for example in the analysis of the local and international macroeconomic conditions.

As to the customer loyalty program, the Bank estimates the fair value of the points awarded to customers under the “Macropremia” program by applying statistics techniques. The data that feed the models include assumptions regarding exchange percentages, the product combinations available for exchange in the future and customers’ preferences.

First-time adoption of IFRSs under Central Bank Communiqué “A” 6114

Communiqué “A” 6324 requires the presentation of the following reconciliations:

- between the consolidated equity determined in accordance with the standards of the Central Bank and the consolidated equity determined in accordance with Cebtral Bank Communiqué “A” 6114, as of December 31, 2016 (date of transition) and December 31, 2017; and

- between the consolidated net income determined in accordance with Central Bank standards for the three-month period ended March 31, 2017 and the consolidated total comprehensive income determined in accordance with Central Bank Communiqué “A” 6114 to the same date.

In preparing these reconciliations, the Bank’s Management considered the IFRSs currently approved and applicable to the presentation of the accompanying condensed consolidated interim Financial Statements that are the first consolidated Financial Statements presented in accordance with Central Bank Communiqué “A” 6114, but applying the exceptions and exemptions under IFRS 1 described below:

- 26 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

· Optional exemptions

- Business combinations:

The Bank decided not to apply IFRS 3 “Business Combinations” retroactively to the acquisition of subsidiaries (that are deemed businesses), investments in associates and interests in joint ventures occurred before December 31, 2016 (date of transition). Using this exemption implies that the carrying amounts of assets and liabilities measured pursuant to the Central Bank standards, and that must be recognized in accordance to the IFRSs, are the cost thereof attributed as of the acquisition date. After the acquisition date, measurements shall be made in accordance with the Central Bank Communiqué “A” 6114. Assets and liabilities that do not qualify to be recognized as such according to the IFRSs are excluded from the opening Balance sheet. In this sense, no previous amount which would have been recognized according to the Central Bank standards was excluded and no amount which was not previously recognized has been recognized, pursuant to the Central Bank standards. IFRS 1 also establishes that the carrying amount of goodwill measured according to the Central Bank standards shall be included in the opening balance sheet, regardless of the adjustments for impairment and for recognition or derecognition of certain intangible assets that qualify or not to be recognized as such according to IAS 38 “Intangible Assets”.

- Use of fair value as deemed cost for an item of property, plant and equipment and investment properties:

Properties and properties under construction were measured in the opening balance sheet as of December 31, 2016 (date of transition) at fair value, determined on the basis of valuations made to such date by an independent valuer who holds a recognized and relevant professional qualification. The Bank chose to use these values as carrying amount at the date of transition. After the date of transition, measurement of items of property, plant and equipment and investment property were made in accordance with IAS 16 “Property, Plant and Equipment” and IAS 40 “Investment Property”, respectively. To such effect, the Bank has chosen the cost model provided for under such standards.

- Accumulated translation differences:

The Bank decided to consider at zero accumulated currency translation differences as of December

31, 2016 (date of transition), for the foreign subsidiary Macro Bank Limited.

- Fair value measurement of financial assets at initial recognition:

For the presentation of the carrying amounts at the date of transition, related to the acquisition of loan portfolio, the Bank decided to go for the exemption contemplated in paragraph D of IFRS 1 and recognized prospectively the cost of transactions related to such acquisitions.

- Borrowing costs:

The Bank decided to apply the transitional provisions of IAS 23 and has capitalized borrowing costs in qualifying assets from December 31, 2016 (date of transition).

The Bank has not used other exemptions or exceptions available under IFRS 1.

· Obligatory exceptions

- Estimates

The significant accounting judgments, estimates and assumptions made by the Bank’s Management to determine the amounts according to the IFRS as of December 31, 2016 (date of transition), and as of December 31, 2017, were consistent with those made as of the same dates according to the Central Bank standards and reflect the current conditions as of the respective dates.

- Non-controlling interests

The total comprehensive income of subsidiaries was attributed to the owners of the parent company and to the non-controlling interests, from December 31, 2016 (date of transition).

- 27 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Reconciliations required

· Reconciliation of consolidated equity as of December 31, 2016 (date of transition).

	Previous Central Bank Standards		Adjustments and Reclassifications		IFRS Balance
Total Assets		154,998,960		4,371,635		159,370,595
Total Liabilities		132,893,062		1,299,040		134,192,102
Equity		22,105,898		3,072,595		25,178,493

Balance as of 12/31/2016	Equity attributable to owners
According to previous Central Bank Standards		22,105,898
Adjustments and Reclassifications:
Debt securities and investment in equity instruments		153,970
Loans and other financing		(238,730	)
Property, plant and equipment and investment property		4,580,298
Deferred income tax assets and liabilities		(1,321,392	)
Other non-financial liabilities		(370,143	)
Other adjustments		60,792
Total adjustments and reclassifications		2,864,795
Non-controlling interest		207,800
Total adjustments		3,072,595
Balance as of 12/31/2016 according to Central Bank Communiqué “A” 6114		25,178,493
Equity attributable to parent company		24,970,693
Equity attributable to non-controlling interests		207,800

· Reconciliation of equity as of December 31, 2017.

	Previous Central Bank Standards		Adjustments and Reclassifications			IFRS Balance
Total Assets		224,242,704		2,096,366			226,339,070
Total Liabilities		181,112,157		(1,508,945	)		179,603,212
Equity		43,130,547		3,605,311			46,735,858

- 28 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Balance as of 12/31/2017	Equity attributable to owners
According to previous Central Bank Standards		43,130,547
Adjustments and Reclassifications:
Loans and other financing		(291,040	)
Property, plant and equipment and investment property		4,565,478
Deferred income tax assets and liabilities		(496,849	)
Other non-financial liabilities		(515,769	)
Other adjustments		142,649
Total adjustments and reclassifications		3,404,469
Non-controlling interest		208,842
Total adjustments		3,605,311
Balance as of 12/31/2017 according to Central Bank Communiqué “A” 6114		46,735,858
Equity attributable to parent company		46,535,016
Equity attributable to non-controlling interests		200,842

· Reconciliation of consolidated income and other comprehensive income for the three-month period ended March 31, 2017.

Reconciliation of income as of 03/31/2017	Net income for the period			Other comprehensive income			Comprehensive Income
According to previous Central Bank Standards		1,764,045
Interests income		(12,250	)
Administration expenses		91,936
Income Tax		98,100
Other adjustments		80,781
Foreign currency translation differences					(22,526	)
Income from financial instruments at fair value through OCI					(2,938	)
Total adjustments and reclassifications		258,567			(25,464	)
Balance according to Central Bank Communiqué “A” 6114		2,022,612			(25,464	)		1,997,148

Explanatory notes to the adjustments on transition to IFRS

This section includes a brief description of the main adjustments on transition to the standards established by Central Bank Communiqué “A” 6114 affecting equity as of December 31, 2016 (date of transition) and as of December 31, 2017, and the consolidated income and other comprehensive income for the three-month period ended March 31, 2017, and which arise from comparing the accounting policies applied by the Bank to the preparation of the Financial statements up to the end of the previous fiscal year ended December 31, 2017 (Central Bank) and the accounting policies applied by the Bank to the preparation of the Financial statements from the fiscal year beginning on January 1, 2018 onwards.

Debt securities

Adjustments in this accounting item arise mainly when the valuation established for each business model into which holdings were classified, differs from the valuation established by the Central Bank standards.

- 29 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

In addition, the Bank carried out active repo transactions of which, under Central Bank standards, the underlying assets should be recognized as assets of the Bank. Under IFRS, these assets received from third parties do not meet the requirements to be recognized as such.

Furthermore, the Bank received security deposits which, under Central Bank standards, implied recognition of such security within this accounting item against a liability for deposits for the principal plus the agreed upon interest and the quoting difference, which was accounted for in Deposits. According to IFRS 9, these transactions neither imply the recognition of the asset nor the offset in liabilities. In addition, items accrued in favor were reclassified from “Interests expense” to “Expenses for services” within “Commissions related to security transactions”.

Additionally, Debt Securities in Financial Trusts, previously included in Other Receivables for Financial Intermediation, were recognized according to a business model in which the purpose of these holdings is principally to obtain contractual cash flows, and therefore they were measured at amortized cost, using the effective interest method. Under Central Bank standards these instruments were also measured at amortized cost.

Loans and other financing

The Bank’s loan portfolio was generated in a business model structure intended principally to receive contractual cash flows (composed of principal and interest). Under IFRS 9, the loan portfolio shall be measured at amortized cost, measuring it at the beginning at fair value, using the effective interest method, which implies that the commissions charged and the direct incremental costs related to the granting of such financing facilities shall be deferred and recognized over the term of the financing facility.

Under Central Bank standards, interests were accrued on the basis of exponential distribution in the periods in which they were generated and the commissions were charged and the direct costs were recognized at the time they were generated.

Furthermore, loan portfolio acquisitions made by the Bank were measured for in accordance with such IFRS, recognizing such acquired loan portfolios at fair value at the date of acquisition. Under Central Bank standards, these transactions were recognized at their contractual value.

Investments in equity instruments

The contributions to risk funds of Reciprocal Guarantee Companies (RGC) in which the Bank participates, do not meet the financial asset individual test, therefore they are not included in the Bank’s business model and were measured at their fair value through profit or loss.

As to those companies in which the Bank has no control or significant influence, such companies were recognized at the best approximation to the fair value through profit or loss according to IFRS 9. Under Central Bank standards, these approximations were recognized at cost, plus the nominal value of any dividends received on shares.

Non-financial assets

Under IFRS 15 “Revenue from Contracts with Customers”, the Bank included Contract Assets for commissions charged for the subscription to one of the Bank’s customer loyalty programs. In such program, the only performance obligation contemplated in the contract is the one that requires the Bank to contact its customer with a recognized airline. As consideration for this service, the Bank receives a membership fee.

Investments in associates and joint ventures

The Bank holds interests in UTEs (joint ventures), which according to IFRS 11 “Joint Arrangements” are accounted for using the equity method. Under Central Bank standards, the Bank used the proportional consolidation method.

- 30 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Property, plant and equipment and investment property

For the presentation of the carrying amount to the date of transition the Bank used the exemption contemplated under “Optional exemptions”, which implied using the fair value as cost of acquisition. In order to determine such fair value, the Bank used valuations for all properties.

Since the Bank chose the cost model, the new cost of acquisition according to the IFRSs implied an increase in depreciations.

Additionally, within the item Property, plant and equipment, the Bank capitalized from the date of transition, the financing costs attributable to the construction of the new corporate building, in accordance with IAS 23.

Intangible assets

Under IAS 38, intangible assets shall be measured at cost. Under Central Bank standards, the Bank capitalized certain software costs and other organizational expenses, which according to the above mentioned IAS the Bank should have not recognized as intangible assets and, therefore, were accounted for in profit or loss for the relevant period.

Corporate Bonds

The Bank issued subordinated and unsubordinated Corporate Bonds that, according to IFRS 9, were measured at amortized cost, using the effective interest method, which implied having to account for lesser liabilities the direct placement expenses. Under Central Bank standards, such Corporate Bonds were measured in accordance with the unpaid balance of principal and accrued interest and the expenses were accounted for in profit or loss at the time they were generated.

Assets and liabilities for deferred income tax

According to IAS 12 “Income Tax”, the Bank shall recognize (i) the part of the current tax that is expected to be paid or recovered and (ii) the deferred tax that is the tax the Bank expects to settle or recover of Income Tax, for the accumulated tax losses and the temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Under Central Bank standards, the Bank assessed income tax applying the rate in force to the expected taxable profit, without taking into account the effect of differences between the carrying amount and its tax base.

Other non-financial liabilities

According to IFRS 15, the Bank recognized income arising in the course of its ordinary activities so that they represent the transfer of goods or services promised to customers in exchange for an amount that reflects the consideration the Bank expects to have the right to receive in exchange for such goods or services.

In addition, and under IAS 19 “Employee Benefits”, vacations are considered as irrevocable accumulating paid absences and shall be measured at the expected cost of such absences, based on the additional amount that the Bank expects to pay for such paid absences multiplied by the number of days accumulated in favor of the employees and unused at the end of the reporting period. Under Central Bank standards, charges for paid vacations were accounted for at the time the personnel used such benefit, i.e., when vacations were paid.

Capital stock – Stock issuance premium

Under IAS 32 “Financial Instruments: Presentation”, the costs incurred by the Bank with respect to the issuance of capital stock are accounted for as a deduction of the amount of such instrument, provided they are incremental costs directly attributable to such equity transaction, which would have been avoided if such transaction had not taken place. According to Central Bank standards, the Bank recognized such costs in profit or loss.

- 31 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Foreign currency translation

Under IAS 21 “The Effects of Changes in Foreign Exchange Rates”, the Bank recognized and reclassified foreign exchange translation differences, with respect to the Bank’s interest in a foreign subsidiary. The Bank used the voluntary exemption under paragraph D of IFRS 1 “First-time Adoption of International Financial Reporting Standards” and did not recognize the translation differences accumulated as of the beginning of the date of transition.

Explanation of material adjustments in the Statement of Cash Flows

- Preparation method: the Bank chooses the Direct Method, except for the presentation of cash flows from operating activities, for which it shall use the indirect method.

- Cash: (i) it does not include the cash of UTEs, since under IFRS such balances are recognized using the proportional equity method and under Central Bank standards UTEs are recognized using the proportional consolidation method; (ii) the Bank incorporated foreign currency purchase and sale spot transactions previously not included in the Statement of Cash Flows under Central Bank standards.

- Cash equivalents: issuer must be the National Government or the Central Bank and they must have maturity periods of 90 days or less from the purchase date, whereas under Central Bank standards cash equivalents should meet the following requirements: they should be subject to insignificant risks regarding change of value and have maturity periods of 90 days or less from the purchase date.

New pronouncements

Pursuant to Communiqué “A” 6114 of the Central Bank, as new IFRS are approved and existing IFRS are amended or revoked and, once these changes are approved through Notices of Approval issued by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCA for its Spanish acronym), the Central Bank shall issue a statement on the approval thereof for financial entities. Generally, financial entities shall not apply any IFRS in advance, except specifically authorized at the time of the approval thereof. In this case, the Bank shall adopt IFRS 16 “Leases” when such standard comes effective.

Such standard eliminates the dual accounting method for lessees that distinguishes between finance leases recognized within the Financial statements and operating leases for which future lease payments are not required to be recognized. Instead, it develops a single model, within the balance sheet, which is similar to the present finance lease. As to lessor, the standard maintains the present practice –i.e., lessors keep on classifying leases as finance and operating leases.

This standard is applicable to fiscal years beginning as of January 1, 2019. The Bank does not expect the above described standard to have a material impact on the consolidated Financial Statements.

4. REPO TRANSACTIONS

In the normal course of business, the Bank arranged repo transactions. According to IFRS 9, assets involved in repurchase and reverse repurchase transactions and received from or delivered to third parties, respectively, do not qualify to be recognized or derecognized, respectively.

As of March 31, 2018, and December 31, 2017 and 2016, the Bank has agreed repurchase and reverse repurchase transactions of government and private securities for 596,528, 4,107,901 and 1,114,758, respectively. Maturity of the agreed transactions as of March 2018 shall occur during the month of April 2018. Furthermore, to the those same dates, the securities delivered to guarantee the reverse repurchase transactions total 10,325, 2,993,719 and 1,201,029, respectively, and are recorded under “Financial assets delivered as guarantee”, while securities received guarantee repurchase transactions total 653,330, 1,591,288 and 19,335, respectively and were recognized outside the balance sheet.

Profits generated by the Bank as a result of its repurchase transactions arranged during the three-month periods ended March 31, 2018 and 2017 total 33,726 and 405,469, respectively, and are accounted for in “Income from interest received”. In addition, losses generated by the Bank as a result of its reverse repurchase transactions arranged during the three-month periods ended March 31, 2018 and 2017 total 30,970 and 19,234, respectively, and were recognized in “Interests expense”.

- 32 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

5. FINANCIAL ASSETS DELIVERD AS GUARANTEE

As of March 31, 2018, and December 31, 2017 and 2016, the Bank delivered as guarantee the following financial assets:

	Carrying Amount
Description	03/31/2018		12/31/2017		12/31/2016
For transactions with the Central Bank		4,141,476		4,005,730		2,093,960
For equity forward contracts		10,325		2,993,719		1,201,029
For guarantee deposits		577,356		638,903		395,705
Total		4,729,157		7,638,352		3,690,694

The Bank’s Management considers there shall be no losses due to the restrictions on the above listed financial assets.

6. LOSS ALLOWANCE – ALLOWANCE FOR UNCOLLECTIBILITY RISK OF LOAN AND OTHER FINANCING LOSSES

Changes in allowances for loan losses as of March 31, 2018 are disclosed in Exhibit R “Loss allowance – Allowance for uncolectibility risk” in the accompanying condensed consolidated interim Financial Statements.

The table below presents the Bank’s changes in allowances as of December 31, 2017:

	Amount
As of December 31, 2016		1,847,841
Increases		1,961,997
Reversals		1,117,295
Charge-off		19,536
As of December 31, 2017		2,673,007

7. CONTINGENT TRANSACTIONS

In order to meet specific financial needs of customers, the Bank’s credit policy also includes, among others, the granting of guarantees, securities, bonds, letters of credit and documentary credits. Although these transactions are not recognized in the balance sheet, since they imply a possible obligation or liability for the Bank, they expose the Bank to additional credit risk to those recognized in the balance sheet and are, therefore, an integral part of the total risk of the Bank.

As of March 31, 2018 and December 31, 2017 and 2016, the Bank maintains the following contingent transactions:

	03/31/2018		12/31/2017		12/31/2016
Overdraft and unused agreed credits		384,314		255,710		191,007
Guarantees granted		243,913		253,350		287,497
Liabilities for foreign trade transactions		154,661		90,274		163,308
		782,888		599,334		641,812

Risks related to the contingent transactions described above have been evaluated and are controlled within the framework of the Bank’s credit risk policy described in Note 41.

8. DERIVATIVE FINANCIAL INSTRUMENTS

The Bank performs derivative transactions for trading purposes.

- 33 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

At the beginning, derivatives often imply only a mutual exchange of promises with little or no investment. Nevertheless, these instruments frequently imply high levels of leverage and are quite volatile. A relatively small movement in the value of the underlying asset could have a significant impact in profit or loss. Furthermore, over-the-counter derivatives may expose the Bank to risks related to the absence of an exchange market in which to close an open position. The Bank’s exposure for derivative contracts is monitored on a regular basis as part of its general risk management framework. Information on the Bank’s credit risk management objectives and policies is included in Note 41.

The following tables show the notional values of these instruments, expressed in thousands, in the currency of origin. Notional values indicate the number of pending transactions at year end and are not indicative of either the market risk or the credit risk. Additionally, is presented the fair value of the derivative financial instruments recognized as assets or liabilities in the Balance sheet. Changes in fair values were accounted for in profit or loss, the breakdown of which is disclosed in Exhibit Q “Breakdown of profit or loss”:

	03/31/2018				12/31/2017				12/31/2016
Derivative assets	Notional Value		Fair Value		Notional Value		Fair Value		Notional Value		Fair Value
Foreign currency forward purchase contracts without delivery of underlying asset		2,500		3,437		9,200		6,863
Foreign currency forward sales contract without delivery of underlying asset		11,000		1,095		2,500		800		7,900		9,721
Forward contracts of Government bonds		10,000		30		10,000		565
Total derivatives held for trading		23,500		4,562		21,700		8,228		7,900		9,721

	03/31/2018				12/31/2017				12/31/2016
Derivative liabilities	Notional Value		Fair Value		Notional Value		Fair Value		Notional Value	Fair Value
Foreign currency forward purchase contracts without delivery of underlying asset		19,315		1,833		18,900		7,169
Foreign currency forward sales contract without delivery of underlying asset		16,800		11,823		25,600		15,938
Total derivatives held for trading		36,115		13,656		44,500		23,107

Derivatives held for trading are generally related with products offered by the Bank to its customers. The Bank shall also take positions expecting to benefit from favorable changes in prices, rates or indexes, i.e. take advantage of the high level of leverage of these contracts to obtain high yields, assuming at the same time high market risk. Additionally, they may be held for arbitrage, i.e. to obtain a benefit free of risk for the combination of a derivative product and a portfolio of financial assets, trying to benefit from anomalous situations in the prices of assets in the markets.

The Bank holds Forwards and Futures as derivative financial instruments. These are contractual agreements to buy or sell a specific financial instrument at a given price and a fixed date in the future. Forward contracts are customized contracts traded on an over-the-counter market. Futures contracts, in turn, correspond to transactions for standardized amounts, executed in a regulated market and subject to daily cash margin requirements. The main differences in risks associated with these types of contracts are the credit risk and the liquidity risk. In forward contracts there is counterparty risk, the Bank has credit exposure to counterparties of the agreements. The credit risk related to futures contracts is deemed very low because daily cash margin requirements help to guarantee these contracts are always fulfilled. In addition, forward contracts are generally settled in gross terms and, therefore, they are deemed to have higher settlement risk than futures contract that, except they are chosen to be executed by delivery, are settled on a net base. Both types of contracts expose the Bank to market risk.

9. FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

The fair value is the amount at which an asset can be exchanged, or at which a liability can be settled, in mutual independent terms and conditions between participants of the principal market (or most advantageous market) duly informed and willing to transact in an orderly and current transaction, at the measurement date in the current market conditions whether the price is directly observable or estimated using a valuation technique under the assumption that the Bank is an ongoing business.

- 34 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

When a financial instrument is quoted in a liquid and active market, its price in the market in a real transaction provides the most reliable evidence of its fair value. Nevertheless, when there is no quoted price in the market or it cannot be an evidence of the fair value of such instrument, in order to determine such fair value, the entities may use the market value of another instrument with similar characteristics, the analysis of discounted cash flows or other applicable techniques, which shall be significantly affected by the assumptions used.

Notwithstanding the above, the Bank’s Management has used its best judgment to estimate the fair values of its financial instruments, any technique to perform such estimate implies certain inherent fragility level. In conclusion, the fair value may not be indicative of the net realizable value or settlement value.

Fair value hierarchy

The Bank uses the following hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:

- Level 1: quoted prices (unadjusted) observable in active markets for identical assets or liabilities.

- Level 2: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are observable for the asset or liability, either directly or indirectly.

- Level 3: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are not based on observable market information.

Exhibit P “Categories of Financial Assets and Liabilities” presents the hierarchy in the Bank’s financial asset and liability fair value measurement.

Description of valuation process

The fair value of instruments categorized as Level 1 was assessed by using quoted prices effective at the end of each reporting period or fiscal year, as applicable, in active markets for identical assets or liabilities, if representative. At present, for government and private securities, there are two principal markets in which the Bank operates, to wit: BYMA and MAE. Additionally, in the case of derivatives, both MAE and Mercado a Término de Rosario SA (ROFEX) are deemed active markets.

On the other hand, for certain assets and liabilities that do not have an active market, categorized as Level 2, the Bank used valuation techniques that included the use of market transactions performed under mutual independent terms and conditions, between interested and duly informed parties, provided there are any available, as well as references to the current fair value of other instrument being substantially similar, or otherwise the analysis of cash flows discounted at rates built from market information of similar instruments.

In addition, certain assets and liabilities included in this categorization were valued using identical price quotes of identical instruments in “less active markets”.

Finally, the Bank has categorized as level 3 those assets and liabilities for which there are no identical or similar transactions in the market. In order to determine the market value of these instruments, the Bank used valuation techniques based on its own assumptions, which are similar to those that would be used by any other market participant. For this approach, the Bank mainly used the cash flow discount model.

As of March 31, 2018, December 31, 2017 and 2016, the Bank has neither changed the techniques nor the assumptions used to estimate the fair value of the financial instruments.

Below is presented the reconciliation between the balances at the beginning and the end of the period of the financial assets and liabilities recognized at fair value, using the valuation techniques based on the Bank’s own assumptions, as of March 31, 2018 and December 31, 2017:

- 35 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

	Fair values using valuation techniques based on the Bank’s own assumptions (level 3) March 31, 2018
Description	Debt Securities			Other Financial Assets			Investments in Equity Instruments
Balance at the beginning		35,841			161,751			35,774
Transfers to Level 3
Transfers from Level 3
Profit and Loss		6,637			355			4,422
Purchases, sales, issuance and settlement		(3,570	)		(70,353	)
Balance at end of period		38,908			91,753			40,196

	Fair values using valuation techniques based on the Bank’s own assumptions (level 3) December 31, 2017
Description	Debt Securities			Other Financial Assets		Investments in Equity Instruments
Balance at the beginning		45,834					15,668
Transfers to Level 3
Transfers from Level 3
Profit and Loss		5,661					20,421
Purchases, sales, issuance and settlement		(15,654	)		161,751		(315	)
Balance at end of period		35,841			161,751		35,774

Instruments measured as level 3, include mainly debt securities and certificate of participation in financial trust, for which, the construction of fair values was obtained based on the Bank’s own assumptions that are not easily observable in the market. The most significant assumption was the placement cutoff rate of such instruments in the market at the end of the period, used to determine the actual value of cash flows.

Any increase (decrease) in these assumptions, considered separately, would derive in a higher or lower fair value.

Changes in fair value levels

The Bank monitors the availability of information in the market to evaluate the classification of financial instruments into the fair value hierarchy, as well as the resulting determination of transfers between levels 1, 2 and 3 at each period end.

As of March 31, 2018, December 31, 2017 and 2016, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.

Financial assets and liabilities not recognized at fair value

Next follows a description the methods and assumptions used to determine the fair values of financial instruments no recognized at their fair value in the accompanying Financial Statements:

- Assets with fair value similar to the carrying amount: financial assets and liabilities that are liquid or have short-term maturities (less than three months) were deemed to have a fair value similar to the carrying amount.

- Fixed-rate financial instruments: The fair value of financial assets was recognized discounting future cash flows at current market rates, for each fiscal year, for financial instruments of similar characteristics. The estimated fair value of fixed-interest rate deposits was assessed discounting future cash flows by using market interest rates for deposits with similar maturities to those of the Bank’s portfolio.

Quoted assets and issued quoted liabilities the fair value was determined based on market prices.

- 36 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

- Other financial instruments: financial assets and liabilities that are liquid or have short-term maturities were deemed to have a fair value similar to the carrying amount. This assumption also applies to deposits in savings accounts, checking accounts and others.

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of March 31, 2018 and December 31, 2017 and 2016:

	03/31/2018
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash and deposits in Banks		29,440,799		29,440,799						29,440,799
Repo transactions		587,283		587,283						587,283
Other financial assets		2,641,434		2,641,434						2,641,434
Loans and other financing		147,618,804				156,058		144,422,839		144,578,897
Other debt securities		671,709		688,596				6,575		695,171
Financial assets delivered as guarantee		4,718,832		4,718,832						4,718,832
		185,678,861		38,076,944		156,058		144,429,414		182,662,416
Financial Liabilities
Deposits		149,488,093		75,024,729		74,550,704				149,575,433
Other repo transactions		9,245		9,245						9,245
Other financial liabilities		9,093,898		7,667,136		1,423,151				9,090,287
Financing received from the Central Bank and other financial entities		486,995				489,013				489,013
Issued corporate bonds		4,913,044				4,387,694				4,387,694
Subordinated corporate bonds		8,257,754				8,118,959				8,118,959
		172,249,029		82,701,110		88,969,521				171,670,631

	12/31/2017
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash and deposits in Banks		35,561,574		35,561,574						35,561,574
Repo transactions		1,419,808		1,419,808						1,419,808
Other financial assets		1,789,433		1,789,433						1,789,433
Loans and other financing		132,658,674				485,347		129,472,430		129,957,777
Other debt securities		937,713		944,876				7,916		952,792
Financial assets delivered as guarantee		4,644,633		4,644,633						4,644,633
		177,011,835		44,360,324		485,347		129,480,346		174,326,017
Financial Liabilities
Deposits		144,129,177		77,959,810		66,265,387				144,225,197
Other repo transactions		2,688,093		2,688,093						2,688,093
Other financial liabilities		10,561,203		9,175,314		1,391,699				10,567,013
Financing received from the Central Bank and other financial entities		1,174,111				1,176,397				1,176,397
Issued corporate bonds		4,712,216				4,432,977				4,432,977
Subordinated corporate bonds		7,565,759				7,710,790				7,710,790
		170.830.559		89.823.217		80.977.250				170.800.467

- 37 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

	12/31/2016
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash and deposits in Banks		35,986,159		35,986,159						35,986,159
Repo transactions		19,124		19,124						19,124
Other financial assets		941,219		941,219						941,219
Loans and other financing		88,390,646				481,628		87,807,196		88,288,824
Other debt securities		855,832		843,708		3,223		11,677		858,608
Financial assets delivered as guarantee		2,489,665		2,489,665						2,489,665
		128,682,645		40,279,875		484,851		87,818,873		128,583,599

	12/31/2016
	Carrying Amount		Level 1		Level 2		Level 3	Fair value
Financial Liabilities
Deposits		111,862,805		58,773,034		53,175,424			111,948,458
Other repo transactions		1,095,634		1,095,634					1,095,634
Other financial liabilities		6,341,674		5,192,168		1,152,196			6,344,364
Financing received from the Central Bank and other financial entities		260,458				259,775			259,775
Issued corporate bonds		1,684,636				1,622,802			1,622,802
Subordinated corporate bonds		6,376,537				5,994,056			5,994,056
		127,621,744		65,060,836		62,204,253			127,265,089

10. LEASES

The Bank, as lessor, entered into financial lease contracts, under the usual characteristics of this kind of transactions, without there being any issues that may differentiate them in any aspect from those performed in the Argentine financial market in general. The lease contracts in force do not represent significant balances with respect to the total financing granted by the Bank.

The following table shows the reconciliation between the total gross investment of financial leases and the current value of the minimum payments receivables for such leases: 

	03/31/2018				12/31/2017				12/31/2016
	Total Investment		Current Value of Minimum Payments		Total Investment		Current Value of Minimum Payments		Total Investment		Current Value of Minimum Payments
Up to 1 year		331,079		237,780		339,397		237,730		235,152		171,648
From 1 to 5 years		390,658		318,723		441,369		356,071		284,518		233,893
More than 5 years						175		172		2,601		2,597
		721,737		556,503		780,941		593,973		522,271		408,138

As of March 31, 2018, and December 31, 2017 and 2016, income for non-accrued interests totaled 165,234, 186,968 and 114,133, respectively.

Additionally, the Bank celebrated commercial contracts for the lease of real property, in which the Bank’s branches operate. Such lease contracts have an average term of 2 to 10 years, and most of them may be extended.

- 38 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Future minimum payments for these operating lease contracts are as follows:

	03/31/2018		12/31/2017		12/31/2016
Up to 1 year		160,466		163,107		134,520
From 1 to 5 years		194,008		223,383		209,182
More than 5 years						1,228
		354,474		386,490		344,930

11. INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTS

11.1 Associated entities

The Bank holds investments in the following associated entities:

· Prisma Medios de Pagos SA: the existence of significant influence is evidenced through the analysis of the following elements: (i) none of its shareholders holds more than 20% of the capital stock, due to the corporate structure thereof; (ii) the Bank has a representative on the Board of Directors; (iii) this director is a member of the executive Committee of the associate entity, the latter being the body that performs the relevant activities of the associate entity.

In order to measure this investment, we have used the Financial Statements of Prisma Medios de Pagos SA as of December 31, 2017. Such Financial Statements were adjusted by the associate, in order to be able to measure the investment in accordance with the IFRS. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between January 1, 2018 and March 31, 2018.

· Macro Warrants SA: the existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of the associate. In order to measure this investment, we used accounting information of Macro Warrants SA as of December 31, 2017. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between January 1, 2018 and March 31, 2018.

The following table presents the summarized financial information on the Bank’s investments in the Associates:

· Prisma Medios de Pago SA

Summarized Balance sheet	03/31/2018			12/31/2017			12/31/2016
Total Assets		16,409,163			14,366,838			9,703,861
Total Liabilities		13,826,145			12,492,991			8,815,774
Net Shareholders’ Equity		2,583,018			1,873,847			888,087
Proportional interest in the entity		7,61	%		7,61	%		7,61	%
Carrying Amount of Investment		196,568			142,600			67,583

· Macro Warrant SA

Summarized Balance sheet	03/31/2018			12/31/2017			12/31/2016
Total Assets		19,543			19,798			17,110
Total Liabilities		6,126			3,265			3,424
Net Shareholders’ Equity		13,417			16,533			13,686
Proportional Interest in the entity		5	%		5	%		5	%
Carrying Amount of Investment		671			827			684

11.2 Joint Ventures in which the Bank participates

The Bank participates in the following joint ventures, instrumented through Uniones Transitorias de Empresas (UTE):

- 39 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

a) Banco Macro SA – Siemens Itron Business Services SA: on April 1, 1998, the Bank executed an agreement with Siemens Itron Services SA to organize an UTE controlled on a joint basis through a 50% interest, the purpose of which is to facilitate a data processing center for the tax administration, to modernize the systems and tax collection processes of the Province of Salta and manage and recover municipal taxes and fees.

b) Banco Macro SA – Gestiva SA: on May 4, 2010 and August 15, 2012, the Bank executed with Gestiva SA the UTE agreement to form “Banco Macro SA – Gestiva SA – Unión Transitoria de Empresas”, under joint control, the purpose of which relates to rendering the integral processing and management services of the tax system of the Province of Misiones, the management thereof and tax collection services. The Bank holds a 5% interest in this UTE.

· Unitron Business Servicies SA

Summarized Balance sheet	03/31/2018			12/31/2017			12/31/2016
Total Assets		229,210			195,826			133,188
Total Liabilities		60,255			54,646			30,362
Net Shareholders’ Equity		168,955			141,180			102,826
Proportional interest in the entity		50	%		50	%		50	%
Carrying Amount of Investment		84,478			70,590			51,413

· Gestiva SA

Summarized Balance sheet	03/31/2018			12/31/2017			12/31/2016
Total Assets		146,132			116,885			107,376
Total Liabilities		20,492			18,319			15,616
Net Shareholders’ Equity		125,640			98,566			91,760
Proportional interest in the entity		5	%		5	%		5	%
Carrying Amount of Investment		6,282			4,928			4,588

For additional information on investments on joint ventures, see Exhibit E “Detailed information on interests in other companies”, within the Condensed separate interim financial statements.

12. RELATED PARTIES

A related party is a person or entity that is related to the Bank:

- has control or joint control of the Bank;

- has significant influence over the Bank;

- is a member of the key management personnel of the Bank or of a parent of the Bank;

- members of the same group;

- one entity is an associate (or an associate of a member of a group of which the other entity is a member).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly. The Bank considers as key management personnel, for the purposes of IAS 24, the members of the Board of Directors and the Senior Management member of the Risk Management Committee, Asset and Liability Committee and the Senior Credit Committee.

As of March 31, 2018 and December 31, 2017 and 2016, there is a total amount of 449,114, 363,543 and 305,417, respectively, as unpaid financial assistance granted by the Bank to its associates and related parties and deposits of its associates and related parties of 2,077,127, 2,796,027 and 2,337,840, respectively:

- 40 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

	Subsidiaries(1)				Associates and other related parties
	Maximum balances as of 03/31/2018		Balance as of 03/31/2018		Maximum balances as of 03/31/2018		Balance as of 03/31/2018
Documents						203,035		201,963
Overdraft						42,157		16,952
Credit cards		274		263		43,985		37,781
Leases		6,630		6,630		2,041		2,002
Personal loans						848		848
Mortgage loans						14,295		14,243
Other loans		752,199		752,199		156,361		153,757
Guarantees granted		443		443		21,825		21,568
Total assistance		759,546		759,535		484,547		449,114
Deposits				181,370				2,077,127

	Subsidiaries(1)				Associates and other related parties
	Maximum balances as of 12/31/2017		Balance as of 12/31/2017		Maximum balances as of 12/31/2017		Balance as of 12/31/2017
Documents						147,763		147,733
Overdraft						25,301		7,831
Credit cards		397		389		35,203		35,203
Leases		6,973		6,973		2,204		2,157
Personal loans						786		785
Mortgage loans						14,015		13,968
Other loans		1,202,336		952,148		390,893		140,449
Guarantees granted		443		443		15,462		15,417
Total assistance		1,210,149		959,953		631,627		363,543
Deposits				108,606				2,796,027

	Subsidiaries(1)				Associates and other related parties
	Maximum balances as of 12/31/2016		Balance as of 12/31/2016		Maximum balances as of 12/31/2016		Balance as of 12/31/2016
Documents						103,927		103,336
Overdraft						17,804		7,459
Credit cards		191		191		22,057		19,573
Leases		8,036		8,036		1,189		1,168
Personal loans						1,388		1,362
Mortgage loans						10,862		10,858
Other loans		300,187				475,957		161,287
Guarantees granted		885		885		374		374
Total assistance		309,299		9,112		633,558		305,417
Deposits				134,911				2,337,840

(1) These transactions are eliminated during the consolidation process.

Transactions generated by the Bank with its subsidiaries and other related parties to it for transactions arranged within the scope of the usual and ordinary course of business, were performed in normal market conditions, both as to interest rates and prices and as to the required guarantees.

As of March 31, 2018, December 31, 2017 and 2016, the income from loan transactions totaled 7,114, 54,157 and 12,617, respectively, while expense generated from deposit transactions totaled 15,798, 163,814 and 141,184, respectively.

The Bank does not have loans granted to Directors and other key management personnel secured with shares.

- 41 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Total remunerations received as salary and bonus by the key management personnel as of March 31, 2018 and December 31, 2017 and 2016, totaled 23,019, 79,905 and 41,592 respectively.

In addition, fees received by the Directors as of March 31, 2018 and December 31, 2017 and 2016 amounted to 140,708, 468,623 and 243,704 respectively.

Additionally, the composition of the Board of Directors and key management personnel is as follows:

	03/31/2018		12/31/2017		12/31/2016
Board of Directors		22		22		21
SeniorManagement members of the key management personnel		15		14		14
		37		36		35

13. PROPERTY, PLANT AND EQUIPMENT

This accounting item includes all tangible assets owned by the Bank and used for its specific business.

Changes in these assets as of March 31, 2018 and December 31, 2017 are disclosed in Exhibit F “Changes in Property, Plant and Equipment”.

In addition, as of December 31, 2016 and as a result of applying the deemed cost to the Bank´s real properties, the balance of such assets amounts to 6,874,656.

14. INVESTMENT PROPERTY

Changes in these assets as of March 31, 2018 and December 31, 2017 are disclosed in Exhibit F “Changes in Property, Plant and Equipment”.

In addition, as of December 31, 2016 and as a result of applying the deemed cost to the Bank´s real properties, the balance of such assets amounts to 1,754,087.

15. INTANGIBLE ASSETS

Changes in these assets as of March 31, 2018 and December 31, 2017 are disclosed in Exhibit G “Changes in Intangible Assets”. As of December 31, 2016, the balance of such assets amounts to 656,178.

16. BORROWING COSTS

The Bank capitalizes borrowing costs attributable to the construction of the new corporate building.

As of March 31, 2018 and December 31, 2017, borrowing costs eligible for capitalization of the expenditures on such qualifying asset to such dates total 37,063 and 30,587, respectively. The weight average capitalization rate was 10.46%.

17. PROVISIONS

This item includes the amounts estimated to face a liability of probable occurrence, which in case it occurs, would originate a loss for the Bank.

Exhibit J “Changes in Provisions” presents the changes in provisions during the three-month period ended March 31, 2018.

The expected terms to settle these obligations are as follows:

- 42 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

	03/31/2018
	Within 12 months		Beyond 12 months		03/31/2018		12/31/2017		12/31/2016
For administrative, disciplinary and criminal penalties				718		718		718		9,110
Others		340,319		393,595		733,914		694,201		325,897
		340,319		394,313		734,632		694,919		335,007

In the opinion of the Management of the Bank and its legal advisors, there are no other significant effects than those disclosed in the accompanying Financial Statements, the amounts and settlement terms of which have been recognized based on the current value of such estimates, considering the probable settlement date thereof.

18. EMPLOYEE BENEFITS PAYABLE

The table below presents the amounts of employee benefits payable as of March 31, 2018 and December 31, 2017 and 2016:

Short-term employee benefits	03/31/2018		12/31/2017		12/31/2016
Salaries, gratifications and social security contributions		477,610		710,091		431,657
Vacation accrual		367,833		548,275		439,793
Thirteenth salary provision		133,128
Total short-term employee benefits		978,571		1,258,366		871,450

The Bank has not long-term employee benefits or post-employment benefits as of March 31, 2018 and December 31, 2017 and 2016.

19. ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED

The following tables show the analysis of the balance of financial asset and liabilities the Bank expects to recover and settle as of March 31, 2018 and December 31, 2017 and 2016:

03/31/2018	Without due date		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		Total up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total over 12 months
Assets
Cash and deposits in Banks				29,440,799								29,440,799
Debt securities at fair value through profit or loss		992		38,919		16,929		4,476		15,623		75,947		31,654		496,602		528,256
Derivative instruments				633		492		3,437				4,562
Repo transactions				587,283								587,283
Other financial assets		1,305,346		1,378,517		7,396		102,459		201,149		1,689,521		8,173		51,920		60,093
Loans and other financing		82,996		43,685,678		16,093,124		13,574,063		14,547,098		87,899,963		19,411,394		40,224,451		59,635,845
Other debt securities				14,543,825		18,716,283		949,561		6,575		34,216,244		51,016		478,423		529,439
Financial assets delivered as guarantee		4,718,832								10,325		10,325
Investment in equity instruments		110,231
Total assets		6,218,397		89,675,654		34,834,224		14,633,996		14,780,770		153,924,644		19,502,237		41,251,396		60,753,633

- 43 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

03/31/2018	Without due date	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		Total up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total over 12 months
Liabilities
Deposits			123,836,897		22,325,557		2,210,588		1,021,543		149,394,585		87,305		6,203		93,508
Liabilities at fair value to profit or loss			12,755								12,755
Derivative instruments			13,656								13,656
Repo transactions			9,245								9,245
Other financial liabilities			8,892,230		23,943		7,404		11,999		8,935,576		19,748		138,574		158,322
Financing received from Central Bank and other financial entities			21,154		274,609		7,599		21,184		324,546		45,860		116,589		162,449
Issued corporate bonds					292,474						292,474				4,620,570		4,620,570
Subordinated corporate bonds					200,434						200,434				8,057,320		8,057,320
Total Liabilities			132,785,937		23,117,017		2,225,591		1,054,726		159,183,271		152,913		12,939,256		13,092,169

12/31/2017	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in Banks				35,561,574
Debt securities at fair value through profit or loss				138,068		947,960
Derivative instruments				8,228
Repo transactions				1,419,808
Other financial assets				1,269,085		1,003,594
Loans and other financing				73,767,208		58,891,466
Other debt securities				34,704,765
Financial assets delivered as guarantee		4,644,633		2,993,719
Investment in equity instruments		282,659
Total Assets		4,927,292		149,861,455		60,843,020
Liabilities
Deposits				143,567,831		561,346
Liabilities at fair value to profit or loss				6,450
Derivative instruments				23,107
Repo transactions				2,688,093
Other financial liabilities				10,372,665		188,538
Financing received from Central Bank and other financial entities				1,087,979		86,132
Issued corporate bonds				118,356		4,593,860
Subordinated corporate bonds				80,004		7,485,755
Total Liabilities				157,944,485		12,915,631

12/31/2016	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in Banks				35,986,159
Debt securities at fair value through profit or loss				42,269		290,212
Derivative instruments				9,721
Repo transactions				19,124
Other financial assets				1,098,092		7,421
Loans and other financing				53,059,987		35,330,659
Other debt securities				20,395,499
Financial assets delivered as guarantee		2,489,700		1,200,994
Investment in equity instruments		406,868
Total Assets		2,896,568		111,811,845		35,628,292

- 44 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

12/31/2016	Without due date	Total up to 12 months		Total over 12 months
Liabilities
Deposits			111,555,317		307,488
Liabilities at fair value to profit or loss
Derivative instruments
Repo transactions			1,095,634
Other financial liabilities			6,227,348		114,326
Financing received from Central Bank and other financial entities			193,845		66,613
Issued corporate bonds			1,684,636
Subordinated corporate bonds			67,429		6,309,108
Total Liabilities			120,824,209		6,797,535

20. DISCLOSURES BY OPERATING SEGMENT

For management purposes the Bank’s Management has determined that it has only one operating segment related to banking business. In this sense, the Bank supervises the operating segment results for the period, in order to make decisions about resources to be allocated to the segment and assess its performance, which is measured in a consistent basis with the profit or loss in the financial statements.

21. INCOME TAX

This tax shall be recognized following the liability method, recognizing (as credit or debt) the tax effect of temporary differences between the carrying amount of an asset or liability and its tax base, and its subsequent recognition in profit or loss for the fiscal year in which the reversal of such differences occurs, considering as well the possibility of using tax losses in the future.

Deferred tax assets and deferred tax liabilities in the Balance sheet are as follows:

	03/31/2018		12/31/2017		12/31/2016
Deferred tax assets
Debt securities		6,988		4,982
Loans  and other financing		959,147		834,029		437,724
Other financial assets		11,957		13,166		7,518
Allowances for contingencies		227,779		208,475		117,252
Provisions and employee benefits		137,680		181,834		157,704
Total deferred tax assets		1,343,551		1,242,486		720,198
Deferred tax liabilities
Property, plant and equipment		1,187,578		1,191,529		1,614,419
Intangible assets		260,496		245,326		222,185
Investment in associates and joint ventures		121,253		167,918		84,333
Other financial and non-financial liabilities		98,770		106,800		120,654
Total deferred tax liabilities		1,668,097		1,711,573		2,041,591
Net deferred tax liabilities		324,546		469,087		1,321,393

Changes in net deferred tax liabilities as of March 31, 2018 and December 31, 2017 are summarized as follows:

	03/31/2018		12/31/2017
Net deferred tax liabilities at beginning of year		469,087		1,321,393
Profit for deferred taxes recognized in total comprehensive income (*)		144,541		852,306
Net deferred tax liabilities at period /fiscal year end		324,546		469,087

(*) For changes in fiscal year 2017, the Bank included the effect of the rate change, under the tax reform described in Note 3.13.a) to the accompanying condensed consolidated interim Financial Statements.

- 45 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

The income tax recognized in the Statement of Income and in the Statement of Other Comprehensive Income differs from the income tax to be recognized if all income were subject to the current tax rate.

The table below shows a reconciliation between income tax and the amounts obtained by applying the current tax rate in Argentina to the carrying amount of profit:

	03/31/2018			03/31/2017
Carrying amount of profit before income tax		5,189,350			3,139,173
Applicable income tax rate		30	%		35	%
Income tax on carrying amount of profit		1,556,805			1,098,711
Net permanent differences and other tax effects		68,008			(2,483	)
Total income tax		1,624,813			1,096,228

As of March 31, 2018 and 2017, the effective income tax rate is 31.3% and 34.9%, respectively.

In the Condensed consolidated interim financial statements, tax assets (current and deferred) of an entity of the Group shall not be offset with the tax liabilities (current and deferred) of other entity of the Group because they correspond to income tax applicable to different taxable subjects and also they are not legally entitled before the tax authority to pay or receive only one amount to settle the net position.

22. COMMISSIONS INCOME

Description	03/31/2018		03/31/2017
Performance obligations satisfied in one act (1)		1,830,661		1,336,901
Performance obligations satisfied over certain time period		4,838		88,145
		1,835,499		1,425,046

(1) Includes mainly account maintenance fees, agreements and credit card commissions.

23. DIFFERENCE IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

Description	03/31/2018		03/31/2017
Translation of foreign currency assets and liabilities to pesos		20,993		68,802
Income from foreign currency Exchange		129,599		113,266
		150,592		182,068

24. OTHER OPERATING INCOME

Description	03/31/2018		03/31/2017
Services		1,012,905		923,042
Sale of investment property and other non-financial assets		109,921
Other adjustments and interest from other receivables		39,914		10,580
Initial recognition of loans		22,780
Sale of property, plant and equipment		719		567
Other		117,792		129,194
		1,304,031		1,063,383

25. EMPLOYEE BENEFITS

Description	03/31/2018		03/31/2017
Remunerations		1,515,401		1,304,435
Social Security Contributions		292,785		259,344
Compensations and bonuses to employees		158,466		111,041
Employee services		51,094		45,595
		2,017,746		1,720,415

- 46 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

26. ADMINISTRATION EXPENSES

Description	03/31/2018		03/31/2017
Taxes		226,188		161,752
Maintenance, conservation and repair expenses		166,271		121,834
Fees to Directors and Syndics		162,489		86,724
Security services		147,297		121,951
Electricity and communications		115,424		81,135
Other fees		105,083		75,610
Leases		64,179		51,900
Advertising and publicity		32,252		43,485
Representation, travel and transportation expenses		22,837		16,912
Stationary and office supplies		12,876		10,259
Insurance		10,686		10,947
Hired administrative services		3,516		5,874
Other		332,912		225,080
		1,402,010		1,013,463

27. OTHER OPERATING EXPENSES

Description	03/31/2018		03/31/2017
Gross turnover tax		1,155,937		718,577
Charges for other provisions		165,825		69,842
Deposit Guarantee Fund contributions		63,954		101,908
Donations		22,937		22,198
Insurance claims		10,392		4,949
Initial loan recognition				7,016
Late charges and charges payable to Central Bank		42		18
Other		610,076		484,300
		2,029,163		1,408,808

28. ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

The Statement of Cash Flows presents the changes in cash and cash equivalents derived from operating activities, investing activities and financing activities during the period. For the preparation of the Statement of Cash Flows the Bank adopted the indirect method for Operating Activities and the direct method for Investment Activities and Financing Activities.

The Bank considers as “Cash and cash equivalents” the item Cash and deposits in banks and those financial assets that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

For the preparation of the Statement of Cash Flows the Bank considered the following:

- Operating activities: are the normal revenue-producing activities of the Bank as well as other activities that cannot be qualified as investing or financing activities.

- Investing activities: are the acquisition, sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.

- Financing activities: are activities that result in changes in the size and composition of the Shareholders equity and liabilities of the Bank and that are not part of the operating or investing activities.

- 47 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

The table below presents the reconciliation between the item “Cash and cash equivalents” in the Statement of Cash Flows and the relevant accounting items of the Balance sheet:

	03/31/2018		12/31/2017		03/31/2017		12/31/2016
Cash and deposits in banks		29,440,799		35,561,574		28,931,872		35,986,159
Debt securities at fair value				44		124,281		9,585
Other debt securities		14,699,992		5,548,056		1,029,476		16,074,409
Loans and other financing		100,716		93,871		76,909
		44,241,507		41,203,545		30,162,538		52,070,153

29. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of March 31, 2018, amounted to 669,663. Since December 31, 2014, the Bank’s capital stock has changed as follows:

As of December 31, 2014	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)	85,100
As of March 31, 2018	669,663

(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 arising from i) the issue of 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 conditions as common, registered, Class “B” shares, outstanding upon issuance, formalized on June 19, 2017 and (ii) additionally, as established by the abovementioned Meeting, the international underwriters exercised the option to oversubscribed 15% of the capital stock which was formalized on July 13, 2017 through the issuance of 11,099,993 new, common, registered, Class “B” shares each one entitled to one vote and with a face value of Ps.1. On August 14, 2017, such capital increases were registered with the Public Registry of Commerce.

The public offering of the new shares was authorized by CNV Resolution No. 18,716 dated on May 24, 2017 and by the BCBA on May 26, 2017. 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.

As of the date of issuance of these Condensed interim consolidated financial statements, the capital increase up to 74,000,000 new shares was fully subscribed and paid-in and registered on the public registry of commerce. The capital increase up to 11,099,993 new shares was fully subscribed, paid-in and registered on the public registry of commerce.

Additionally, on May 10, the Board of Directors of Banco Macro SA, has established the terms and conditions for the acquisition of its own shares, in accordance with section 64 of Law 26,831 and CNV rules, under the following conditions:

(1) Maximum amount to invest: up to 4,500,000

(2) Maximum number of shares for own acquisition: up to 4.5% of the capital stock

(3) Maximum price to pay for shares: up to Ps. 158 per share

(4) Terms in which the acquisition will take place: 40 business days in the República Argentina, beginning from the following day in which the information is published in the Bulletin of the Buenos Aires Stock Exchange, subject to renewal or extension of the term, which will be informed to investors

- 48 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

For further information about the composition of the Bank’s capital stock, see exhibit K “Composition of capital stock” to the condensed separate interim Financial Statements.

30. EARNINGS PER SHARE

Basic earnings per share were calculated by dividing net profit attributable to ordinary equity holders of the Bank by the weighted average number of ordinary shares outstanding during the period.

To determine the weighted average number of ordinary shares outstanding during the period the Bank used the number of ordinary shares outstanding at the beginning of the period adjusted, if applicable, by the number of ordinary shares bought back or issued during the period multiplied by the number of days that the shares were outstanding in the period. Note 29 provides a detail of the changes in the Bank’s capital stock.

The calculation of basic earnings per share is disclosed in the table of Earnings per share included in the consolidated Statement of Income.

Dividends paid and proposed

Cash dividends paid during the fiscal years 2017 and 2016 to the shareholders of the Bank amount to 701,476 and 596,254, respectively, which considering the number of shares outstanding to the date of effective payment represented 1.20 and 1.10 pesos per share, respectively.

The Shareholders’ Meeting held on April 27, 2018 resolved to distribute cash dividends for 3,348,315, which considering the number of shares outstanding at the date of such resolution, represented 5 pesos per share.

31. DEPOSIT GUARANTEE INSURANCE

Law No. 24485 and Decree No. 540/1995 created the Deposit Guarantee Insurance System, which was featured as a limited, compulsory and onerous system, aimed at covering the risks of bank deposits, as subsidiary and supplementary to the deposit privilege and protection system established under the Financial Entities Act. The above mentioned legislation also provided for the organization of Sedesa with the exclusive purpose of managing the Deposit Guarantee Fund (DGF). Sedesa was organized in August 1995.

Banco Macro SA holds an 8.4020% interest in the capital stock of Sedesa according to the percentages disclosed by Central Bank Communiqué “B” 11681 on March 20, 2018.

According to the above mentioned law and decree, all deposits in pesos and foreign currency placed in participating entities in the form of checking accounts, savings accounts, fixed-term deposits or other forms of deposit that the Central Bank may determine from time to time shall be subject to the above described Deposit Guaratee Insurance System, up to the amount of 450 and that meet the requirements provided for in the Decree 540/1995 and other requirements that the regulatory Authority may from time to time determine. On the other hand, the Central Bank provided for the exclusion of the guarantee system, among others, of any deposits made by other financial entities, deposits made by persons related to the Bank and security deposits.

32. RESTRICTED ASSETS

As of March 31, 2018 and December 31, 2017, the followings Bank´s assets are restricted:

Item	03/31/2018		12/31/2017
Debt securities at fair value through profit or loss and other debt securities
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 used as security in favor of Sedesa (1).		116,908		117,454
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the regional economies Competitiveness Program – BID loan No. 3174/OC-AR.		104,640		98,541
· Central Bank of Argentina Internal Bills in pesos, maturity 06-21-2018 as of March 31, 2018 and maturing 02-21-2018 as of December 31, 2017, for the performance of forward foreign currency transactions.		48,029		53,059

- 49 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Item (contd.)	03/31/2018		12/31/2017
Debt securities at fair value through profit or loss and other debt securities (contd.)
· Discount bonds in pesos regulated by Argentinian legislation, maturing 2033, for minimum counterpart required for Agents to act in the new categories contemplated under Resolution No. 622/13 of the CNV.		13,952		13,139
· Central Bank of Argentina Internal Bills in pesos, maturing 06-21-2018 as of March 31, 2018 and maturity 02-21-2018 as of December 31, 2017, securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE.		9,467		9,647
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing a BID loan of Province of San Juan No. 2763/OC-AR.		9,418		8,869
· Discount bonds in pesos regulated by Argentinian legislation, maturing 2033 securing the sectorial Credit Program of the Province of San Juan. Production investment financing fund.		9,243		8,704
· Secured bonds under Presidential Decree No. 1579/2002 as security for a loan received from Banco de Inversión y Comercio Exterior SA (Bice).				4,270
· Other public and private securities.		25,531		24,160
Subtotal debt securities at fair value through profit or loss and other debt securities		337,188		337,843
Other financial assets
· Sundry debtors – foreclosure within the scope of the claim filed by the DGR against the City of Buenos Aires for differences on gross turnover tax.		827		827
Subtotal Other financial assets		827		827
Loans and other financing – non-financial private sector and foreign residents
· Interests derived from contributions made as protector   (2)		114,332		110,848
Subtotal loans and other financing – non-financial private sector and foreign residents		114,332		110,848
Financial assets delivered as a guarantee
· Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities.		4,141,476		4,005,730
· Guarantee deposits related to credit and debit card transactions.		564,319		623,491
· Other guarantee deposits		11,120		13,662
Subtotal Financial assets delivered as a guarantee		4,716,735		4,642,883
Other non financial assets
· Real property related to a call option sold		115,888		222,023
Subtotal Other non-financial assets		115,888		222,023
Total		5,285,150		5,316,754

(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. The same correspond to the following risk funds: Risk fund of Garantizar SGR and Risk fund of Los Grobo SGR as of March 31, 2018 and December 31, 2017 and Risk fund of Intergarantías SGR and Risk fund of Avaluar SGR as of December 31, 2017.

- 50 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Additionally, as of December 31, 2016, the amount of restricted assets was 2,987,809.

33. TRUST ACTIVITIES

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

33.1 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, Garbarino, Accicom, Secubono, Mila, Credicuotas Consumo, Credimas, Pvcred, Naldo Lombardi and Agrocap 1). 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 March 31, 2018 and December 31, 2017 and 2016, debt securities and certificates of participation in financial trusts administrated by the Bank for investment purpose, total to 1,047,643, 1,011,828 and 730,672, respectively.

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

33.2 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 March 31, 2018 and December 31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying condensed consolidated interim financial statements, the assets managed through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 69,806, 116,697 and 59,128, respectively.

33.3 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 March 31, 2018 and December 31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying condensed consolidated interim financial statements, the assets managed by the Bank amounted to 325,089, 328,268 and 451,569, respectively.

- 51 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

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

The Bank, through its subsidiaries, 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 March 31, 2018 and December 31, 2017 and 2016, considering the latest available accounting information as of the accompanying condensed consolidated interim financial statements, the assets managed by the Bank amounted to 3,212,642, 2,200,840 and 2,117,959, respectively.

34. COMPLIANCE WITH CNV STANDARDS

34.1 Compliance with CNV standards to act in the different agent categories defined by the CNV:

34.1.1 Operations of Banco Macro SA

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV General Resolution No. 622, the Bank is registered with this agency as agent for the custody of collective investment products of mutual funds (AC PIC FCI for their acronyms in Spanish language), comprehensive clearing and settlement agent and trading agent (ALyC and AN – comprehensive, for their acronyms in Spanish language), financial trustee Agent (FF for its acronym in Spanish language ) and Guarantee Entity (in the process of being registered).

Additionally, the Bank’s shareholders’ equity exceeds the minimum amount required by this regulation, amounting to 32,000, as well as the minimum counterpart required of 11,000, which the Bank paid-in with government securities as described in Note 32 to the accompanying condensed consolidated interim Financial Statements.

34.1.2 Operations of Banco del Tucumán SA

Considering Banco del Tucumán SA’s current operations, and according to the different categories of agents established by CNV General Resolution No. 622, the Bank is registered with this agency under the following agent categories: mutual investment funds placement and distribution agent (ACyD FCI), financial trustee agent (FF) and clearing and settlement agent and trading agent (ALyC and AN – Individual).

Additionally, the shareholders’ equity of this Subsidiary exceeds the minimum amount required by this regulation, amounting to 7,875, as well as the minimum counterpart required of 4,750, which the subsidiary paid-in with government securities.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

34.1.3 Operations of Macro Securities SA

Considering the current operations of this Subsidiary, and according to the provisions established by CNV effective as of the approval of the General Resolution No. 622/2013 issued by such agency, the Company is registered with this agency CNV under the following categories: clearing and settlement agent, trading agent, comprehensive trading agent and mutual investment funds placement and distribution agent (ALyC, AN, AN – comprehensive and ACyD FCI).

Additionally, the shareholders’ equity of this Company exceeds the minimum amount required by this regulation, amounting to 15,125, as well as the minimum counterpart required of 7,500, which the Company paid-in with mutual fund units or shares.

34.1.4 Operations of Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión SA

Considering the current operations of this Subsidiary, and according to the provisions established by CNV effective as of the approval of the General Resolution No. 622/2013 issued by such agency, the Company is registered with the CNV as agent for the Administration of Collective Investment Products of Mutual Funds.

Additionally, the shareholders’ equity of this Company exceeds the minimum amount required by this regulation, amounting to 500 plus 100 per each additional Mutual Fund it administers, which the Company paid-in with mutual fund units or shares.

34.1.5 Operations of Macro Fiducia SA

Considering the current operations of this Subsidiary, and according to the provisions established by CNV effective as of the approval of the General Resolution 622/2013 issued by such agency, the Company is registered with the CNV as Financial Trustee agent and Non-Financial Trustee agent.

Additionally, the shareholders’ equity of this Company exceeds the minimum amount required by this regulation, amounting to 6,000, which the Company paid-in with mutual fund units or shares.

34.2 Documents 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 placed (i) the Inventory Books for fiscal years ended through December 31, 2015 included, and (ii) certain documentation supporting the economic transactions for fiscal years ended through December 31, 2017, 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 with no number, Colectora Sur, between Puente San Carlos and Puente 60 blocks, Province of Córdoba and Avenida Luis Lagomarsino 1750, formerly Ruta 8 Km 51.200, Pilar, Province of Buenos Aires).

34.3 As depositary of Mutual Funds

As of March 31, 2018 Banco Macro SA, in its capacity as Depositary Company, holds in custody the shares in Mutual Funds subscribed by third parties and assets from the following mutual funds:

Fund	Number of Shares		Equity
Pionero Pesos		550,190,545		2,027,439
Pionero Renta Ahorro		2,872,432,643		20,241,369
Pionero FF		188,163,538		1,065,428
Pionero Renta		19,467,389		307,679
Pionero Acciones		24,753,556		571,869
Pionero Renta Plus		85,628,416		1,431,574
Pionero Empresas FCI Abierto PYMES		183,657,457		464,625
Pionero Pesos Plus		130,481,867		291,489
Pionero Renta Ahorro Plus		759,950,863		1,254,828

- 53 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Fund (contd.)	Number of Shares		Equity
Pionero Renta Mixta I		157,800,446		218,378
Pionero Renta Mixta II		1,056,654,775		1,495,854
Pionero Ahorro Dólares		379,898,161		7,979,056
Pionero Renta Global – Clase B		50,000		1,007
Pionero Renta Fija Dólares		61,253,158		1,301,341
Argenfunds Renta Pesos		505,847,955		1,180,896
Argenfunds Renta Argentina		90,534,989		216,931
Argenfunds Ahorro Pesos		401,094,991		1,468,910
Argenfunds Renta Privada FCI		168,428,437		560,219
Argenfunds Abierto Pymes		92,956,744		76,049
Argenfunds Renta Total		948,866,464		1,318,883
Argenfunds Renta Flexible		286,053,076		396,041
Argenfunds Renta Dinámica		78,693		104
Argenfunds Renta Mixta		44,326,539		61,042
Argenfunds Renta Global		184,990,624		252,272
Argenfunds Renta Capital		7,486,483		156,688
Argenfunds Renta Balanceada		264,892,776		351,739
Argenfunds Renta Crecimiento		5,341,028		113,194

35. ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for March 2018 are listed below, indicating the balances as of month-end of the related items:

Description	Banco Macro SA		Banco del Tucumán SA
Cash and deposits in banks
Amounts in Central Bank accounts		17,981,678		1,909,982
Financial assets delivered as guatantee
Special guarantee accounts with the Central bank		3,850,411		291,065
Total		21,832,089		2,201,047

36. PENALTIES APPLIED TO THE FINANCIAL ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE CENTRAL BANK

The Central Bank Communiqué “A” 5689 requires banks to disclose in their financial statements certain information regarding summaries and sanctions received from certain regulatory authorities, regardless of the amounts involved and the final conclusions of each cause.

Next follows a description of the situation of Banco Macro SA and Banco del Tucumán SA as of March 31, 2018:

Banco Macro SA

Summary proceedings filed by the Central Bank

Criminal foreign exchange regime summary proceedings: No. 6545 dated 09/03/2015.

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

Proceeding filed against: Banco Macro S.A and the officer 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).

- 54 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Status: On 11/11/2015 Banco Macro SA and the individuals accused under the summary proceedings filed their defenses offering evidence and requesting their acquittal. Furthermore, through resolution dated 05/23/2016, the Central Bank decided to dismiss the motion to declare the criminal action no longer enforceable under the statute of limitations filed by Banco Macro SA and the above mentioned individuals. On 05/31/2016 the Bank filed a motion for annulment with a supplementary appeal. On 07/11/2016 the Central bank decided to dismiss such motion for annulment. Against such decision, the Bank filed a motion on 07/15/2016 reserving the right to re-edit the motion to declare the criminal action no longer enforceable under the statute of limitations before the relevant competent National Court of First Instance in Criminal Economic Matters under the situation provided for in section 9 of the CFEL. On 08/09/2016 the Bank filed its memorial due to the closing of the evidentiary stage and on 08/18/2016, filed a motion requesting the retroactive application of the more benign foreign exchange rule. On 04/12/2018 the Bank was served notice of the decision of the Central Bank which, based on the application of the more benign foreign exchange rule, declared its accusation against the individuals involved in the summary proceedings null and void and therefore ordered the closing of the proceedings.

Financial Summary proceedings: No. 1496 dated 02/24/2016.

Reason: deficiencies on the consolidated supervision exercised by the Bank regarding its subsidiaries, with non-compliance of internal controls.

Proceeding filed against: Banco Macro SA and the Members of the Board of 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: pending resolution before the Central Bank. On 04/07/2016, we filed the defenses and evidence. On 05/18/2016 we requested on behalf of the accused Delfin Jorge Ezequiel Carballo the resolution of the motion for lack of standing to be sued. To date this motion is still pending resolution.

Penalties imposed by the Central Bank

Financial Summary proceedings: No. 1380 dated 03/11/2013.

Reason: Alleged excess in the assets used for guarantee purposes which should have been used for related statutory operation ratios; failure to fulfill with the limitations of deposit increase, lack of veracity in book records, neglect to present the corresponding accounting disclosure of such excess and failures according to Central Bank’s requirements. Penalty amount: 2,000.

Proceeding filed against: former Banco Privado de Inversiones SA, Directors, Supervisory Committee and Corporate Services Manager (Alejandro Manuel Estrada, Raúl Fernandez, 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 Judgment No. 527, imposing fines to those responsible. On 06/25/2015 the fine was paid. On 07/10/2015 a direct appeal was filed against such resolution to CNACAF (Court of Appeals in Contentious Administrative Matters). On December 2015, the penalty amount was recovered by the Bank 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 filed with Courtroom II, under case No. 48607/2015 of CNACAF. On 05/10/2016, Courtroom II decided to confirm the penalties imposed by the Central Bank. Upon such decision, the Bank filed an extraordinary appeal that was dismissed by the Courtroom II of the CNACAF on 08/02/2016. On 08/16/2016 a motion for reconsideration of dismissal of appeal was lodged on behalf of the Bank and of Mr. Carlos Soulé before the Argentine Supreme Court of Justice (CSJN) upon rejection of the federal extraordinary appeal, which is still pending to date.

Financial Summary proceedings: No. 1401 dated 08/14/2013.

Reason: alleged failure in financing to the non-financial public sector, for temporary overdrafts through checking accounts of the Municipality of Córdoba and Reconquista. Penalty amount: 2,400.

Proceeding filed against: Banco Macro SA and the members of the Board (Jorge Horacio Brito, Jorge Pablo Brito and Marcos Brito).

- 55 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

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 with the CNACAF against such resolution. On April 2015 the appeal was presented at Courtroom IV of the CNACAF under No. 19,971/2015. On 06/23/2015 the Court informed the Central Bank about the appeal lodged by Banco Macro. On 07/13/2016 Courtroom IV of the CNACAF sustained the appeal filed by the Bank and annulled the decision imposing the fines to the Bank. The Central Bank filed an extraordinary appeal, which was answered by the Bank on 08/29/2016. On 09/06/2016 Courtroom IV of the CNACAF dismissed Central Bank’s extraordinary appeal. On 09/14/2016 the Central Bank lodged a motion for reconsideration of dismissal of the extraordinary appeal with the CSJN (Argentine Supreme Court of Justice), which is still pending resolution.

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.

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

Status: The UIF passed Resolution No. 72/2011 on 06/09/2011, imposing fines to those responsible. An appeal was lodged with the CNACAF. On 10/31/2016 the Courtroom III decided the following: (i) on the one hand, as to the transactions carried out between 10/11/2006 and 08/22/2007, to declare that the punitive power of the UIF had expired at the time of the summary proceedings, rendering UIF`s Resolution 72/2011 invalid, (ii) on the other hand, as to the transactions performed from 03/05/2007 and from 04/17/2007 through 08/22/2007, to refer these proceedings again to the UIF for a new resolution readjusting the fines imposed on the Bank and Messrs. Juan Pablo Brito Devoto and Luis Carlos Cerolini. Upon such court order, both the UIF and the Bank lodged an extraordinary appeal. Such appeals were rejected by the Court on April 25, 2017. On May 10, 2017 both the Bank and the UIF filed a motion for reconsideration of dismissal of appeal before the Argentine Supreme Court which is still pending resolution.

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

Reason: Alleged deficiencies in preparing certain “Reports on suspicious transactions (ROS)” due to cases of infringement detected in certain customer files. Penalty amount: 330.

Penalty imposed on: Banco Macro SA, the members of the Board and those in charge of Anti-money laundering regulation compliance (Luis Carlos Cerolini – both 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 Antonio Alvarez Agis, Marcos Brito and Rafael Magnanini –as Directors of Banco Macro SA-).

Status: upon notice of the summary proceedings, on 05/08/2015 the Bank filed its defense, offering evidence and requesting its acquittal. On 12/26/2016 the UIF passed Resolution 164/16 imposing fines on those responsible and issuing a favorable decision on the plea of lack of locus standi lodged by Messrs. Carballo and Magnanini. On 01/30/2017 the Bank paid the fine imposed by the UIF, due to the the non-staying effect thereof. On 03/13/2017 a Direct Appeal was filed against such resolution, and the legal action it be decided at Room III of the CNACAF, entitled “Banco Macro S.A. et al vs. UIF on Criminal Code – Law 25246 – Decree 290/07 sect. 25” (Court File No. 13500/2017). This court file is pending resolution of the Courtroom III of the CNACAF.

Although the above described penalties do not involve material amounts, as of the date of issuance of the accompanying consolidated Financial Statements, the total amount of monetary penalties received, pending payment due to any appeal lodged by the Bank, amounts to 718 and was recognized according to the Central Bank’s Communiqués “A” 5689 and 5940, as amended and supplemented.

Additionally, there are pending summary proceedings before the CNV and the UIF, as described below:

File: No. 1480/2011 (CNV Resolution No. 17529) dated 09/26/2014.

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

Persons subject to summary proceedings: Banco Macro SA, the members of the Board, the regular members of the Supervisory Committee and the person/s responsible for 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).

- 56 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Status: on 10/28/2014 the Bank and the persons involved filed their defenses offering evidence and requesting their acquittal. On 08/03/2015 the term to produce evidence was closed and on 08/19/2015 the defendants lodged their memorials. To the date hereof this action is still pending resolution.

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

Reason: potential non-compliance with de provisions of section 59 of Law 19550 and paragraph 1 of Chapter 6 Section 19 of Article IV of Chapter II of CNV Rules (Revised 2013, as amended) in force at the time of the issues under analysis.

Persons subject to summary proceedings: Banco Macro SA, in its capacity as Custody Agent of Collective Investment Products of Mutual Funds, regular Directors and regular members of the Supervisory 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 Alvarez Agis, Alejandro Almarza, Carlos Javier Piazza and Vivian Haydee Stenghele).

Status: on 07/28/2017 the Bank and the persons subject to these summary proceedings were given notice of this action and were given 10 business days to make the relevant filing. On August 11, 2017, the Bank filed its defense requesting the nullity of the accusation, the expiration of the time limit to file the administrative criminal actions and the lack of responsibility of the people subject to these summary proceedings for the acts subject matter of this action since such supervisory obligation is not in accordance with the role of the Custody Agent. On 12/06/2017 the court held the firs preliminary hearing and the summary proceedings turned to be under the analysis of the CNV, who shall decide whether it allows for the production of evidence or directly decides on the merits of the case.

File: No. 137/2015 (UIF Resolution No. 136/2017) dated 12/19/2017.

Reason: alleged breach to the contents of the Code of Procedure applicable to Anti-money Laundering and Terrorism Financing as Settlement and Clearing Agent at the time of an inspection of the CNV and to the Internal Audit Process referred to in its capacity as Settlement and Clearing Agent. (UIF Resolution No. 229/2011, as amended).

Persons subject to summary proceedings: Banco Macro SA, members of the management body during the period subject-matter of these summary proceedings (Jorge Horacio Brito, Jorge Pablo Brito, Juan Pablo Brito Devoto, Constanza Brito, Marcos Brito, Delfín Jorge Ezequiel Carballo, Delfín Federico Ezequiel Carballo, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Emmanuel Antonio Alvarez Agis, Nicolás Alejandro Todesca, Carlos Alberto Giovanelli, José Alfredo Sanchez, Martín Estanislao Gorosito, Roberto Julio Eilbaum, Mario Luis Vicens, Nelson Damián Pozzoli, Luis María Blaquier, Ariel Marcelo Sigal, Alejandro Eduardo Fargosi, Juan Martin Monge Varela and Luis Cerolini in his double capacity as compliance officer and member of the management body).

Status: on 03/08/2018 the Bank and the persons subject to these summary proceedings filed their defenses. Additionally, the UIF ordered the production of evidence and therefore on 03/28/2018 and 04/03/2018 official information written notices were given to the Central Bank and CNV.

Banco del Tucumán SA

Summary proceedings filed by the Central Bank

Criminal foreign exchange regime summary proceedings: No. 3078 dated 06/24/2008.

Reason: Alleged breach of Section 8 of the Criminal Foreign Exchange Regime Act, for irregularities in US dollar sale transactions of the financial intermediary established in Communiqué “B” 7174.

Proceedings filed against: Banco del Tucumán SA, manager and responsible for Operations, Treasurer and Cashiers (Francisco Carlos Bustamante, Juan Ramón Lemoine, Héctor Gaspar Taranto, Héctor Arnaldo Brito, Ana Carolina De Genova Palomar, Jorge Marcelo Albertinetti, Sergio Fabián Intile, Lorena Natalia Frías and Carla Andrea Rocha).

Status: On 12/29/2011 the Federal Judge No. 1 of Tucumán decided to declare the criminal action expired under the statute of limitations. This decision was appealed on 02/01/2012 by the District Attorney No. 1 of Tucumán. On 07/31/2013 the relevant Court of Appeals sustained such decision and the case was subsequently sent to Room I of the Court of Criminal Appeals in Cassation as a result of a Cassation Appeal filed by the District Attorney. On 05/26/2016 Room I sustained the Cassation Appeal, revoking the decision of the Federal Judge No. 1 in the case in which a new decision shall have to be issued in accordance with the ruling of Room I of the Court of Criminal Appeals in Cassation. As to the events that originated the Criminal Foreign Exchange Summary Proceedings No. 3078, these would be expired under the statute of limitations.

- 57 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Penalties imposed by the Central Bank

Financial summary proceedings: No. 1349 dated 09/07/2012.

Reason: Alleged breach of the provisions of Communiqué “A” 3054, OPRAC 1-476, Exhibit, Article 2, section 2.1 and Article 3, section 3.1.2.; and Communiqué “A” 4798, OPRAC 1-613, Exhibit, Article 4, section 4.1., regarding the financing to the Non-Financial Public Sector, for the acquisition of secured loans without the appropriate authorization by the Central Bank. Penalty amount: 1,440.

Proceedings filed against: Banco del Tucumán SA and the members of the Board of Directors (Jorge Horacio Brito, Luis Carlos Cerolini, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Claudio Alejandro Cerezo and Waldo Camilo López)

Status: On 03/12/2014 the Central Bank issued Res. 149/14 applying the fine. On 03/19/2014 such fine was debited from the account number 00060 of the Bank. On 04/08/2014 the Bank filed a direct appeal against the resolution of the SEFyC, on behalf of the Bank and of the individuals involved in the summary proceedings, before the CNACAF, who sustained Resolution 149/14. On 11/14/2014 the Bank filed an extraordinary appeal for arbitrariness of the decision issued by the Court of Appeals. On 02/18/2015 Room III of the National and Federal Court of Appeals (CNAF for its acronym in Spanish language) dismissed the Extraordinary Appeal filed by the Bank with court costs. On 02/26/2015 the Bank lodged a motion for reconsideration of dismissal of the Extraordinary Appeal, which is still pending to date.

The Bank Management and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned judicial proceedings.

37. CORPORATE BONDS ISSUANCE

The corporate bond liabilities recorded by Banco Macro SA in the accompanying condensed consolidated interim financial statements amount to:

Corporate Bonds	Original value			Residual face value as of 03/31/2018		03/31/2018		12/31/2017
Subordinated Resettable – Class A	USD	400,000,000	(a.1)	USD	400,000,000		8,257,754		7,565,759
Non-subordinated – Class B	USD	300,000,000	(a.2)	USD	300,000,000		4,913,044		4,712,216
Total							13,170,798		12,277,975

a.1) 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 is 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 used the funds derived from such issuance to grant loans in accordance with Central Bank guidelines.

As of December 31, 2016, the recorded amount related to these corporate bonds was 6,376,537.

- 58 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

a.2) On May 8, 2017, under Global Program mention on item a.1), 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 is 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 used the funds derived from such issuance to grant loans in accordance with Central Bank guidelines.

As of December 31, 2016 the Bank had recorded 1,684,636, related to Non-subordinated Corporate Bonds – Class 2, for a face value of USD 150,000,000.

In addition, on April 9, 2018, under the Global Program mention on item a.1), Banco Macro SA issued, non subordinated corporate bonds, class C, for a face value of pesos 3,207,500, at an annual variable rate equivalent to the sum of (i) Badlar private rate applicable for the related accrued period; plus (ii) applicable margin of 3.5% p.a., fully amortizable upon maturity (April 9, 2021). Interest will be paid quarterly for the periods due on July 9, October 9, January 9 and April 9 of every year, beginning on July 9, 2018.

Moreover, on April 27, 2018, the Shareholder´s Meeting resolved to increase the maximum amount of the Global Program for the Issuance of Corporate Bonds for a face value from USD 1,500,000,000 to USD 2,500,000,000 or an equal amount in other currencies, according to the Board of Directors opportunely determines.

38. ACCOUNTING ITEMS OUTSIDE THE BALANCE SHEET

In addition to the expressed in Note 7, the Bank recognizes different transactions outside its balance sheet, pursuant to the Central Bank standards.

As of March 31, 2018, December 31, 2017 and 2016, the main balances outside the Bank’s Balance sheet include the preferred and non-preferred guarantees received from customers, under the applicable rules in force in this matter, to secure loans transactions and other financing, the value of which totals 40,001,709, 39,247,291 and 22,116,120, respectively; the custody of government and private bonds and other assets held by third parties, the value of which totals 112,668,848, 82,906,533 and 51,936,124, respectively; checks already deposited and pending clearance amount to 1,059,936, 1,266,306 and 1,134,949, respectively and outstanding checks not yet paid amount to 2,156,680, 2,032,128 and 1,852,989, respectively.

39. TAX AND OTHER CLAIMS

39.1. The AFIP (Federal Public Revenue Agency) and tax authorities of the relevant jurisdictions have reviewed the tax returns filed by the Bank related to income tax, minimum presumed income tax and other taxes (mainly gross turnover tax). As a result, there are claims pending at court and/or administrative levels, either subject to discussion or appeal. The most significant claims are summarized below:

a) AFIP´s Challenges against the income tax returns filed by 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 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) Ex-officio gross turnover tax assessments in progress and/or adjustments pending resolution by the tax authorities of certain jurisdiction.

- 59 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

c) On February 20, 2018, the AFIP required the Bank to amend the returns in connection with Employer’s Contributions for the period between November, 2012 to December, 2016, or otherwise explain the reasons why it had applied the tax rate set forth in Section 2b) of Presidential Decree No. 814/01 (text as per Section 9 of Law No. 25,453). On March 14, 2018, the Bank submitted a detailed explanation of the grounds supporting its position. As of the date hereof, the Bank has not received an answer from AFIP. In the understanding of the bank´s management and its tax and legal advisors, no amount for Employer’s Contributions should be claimed for the indicated periods.

The Bank’s Management and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned proceedings other than those disclosed in the accompanying Condensed consolidated interim financial statements.

39.2. In addition, before merging with and into the Bank, Banco Privado de Inversiones (BPI) had a pending class action styled “Adecua v. Banco Privado de Inversiones on ordinary proceedings”, File No. 19073/2007, before Commercial Court No. 3 in and for the City of Buenos Aires, Clerk’s Office No. 5, whereby it was required to reimburse to its clients the life insurance amounts overcharged to amounts payable, as well as to reduce the amounts charged in this regard in the future; this legal proceeding was concluded upon the abovementioned merger because BPI complied in full with the terms of the court-approved agreement reached with Adecua before answering the complaint. However, in March 2013, when BPI had already been merged with and into the Bank, the trial court resolved to amend the terms of the agreement and ordered the reimbursement of amounts of money to a larger number of clients as compared to the number arising from the terms approved by the court in due time. Such resolution was appealed by the Bank as BPI’s surviving company. The appeal was dismissed by the Court of Appeals, which abrogated both the trial court decision and the court-approved agreement, thus ordering the Bank to answer the complaint. This gave rise to the filing of an extraordinary appeal against such decision, as well as the subsequent filing of a complaint for the extraordinary appeal denied. It is currently pending with the Argentine Supreme Court.

Moreover, the Bank is also subject to three lawsuits filed with consumers’ associations for the same purpose: a) Adecua v. Banco Macro on ordinary proceedings, File No. 20495/2007, pending with Commercial Court No. 26 in and for the City of Buenos Aires, Clerk’s Office No. 52; b) Damnificados Financieros Asociación Civil Para Su Defensa et al v. Banco Macro on summary proceedings, File No. 37729/2007, pending with Commercial Court No. 26 in and for the City of Buenos Aires, Clerk’s Office No. 52; c) Unión de Usuarios y Consumidores v. Nuevo Banco Bisel on ordinary proceedings, File No. 44704/2008, pending with Commercial Court No. 26 in and for the City of Buenos Aires, Clerk’s Office No. 52.

There are also other lawsuits filed by consumer protections associations in relation to the collection of certain commissions and/or financial charges and certain withholdings made by the Bank to individuals as Buenos Aires City stamp tax withholding agent.

The Bank’s Management and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned proceedings other than those disclosed in the accompanying Financial Statements.

40. RESTRICTION ON EARNINGS DISTRIBUTION

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

b) Pursuant to 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. This withholding shall not be applicable to earnings distributions payable in the fiscal years beginning as of January 1, 2018.

- 60 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

c) Through Communiqué “A” 6464, the Central Bank establishes the general procedure to distribute earnings. According to that procedure, earnings may only be distributed if certain circumstances are met such as no records of financial assistance from the Central Bank due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies and not being subject to the provisions of sections 34 and 35 bis of the Financial Entities Act (sections dealing with tax payment and restructuring agreements and reorganization of the Bank), among other conditions listed in the abovementioned communiqué that must be met.

In addition, profits may only be distributed to the extent there are positive results, after deducting, on a non-accounting basis, from retained earnings and earnings reserves – other for future distribution of profits, (i) the amounts of the legal and other earnings reserves which are mandatory, (ii) all debit balances of each one of the accounting items recognized in “Other Comprehensive Income”, (iii) the income derived of the revaluation of property, plant and equipment, intangible assets and investment property, (iv) the positive net difference between the amortized cost and the fair value of government debt instruments and/or monetary regulation instruments issued by the Central Bank for those instruments recognized at amortized cost, (v) the adjustments identified by the Superintendency of Financial and Exchange Entities of the Central Bank or by the independent external auditor and that have not been recognized in the accounting records and (vi) certain franchises granted by the Central Bank. Additionally, no profit distributions shall be made out of the profit originated as a result of the first-time application of the IFRS, which profit shall be included as a special reserve, the amount of which as of March 31, 2018 is 3,475,669 and is recognized in Retained Earnings.

Additionally, the maximum amount to be distributed shall not be over the minimum capital excess recalculating, exclusively for these purposes, the position in order to consider the above mentioned adjustments, among other issues.

Finally, the Bank must verify that, after completion of the proposed profit distribution, a capital maintenance margin equal to 3.5% of risk-weighted assets is kept, apart from the minimum capital required by law, to be integrated by level-1(Con1) ordinary capital, net of deductible items (CDCOn1).

d) Pursuant to CNV General Resolution No. 593, the Shareholders’ Meeting in charge of analyzing the annual financial statements will be required to decide on the application of the Bank’s retained earnings, such as the actual distribution of dividends, the capitalization thereof through the delivery of bonus shares, the creation of earningsl reserves additional to the Legal reserve or a combination of any of these applications.

In compliance with the above expressed, and in accordance with the distribution approved by the General Shareholders’ Meeting held on April 27, 2018, the Bank applied 1,877,754 to increase its Legal reserve and 7,511,017 to increase the other earnings reserved for future earnings distribution. Furthermore, the above mentioned Shareholders’ Meeting resolved to make a earnings distribution as cash dividends of 3,348,315. Dividends were made available and paid on May 15, 2018.

41. CAPITAL MANAGEMENT AND CORPORATE GOVERNANCE TRANSPARENCY POLICY

As financial institutions, the activities of Banco Macro SA and Banco del Tucumán SA are governed by the Financial Entities Act No. 21,526, as supplementary, and the regulations issued by the Central Bank. Moreover, they adhere to the good banking practices laid out in Central Bank Communiqué “A” 5201 (Financial Entities Corporate Governance Guidelines) as supplementary.

The Bank publicly trades its shares on the Buenos Aires Stock Exchange (BCBA for its acronym in Spanish language) and, thus, it is subject to the regulations issued by the CNV.

Through General Resolution No. 622/13, the CNV established the minimum contents of the Corporate Governance Code, adding notions of good corporate governance to corporate management as guidelines or recommendations that seek to provide transparency thereto. The CNV does not require that the recommendations be implemented, although it does require that the Bank explain the reasons why it decided not to adopt the good practices described in such resolution by publishing a document called Corporate Governance Explanatory Report together with the Annual Report to the Shareholders for the fiscal year; the report is available on the Bank’s website and on that of such enforcement agency.

This regulation reinforces the notions contained in Capital Markets Law establishing principles such as “full disclosure”, “transparency”, “efficiency”, “public investor protection”, “equal footing between investors” and “protection of the stability of financial entities and financial intermediaries”.

- 61 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

On the other hand, as the Bank lists its shares on the NYSE, qualifying as a foreign private issuer, it is required to comply with certain corporate governance standards as established in section 303A of the NYSE’s Listed Company Manual, as amended.

The main guidelines under the Central Bank standards contemplated in the revised text “Financial Entities Corporate Governance Guidelines”, as supplementary, are as follows:

· Ownership structure

As of March 31, 2018, the Bank’s shareholders are:

FULL NAME/ CORPORATE NAME	Participating Interest		Voting Interest
Brito Jorge Horacio		16.58		18.54
Carballo Delfín Jorge Ezequiel		16.68		18.37
ANSES FGS Law No. 26425		27.49		25.77
Grouped shareholders (Local Stock Exchanges)		5.21		5.42
Grouped shareholders (Foreign stock exchanges)		34.04		31.90

On the other hand, the shareholders of Banco del Tucumán SA are:

FULL NAME/ CORPORATE NAME	Participating Interest			Voting Interest
Banco Macro SA		89.93	%		89.93	%
Government of the Province of Tucumán		10.00	%		10.00	%
Others		0.07	%		0.07	%

· Board of Directors and Senior Management

The Bank’s Board of Directors is currently made up of 13 regular members. Members are renewed by thirds and the appointed Directors remain in office for three fiscal years. In the fiscal year 2016 particularly, due to the reorganization of the Board, some of them were appointed for shorter periods. Directors are nominated and appointed by the Shareholders’ Meeting. Once elected, the Central Bank must confirm the designation of the Directors, expressly authorizing them to accept the designation, pursuant to the terms as to experience and knowledge, contained in the rules CREFI 2-Creation, Operation and Expansion –XV- Financial Entities Authorities.

The Board of Directors of Banco del Tucumán S.A. in turn is composed of five members. Members are renewed by thirds and the appointed Directors remain in office for three fiscal years. Directors are nominated and appointed by the Shareholders’ Meeting.

The Bank features a General Assistant Manager, who supervises 16 departments.

Directors should be morally suitable, experienced and knowledgeable in the banking business and meet the requirements established in the effective regulations.

Compliance with these requirements is assessed when the Shareholders’ Meeting appoints the directors and on a regular basis during their term of office.

At present, six Directors are independent, pursuant to the provisions of the CNV rules and regulations and the provisions of the Financial Entities Corporate Governance Guidelines issued by the Central Bank.

Senior Management is directed by a General Manager designated by the Board and includes as well officers reporting directly to the general manager, as well as officers of three staff areas reporting directly to the Board.

- 62 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

· Committees

The corporate by-laws state that the Board of Directors may establish such Committees as it deems appropriate for the business of the Bank, as well as appoint their members. The Bank currently features the following Committees:

Committee	Functions
CNV Audit	They are established in Capital Markets Law as supplementary.
Internal Audit	Overseeing the proper operation of the internal control systems defined at the Bank through a periodic assessment thereof and contributing to improving the effectiveness of internal controls.
Integral Risk Management	It is in charge of monitoring Senior Management’s activities involving the management of credit, market, liquidity, operational, compliance and reputation risks, among others. It advises the Board of Directors on the Bank’s risks.
Assets and Liabilities	Setting out the Bank’s financial strategy, analyzing the markets and establishing the policies on assets and liabilities, management of market, liquidity, interest rate and currency risks.
IT	Overseeing the proper operation of the information technology environment and contributing to improving the effectiveness thereof.
Credit	Approving credit transactions based on credit capacity.
Legal Recovery	Incumbent in defining payment arrangements exceeding the predetermined parameters, as well as reclassifying portfolio to be subject to legal proceedings or accounting derecognitions
Personnel Incentives	Ensuring the financial incentives for personnel system is consistent with the culture, the objectives, the business in the long term, the strategy and the control environment of the Bank.
Ethics and Compliance	Ensuring the Bank has the proper means with which to promote correct decision-making and compliance with internal and external regulations.
Corporate Governance and Designations	The Committee’s duties include those related to the process of renewing and replacing Senior Management members and the succession plans. It is also in charge of applying the Corporate Governance Code at the Bank and at its subsidiaries.
Anti-money Laundering	Planning and coordinating compliance with the policies established by the Board of Directors on the matter.
Financial Services User Protection	The duties of this Committee include those related to ensure the existence and maintenance of a financial services user protection process and a customer service system.

Branches

The Bank has a broad network of branches throughout the entire country, featuring as of March 31, 2018, 420 branches of Banco Macro SA and 34 branches of Banco del Tucumán SA.

Subsidiaries

The Bank carries out certain transactions through its subsidiaries, which are identified in Note 3. to the Bank’s consolidated Financial Statements.

- 63 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Business lines

The Bank’s business lines and transactions with trusts are mentioned in Notes 1 and 33, respectively.

· Incentive practices

The Bank has a personnel incentives system based on the identification of officers’ “outstanding performance”, which is understood to be their contribution in connection with the results obtained and their manner of managing the business.

The Incentives Committee is in charge of ensuring for the financial incentives for personnel system to be consistent with the culture, the objectives, the business in the long term, the strategy and the control environment of the Bank, and the prudent assumption of risks. The Incentives Committee is the body responsible for approving the Compensation Policy (Wages, Salaries and Variable Incentives), as well as any reviews it may require.

The Incentives System in place is based on assessing personal competence and performance associated with the compliance of non-related organizational goals to be compensated based on extraordinary profit targets or direct financial achievement. The system is also adjusted according to the objective premise of generating sustained revenues (on a sustainable basis), thus, when establishing the total amount of compensation with regard to income (loss) for the year, extraordinary income is not taken into account. Finally, note that the system only provides for cash compensation.

On the other hand, the Compensation Policy also includes a specific chapter regarding how remuneration is set and adjusted. In this case, the idea is to compensate personnel by ensuring performance recognition, internal equity, external competitiveness, productivity, efficiency and added value, finding an appropriate point of equilibrium with the business’s economic capacity and consistency in the long term.

The following aspects are taken into consideration:

- the complexity of the positions, their contribution to the organization’s strategy and the professional development attained by the employee;

- employees with enhanced performance in achieving their goals and assuming greater responsibilities; and

- levels of remuneration that are competitive in comparison to market levels.

· Codes of ethics and conduct

The Bank adheres to the best practices and requires that all its employees act according to the highest standards of personal and professional integrity in all aspects of their activities.

In addition, compliance with its Code of Conduct and other policies and procedures governing employee conduct is considered to be essential. Moreover, the Code of Ethics for Directors and officers is supplemental to the Bank’s Code of Conduct.

Furthermore, it was implemented for Banco Macro and its material Subsidiaries, a new contact channel for the “Ethical Line of Grupo Macro”, which is managed by an external third party, ensuring compliance with the three guiding principles of this kind of reporting channels: anonymity, confidentiality and transparency. Reports can be filed through different means or channels such as the telephone, web, mail, fax and in person. There is more information on this regard in the website www.macro.com.ar, by clicking on the Ethics and Transparency Line link.

· Role of financial agent

The Bank acts as financial agent in the Provinces of Misiones, Salta and Jujuy. In addition, the controlled entity, Banco del Tucumán SA, acts as financial agent of the Province of Tucumán and the Municipality of San Miguel de Tucumán.

- 64 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

· Transactions with related parties – Policy on conflict of interest

As an authorized financial institution, Banco Macro SA complies with the provisions and reporting requirements established in Financial and Foreign Exchange Entities Act No. 21526 and the regulations issued by the regulatory agency (Central Bank).

As established by law (Argentine Business Company Law No. 19550), specific applicable regulations (Capital Markets Law, as supplementary), professional accounting standards (Technical Resolution No. 21) and best practice recommendations, the Bank reports on the transactions with related parties in notes to the financial statements. Such transactions are carried out under usual market conditions. See also Note 12 to the consolidated Financial Statements.

Under current Argentine legislation, directors are required to perform their duties with the loyalty and diligence of a prudent business man. Directors are jointly and severally liable to the Bank, the shareholders and third parties for a poor performance of duties and infringements to the law, bylaws and regulations, as the case may be, and are responsible for repairing the damages caused by fraud, abuse of authority or negligence.

The loyal duties of a director are considered to include: (i) the ban from using corporate assets and the confidential information to which he/she may have access for personal purposes; (ii) the ban from taking advantage or, due to errors or omissions, allowing a third party to take advantage of the Bank’s business opportunities, (iii) the obligation of acting as director only for the purposes established in the law, the Bank’s bylaws or the intention of the shareholders or the Board of Directors; and (iv) the obligation of taking extreme care so that the acts conducted by the Board of Directors have no direct or indirect effects against the Bank’s interests.

A director should notify the Board of Directors and the Audit Committee about any conflict of interest such director may have in a transaction proposal and should refrain from voting on the matter.

· Public information

The information related to corporate governance at the Bank is included within the transparency policy contained in such precepts and, hence, is available to interested members of the public on the website www.macro.com.ar (“Conocenos” – Relaciones con Inversores) and, www.bancodeltucuman.com.ar (“Información institucional e Inversores”) additionally, some guidelines are disclosed in other notes and exhibits to the accompanying Financial Statements. Moreover, the Bank’s public information is disclosed on the websites of the Central Bank (www.bcra.gob.ar) and the CNV (www.cnv.gob.ar).

In addition, the Bank publishes the Market Discipline Report, pursuant to the guidelines established by the Central Bank for such information regime, in accordance with the criteria of the Basle Banking Supervision Committee, which is available in the Bank’s website.

Within the framework of the Corporate Governance policy, the Board of Directors of the Bank resolved the creation of a Risk Management Committee and appointed a Head of Integral Risk Management.

Its duties includes ensuring that an independent risk management be established, establishing policies, procedures and measurement methodologies and report systems which allow the identification, measurement and monitoring of the risk under its charge and also, the duties of each organizational level in the process.

The risk management process includes the establishment of the exposure limits for each risk by the Board of Directors, a follow-up on the exposure to each limit by the persons in charge, the preparation of regular reports for the Risk Management Committee, a follow-up on the alerts and the implementation of action plans regarding the alerts and the guidelines for developing stress tests.

The system is supplementary with policies and procedures specific to each risk (Financial, Credit, Operational, Counterparty Credit, Country Risk, Securitization, Reputational, Compliance, Strategic Risks, among others).

In addition, the Credit Risk Management area is in charge of interpreting, executing and guaranteeing the application of the General Credit Policy as approved by the Board of Directors, pursuant to the internal and external standards and regulations on the matter. Credit Risk Management reports functionally to the General Manager.

- 65 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Integral Risk Management

The Integral Risk Management area is formed by the Compliance Department and the Risk Management Department, in charge of the Financial Risk, Credit Risk and Operating and Technology Risk areas.

The main procedures carried out by the Risk Management Department are:

· Stress tests

The process of stress test includes documenting and formalizing the program as well as the persons in charge of carrying it out, the frequency of testing and the validation of the system. It also contemplates the Contingency Plan based on the test results. The Risk Management Committee leads and coordinates this application.

· Economic Capital Calculation

The Risk Management Department estimates the economic capital for each one of the individual risks (Market, Liquidity, Interest Rate, Credit, Counterparty Credit, Concentration, Operational, Securitization, Strategic and Reputational) determined for the Bank on a consolidated basis with its subsidiaries with the same scope as the regulation. The methods used to deal with subsidiaries are exactly the same.

The economic capital sufficiency evaluation process is an integral part of the corporate governance and risk management culture of the entities.

Quantified economic capital was implemented as a formal procedure, both currently and prospectively, and is a tool used in the day-to-day management of risks, in preparing the Business Plan and the Stress Tests.

The methods used to measure the economic capital of each risk were documented and approved by the Management, pursuant to the internal rules on Corporate Governance and Risk Management.

The results must serve to support decision-making, including strategic decisions adopted by the Board and the Senior Management. In this way they may:

- Estimate the level and trend of the relevant risks and the effects thereof on capital needs.

- Evaluate the reasonability of the basic assumptions used in the capital measuring system and the sensitivity of the results to changes in those assumptions.

- Determine whether the Bank has sufficient regulatory capital to cover the different risks and if it meets the capital sufficiency goals required.

- Consider its future capital requirements based on the risk profile and, according thereto, introduce the necessary adjustments into the strategic plan.

The essential elements of the capital evaluation include:

- Policies and proceedings ensuring the risk management process.

- A process connecting economic capital with risk level.

- A process establishing capital sufficiency goals based on the risks, taking into account the strategic approach and the business plan.

- An internal control process, in order to secure a comprehensive risk management.

The Bank actively uses guarantees to mitigate its credit risk.

- 66 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Excessive risk concentration:

To avoid excessive risk concentrations, the Bank’s policies and procedures include specific guidelines to focus on keeping a diversified portfolio. The identified credit risk concentrations are controlled and managed accordingly. The selective coverage is used at the Bank to manage risk concentrations both in terms of relationships and industry.

In addition, note that the Bank meets the provisions established by the Central Bank as regards maximum assistance limits to given groups of debtors, in order to atomize the portfolio, reducing credit risk concentration.

The main types of risks that the Bank is exposed to are those related to credit risk, liquidity risk, market risk, interest rate risk, foreign currency risk, price level risk and operational risk.

Minimum capital requirements:

The table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of March 2018, together with the integration thereof (computable equity) as of the end of such month:

Description	03/31/2018
Minimum capital requirements		16,090,112
Computable equity		53,639,084
Capital surplus		37,548,972

The following are the policies and processes aimed at identifying, assessing, controlling and mitigating each one of the main risks:

Credit Risk

The credit risk is the existing risk regarding the possibility for the Bank to incur a loss because one or several customers or counterparties fail to meet their obligations.

In order to manage and control the credit risk, the Bank establishes limits regarding the amount of risk it is willing to accept, so as to monitor the indicators with respect to such limits.

The Board of Directors approves the Bank’s credit policy and credit assessment in order to provide a framework for the creation of businesses to attain an adequate correlation between the risk assumed and profitability. The Bank has procedure manuals that contain guidelines, the compliance with current regulations and the prescribed limits. Such manuals are aimed at achieving the following goals:

§ Achieving an adequate portfolio segmentation by type of customer and by economic sector;

§ Boosting the use of the risk analysis and assessment tools that best adjust to the customer’s profile;

§ Setting consistent standards for granting loans, following conservative parameters based on the customer’s solvency, cash flows and profitability in the case of companies, and revenues and equity in the case of individuals;

§ Setting limits to individual powers for granting loans depending on the amount, promoting the existence of specific committees that, according to their sphere of competence, will be in charge of defining assistance levels;

§ Optimizing the quality of risks assumed, having appropriate guarantees according to the loan term and the level for the risk involved; and

§ Monitoring the loan portfolio and the level of customers’ compliance permanently.

Credit risk management implies the existence of a structure having the necessary characteristics to achieve the organizational goals in all stages of the credit cycle: admission, follow-up, monitoring and recovery.

The risk assessment process varies depending on whether it’s about Corporate Banking customers or Consumerl Banking customers.

- 67 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

For the assessment of customers of the Corporate Banking segment, the Bank features different systems and methods involving several responsible levels and which become more complex according to the magnitude of the transactions, as to amounts and type of assistance, weighted by terms and existing coverage.

When transactions exceed in amount the authorization instances by delegated powers or through the decentralized risk applications/systems, ratings are approved at Credit Committees. The powers vested on the different decision-making bodies are continuously reviewed, in order to adjust them to the number of transactions the Bank faces and optimize the credit risk rating.

The risk analysis of assistance discussed in Credit Committees is performed at the Corporate Risk Management Department: specialized risk analysts prepare separate Risk Reports per client or Economic Group, which serves to support the credit decisions made by Committee members.

Risk reports include –at least- information regarding the application of the loans and their repayment source, debtor’s historical and current behavior and the economic group to which debtor belongs; debtor’s repayment capacity based on debtor’s cash flows; the guarantees that shall secure the obligations, the ownership situation of such collaterals, enforcement possibilities and their sensibility to changes in the economy; the market in which debtor operates and debtor’s position; debtor’s equity, economic and financial position and debtor’s possibility to access to loans.

The resolutions of the Committees include the terms and conditions applicable to the assistance regarding amount, currency, terms, coverage with guarantees, follow-up provisions, etc. Committee decisions are based on debtor’s risk of non-performance and only on secondary basis on debtor’s equity and risk mitigating factors of the transaction.

Credit risk assessment for Consumer Banking customers, assessment systems are based mainly on a qualification score and certain maximum indebtedness and installment/income relationship rules.

There are specific rules regarding debtor’s file integration, in order to duly document the data entered into the assessment systems. Credit risk officers also define a credit power regime based on the margins to be approved and –if applicable- the admitted exceptions.

The Bank features processes to detect interrelated debtor groups that must be considered as a single customer (economic groups) and to group risk exposures with the same debtor or counterparty in different credit facilities.

Before credit rating approval, the Bank performs a series of controls in order to mitigate related credit risks, as well as to conform the transactions to the regulatory framework of technical relationships.

The Bank features a formal, strong and well-defined process to manage loans experiencing any problem. Proceedings vary according to the type of portfolio and the delinquency status.

To mitigate credit risk, the Bank requests the granting of guarantees on the agreed financing. A particular area of the Credit Risk Management Department is responsible for the administration of all guarantees received by the Bank, as well as of the periodic evaluation and update of the value thereof, in order to monitor the quality of risk mitigants.

Classification of debtors:

As general classification and allowance policy, the Bank adheres to the rules issued by the Central Bank on this matter, which provide for the classification of debtors, grouping levels in decreasing order of quality, in direct relation to the uncollectibility risk derived from different situations.

Classification guidelines also vary depending on whether they are commercial loans or consumer loans.

The basic criterion to classify the commercial loans portfolio is the future payment capacity of customer’s financial commitments. Banco Macro reviews the classification of customers included in this portfolio respecting the minimum regularity established by the Central Bank, which provides as general rule an annual review of such classification, growing to a semi-annual or quarterly frequency based on the increasing order of the debt.

- 68 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

On the total debt of each customer at the end of the month, the Bank applies the following minimum allowance rates, based on the classification level allocated to customer:

Debtor’s category	With Preferred B Collateral			Without Preferred Collateral
1 – Normal Situation / Performing – Assistance w/ Pref. A Collateral		1	%		1	%
2 - a) Under observation		3	%		5	%
2 - b) Under negotiation or with refinancing agreements		6	%		12	%
3 – With trouble		12	%		25	%
4 – With high risk of insolvency		25	%		50	%
5 – Irrecoverable		50	%		100	%
6 – Irrecoverable according with Central Bank standars		100	%		100	%

For the classification of commercial portfolio customers with debts of up to AR $5 million, the Central Bank authorizes the Bank to follow a simplified method comparable to the consumer loan portfolio, based on days of arrears:

Classification levels (1)	Arrears
1 – Normal	Up to 31 days
2 – Low risk	Up to 90 days
3 – Medium risk	Up to 180 days
4 – High risk	Up to 1 year
5 – Irrecoverable	More than a year

(1) The criterion defined to classify customers in Level 6 of the commercial portfolio also applies to the commercial portfolio comparable to consumer loans.

On the total debt of each customer at the end of the month, the Bank shall apply the following minimum provisioning levels, based on the classification level allocated to customer:

Debtor category	With Preferred B Collateral			Without Preferred Collateral
1 – Normal Situation / Performing – Assistance w/ Pref. A Collateral		1	%		1	%
2 – Low risk		3	%		5	%
3 – Medium risk		12	%		25	%
4 – High risk		25	%		50	%
5 – Irrecoverable		50	%		100	%
6 - Irrecoverable according with Central Bank standars		100	%		100	%

For consumer loan portfolio, the classification criterion is objective and based on the highest level of arrears verified per customer. The Central Bank defines classification levels according to the days of arrears recorded at the end of the month. Notwithstanding the above, the Bank applies a more conservative criterion for irrecoverable loans, since it includes in such category all consumer loan portfolio having more than 250 days of arrears:

Classification levels (1)	Arrears for the Central Bank	Arrears for the Bank
1 – Normal	Up to 31 days	Up to 31 days
2 – Low risk	Up to 90 days	Up to 90 days
3 – Medium risk	Up to 180 days	Up to 180 days
4 – High risk	Up to 1 year	Up to 250 days
5 – Irrecoverable	More than a year	More than 250 days

(1) The criterion defined to classify customers in Level 6 of the commercial portfolio also applies to the consumer loan portfolio.

- 69 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

On the total debt of each customer at the end of the month, the Bank shall apply the following minimum provisioning levels, based on the classification level allocated to customer:

Debtor category	With Preferred B Collateral			Without Preferred Collateral
1 - Normal Sit – Assistance w/ Pref A Collateral		1	%		1	%
2 – Low risk		3	%		5	%
3 – Medium risk		12	%		25	%
4 – High risk		25	%		50	%
5 – Irrecoverable		50	%		100	%
6 - Irrecoverable according with Central Bank standars		100	%		100	%

Additional allowance policy:

Pursuant to the Bank’s commitment to keep an adequate coverage of allowances on the loan portfolio, the Bank performs periodic reviews of the portfolio situation and of the Allowance Policy, applying –to the extent the Board deems appropriate- provisioning criteria exceeding the regulatory minimum allowances.

Even taking into account the temporary exception under Central Bank Communiqué “A” 6114, the quantification of accounting allowances tends to converge towards Expected Credit Loss (IFRS) criteria, since it is principally based on the recognition of expected losses on the basis of the consideration of the events that affect debtor’s credit risk at the time of the analysis thereof (among them, changes in the economic environment and the estimated behavior of the portfolio according to such environment), instead of waiting for such loss to gradually grow as the number of days in arrears increase.

Portfolio quality

The Bank presents in Exhibit B “Classification of loans and other financing by situation and collateral received” to the accompanying financial statements, a breakdown of loans and other financing in classification levels and collateral received.

In addition, the table below shows the analysis by aging of performing loans in arrears (in days):

03/31/2018
	Delinquent, performing
Portfolio Type	0 to 31			From 32 to 90			From 91 to 180			From 181 to 360			Over 360
Commercial loans		99.3	%		0.6	%		0.1	%		0.0	%		0.0	%
Comparable loans		99.7	%		0.3	%		0.0	%		0.0	%		0.0	%
Consumer loans		100.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Total		99.7	%		0.3	%		0.0	%		0.0	%		0.0	%

12/31/2017
	Delinquent, performing
Portfolio Type	0 to 31			From 32 to 90			From 91 to 180			From 181 to 360			Over 360
Commercial loans		99.5	%		0.5	%		0.0	%		0.0	%		0.0	%
Comparable loans		99.9	%		0.1	%		0.0	%		0.0	%		0.0	%
Consumer loans		100.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Total		99.8	%		0.2	%		0.0	%		0.0	%		0.0	%

- 70 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

12/31/2016
	Delinquent, performing
Portfolio Type	0 to 31			From 32 to 90			From 91 to 180			From 181 to 360			Over 360
Commercial loans		99.5	%		0.4	%		0.0	%		0.0	%		0.0	%
Comparable loans		99.9	%		0.1	%		0.0	%		0.0	%		0.0	%
Consumer loans		100.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Total		99.8	%		0.2	%		0.0	%		0.0	%		0.0	%

The following is an analysis of the Bank’s financial assets by activity before and after considering the guarantees received:

Banco Macro SA (Consolidated Information)

	Gross exposure as of 03/31/2018		Net exposure as of 03/31/2018 (3)		Gross exposure as of 12/31/2017		Net exposure as of 12/31/2017 (3)
TOTAL PORTFOLIO (1+2+3)		152,271,453		129,011,099		136,585,709		115,473,070
1.PUBLIC SECTOR		1,896,926		1,896,926		1,898,650		1,898,617
2.FINANCIAL SECTOR		4,081,762		4,081,762		3,551,991		3,551,991
3.PRIVATE SECTOR		146,292,765		123,032,411		131,135,068		110,022,462
CROPS, CATTLE AND OTHER AGRICULATURAL ACTIVITIES		11,966,313		5,961,787		10,997,119		5,329,584
1-Crops		7,623,312		3,516,104		7,115,429		3,265,844
2-Stockbreeding		2,775,049		1,679,418		2,634,672		1,581,600
3-Other activities (1)		1,567,952		766,265		1,247,018		482,140
MANUFACTURING INDUSTRY		24,582,901		20,663,058		20,051,179		15,984,242
1-Production of food, beverage and dairy products		6,976,892		5,290,046		6,319,006		4,595,337
2-Production of oil and fat		2,156,799		2,119,986		1,135,045		1,090,790
3-Chemical and Pharmaceutical		2,520,627		2,335,847		1,136,218		933,604
4-Metallurgical		3,219,672		2,944,495		3,365,248		3,089,637
5- Other industries (1)		9,708,911		7,972,684		8,095,662		6,274,874
COMMERCIAL ACTIVITIES		12,660,329		8,997,282		10,946,278		7,161,135
1-Wholesale		6,239,926		4,078,848		6,036,460		3,745,140
2-Retail		5,054,575		3,931,829		3,434,122		2,341,145
3-Other activities (1)		1,365,828		986,605		1,475,696		1,074,850
CONSTRUCTION ACTIVITIES		5,657,548		4,346,535		6,495,115		5,232,475
PERSONAL SERVICIES		3,583,816		3,231,459		3,206,833		2,884,642
TRANSPORT ACTIVITIES		2,707,321		1,126,312		2,830,378		1,197,000
INVIDIDUALS		73,678,872		68,774,380		66,409,575		63,283,416

- 71 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

	Gross exposure as of 03/31/2018		Net exposure as of 03/31/2018 (3)		Gross exposure as of 12/31/2017		Net exposure as of 12/31/2017 (3)
EXPLOTATION OF MINES AND QUARRIES		3,008,460		2,929,026		3,015,318		2,938,138
FINANCIAL INTERMEDIATION AND INSURANCE SERVICES		1,875,526		1,781,419		796,761		665,613
OTHER INDUSTRIES (2)		6,571,679		5,221,153		6,386,508		5,346,217

Banco Macro SA (Separate Information)

	Gross exposure as of 03/31/2018		Net exposure as of 03/31/2018 (3)		Gross exposure as of 12/31/2017		Net exposure as of 12/31/2017 (3)
TOTAL PORTFOLIO (1+2+3)		140,369,255		117,844,898		125,749,816		105,274,577
1.PUBLIC SECTOR		1,890,311		1,890,311		1,891,922		1,891,922
2.FINANCIAL SECTOR		4,833,961		4,833,961		4,472,531		4,472,531
3.PRIVATE SECTOR		133,644,983		111,120,626		119,385,363		98,910,124
CROPS, CATTLE AND OTHER AGRICULATURAL ACTIVITIES		11,793,197		5,868,572		10,804,946		5,231,228
1-Crops		7,455,968		3,425,464		6,929,132		3,170,018
2-Stockbreeding		2,769,277		1,676,843		2,628,796		1,579,070
3-Other activities (1)		1,567,952		766,265		1,247,018		482,140
MANUFACTURING INDUSTRY		24,505,740		20,647,368		19,963,210		15,965,715
1-Production of food, beverage and dairy products		6,913,839		5,286,398		6,250,423		4,593,501
2-Production of oil and fat		2,156,799		2,119,986		1,135,045		1,090,790
3-Chemical and Pharmaceutical		2,515,501		2,331,109		1,129,495		927,709
4-Metallurgical		3,216,681		2,941,819		3,362,773		3,087,549
5- Other industries (1)		9,702,920		7,968,056		8,085,474		6,266,166
COMMERCIAL ACTIVITIES		12,505,310		8,876,930		10,786,084		7,039,176
1-Wholesale		6,176,348		4,037,752		5,971,095		3,703,950
2-Retail		4,988,573		3,874,945		3,375,120		2,292,125
3-Other activities (1)		1,340,389		964,233		1,439,869		1,043,101
CONSTRUCTION ACTIVITIES		5,473,872		4,185,622		6,364,801		5,127,408
PERSONAL SERVICIES		3,531,490		3,195,075		3,152,346		2,847,824
TRANSPORT ACTIVITIES		2,661,996		1,096,502		2,706,116		1,163,227
INVIDIDUALS		61,867,733		57,478,426		55,492,905		52,728,339
EXPLOTATION OF MINES AND QUARRIES		3,007,097		2,927,663		3,013,045		2,935,865

- 72 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

	Gross exposure as of 03/31/2018		Net exposure as of 03/31/2018 (3)		Gross exposure as of 12/31/2017		Net exposure as of 12/31/2017 (3)
FINANCIAL INTERMEDIATION AND INSURANCE SERVICES		1,779,672		1,661,233		690,247		559,099
OTHER INDUSTRIES (2)		6,518,876		5,183,235		6,411,663		5,312,243

(1) Includes activities representing less than 1% of total financing.

(2) Includes the economic sectors representing less than 1% of total financing.

(3) The result of deducting from “Gross Exposure” the amounts of Guarantees Received for the financing facilities and other improvements received.

Determination of maximum exposure to credit risk

The table below shows the determination of the maximum exposure from the Bank’s financing assets by type of assets.

Banco Macro SA (Consolidated Information)	Gross maximum exposure as of 03/31/2018		Net maximum exposures as of 03/31/2018 (1)		Gross maximum exposure as of 12/31/2017		Net maximum exposures as of 12/31/2017 (1)
Financial assets measured at fair value		35,213,251		35,212,251		38,611,704		38,611,704
Financial assets measured at amortized cost		38,060,057		38,060,057		44,353,161		44,353,161
Derivative financial assets		4,562		4,562		8,228		8,228
Loans and other financing		147,618,804		107,758,738		132,657,534		93,550,339

Banco Macro SA (Separatel Information)	Gross maximum exposure as of 03/31/2018		Net maximum exposures as of 03/31/2018 (1)		Gross maximum exposure as of 12/31/2017		Net maximum exposures as of 12/31/2017 (1)
Financial assets measured at fair value		33,331,291		33,331,291		36,847,646		36,847,646
Financial assets measured at amortized cost		33,871,110		33,871,110		40,537,547		40,537,547
Derivative financial assets		4,532		4,532		7,664		7,664
Loans and other financing		135,956,101		97,203,546		122,173,846		84,033,984

(1) The result of deducting from “Gross Exposure” the amounts of Guarantees Received for the financing facilities and other improvements received.

In turn, Exhibit R “Value correction for credit losses – Allowance for uncollectibility risk” to the accompanying Condensed consolidated interim financial statements shows the allowances for uncollectibility risk at the beginning and at the end of the year, disclosing as well increases, reversals and charge off.

- 73 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

Collateral and other credit improvements

The table below shows the types of guarantees received:

	Fair Value
Consolidated Information	03/31/2018		12/31/2017		12/31/2016
Pledges on time deposits		418,093		442,585		523,568
Deferred payment cheques		3,620,372		4,080,323		2,268,792
Mortgage on real property		12,660,085		10,055,974		5,260,024
Pledges on vehicles and machinery		4,243,673		4,244,951		2,303,932
Pledges on personal property		602,829		757,750		547,744
Derivative financial assets						159,837
Other		18,456,657		19,665,708		11,052,223
Total		40,001,709		39,247,291		22,116,120

	Fair Value
Separate Information	03/31/2018		12/31/2017		12/31/2016
Pledges on time deposits		412,843		438,434		520,570
Deferred payment cheques		3,483,441		3,943,307		2,046,263
Mortgage on real property		12,044,232		9,555,511		5,050,023
Pledges on vehicles and machinery		4,165,930		4,160,059		2,232,668
Pledges on personal property		602,829		757,750		547,744
Derivative financial assets						159,837
Other		18,043,280		19,284,801		10,704,000
Total		38,752,555		38,139,862		21,261,105

Liquidity Risk

Liquidity risk is defined as the risk of imbalances occurring between marketable assets and payable liabilities (“mismatches” between payments and collections) that could affect the Bank's ability to meet all of its current and future financial obligations, taking into consideration the different currencies and settlement terms of its rights and obligations, without incurring significant losses.

The Bank features policies regarding liquidity, the purpose of which is to manage liquidity efficiently, optimizing cost and diversification of funding sources, and maximizing the profit from placements through prudent management that ensures the necessary funds to allow the continuity of transactions and compliance with the rules and regulations in force.

In order to reduce the liquidity risk deriving from the uncertainty that the Bank may be exposed to with respect to its capacity to honor the financial commitments assumed with its customers in due time and manner, a policy has been established, the main aspects of which are as follows:

Assets: a high-liquidity assets portfolio will be maintained to cover at least 25% of total liabilities, comprising deposits, the corporate bonds issued by the Bank, the repo agreements taken and the financial and interbank loans borrowed.

Liabilities: to minimize the unintended effects of illiquidity, deriving from the possible withdrawal of deposits and the repayment of interbank loans taken. For this purpose, the Bank has implemented the following policies, the follow-up and control of which are under the charge of the Assets and Liabilities Committee:

a) Giving priority to the attraction of retail deposits in order to have an atomized portfolio, avoiding the risk of concentrating the portfolio in a few investors. The level of retail deposits is expected to be at least 50% of total deposits.

b) The interest held in time deposit portfolio of institutional investors (foreign investors, mutual funds, insurance companies and pension fund managers) shall not exceed 15% of total liabilities.

c) The certificates of deposit taken shall not exceed 5% of total time deposit, or a fixed amount determined by the Bank.

d) No investor may have time deposit for an amount exceeding 10% of the total deposits portfolio.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

e) Finally, financial and interbank loans borrowed may not exceed 20% of total liabilities. No institution can exceed 50% of such limit.

In addition, the Bank implemented a series a risk measurement and control tools, including the regular monitoring of liquidity gaps, separated by currency, as well as different liquidity ratios, included “bi-monetary liquidity ratio”, “LCR” and “NSFR”, among others.

The Executive Risk Management Department regularly monitors compliance of the different levels set by the Board of Directors in relation to liquidity risk, which include minimum levels of liquidity, maximum concentration levels allowed by type of deposit and by type of customer, among others.

The Bank features policies regarding liquidity, the purpose of which is to manage liquidity efficiently, optimizing cost and diversification of funding sources, and maximizing the profit from placements through prudent management that ensures the necessary funds to allow the continuity of transactions and compliance with the rules and regulations in force.

In the event of a liquidity crisis, the Bank has a contingency plan with the following actions:

a) Sale of high-liquidity assets;

b) Repo agreements with the Central Bank with assets issued thereby, which are held in the Bank’s portfolio;

c) Limiting any new credit assistance; and

d) Requesting financial assistance from the Central Bank in the event of illiquidity. Current Central Bank rules set forth the criteria to grant financial assistance to financial institutions in the event of illiquidity problems.

The following table shows the liquidity ratios during the fiscal years 2018, 2017, 2016 and 2015, which arise from dividing net liquid assets, made up of cash and cash equivalents, by total deposits.

	2018			2017			2016			2015
December, 31		42.80	%		47.00	%		45.68	%		42.75	%
average		44.80	%		46.20	%		45.92	%		40.39	%
max		49.25	%		51.90	%		53.69	%		45.16	%
min		42.23	%		40.84	%		39.61	%		36.26	%

The Bank discloses in Exhibit D “Breakdown of loans and other financing by terms” and Exhibit I “Breakdown of financial liabilities by residual terms” to the accompanying Condensed consolidated interim financial statements the breakdown by contractual maturity, of financial assets and liabilities, respectively.

Market Risk

Market risk is defined as the possibility of suffering losses in positions on and off the Bank's balance sheet as a result of the adverse fluctuations in the market prices of different assets.

Market risks arise from interest rate, currency and price positions, all of which are exposed to general and specific market changes and changes in the price volatility such as interest rates, credit margins, foreign currency exchange rates and prices of shares and securities, among others.

The Bank determines the market risk exposure arising from the fluctuation in the value of portfolios of investments for trading, which result from changes in market prices, the Bank's net positions in foreign currency, and government and private securities with normal quoted prices.

These risks arise from the size of the Bank’s net positions and/or the volatility of the risk factors involved in each financial instrument.

- 75 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

The Bank features Market Risk Management Policies in which the Bank establishes the proceedings to monitor and control of risks derived of the variations in the quotes of financial instruments in order to optimize the risk-return relationship, making use of the appropriate structure of limits, models and management tools. In addition, the Bank features proper tools and proceedings allowing the Risk Management Committee and the Assets and Liabilities Committee to measure and administer this risk.

Risks to which those investment portfolios are exposed are monitored through historical simulation techniques of “Value at Risk” (VaR). The Bank applies the VaR methodology to calculate the market risk of the main positions adopted and the expected maximum loss based on a series of assumptions for a variety of changes in market conditions.

The Bank calculates the economic capital by market risk using the Value at Risk methodology, using the historical simulation approach.

In order to carry out the above mentioned simulation, the Bank needs to have the Price historical series of those instruments that compose the portfolio.

Prices are corrected by purging the effects of coupon payments and dividend payments, in the case of shares, in order to avoid affecting returns.

In this way the Bank obtains the prices of business days for each instrument between the valuation date and the oldest date, the latter to be established based on the days of history with which the Bank intends to calculate VaR.

Once the Bank has obtained the Price matrix, it proceeds to calculate price variations (10-days returns since it is the established Holding Period) occurred in the history during a period of time similar to the chosen holding period, for each instrument separately, obtaining the return matrix.

With the return matrix, in order to generate the different simulations of prices of each of the “n” instruments, the Bank multiplies the current price of each instrument by the relevant returns.

In order to get the portfolio simulations, the Bank multiplies instrument simulations by the position of each instrument in the portfolio and adds the positions of all instruments for each date.

Once all simulations are completed, the Bank obtains the critical value of the portfolio, giving the relevant percentage to confidence level chosen (99% confidence level).

Finally, the Economic Capital by market risk is obtained as the difference between the current value of the portfolio and the critical value previously obtained.

Interest Rate Risk

The interest rate risk is defined as the possibility that changes occur in the Bank's financial condition as a result of interest rate fluctuations with a negative impact on net financial income and its economic value.

Within the framework of the interest rate risk management the Bank features a series of policies, procedures and internal controls included in the Structural Risk Management Manual for this kind of risk.

The Bank calculates the risk of interest rate mismatches by making a sensitivity analysis of changes in the net value of assets upon an interest rate increase through the economic value approach with a VaR model.

For this purpose, the maximum potential loss in the net economic value of the assets and liabilities portfolio is determined considering a period of three months with a 99% confidence interval.

The EVM (Economic Value Model) is determined as the net sum of cash flows (losses) that the Bank can generate, discounted at market interest rate curve for each accounting item. If the market interest rate curve (used for the discount) is affected, the effect of such variation impacts directly on the Economic Value of the Bank. Generally speaking, reports related to EVM seek to analyze the Bank’s long-term solvency.

It is noteworthy that the use of that approach does not avoid losses beyond those limits in the event of the most significant market changes.

- 76 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

As of December 31, 2017 and 2016, the Bank’s VaR by type of risk is as follows:

VaR of the trading and investment portfolio	12/31/2017		12/31/2016
Interest rate risk		3574		1822
Currency Exchange rate risk		37		30
Price risk		35		57

Foreign Currency Exchange Rate Risk

The Bank is exposed to fluctuations in foreign currency exchange rates in its financial position and cash flows. The larger proportion of assets and liabilities kept are related to US dollars.

The foreign currency position includes assets and liabilities reflected in pesos at the exchange rate as of the closing dates mentioned below. An institution’s open position comprises assets, liabilities and memorandum accounts stated in foreign currency, where an institution assumes the risk. Any devaluation / revaluation of those currencies would affect the Bank’s statement of income.

Foreign currency transactions are performed at the supply and demand exchange rates. The Bank’s open position, stated in Argentine pesos by currency, is disclosed in Exhibit L “Foreign currency balances” to the accompanying Condensed consolidated interim financial statements.

Operational Risk

Operational risk is defined as the risk of loss arising from the inadequacy or failure of internal processes, human errors and/or internal system failures, or those originated by external events. This definition includes the Legal Risk but excludes the Strategic Risk and Reputational Risk.

Within such framework, the legal risk –which may occur from within the Bank or externally- comprises, among other aspects, the exposure to penalties, sanctions or other economic consequences or results for failure to comply with any rule or regulation or contractual obligation.

On the other hand, the Bank implemented an operational risk management system that meets the guidelines and provisions established by the Central Bank in its Communiqué “A” 5398, as amended, and under Communiqué “A” 5272 the Central Bank provided for a minimum capital requirement under this description, effective as of February 1, 2012.

The operating risk management system is formed by:

a) Organizational structure: the Bank has an Operational Risk Management that is in charge of managing operational risk and a Risk Management Committee.

b) Policies: the Bank has a “Policy for the Operational Risk Management” approved by the Board of Directors, which define the main concepts, roles and responsibilities of the Board of Directors, the Operational Risk Committee, the Operational Risk and Technology Management and all the areas involved in this risk management.

c) Procedures: the Bank features a procedure for the “Gathering of events and losses from Operational Risk” that includes a process to gather the Operational Events and Losses to register on a systematic basis the frequency, severity, category and other relevant aspects related to the events and losses from Operational Risk.

d) The objective is to assess the Bank’s situation upon occurrence of events, in order to better understand the Operational Risk profile and, if applicable, take the necessary corrective actions.

In addition, the bank has a procedure that establishes the guidelines to prepare risk self-assessments and, in the event of risks exceeding allowed tolerance levels, guidelines to establish risk indicators and action plans.

e) Systems: the Bank has a comprehensive system that allows managing all Operational and Technology Risks.

f) Database: The Bank has an operational risk event database prepared pursuant to the guidelines established in Communiqué “A” 4904, as supplementary.

- 77 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

g) Information systems to measure risks: The Risk Management Department generates and sends, on a quarterly basis, reports to the Board of Directors, the Risk Management Committee and the Senior Management. With such reports the Risk Management Department communicates the results of the follow-up of the management of the main risks to which the Bank is exposed. Each report contains information on risk measurement, evolution, trends, principal exposures, control of main limits and the capital level required for each type of risk.

At the meeting of the Integral Risk Management Committee, the Risk Management Department shall submit for consideration the results of the performance of such department and the reports issued during the period under analysis. The resolutions adopted by the Committee shall be recorded in Minutes to be considered by the Board of Directors, who shall subsequently approve, in this manner, the performance and risk level of the analyzed period.

h) Stress tests: stress tests are a support tool to manage risks and a supplement of the results reported by the measurement models of the different risks, which in general show risk measurements that are valid for “normal situations”.

They also are an instrument to evaluate the risk profile since they are used to quantify the potential impact in a situation of significant fluctuation of the variables affecting each risk. Stress tests are as well used in the process of internal assessment of economic capital sufficiency.

Stress tests are aimed at evaluating the Bank’s financial vulnerability potential faced with the sensibility of the main variables affecting each risk. Generally, it is considered a variation of low probability of occurrence, but if materialized may cause significant excess of the tolerance limits established for each risk.

i) Assessment of economic capital sufficiency: each year, the Bank calculates the economic capital for those risks which, for their significance, may, eventually, affect the Bank’s solvency.

At present, the Bank calculates the economic capital of the following risks: Credit, Concentration, Market, Operational, Interest Rate, Liquidity and Concentration of Funding Sources, Securitization, Reputational and Strategic.

Risk management is directly related to economic capital assessment. Thus, it is expected that with a better management and follow-up, the Bank will need to allocate less amount of capital.

Based on the internal models developed, Banco Macro manages its risks, determines its risk profile and calculates, therefore, the necessary capital to develop its activities and businesses, adjusting each risk to its relevant exposure level.

j) Transparency: As a supplement to this Manual and as part of the Corporate Governance policy, the Bank features an Information Policy aimed at allowing shareholders, investors and the market in general to evaluate aspects of the Bank related to capital, risk exposure, risk assessment procedures and capital adequacy.

42. ADDITIONAL DISCLOSURES

The table below shows the amounts corresponding to the detail of Government and private debt securities as of March 31, 2018, December 31, 2017 and 2016.

DESCRIPTION	03/31/2018		12/31/2017		12/31/2016
Debt securities at fair value through profit or loss
Government debt securities		566,287		720,015		276,780
Private securities		38,908		366,013		55,701
Total debt securities at fair value through profit or loss		605,195		1,086,028		332,481

- 78 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 45)

(Figures expressed in thousands of Pesos)

DESCRIPTION (contd.)	03/31/2018		12/31/2017		12/31/2016
Other debt securities
At fair value through OCI
Government debt securities		1,105,349		1,090,423		3,983,642
Central Bank internal bills		32,968,625		32,655,908		15,132,569
Private securities				18,583		423,456
At amortized cost
Government debt securities		116,908		121,723		124,885
Private securities		554,801		817,128		730,947
Total other debt securities		34,745,683		34,703,765		20,395,499
Equity instruments
At fair value through profit or loss		110,231		282,659		406,868
Total equity instruments		110,231		282,659		406,868

43. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT OF THE FINANCIAL AND CAPITAL SYSTEM

The international and local macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of political events and the level of economic growth, among other issues. In addition, at a local level, there is an increase in the prices for other relevant economic variables, such as salary costs, interest rates, quotes and prices of the main raw materials.

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

44. EVENTS AFTER REPORTING PERIOD

No events occurred between the end of the reporting period and the issuance of the accompanying condensed consolidated interim Financial Statements that may materially affect the financial position or the profit and loss for the period, not disclosed in the accompanying Financial Statements.

45. ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These Condensed consolidated interim financial statements are presented in accordance with the accounting framework established by the Central Bank, as mention in Note 3. These accounting standards may not conform with accounting principles generally accepted in other countries.

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 79 -

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos) 

	03/31/2018		12/31/2017		12/31/2016
COMMERCIAL
In normal situation		56,138,563		48,364,751		34,766,790
With Senior “A” guarantees and counter-guarantees		3,586,677		3,822,852		2,545,541
With Senior “B” guarantees and counter-guarantees		8,296,067		7,594,429		5,297,800
Without Senior guarantees or counter-guarantees		44,255,819		36,947,470		26,923,449
Subject to special monitoring		336,826		299,221		27,887
In observation
With Senior “A” guarantees and counter-guarantees		4,361		6,042
With Senior “B” guarantees and counter-guarantees		120,672		66,613		18,875
Without Senior guarantees or counter-guarantees		211,793		226,566		9,012
Troubled		33,012		37,164		50,039
With Senior “A” guarantees and counter-guarantees				3,441
With Senior “B” guarantees and counter-guarantees		21,528		22,971		50,039
Without Senior guarantees or counter-guarantees		11,484		10,752
With high risk of insolvency		138,165		144,001		137,431
With Senior “A” guarantees and counter-guarantees		388		729		1,882
With Senior “B” guarantees and counter-guarantees		103,313		86,437		61,374
Without Senior guarantees or counter-guarantees		34,464		56,835		74,175
Irrecoverable		50,965		6,500		7,372
With Senior “B” guarantees and counter-guarantees		18,605				813
Without Senior guarantees or counter-guarantees		32,630		6,500		6,559
Subtotal Commercial		56,697,531		48,851,637		34,989,519

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 80 -

EXHIBIT B

(Continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	03/31/2018		12/31/2017		12/31/2016
CONSUMER AND MORTGAGE
Performing		92,500,842		85,407,541		55,204,350
With Senior “A” guarantees and counter-guarantees		1,913,915		2,140,761		771,053
With Senior “B” guarantees and counter-guarantees		9,068,692		7,272,856		2,573,886
Without Senior guarantees or counter-guarantees		81,518,235		75,993,924		51,859,411
Low risk		1,604,453		1,050,600		555,222
With Senior “A” guarantees and counter-guarantees		12,463		7,823		1,486
With Senior “B” guarantees and counter-guarantees		53,065		32,681		20,699
Without Senior guarantees or counter-guarantees		1,538,925		1,010,096		533,037
Medium risk		763,942		647,332		443,357
With Senior “A” guarantees and counter-guarantees		821		1,447		3,188
With Senior “B” guarantees and counter-guarantees		19,096		13,672		7,676
Without Senior guarantees or counter-guarantees		744,025		632,213		432,493
High risk		518,232		479,925		317,466
With Senior “A” guarantees and counter-guarantees		476		496		2,099
With Senior “B” guarantees and counter-guarantees		21,882		18,106		20,486
Without Senior guarantees or counter-guarantees		495,874		461,323		294,881
Irrecoverable		185,948		148,425		92,508
With Senior “B” guarantees and counter-guarantees		16,191		18,375		18,222
Without Senior guarantees or counter-guarantees		169,757		130,050		74,286
Irrecoverable according to Central Bank's rules		505		249		210
Without Senior guarantees or counter-guarantees		505		249		210
Subtotal consumer and mortgage		95,573,922		87,734,072		56,613,113
Total		152,271,453		136,585,709		91,602,632

This exhibit disclosures the contractual figures as established by Central Bank of Argentina. The conciliation with the condensed consolidated interim balance sheet, is listed below:

	As of 03/31/2018
Loans and other financing		147,618,804
+ Allowances for loans and other financing losses		3,015,535
+ Amortized cost and fair value adjustment		293,887
+ Private securities - Debt Securities in Financial Trusts		560,339
Guarantees provided and contingent liabilities		782,888
Total computable concepts		152,271,453

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 81 -

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND OTHER FINANCING

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	03/31/2018				12/31/2017				12/31/2016
Number of customers	Cutoff balance		% of total portfolio		Cutoff balance		% of total portfolio		Cutoff balance		% of total portfolio
10 largest customers		11,617,674		7.63		10,886,705		7.97		6,363,324		6.95
50 next largest customers		14,435,878		9.48		11,082,657		8.11		9,003,785		9.83
100 next largest customers		8,986,743		5.90		7,511,713		5.50		5,580,023		6.09
Other customers		117,231,158		76.99		107,104,634		78.42		70,655,500		77.13
Total		152,271,453		100.00		136,585,709		100.00		91,602,632		100.00

(1) See Exhibit B

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 82 -

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Remaining terms 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 - Central Bank		218		119,124		145,310		268,186		581,312		930,085		733,895		2,778,130
Financial sector				1,387,902		943,279		617,696		607,217		880,580		47,293		4,483,967
Non-financial private sector and foreign residents		1,024,674		43,328,997		19,524,011		18,597,832		23,557,459		33,199,624		61,010,219		200,242,816
Total		1,024,892		44,836,023		20,612,600		19,483,714		24,745,988		35,010,289		61,791,407		207,504,913

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Remaining terms 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 - Central Bank				51,827		225,501		183,337		543,855		982,347		876,255		2,863,122
Financial sector				892,707		452,162		715,857		767,396		1,009,635		259,275		4,097,032
Non-financial private sector and foreign residents		889,510		36,721,574		18,795,821		17,988,857		20,395,038		30,679,594		53,884,831		179,355,225
Total		889,510		37,666,108		19,473,484		18,888,051		21,706,289		32,671,576		55,020,361		186,315,379

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 83 -

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Remaining terms 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 - Central Bank				748,521		127,713		384,876		142,487		272,196		230,432		1,906,225
Financial sector				404,396		516,771		488,482		389,927		255,790		74,260		2,129,626
Non-financial private sector and foreign residents		542,275		29,757,384		13,015,559		12,247,535		13,861,833		19,345,839		25,649,597		114,420,022
Total		542,275		30,910,301		13,660,043		13,120,893		14,394,247		19,873,825		25,954,289		118,455,873

This exhibit disclosures contractual cash flows that include interests and accesories to be accrued until maturity of the contracts.

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 84 -

EXHIBIT E

CONSOLIDATED DETAILED INFORMATION ON INTERESTS IN OTHER COMPANIES

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

														Information of the issuer
	Shares of interest														Data from latest financial statements
Name	Class	Unit face value		Votes per share		Number		Amount 03/31/2018		Amount 12/31/2017		Amount 12/31/2016		Main business activity	Year- end date / Period	Capital stock		Shareholders' equity		Income for the year / Period
In complementary services companies
Associates and joint ventures
Local
Prisma Medio de Pagos	Common		1		1		1,141,503		196,568		142,600		67,583	Processing services	12-31-17		15,000		2,511,180		2,432,494
Joint Ventures (UTE)									90,760		75,520		56,001	Management of tax services
Subtotal local									287,328		218,120		123,584
Total in complementary services associates companies and join ventures									287,328		218,120		123,584
Total in complementary servicies companies									287,328		218,120		123,584
In other asociates
- Associates and joint ventures
Local
Macro Warrants S.A.	Common		1		1				671		827		684	Issue of warrants	12-31-17		1,000		13,417		884
Subtotal local									671		827		684
Total in other asociates									671		827		684
Total investments in other companies									287,999		218,947		124,268

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 85 -

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Origination Value at beginning		Useful life						Depreciation for the period								Residual value at the
Item	of fiscal year		estimated in years		Increases		Decreases		Accumulated		Decrease		Of the period		At the end		end of the period
Cost measurement
Buildings		4,479,080		50		2,465		101,575		262,009		9,155		18,437		271,291		4,108,679
Furniture and facilities		367,151		10		8,745		1,052		135,457				8,862		144,319		230,525
Machinery and equipment		1,046,209		5		166,175		110,685		570,491				47,046		617,537		484,162
Vehicles		117,488		5		6,327		1,503		78,198		1,012		4,580		81,766		40,546
Other		27						3										24
Work in progress		2,076,352				327,617		34,224										2,369,745
Total property, plant and equipment		8,086,307				511,329		249,042		1,046,155		10,167		78,925		1,114,913		7,233,681

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Origination Value at								Depreciation for the fiscal year								Residual
Item	beginning of fiscal year		Useful life estimated in years		Increases		Decreases		Accumulated		Decrease		Of the fiscal year		At the end		value at the end of the fiscal year
Cost measurement
Buildings		4,440,545		50		46,353		7,818		224,692		30,695		68,012		262,009		4,217,071
Furniture and facilities		318,675		10		48,718		242		101,332		242		34,367		135,457		231,694
Machinery and equipment		802,315		5		259,261		15,367		415,260		2,548		157,779		570,491		475,718
Vehicles		97,543		5		24,883		4,938		66,666		3,800		15,332		78,198		39,290
Other		39						12										27
Work in progress		1,215,539				913,343		52,530										2,076,352
Total property, plant and equipment		6,874,656				1,292,558		80,665		807,950		37,043		275,490		1,046,155		7,040,152

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 86 -

EXHIBIT F

(Continued)

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Origination Value at beginning		Useful life						Depreciation for the period								Residual value at the
Item	of fiscal year		estimated in years		Increases		Decreases		Accumulated		Decrease		Of the period		At the end		end of the period
Cost measurement
Other investment properties		1,959,459		50		129,287		263,309		15,677		1,772		1,409		15,314		1,810,123
Total investment property		1,959,459				129,287		263,309		15,677		1,772		1,409		15,314		1,810,123

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Origination Value at								Depreciation for the fiscal year								Residual
Item	beginning of fiscal year		Useful life estimated in years		Increases		Decreases		Accumulated		Decrease		Of the fiscal year		At the end		value at the end of the fiscal year
Cost measurement
Other investment properties		1,754,087		50		245,300		39,928		17,934		7,839		5,582		15,677		1,943,782
Total investment property		1,754,087				245,300		39,928		17,934		7,839		5,582		15,677		1,943,782

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 87 -

EXHIBIT G

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Origination Value at beginning		Useful life						Depreciation for the period							Residual value at the
Item	of fiscal year		estimated in years		Increases		Decreases		Accumulated		Decrease	Of the period		At the end		end of the period
Cost measurement
Licenses		350,735		5		12,434				129,954			16,237		146,191		216,978
Other intangible assets		1,403,278		5		143,021		6,352		743,376			66,270		809,646		730,301
Total intangible assets		1,754,013				155,455		6,352		873,330			82,507		955,837		947,279

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Origination Value at								Depreciation for the fiscal year								Residual
Item	beginning of fiscal year		Useful life estimated in years		Increases		Decreases		Accumulated		Decrease		Of the fiscal year		At the end		value at the end of the fiscal year
Cost measurement
Goodwill - Bussiness combination		20,609				35,596		56,205
Licenses		185,252		5		165,623		140		76,625		2		53,331		129,954		220,781
Other intangible assets		1,060,153		5		649,649		306,524		533,211		156,867		367,032		743,376		659,902
Total investment property		1,266,014				850,868		362,869		609,836		156,869		420,363		873,330		880,683

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 88 -

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	03/31/2018				12/31/2017				12/31/2016
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		9,927,195		6.64		9,022,672		6.26		7,222,118		6.45
50 next largest customers		8,401,864		5.62		8,056,114		5.59		7,316,128		6.54
100 next largest customers		5,111,118		3.42		4,988,300		3.46		4,255,954		3.80
Other customers		126,047,916		84.32		122,062,091		84.70		93,068,605		83.21
Total		149,488,093		100.00		144,129,177		100.00		111,862,805		100.00

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 89 -

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Remaining terms 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		124,781,854		22,996,848		2,308,234		1,079,728		92,934		7,519		151,267,117
From the non-financial government sector		11,302,682		2,476,551		164,391		5,054		17,595				13,966,273
From the financial sector		93,158												93,158
From the non-financial private sector and foreign residents		113,386,014		20,520,297		2,143,843		1,074,674		75,339		7,519		137,207,686
Liabilities  at fair value through profit or loss		12,755												12,755
Derivative instruments		13,656												13,656
Repo Transactions		9,245												9,245
Other  financial institutions		9,245												9,245
Other financial liabilities		8,887,341		25,271		9,290		15,279		24,786		158,551		9,120,518
Financing received from the Central Bank of Argentina and other financial institutions		22,160		279,285		12,861		33,434		65,784		135,822		549,346
Issued corporate bonds				404,300				404,300		808,600		6,642,069		8,259,269
Subordinated corporate bonds				271,935				271,935		543,869		11,864,404		12,952,143
Total		133,727,011		23,977,639		2,330,385		1,804,676		1,535,973		18,808,365		182,184,049

This exhibit disclosoures contractual future cash flows that included interests and accesories to be accrued until maturity of the contracts.

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 90 -

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Remaining terms 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		122,606,290		19,818,078		2,777,820		538,046		28,735		7,852		145,776,821
From the non-financial government sector		11,486,433		1,149,425		319,233		1,131		17,565				12,973,787
From the financial sector		81,359												81,359
From the non-financial private sector and foreign residents		111,038,498		18,668,653		2,458,587		536,915		11,170		7,852		132,721,675
Liabilities  at fair value through profit or loss		6,450												6,450
Derivative instruments		23,107												23,107
Repo Transactions		2,688,093												2,688,093
Other  financial institutions		2,688,093												2,688,093
Other financial liabilities		10,336,524		21,720		10,720		16,518		25,559		163,965		10,575,006
Financing received from the Central Bank of Argentina and other financial institutions		727,440		91,695		11,605		15,967		34,289		94,109		975,105
Issued corporate bonds						118,044						4,620,570		4,738,614
Subordinated corporate bonds						80,260						7,509,680		7,589,940
Total		136,387,904		19,931,493		2,998,449		570,531		88,583		12,396,176		172,373,136

This exhibit disclosoures contractual future cash flows that included interests and accesories to be accrued until maturity of the contracts.

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 91 -

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Remaining terms 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		93,898,937		17,277,022		1,752,894		314,926		9,514		3,643		113,256,936
From the non-financial government sector		7,114,659		2,189,871		266,598		86,676		117				9,657,921
From the financial sector		55,866												55,866
From the non-financial private sector and foreign residents		86,728,412		15,087,151		1,486,296		228,250		9,397		3,643		103,543,149
Repo Transactions		1,095,634												1,095,634
Other financial institutions		1,095,634												1,095,634
Other financial liabilities		5,638,427		480,634		6,909		6,868		10,826		147,157		6,290,821
Financing received from the Central Bank of Argentina and other financial institutions		838,138		49,164		90,378		14,207		9,867		12,780		1,014,534
Issued corporate bonds				1,696,838										1,696,838
Subordinated corporate bonds						213,978		213,978		427,955		9,763,723		10,619,634
Total		101,471,136		19,503,658		2,064,159		549,979		458,162		9,927,303		133,974,397

This exhibit disclosoures contractual future cash flows that included interests and accesories to be accrued until maturity of the contracts.

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 92 -

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Balances at beginning of				Decreases
Breakdown	fiscal year		Increases		Reversals		Charge off		03/31/2018		12/31/2017		12/31/2016
For Administrative, disciplinary and criminal sanctions		718								718		718		9,110
Other		694,201		165,825		210		125,902		733,914		694,201		325,897
Total Provisions		694,919		165,825		210		125,902		734,632		694,919		335,007

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 93 -

EXHIBIT K

CONSOLIDATED COMPOSITION OF CAPITAL STOCK

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

Shares					Capital stock
				Votes per	Issued
Class	Stock number		Face Value	share	Outstanding		Paid in
Registered common stock A		11,235,670	1	5		11,236		11,236
Registered common stock B		658,427,351	1	1		658,427		658,427
Total		669,663,021				669,663		669,663

CONSOLIDATED COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

Shares					Capital stock
				Votes per	Issued
Class	Stock number		Face Value	share	Outstanding		Paid in
Registered common stock A		11,235,670	1	5		11,236		11,236
Registered common stock B		658,427,351	1	1		658,427		658,427
Total		669,663,021				669,663		669,663

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 94 -

EXHIBIT K

CONSOLIDATED COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

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

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 95 -

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY BALANCES

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	03/31/2018										12/31/2017		12/31/2016
	Total Parent company and		Total per currency
Items	local branches		US dollar		Euro		Real		Other		Total		Total
ASSETS
Cash and deposits in banks		13,224,819		13,090,912		85,897		17,817		30,193		21,049,392		21,394,875
Debt securities at fair value through profit or loss		112,112		112,112								50,860		12,788
Derivative instruments		30		30								564
Other financial assets		1,222,405		1,222,405								877,247		377,549
Loans and other financing		22,783,768		22,783,768								18,962,656		10,239,592
To the non-financial government sector		1		1
Other financial intitutions		502,124		502,124								176,887		95,792
From the non-financial private sector and foreign residents		22,281,643		22,281,643								18,785,769		10,143,800
Other debt securities		1,095,086		1,095,086								1,094,063		1,916,324
Financial assets delivered as guarantee		263,778		262,287		1,491						246,958		98,977
Investments in equity instruments		4,530		4,530								19,769		149,801
Investments in subsidieries, associates and joint ventures												1		78
Total		38,706,528		38,571,130		87,388		17,817		30,193		42,301,510		34,189,984
LIABILITIES
Deposits		30,004,449		30,004,435		14						31,150,588		23,299,436
Non-financial government sector		1,409,875		1,409,875								3,927,033		852,177
Financial sector		54,026		54,026								45,895		27,972
Non-financial private sector and foreign residents		28,540,548		28,540,534		14						27,177,660		22,419,287
Other financial  liabilities		1,475,676		1,439,395		35,570				711		1,382,688		965,308
Financing from Central Bank and other financial Institutions		265,165		265,165								887,321		131,361
Issued corporate bonds														1,684,636
Subordinated corporate bonds		8,257,754		8,257,754								7,565,759		6,376,537
Other non-financial liabilities		16,253		16,253								49,067		2,239
Total		40,019,297		39,983,002		35,584				711		41,035,423		32,459,517

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 96 -

EXHIBIT N

CONSOLIDATED CREDIT ASSISTANCE TO RELATED PARTIES

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

			With high risk of insolvency / High risk
Item	In normal situation		Non- maturiry		Maturity		Irrecoverable		03/31/2018		12/31/2017		12/31/2016
Loans and other financing
Overdrafts		16,612								16,612		8,012		8,094
Without Senior guarantees or counter-guarantees		16,612								16,612		8,012		8,094
Documents		201,286								201,286		148,597		103,336
With Senior “A” guarantees and counter-guarantees		10,861								10,861		6,160		7,263
Without Senior guarantees or counter-guarantees		190,425								190,425		142,437		96,073
Mortgage and pledge		18,285						171		18,456		20,797		16,313
With Senior “B” guarantees and counter-guarantees		17,270						171		17,441		20,053		16,165
Without Senior guarantees or counter-guarantees		1,015								1,015		744		148
Personal		32								32		119		1,220
Without Senior guarantees or counter-guarantees		32								32		119		1,220
Credit cards		40,707								40,707		40,353		24,177
Without Senior guarantees or counter-guarantees		40,707								40,707		40,353		24,177
Other		152,103		2,703		3,996				158,802		134,820		163,910
With Senior “B” guarantees and counter-guarantees		2,057								2,057
Without Senior guarantees or counter-guarantees		150,046		2,703		3,996				156,745		134,820		163,910
Total loans and other financial		429,025		2,703		3,996		171		435,895		352,698		317,050
Debt securities												83,561
Equity instruments												25		475
Eventual commitments		31,801								31,801		59,696		23,986
Total		460,826		2,703		3,996		171		467,696		495,980		341,511
Provisions		4,355		2,567		3,797		85		10,804		3,948		3,578

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 97 -

EXHIBIT P

CONSOLIDATED CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Amortized		Fair value with changes in in other comprehensive		Fair value with changes in result Obligatory		Fair value hierarchy
Item	cost		income		measurement		Level 1		Level 2		Level 3
FINANCIAL ASSETS
Cash and deposits in banks
Cash		7,386,019
Financial institutions and correspondents		21,839,851
Other		214,929
Debt securities at fair value through profit or loss						605,195		432,733		133,554		38,908
Derivative instruments						4,562		603		3,959
Repo transactions
Other financial institutions		587,283
Other financial assets		2,641,434				413,526		321,772				91,754
Loans and other financing
To the non-financial government sector		1,886,029
Other financial institutions		4,041,993
To the non-financial private sector and foreign residents
Overdrafts		12,015,394
Documents		18,200,513
Mortgage loans		10,226,453
Pledge loans		4,133,025
Personal loans		51,663,351
Credit cards		26,350,022
Financial leases		550,474
Other		18,551,550
Other debt securities		671,709		34,073,974				34,073,974
Financial assets delivered as guarantee		4,718,832				10,325				10,325
Investments in equity instruments						110,231		70,035				40,196
TOTAL FINANCIAL ASSETS		185,678,861		34,073,974		1,143,839		34,899,117		147,838		170,858

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 98 -

EXHIBIT P

(Continued)

CONSOLIDATED CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Amortized		Fair value with changes in in other comprehensive	Fair value with changes in result Obligatory		Fair value hierarchy
Item	cost		income	measurement		Level 1		Level 2		Level 3
FINANCIAL LIABILITIES
Deposits
From the non-financial government sector		13,846,676
From the financial sector		93,158
From the non-financial private sector and foreign residents
Checking accounts		20,381,669
Savings accounts		43,307,653
Time deposits and Investment accounts		66,906,920
Other		4,952,017
Liabilities at fair value with changes in result					12,755		12,755
Derivative instruments					13,656		974		12,682
Repo transactions
Other financial institutions		9,245
Other financial liabilities		9,093,898
Financing received from Central Bank and other financial institutions		486,995
Issued corporate bonds		4,913,044
Subordinated corporate bonds		8,257,754
TOTAL FINANCIAL LIABILITIES		172,249,029			26,411		13,729		12,682

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 99 -

EXHIBIT P

CONSOLIDATED CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Amortized		Fair value with changes in in other comprehensive		Fair value with changes in result Obligatory		Fair value hierarchy
Item	cost		income		measurement		Level 1		Level 2		Level 3
FINANCIAL ASSETS
Cash and deposits in banks
Cash		6,761,426
Financial institutions and correspondents		27,484,927
Other		1,315,221
Debt securities at fair value through profit or loss						1,086,028		422,868		627,319		35,841
Derivative instruments						8,228		800		7,428
Repo transactions
Other financial institutions		1,419,808
Other financial assets		1,789,433				483,246		321,495				161,751
Loans and other financing
To the non-financial government sector		1,865,886
Other financial institutions		3,239,511
To the non-financial private sector and foreign residents
Overdrafts		8,829,302
Documents		17,272,106
Mortgage loans		8,057,475
Pledge loans		4,150,115
Personal loans		47,376,762
Credit cards		24,971,938
Financial leases		587,486
Other		16,308,093
Other debt securities		937,713		33,766,052				33,590,407		175,645
Financial assets delivered as guarantee		4,644,633		2,989,411		4,308		2,989,411		4,308
Investments in equity instruments						282,659		246,885				35,774
TOTAL FINANCIAL ASSETS		177,011,835		36,755,463		1,864,469		37,571,866		814,700		233,366

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 100 -

EXHIBIT P

(Continued)

CONSOLIDATED CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Amortized		Fair value with changes in in other comprehensive	Fair value with changes in result Obligatory		Fair value hierarchy
Item	cost		income	measurement		Level 1		Level 2		Level 3
FINANCIAL LIABILITIES
Deposits
From the non-financial government sector		12,890,701
From the financial sector		81,359
From the non-financial private sector and foreign residents
Checking accounts		20,778,610
Savings accounts		44,531,793
Time deposits and Investment accounts		61,602,409
Other		4,244,305
Liabilities at fair value with changes in result					6,450		6,450
Derivative instruments					23,107		7,169		15,938
Repo transactions
Other financial institutions		2,688,093
Other financial liabilities		10,561,203
Financing received from Central Bank and other financial institutions		1,174,111
Issued corporate bonds		4,712,216
Subordinated corporate bonds		7,565,759
TOTAL FINANCIAL LIABILITIES		170,830,559			29,557		13,619		15,938

As of December 31, 2016, financial assets and liabilities at amortized cost amounted to 128,682,645 and 127,621,744, respectively.

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 101 -

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Net financial Income/ Expense
Items	Obligatory measurement
For measurement of financial assets at fair value through profit or loss
Profit or loss from government securities		148,269
Profit or loss from private securities		51,073
Profit or loss from derivative financial instruments
Fowards transactions		3,295
Profit or loss from other financial assets		40,891
Profit or loss from loans and other financing		(14	)
Non-Financial Private Sector
Other		9,628
From investment in equity instruments		(3,893	)
Total		249,249

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 102 -

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

Interest and adjustment for the aplication of the efective interest rate of financial assets measured at amortized cost	Net financial Income/ Expense
Interest income
For cash and bank deposits		2,971
For debt securities		567,509
For other financial assets		51,867
For loans and other financing
Financial sector		166,870
Non-financial private sector
Overdrafts		780,576
Mortgage loans		578,677
Pledge loans		148,830
Personal loans		4,574,925
Credit cards		1,356,201
Financial leases		33,858
Other		1,519,498
Cental Bank of Argentina		15,588
Other financial institutions		19,456
Total		9,816,916
Interest expenses
From deposits
Non-financial private sector
Saving accounts		53,634
Time deposits and investments accounts		2,955,937
For Financing received from Central Bank of Argentina and other financial institutions		13,381
For repo transactions
Other  financial institutions		30,970
For other financial liabilities		1,879
For issued corporate bonds		200,828
For subordinated corporate bonds		139,050
Total		3,395,679

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 103 -

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

Interest and adjustment for the aplication of the efective interest rate of financial assets measured at fair value through other comprehensive income	Income for the period		Other comprehensive income
From debt government securities		1,519,855		(61,750	)
From  investment in equity instruments				53,659
Total		1,519,855		(8,091	)

Income for commissions	Income for the period
Commissions related to obligations		1,753,666
Commissions related to credits		18,281
Commissions related to loans commiments and financial guarantees		408
Commissions related to securities value		21,770
Commissions related to trading and foreign Exchange transactions		41,374
		1,835,499

Expenses for commisions	Income for the period
Commissions related to transactions with debt securities		132
Other		184,793
		184,925

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 104 -

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Net financial Income/ Expense
Items	Obligatory measurement
For measurement of financial assets at fair value through profit or loss
Profit or loss from government securities		615
Profit or loss from private securities		28,888
Profit or loss from other financial assets		(889	)
Non-Financial Private Sector
Other		727
Total		29,341

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 105 -

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

Interest and adjustment for the aplication of the efective interest rate of financial assets measured at amortized cost	Net financial Income/ Expense
Interest income
For cash and bank deposits		133
For private securities		15,181
For government securities		42,983
For other financial assets		51,639
Financial sector		101,182
Non-financial private sector
Overdrafts		651,747
Mortgage loans		179,315
Pledge loans		107,166
Personal loans		3,475,789
Credit cards		1,071,843
Financial leases		21,026
Other		535,747
Central Bank of Argentina		48,292
Other financial institutions		405,465
Total		6,707,508
Interest expenses
For deposits
Non-financial private sector
Saving accounts		23,971
Time deposits and investments accounts		2,103,562
For Financing received from Central Bank of Argentina and other financial institutions		2,287
For repo transactions
Other  financial institutions		19,234
For other financial liabilities		12,910
For issued corporate bonds		3,301
For subordinated corporate bonds		111,321
Total		2,276,586

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 106 -

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

Interest and adjustment for the aplication of the efective interest rate of financial assets measured at fair value through other comprehensive income	Income for the period		Other comprehensive income
For debt government securities		750,902		1,614
For  investment in equity instruments				(22,526	)
Total		750,902		(20,912	)

Income for commissions	Income for the period
Commissions related to obligations		1,361,169
Commissions related to credits		20,094
Commissions related to loans commiments and financial guarantees		515
Commissions related to securities value		10,829
Commissions related to trading anf foreign Exchange transactions		32,439
		1,425,046

Expenses for commisions	Income for the period
Other		154,444
		154,444

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 107 -

EXHIBIT R

VALUE CORRECTION FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 45)

(Figures stated in thousands of pesos)

	Balances at beginning of the				Decreases
Item	fiscal year		Increases		Reversals		Charge off		03/31/2018		12/31/2017		12/31/2016
Other financial assets		5,131		134		41		1,231		3,993		5,131		4,147
Loans and other financing
Other financial institutions		31,251		2,754		4,701				29,304		31,251		17,256
To the non-financial private sector and foreign residents
Overdrafts		139,833		45,631		6,297		9,022		170,145		139,833		134,725
Documents		200,750		22,637				8,797		214,590		200,750		123,881
Mortgage loans		152,116		47,988		1,912		6,634		191,558		152,116		74,824
Pledge loans		74,380		2,484		2,343		350		74,171		74,380		41,816
Personal loans		1,207,470		318,414		267		155,882		1,369,735		1,207,470		814,696
Credit cards		590,482		110,651		959		51,302		648,872		590,482		442,882
Financial leases		6,487		27		485				6,029		6,487		3,994
Other		265,107		56,050		2,272		7,754		311,131		265,107		189,620
Other debt securities				5,538						5,538
Total of  allowances		2,673,007		612,308		19,277		240,972		3,025,066		2,673,007		1,847,841

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 108 -

CONDENSED SEPARATE INTERIM BALANCE SHEET

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

Items	Notes	03/31/2018		12/31/2017		12/31/2016
ASSETS
Cash and Deposits in Banks			25,918,134		32,473,987		32,992,475
Cash			6,299,547		5,951,218		4,208,880
Central Bank of Argentina			17,981,678		21,939,645		26,666,365
Other Local and Foreign Entities			1,421,980		3,267,903		2,116,239
Other			214,929		1,315,221		991
Debt Securities at fair value through profit or loss			561,025		975,371		275,386
Derivative Financial Instruments	8		4,532		7,664		9,721
Repo Transactions	4		587,283		1,419,808		19,124
Other financial assets			2,404,869		1,523,930		743,194
Loans and other financing			135,956,101		122,173,846		81,475,324
Non-financial Public Sector			1,880,455		1,865,273		1,581,955
Other Financial Entities			4,794,192		4,191,658		1,713,170
Non-financial Private Sector and Foreign Residents			129.281.454		116,116,915		78,180,199
Other Debt Securities			33,291,991		33,611,201		17,974,087
Financial Assets delivered as guarantee	5		4,397,769		7,344,011		3,462,469
Investments in Equity Instruments			41,330		36,885		337,309
Investment in subsidiaries, associated and joint arrangements	11		3,952,755		3,662,374		3,081,485
Property, plant and equipment			6,767,259		6,586,803		5,636,685
Intangible Assets			920,041		858,336		635,261
Other Non-financial Assets			2,099,608		2,283,784		2,050,860
Non-current Assets held for sale			109,356		199,890		89,648
TOTAL ASSETS			217,012,053		213,157,890		148,783,028

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 109 -

CONDENSED SEPARATE INTERIM BALANCE SHEET

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

Items	Notes	03/31/2018		12/31/2017		12/31/2016
LIABILITIES
Deposits			136,600,299		132,716,174		102,498,623
Non-financial Public Sector			8,917,276		9,504,522		5,964,863
Financial Sector			93,156		81,357		55,861
Non-financial Private Sector and Foreign Residents			127.589.867		123,130,295		96,477,899
Liabilities at fair value through profit or loss			12,755		6,450		-
Derivative Financial Instruments	8		13,656		23,107		-
Repo Transactions	4		9,245		2,688,093		1,095,634
Other Financial Liabilities			8,459,577		9,808,877		5,895,687
Financing received from the Central Bank of Argentina and other financial entities			486,746		1,173,840		260,266
Issued Corporate Bonds	36		4,913,044		4,712,216		1,745,851
Current Income Tax Liabilities			3,637,861		3,642,484		1,544,046
Subordinated Corporate Bonds	36		8,257,754		7,565,759		6,376,537
Provisions			634,610		595,995		251,366
Deferred Income Tax Liabilities	21		325,174		416,850		1,280,028
Other Non-financial Liabilities			3,575,618		3,273,023		2,864,297
TOTAL LIABILITIES			166,926,339		166,622,868		123,812,335
SHAREHOLDERS’ EQUITY
Capital Stock	29		669,663		669,663		584,563
Non-capital contributions			12,428,461		12,428,461		399,499
Adjustments to Shareholders’ Equity			4,511		4,511		4,511
Earnings Reserved			20,363,386		20,363,386		14,384,820
Unappropiated Retained Earnings			12,864,441		2,799,084		2,990,757
Other Comprehensive Income			213,069		204,560		65,711
Net Income for the period			3,542,183		10,065,357		6,540,832
TOTAL SHAREHOLDERS’ EQUITY			50,085,714		46,535,022		24,970,693

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 110 -

CONDENSED SEPARATE INTERIM STATEMENT OF INCOME

FOR THE THREE MONTHS PERIODS ENDED MARCH 31, 2018 AND 2017

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

Items	Notes	Quarter ended 03/31/2018			Quarter ended 03/31/2017			Accumulated from beginning of year up to 03/31/2018			Accumulated from beginning of year up to 03/31/2017
Interests income			10,385,699			6,703,822			10,385,699			6,703,822
Interests expense			3,137,139			2,077,397			3,137,139			2,077,397
Net Interests income			7,248,560			4,626,425			7,248,560			4,626,425
Commissions income	22		1,702,563			1,329,366			1,702,563			1,329,366
Commissions expense			157,616			137,959			157,616			137,959
Net Commissions income			1,544,947			1,191,407			1,544,947			1,191,407
Subtotal (Net Interests income +Net Commissions income)			8,793,507			5,817,832			8,793,507			5,817,832
Net Income from measurement of financial instruments at fair value through profit or loss			181,178			(117	)		181,178			(117	)
Loss from sold assets at amortized cost			(2,945	)		(13,683	)		(2,945	)		(13,683	)
Differences in quoted prices of gold and foreign currency	23		124,523			180,739			124,523			180,739
Other operating income			1,100,820			902,429			1,100,820			902,429
Provision for loan losses	24		517,081			317,832			517,081			317,832
Net Operating Income			9,680,002			6,569,368			9,680,002			6,569,368
Employee benefits	25		1,837,177			1,561,911			1,837,177			1,561,911
Administration expenses	26		1,262,104			902,158			1,262,104			902,158
Depreciation of Property, plant and equipment			147,192			116,415			147,192			116,415
Other Operating Expenses	27		1,818,335			1,275,755			1,818,335			1,275,755
Operating Income			4,615,194			2,713,129			4,615,194			2,713,129
Income from subisdiaries, associates and joint arrangements			399,956			260,941			399,956			260,941
Income before tax on continuing operations			5,015,150			2,974,070			5,015,150			2,974,070
Income tax on continuing operations	21		1,472,967			968,822			1,472,967			968,822
Net Income from continuing operations			3,542,183			2,005,248			3,542,183			2,005,248
Net Income for the period			3,542,183			2,005,248			3,542,183			2,005,248

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 111 -

Items	Accumulated from beginning of year up to 03/31/2018		Accumulated from beginning of year up to 03/31/2017
Net Profit attributable to Parent’s shareholders		3,542,183		2,005,248
PLUS: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		3,542,183		2,005,248
Weighted average of outstanding common shares for the period		669,663		584,563
PLUS: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares for the period adjusted as per dilution effect		669,663		584,563
Basic earnings per share		5.2895		3.4303

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 112 -

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTHS PERIODS ENDED MARCH 31, 2018 AND 2017

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

Items	Notes	Quarter ended 03/31/2018			Quarter ended 03/31/2017			Accumulated from beginning of year up to 03/31/2018			Accumulated from beginning of year up to 03/31/2017
Net Income for the period			3,542,183			2,005,248			3,542,183			2,005,248
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion			53,659			(22,526	)		53,659			(22,526	)
Foreign currency translation differences for the period			53,659			(22,526	)		53,659			(22,526	)
Profit or loss for financial instruments measured at fair value through OCI (IFRS 9(4.1.2)(a)			(38,835	)		8,587			(38,835	)		8,587
Income for the period from financial instruments at fair value through OCI			(55,478	)		13,210			(55,478	)		8,587
Income tax			16,643			(4,623	)		16,643
Interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method			(6,315	)		(11,180	)		(6,315	)		(11,180	)
Income for the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method			(6,315	)		(11,180	)		(6,315	)		(11,180	)
Total Other Comprehensive Income that will be reclassified to profit or loss of the period			8,509			(25,119	)		8,509			(25,119	)
Total Other Comprehensive Income			8,509			(25,119	)		8,509			(25,119	)
Total Comprehensive Income			3,550,692			1,980,129			3,550,692			1,980,129

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 113 -

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS PERIODS ENDED MARCH 31, 2018 AND 2017

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

	Capital Stock		Non-capital. Contributions				Other Comprehensive Income				Earnings Reserved
Changes	Outstanding shares		Stock Issuance Premium		Adjustments to Shareholders´ Equity		Accumulat. Foreign Currency translation differences in financial statements		Other		Legal			Other		Unappropiated Retained Earnings		Total Equity net of Controlling Interests		Total Equity
Balance at the beginning of fiscal year		669,663		12,428,461		4,511		137,148		67,412		4,994,932			15,368,454		12,864,441		46,535,022		46,535,022
Total comprehensive income for the period
- Net income for the period															3,542,183		3,542,183		3,542,183
- Other comprehensive income for the period										53,659		(45,150	)						8,509		8,509
Balance at the end of the period		669,663		12,428,461		4,511		190,807		22,262		4,994,932			15,368,454		16,406,624		50,085,714		50,085,714

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS PERIODS ENDED MARCH 31, 2018 AND 2017

(Translation of the Financial statements originally iddued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

	Capital Stock		Non-capital. Contributions				Other Comprehensive Income						Earnings Reserved
Changes	Outstanding shares		Stock Issuance Premium		Adjustments to Shareholders´ Equity		Accumulat. Foreign Currency translation differences in financial statements			Other			Legal		Other		Unappropiated Retained Earnings		Total Equity net of Controlling Interests			Total Equity
Balance at the beginning of fiscal year		584,563		399,499		4,511					65,711			3,686,472		10,698,348		9,531,589		24,970,693			24,970,693
Total comprehensive income for the period
- Net income for the period																		2,005,248		2,005,248			2,005,248
- Other comprehensive income for the period								(22,526	)		(2,593	)								(25,119	)		(25,119	)
Balance at the end of the period		584,563		399,499		4,511		(22,526	)		63,118			3,686,472		10,698,348		11,536,837		26,950,822			26,950,822

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 114 -

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS PERIODS ENDED MARCH 31, 2018 AND 2017

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

Items	Notes	03/31/2018			03/31/2017
CASH FLOWS FROM OPERATING ACTIVITIES
Income for the period before Income Tax			5,015,150			2,974,070
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			147,192			116,415
Provision for loan losses			517,081			317,832
Other adjustments			(588,679	)		(121,489	)
Net increase / decrease from operating assets:
Debt Securities at fair value though profit and loss			414,302			(10,169	)
Derivative financial instruments			3,132			4,244
Repo transactions			832,525			(7,389,398	)
Loans and other financing
Non-financial public sector			(15,182	)		1,056,277
Other financial entities			(602,534	)		(123,633	)
Non-financial private sector and foreign residents			(13,681,620	)		(6,390,831	)
Other debt securities			9,102,463			(9,635,484	)
Financial assets delivered as guarantee			2,946,242			1,155,962
Investments in equity instruments			(4,445	)		308,788
Other assets			(1,030,179	)		(969,190	)
Net increase / decrease from operating liabilities:
Deposits
Non-financial public sector			(587,246	)		2,567,021
Financial sector			11,799			(4,997	)
Other financial entities
Non-financial private sector and foreign residents			4,459,572			(816,491	)
Liabilities at fair value through profit or loss			6,305
Derivative financial instruments			(9,451	)
Repo transactions			(2,678,848	)		(1,066,161	)
Other liabilities			(2,605,269	)		(571,668	)
Payments for Income Tax			(741,629	)		(491,926	)
TOTAL CASH FROM OPERATING ACTIVITIES (A)			910,681			(19,090,828	)

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 115 -

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS PERIODS ENDED 31 MARCH 2018 AND 2017

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

Items	Notes	03/31/2018			03/31/2017
CASH FLOWS FROM INVESTING ACTIVITIES
Payments:
Acquisition of PPE, intangible assets and other assets			(168,168	)		(281,096	)
TOTAL CASH USED IN INVESTING ACTIVITIES (B)			(168,168	)		(281,096	)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments:
Non-subordinated corporate bonds						(1,766,904	)
Financing from local financial entities						(1,628	)
Proceeds:
Central Bank of Argentina			1,822			14
Financing to local financial entities			152,196
Other proceeds related to financing activities						1,646
TOTAL CASH RECEIVED FROM / (USED IN) FINANCING ACTIVITIES (C)			154,018			(1,766,872	)
EFFECT OF EXCHANGE RATE FLUCTUATIONS (D)			1,330,825			19,131
TOTAL CHANGES IN CASH FLOWS
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D)			2,227,356			(21,119,665	)
CASH AND CASH EQUIVALENTS AT THE BEGINNING THE FISCAL YEAR	28		37,302,039			47,150,300
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	28		39,529,395			26,030,635

	Delfín Jorge Ezequiel Carballo
	Chairperson
- 116 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

1. CORPORATE INFORMATION

Banco Macro SA (hereinafter, the “Bank”) is a business corporation (sociedad anónima) organized in the Republic of Argentina that offers traditional banking products and services to companies, including those companies operating in regional economies, as well as to individuals, strengthening in this way its goal to be a multi-service bank. In addition, the Bank performs certain transactions through its subsidiaries banco del Tucumán S.A., Macro Bank Limited (a company organized under the laws of Bahamas), Macro Securities S.A., Macro Fiducia S.A. and Macro Fondos SGFCISA.

Macro Compañía Financiera S.A. was created in the year 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 S.A.

The Bank´s shares are publicly listed on Bolsas y Mercados Argentinos (BYMA) since November 1994 and 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 the fiscal year 2006, Banco Macro S.A. acquired control over Banco del Tucumán SA.

On May 15, 2018, the Bank’s Board of Directors approved the issuance of the accompanying condensed separate interim financial statements.

2. OPERATIONS OF THE BANK

Note 2 to the Condensed consolidated interim financial statements includes a detailed description of the agreements that relate the Bank and its subsidiary Banco del Tucumán to the provincial Governments.

3. BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS

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

Additionally, through Communiqué “A” 6114, the Central Bank set specific guidelines within the scope of such convergence process, among which it defined (i) the transitory exception to the application of section 5.5 “Impairment” of the IFRS 9 “Financial Instruments” (sections B5.5.1 to B5.5.55) up to the fiscal years beginning as of January 1, 2020; and (ii) that in order to calculate the effective interest rate of assets and liabilities so requiring it for the measurement thereof, pursuant to IFRS 9, transitorily up to 31 December 2019, the Bank may make a global estimate of the calculation of the effective interest rate on a group of financial assets or liabilities with similar characteristics which shall be applied such effective interest rate. To the date of the accompanying condensed separate interim Financial Statements the Bank is in the process of quantifying the effect the application of section 5.5 “Impairment” mentioned in (i) above would have. Finally, through Communiqués “A” 6323 and 6324 and supplementary provisions the BRCA defined the minimum chart of accounts and the provisions applicable to the preparation and presentation of the financial statements of financial entities for the fiscal years beginning on January 1, 2018, respectively.

- 117 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

The accounting policies comply with the IFRS presently approved and are applicable to the preparation of the first annual consolidated financial statements as provided for in the IFRS (December 31, 2018). Nevertheless, these accounting policies may be modified if, at the time of preparing such first annual Financial Statements under the IFRS, new rules or standards are issued or the current ones are amended, with compulsory application to such date, or if the Bank chooses to change the election of the exemptions under IFRS 1. As a general rule, the Central Bank does not admit the early application of any IFRS, unless it establishes any provision the contrary.

Note 3 to the Condensed consolidated interim financial statements present a detailed description of the basis for the presentation of such Financial statements. All that is explained therein shall apply to the accompanying Condensed separate interim financial statements, as well as the main accounting policies used and the relevant information of the subsidiaries.

Subsidiaries

As mentioned in Note 1, the Bank performs certain transactions through its subsidiaries.

Subsidiaries are all the entities controlled by the Bank. As described in Note 3 to the Condensed consolidated interim financial statements, a Company controls other entity when it is exposed, or has rights, to variable returns from its continuing involvement with such other entity, and has the ability to use its power to direct the operating and financing policies of such other entity, to affect the amounts of such returns.

As provided under IAS 27 “Consolidated and Separate Financial Statements”, investments in subsidiaries were accounted for using the “equity method”. When using this method, investments are initially recognized at cost, and such amount increases or decreases to recognize investor’s interest in profits and losses of the entity after the date of acquisition or creation.

Share in profits and losses of subsidiaries and associates are recognized in the line “Income from subsidiaries, associates and joint arrangements” in the Statement of income. Ownership interest in other comprehensive income of subsidiaries is accounted for in the line “Income for the period for interest in other comprehensive income of subsidiaries, associates and joint arrangements accounted for using the participation method”, in the statement of other comprehensive income.

Transcription in the Books of Accounts

To the date of the accompanying Condensed separate interim financial statements, the same are in the process of being transcribed in the Bank’s Books of Account.

First-time Adoption of International Financial Reporting Standards in accordance with Central Bank Communiqué “A” 6114

Note 3 to the condensed consolidated interim Financial Statements explains the convergence process under Central Bank Communiqué “A” 6114, as well as the exceptions and exemptions used, situations applicable to the Bank separately. In addition, the following are the reconciliations required by such Communiqué of the Central Bank.

Required reconciliations

· Reconciliation of equity as of December 31, 2016 (date of transition).

	Previous Central Bank Standards		Adjustments and Reclassifications		IFRS Balance
Total Assets		144,421,205		4,361,823		148,783,028
Total Liabilities		122,315,307		1,497,028		123,812,335
Net Shareholders’ Equity		22,105,898		2,864,795		24,970,693

- 118 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

Balance as of 12/31/2016	Net Shareholders’ Equity
According to previous Central Bank Standards		22,105,898
Adjustments and Reclassifications:
Loans and other financing		(233,010	)
Investments in subsidiaries, associates and joint arrangements		342,505
Property, plant and equipment and investment property		4,262,884
Assets and liabilities for deferred taxes		(1,280,028	)
Other non-financial liabilities		(341,878	)
Other adjustments and reclassifications		114,322
Total adjustments and reclassifications		2,864,795
Net shareholders’ equity as of 12/31/2016 under Central Bank Communiqué “A” 6114		24,970,693

· Reconciliation of equity as of December 31, 2017

	Previous  Central Bank Standards		Adjustments and Reclassifications			IFRS Balance
Total Assets		211,023,163		2,134,727			213,157,890
Total Liabilities		167,892,616		(1,269,748	)		166,622,868
Net Shareholders´ Equity		43,130,547		3,404,475			46,535,022

Balance as of 12/31/2017	Net Shareholders’ Equity
According to previous Central Bank Standards		43,130,547
Adjustments and Reclassifications:
Loans and other financing		(275,056	)
Investments in subisdiaries, associates and joint arrangements		193,921
Property, plant and equipment and investment property		4,252,248
Assets and liabilities for deferred taxes		(416,850	)
Other financial liabilities		(421,902	)
Other adjustments and reclassifications		72,114
Total adjustments and reclassifications		3,404,475
Net shareholders’ equity as of 12/31/2017 under Central Bank Communiqué “A” 6114		46,535,022

- 119 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

· Reconciliation of separate income and other comprehensive income for the three-month period ended March 31, 2017.

Reconciliation of income as of 03/31/2017	Net income for the period			Other comprehensive income			Comprehensive Income
According to previous Central Bank Standards		1,764,045
Interests income		(16,216	)
Interest in subsidiaries, associates and joint arrangements		10,219
Administration expenses		90,850
Income Tax		100,054
Other adjustments		56,296
Financial Statements currency translation differences					(22,526	)
Income from financial instruments at fair value through OCI					8,587
Interest in Other Comprehensive Income of subsidiaries, associates and joint arrangements					(11,180	)
Total adjustments and reclassifications		241,203			(25,119	)
Balance under Central Bank Communiqué “A” 6114		2,005,248			(25,119	)		1,980,129

· Explanatory notes to the adjustments on transition to IFRS

The main adjustments on transition to the standards established by Central Bank Communiqué “A” 6114 affecting equity as of December 31, 2016 (date of transition) and as of December 31, 2017, and the income and other comprehensive income for the three-month period ended March 31, 2017, are explained in Note 3 to the Condensed consolidated interim financial statements.

The proportional equity value of the subsidiaries was recalculated according to the equity method under IAS 28 “Investments in associates and joint ventures”.

· New pronouncements

New pronouncements are described in Note 3 to the Condensed consolidated interim financial statements.

4. REPO TRANSACTIONS

In the normal course of business, the Bank arranged repo transactions. A detail of these transactions is included in Note 4 to the condensed consolidated interim Financial Statements.

5. FINANCIAL ASSETS DELIVERED AS GUARANTEE

As of March 31, 2018, and December 31, 2017 and 2016, the Bank delivered as guarantee the following financial assets:

	Carrying Amount
Description	03/31/2018		12/31/2017		12/31/2016
For transactions with the Central Bank		3,850,411		3,750,952		1,902,862
For securities forward contracts		10,325		2,993,719		1,201,029
For guarantee deposits		537,033		599,340		358,578
Total		4,397,769		7,344,011		3,462,469

- 120 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

The Bank’s Management considers there shall be no losses due to the restrictions on the above listed financial assets.

6. LOSS ALLOWANCE – ALLOWANCE FOR UNCOLLECTIBILITY RISK FOR LOANS AND OTHER FINANCING LOSSES

Changes in allowances loan losses as of March 31, 2018 are disclosed in Exhibit R “Loss allowance – Allowance for uncolectibility risk” in the accompanying condensed separate interim Financial Statements.

The table below presents the Bank’s changes in allowances as of December 31, 2017:

	Amount
As of December 31, 2016		1,669,678
Increases		1,858,406
Reversals		1,033,661
Charge-off		19,205
As of December 31, 2017		2,475,218

7. CONTINGENT TRANSACTIONS

In order to meet specific financial needs of customers, the Bank’s credit policy also includes, among others, the granting of guarantees, securities, bonds, letters of credit and documentary credits. Although these transactions are not recognized in the Balance sheet, since they imply a possible obligation or liability for the Bank, they expose the Bank to additional credit risk to those recognized in the Balance sheet and are, therefore, an integral part of the total risk of the Bank.

As of March 31, 2018 and December 31, 2017 and 2016, the Bank maintains the following contingent transactions:

	03/31/2018		12/31/2017		12/31/2016
Overdraft and unused agreed credits		384,314		255,710		191,007
Guarantees granted		244,356		253,793		288,382
Liabilities for foreign trade transactions		154,661		90,274		163,308
		783,331		599,777		642,697

Risks related to the contingent transactions described above have been evaluated and are controlled within the framework of the Bank’s credit risk policy described in Note 41 to the Condensed consolidated interim financial statements.

8. DERIVATIVE FINANCIAL INSTRUMENTS

The Bank performs derivative transactions for trading purposes. In Note 8 to the Condenseed consolidated interim financial statements, the Bank discloses the reasons and types of derivative financial transactions performed by the Bank.

The following tables show the notional values of these instruments, expressed in thousands, in the currency of origin. Notional values indicate the number of pending transactions at year end and are not indicative of either the market risk or the credit risk. Additionally, the bank presents the fair value of the derivative financial instruments recognized as assets or liabilities in the Balance sheet. Changes in fair values were accounted for in profit or loss, the breakdown of which is disclosed in Exhibit Q “Breakdown of profit or loss” or in the Statement of Other Comprehensive Income, as the case may be.

- 121 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

	03/31/2018				12/31/2017				12/31/2016
Derivative Financial Instruments	Notional Value		Fair Value		Notional Value		Fair Value		Notional Value		Fair Value
Assets
Foreign currency forward purchase contracts without delivery of underlying asset		2,500		3,437		9,200		6,864
Foreign currency forward sales contract without delivery of underlying asset		11,000		1,095		2,500		800		7,900		9,721
Total derivatives for trading		13,500		4,532		11,700		7,664		7,900		9,721
Liabilities
Foreign currency forward purchase contracts without delivery of underlying asset		19,315		1,833		18,900		7,169
Foreign currency forward sales contract without delivery of underlying asset		16,800		11,823		25,600		15,938
Total derivatives for trading		36,115		13,656		44,500		23,107

9. FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

Note 9 to the condensed consolidated interim Financial Statements describes the methods and assumptions used to determine the fair value, both of the financial instruments recognized at fair value as of those not accounted for at such fair value in the accompanying Financial Statements. In addition, the Bank discloses the relevant information as to instruments included in Level 3 of the fair value hierarchy.

Below we present the reconciliation between the balances at the beginning and the end of the period of the financial assets and liabilities recognized at fair value, using the valuation technical information based on the Bank’s own assumptions, as of March 31, 2018 and December 31, 2017:

	Fair values using valuation techniques based on the Bank’s own assumptions (level 3) March 31, 2018
Description	Debt Securities			Other Financial Assets			Investments in Equity Instruments
Balance at the beginning		35,841			161,751			33,197
Transfers to Level 3
Transfers from Level 3
Profit and Loss		6,637			355			3,941
Purchases, sales, issuance and settlement		(3,570	)		(70,352	)
Balance at end of period		38,908			91,754			37,138

	Fair values using valuation techniques based on the Bank’s own assumptions (level 3) December 31, 2017
Description	Debt Securities			Other Financial Assets		Investments in Equity Instruments
Balance at the beginning		45,834					14,741
Transfers to Level 3
Transfers from Level 3
Profit and Loss		5,661					18,771
Purchases, sales, issuance and settlement		(15,654	)		161,751		(315	)
Balance at end of period		35,841			161,751		33,197

- 122 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

The following table shows a comparison between the fair value and the carrying amount of financial instruments not recognized at fair value as of March 31, 2018 and December 31, 2017 and 2016:

	03/31/2018
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash and deposits in Banks		25,918,134		25,918,134						25,918,134
Repo transactions		587,283		587,283						587,283
Other financial assets		2,313,115		2,313,115						2,313,115
Loans and other financing		135,956,101				147,309		132,145,877		132,293,186
Other debt securities		665,134		688,596						688,596
Financial assets delivered as guarantee		4,387,444		4,387,444						4,387,444
		169,827,211		33,894,572		147,309		132,145,877		166,187,758
Financial Liabilities
Deposits		136,600,299		69,655,481		67,027,582				136,683,063
Other repo transactions		9,245		9,245						9,245
Other financial liabilities		8,459,577		7,129,735		1,331,101				8,460,836
Financing received from the Central Bank and other financial entities		486,746				488,764				488,764
Issued corporate bonds		4,913,044				4,387,694				4,387,694
Subordinated corporate bonds		8,257,754				8,118,959				8,119,959
		158,726,665		76,794,461		81,354,100				158,148,561

	12/31/2017
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash and deposits in Banks		32,473,987		32,473,987						32,473,987
Repo transactions		1,419,808		1,419,808						1,419,808
Other financial assets		1,362,179		1,362,179						1,362,179
Loans and other financing		122,173,846				477,188		119,183,156		119,660,344
Other debt securities		931,281		945,655						945,655
Financial assets delivered as guarantee		4,350,292		4,350,292						4,350,292
		162,711,393		40,551,921		477,188		119,183,156		160,212,265
Financial Liabilities
Deposits		132,716,174		72,265,769		60,523,556				132,789,325
Other repo transactions		2,688,093		2,688,093						2,688,093
Other financial liabilities		9,808,877		8,515,027		1,299,660				9,814,687
Financing received from the Central Bank and other financial entities		1,173,840				1,176,126				1,176,126
Issued corporate bonds		4,712,216				4,432,977				4,432,977
Subordinated corporate bonds		7,565,759				7,710,790				7,710,790
		158,664,959		83,468,889		75,143,109				158,611,998

- 123 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

	12/31/2016
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash and deposits in Banks		32,992,475		32,992,475						32,992,475
Repo transactions		19,124		19,124						19,124
Other financial assets		743,194		743,194						743,194
Loans and other financing		81,475,324				477,464		79,877,385		80,354,849
Other debt securities		841,943		841,943						841,943
Financial assets delivered as guarantee		2,261,440		2,261,440						2,261,440
		118,333,500		36,858,176		477,464		79,877,385		117,213,025

	12/31/2016
	Carrying Amount		Level 1		Level 2		Level 3	Fair Value
Financial Liabilities
Deposits		102,498,623		54,202,915		48,367,480			102,570,395
Other repo transactions		1,095,634		1,095,634					1,095,634
Other financial liabilities		5,895,687		4,823,083		1,075,294			5,898,377
Financing received from the Central Bank and other financial entities		260,266				259,583			259,583
Issued corporate bonds		1,745,851				1,466,612			1,466,612
Subordinated corporate bonds		6,376,537				5,994,056			5,994,056
		117,872,598		60,121,632		57,163,024			117,284,657

10. LEASES

As disclosed in Note 10 to the Condensed consolidated interim financial statements, the Bank performs financial lease transactions, as lessor and operating lessee.

The following table shows the reconciliation between the total gross investment of financial leases and the current value of the minimum payment receivables for such leases:

	03/31/2018				12/31/2017				12/31/2016
	Total  Investment		Current Value of Minimum Payment Receivables		Total  Investment		Current Value of Minimum Payment Receivables		Total  Investment		Current Value of Minimum Payment Receivables
Up to 1 year		334,070		239,427		342,304		239,208		238,068		172,812
From 1 to 5 years		396,331		323,006		447,729		360,750		292,892		205,480
More than 5 years						175		172		2,601		2,598
		730,401		562,433		790,208		600,130		533,561		380,890

As of March 31, 2018, and December 31, 2017 and 2016, income for non-accrued interests amounted to 163,804, 186,708 and 152,671, respectively.

Additionally, the following table shows the future minimum payments for these operating lease contracts:

	03/31/2018		12/31/2017		12/31/2016
Up to 1 year		148.854		152.652		125.770
From 1 to 5 years		182.527		212.357		192.849
More than 5 years
		331.381		365.009		318.619

- 124 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

11. INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTS

The Bank’s interests on associates and joint ventures are disclosed in Note 11 to the Condensed consolidated interim financial statements.

12. RELATED PARTIES

A related party is a person or entity that is related to the Bank:

- has control or joint control of the Bank;

- has significant influence over the Bank;

- is a member of the key management personnel of the Bank or of a parent of the Bank;

- members of the same group;

- one entity is an associate (or an associate of a member of a group of which the other entity is a member).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly. The Bank considers as key management personnel, for the purposes of IAS 24, the members of the Board of Directors and the Senior Management member of the Risk Management Committee, Assets and Liabilities Committee and the Senior Credit Committee.

As of March 31, 2018 and December 31, 2017 and 2016, there is a total amount of 1,202,695, 1,358,575 and 316,742, respectively, as unpaid financial assistance granted by the Bank to its associates and related parties and deposits of its associates and related parties of 181,370, 108,606 and 141,184, respectively.

	Subsidiaries				Associates and other related parties
	Maximum balances as of 03/31/2018		Balance as of 03/31/2018		Maximum balances as of 03/31/2018		Balance as of 03/31/2018
Documents						202,358		201,286
Overdraft						40,262		15,058
Credit cards		274		263		41,313		35,654
Leases		6,630		6,630		2,041		2,003
Personal loans						13		13
Mortgage loans						13,861		13,822
Other loans		752,199		752,199		156,361		153,757
Guarantees granted		443		443		21,824		21,567
Total assistance		759,546		759,535		478,033		443,160
Deposits				181,370				1,696,950

	Subsidiaries				Associates and other related parties
	Maximum balances as of 12/31/2017		Balance as of 12/31/2017		Maximum balances as of 12/31/2017		Balance as of 12/31/2017
Documents						147,026		147,026
Overdraft						25,300		7,830
Credit cards		397		389		35,430		33,827
Leases		6,973		6,973		2,204		2,157

- 125 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

	Subsidiaries				Associates and other related  parties
(Contd.)	Maximum balances as of 12/31/2017		Balance as of 12/31/2017		Maximum balances as of 12/31/2017		Balance as of 12/31/2017
Personal loans						18		17
Mortgage loans						13,559		13,526
Other loans		952,148		952,148		140,661		140,448
Guarantees granted		443		443		53,950		53,791
Total assistance		959,961		959,953		418,148		398,622
Deposits				108,606				2,364,042

	Subsidiaries				Associates and other related parties
	Maximum balances as of 12/31/2016		Balance as of 12/31/2016		Maximum balances as of 12/31/2016		Balance as of 12/31/2016
Documents						99,725		99,347
Overdraft						17,799		7,454
Credit cards		191		191		20,673		18,603
Leases		8,036		8.036		1,189		1,168
Personal loans						647		647
Mortgage loans						4,759		4,759
Other loans						175,770		161,287
Guarantees granted		885		885		14,532		14,365
Total assistance		9,112		9.112		335,094		307,630
Deposits				134,911				2,167,187

Transactions generated by the Bank with its subsidiaries and other related parties to it for transactions arranged within the scope of the usual and ordinary course of business, were performed in normal market conditions, both as to interest rates and prices and as to the required guarantees.

As of March 31, 2018, December, 31 2017 and 2016, the income from loan transactions totaled 58,119, 83,850 and 15,781, respectively, while income generated from deposit transactions totaled 15,789, 163,814 and 141,184, respectively.

The Bank does not have loans granted to Directors and other key management personnel secured with shares.

Total remunerations received as salary and bonus by the key management personnel as of March 31, 2018 and December 31, 2017 and 2016, totaled 16,407, 64,409 and 30,807 respectively.

In addition, fees received by the Directors as of March 31, 2018 and December 31, 2017 and 2016 amounted to 125,684, 421,033 and 205,822 respectively.

Additionally, the composition of the Board of Directors and key management personnel is as follows:

	03/31/2018		12/31/2017		12/31/2016
Board of Directors		13		13		12
Top Management members of the key management personnel		10		10		10
		23		23		22

- 126 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

13. PROPERTY, PLANT AND EQUIPMENT

This accounting item includes all tangible assets owned by the Bank and used for its specific business.

Changes in these assets as of March 31, 2018 and December 31, 2017 are disclosed in Exhibit F “Changes in Property, Plant and Equipment”.

In addition, as of December 31, 2016 and as a result of applying the deemed cost to the Bank´s real properties, the balance of such assets amounts to 6,383,144.

14. INVESTMENT PROPERTY

Changes in these assets as of March 31, 2018 and December 31, 2017 are disclosed in Exhibit F “Changes in Property, Plant and Equipment”.

In addition, as of December 31, 2016 and as a result of applying the deemed cost to the Bank´s real properties, the balance of such assets amounts to 1,726,340.

15. INTANGIBLE ASSETS

Changes in these assets as of March 31, 2018 and December 31, 2017 are disclosed in Exhibit G “Changes in Intangible Assets”. As of December 31, 2016, the balance of such assets amounts to 635,261.

16. BORROWING COSTS

Borrowing costs capitalized by the Bank are disclosed in Note 16 to the condensed consolidated interim Financial Statements.

17. PROVISIONS

This item includes the amounts estimated to face a liability of probable occurrence, which in case it occurs, would originate a loss for the Bank.

Exhibit J “Changes in Provisions” presents the changes in provisions during the three-month period ended March 31, 2018.

The expected terms to settle these obligations are as follows:

	03/31/2018
	Within 12 months		Beyond 12 months		03/31/2018		12/31/2017		12/31/2016
For administrative, disciplinary and criminal penalties		-		718		718		718		9,110
Others		290,010		343,882		633,892		595,277		242,256
		290,010		344,600		634,610		595,995		251,366

In the opinion of the Management of the Bank and its legal advisors, there are no other significant effects than those disclosed in the accompanying Financial Statements, the amounts and settlement terms of which have been recognized based on the current value of such estimates, considering the probable settlement date thereof.

18. EMPLOYEE BENEFITS PAYABLE

The table below presents the amounts of employee benefits payable as of March 31, 2018 and December 31, 2017 and 2016:

- 127 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

Short-term employee benefits	03/31/2018		12/31/2017		12/31/2016
Salaries, gratifications and social security contributions		451,177		672,307		258,593
Vacation accrual		335,550		499,834		364,933
Thirteenth salary provision		121,532
Total short-term employee benefits		908,259		1,172,141		623,526

The Bank has not long-term employee benefits or post-employment benefits as of March 31, 2018 and December 31, 2017 and 2016.

19. ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED

The following tables show the analysis of the balance of financial assets and liabilities the Bank expects to recover and settle as of March 31, 2018 and December 31, 2017 and 2016:

03/31/2018	Without due date		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		Total up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total over 12 months
Assets
Cash and deposits in Banks				25,918,134								25,918,134
Debt securities at fair value through profit or loss		992		38,919		5,091		4,476		15,623		64,109		26,620		469,304		495,924
Derivative instruments				603		492		3,437				4,532
Repo transactions				587,283								587,283
Other financial assets		983,574		1,050,198		7,396		102,459		201,149		1,361,202		8,173		51,920		60,093
Loans and other financing				42,268,648		15,512,553		12,820,628		13,296,473		83,898,302		17,144,022		34,913,777		52,057,799
Other debt securities				13,498,731		18,623,933		947,649				33,070,313				221,678		221,678
Financial assets delivered as guarantee		4,387,444								10,325		10,325
Investment in equity instruments		41,330
Total Assets		5,413,340		83,362,516		34,149,465		13,878,649		13,523,570		144,914,200		17,178,815		35,656,679		52,835,494

- 128 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

03/31/2018	Without due date	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		Total up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total over 12 months
Liabilities
Deposits			114,174,232		19,190,332		2,127,623		1,015,728		136,507,915		86,456		5,928		92,384
Liabilities at fair value to profit or loss			12,755								12,755
Derivative instruments			13,656								13,656
Repo transactions			9,245								9,245
Other financial liabilities			8,257,909		23,943		7,404		11,999		8,301,255		19,748		138,574		158,322
Financing received from Central Bank and other financial entities			20,905		274,609		7,599		21,184		324,297		45,860		116,589		162,449
Issued Corporate bonds					292,474						292,474				4,620,570		4,620,570
Subordinated corporate bonds					200,434						200,434				8,057,320		8,057,320
Total Liabilities			122,488,702		19,981,792		2,142,626		1,048,911		145,662,031		152,064		12,938,981		13,091,045

12/31/2017	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in Banks				32,473,987
Debt securities at fair value through profit or loss				113,181		862,190
Derivative instruments				7,664
Repo transactions				1,419,808
Other financial assets				846,983		676,947
Loans and other financing				67,826,931		54,346,915
Other debt securities				33,611,201
Financial assets delivered as guarantee		4,350,292		2,993,719
Investment in equity instruments		36,885
Total Assets		4,387,177		139,293,474		55,886,052
Liabilities
Deposits				132,169,770		546,404
Liabilities at fair value to profit or loss				6,450
Derivative instruments				23,107
Repo transactions				2,688,093
Other financial liabilities				9,625,147		183,730
Financing received from Central Bank and other financial entities				1,006,966		166,874
Issued Corporate bonds				118,356		4,593,860
Subordinated corporate bonds				80,004		485,755
Total Liabilities				145,717,893		12,976,623

12/31/2016	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in Banks				32,992,475
Debt securities at fair value through profit or loss				31,956		243,430
Derivative instruments				9,721
Repo transactions				19,124
Other financial assets				739,306		3,888
Loans and other financing				49,014,679		32,460,645
Other debt securities				17,974,087
Financial assets delivered as guarantee		2,261,475		1,200,994
Investment in equity instruments		337,309
Total Assets		2,598,784		101,982,342		32,707,963

- 129 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

12/31/2016	Without due date	Total up to 12 months		Total over 12 months
Liabilities
Deposits			102,196,147		302,476
Liabilities at fair value to profit or loss
Derivative instruments
Repo transactions			1,095,634
Other financial liabilities			5,784,361		111,326
Financing received from Central Bank and other financial entities			193,618		66,648
Issued Corporate bonds			1,745,851
Subordinated corporate bonds			67,429		6,309,108
Total Liabilities			111,083,039		6,789,559

20. DISCLOSURES BY OPERATING SEGMENT

The Bank has an approach of its banking business that is described in Note 20 to the condensed consolidated interim Financial Statements.

21. INCOME TAX

This tax shall be recognized following the liability method, recognizing (as credit or debit) the tax effect of temporary differences between the carrying amount of an asset or liability and its tax base, and its subsequent recognition in profit or loss for the year in which the reversal of such differences occurs, considering as well the possibility of using tax losses in the future.

Deferred tax assets and deferred tax liabilities in the Balance sheet are as follows:

	03/31/2018		12/31/2017		12/31/2016
Deferred tax assets
Loans and other financing		879,034		765,431		367,970
Allowances for contingencies		198,398		178,798		87,978
Provisions and employee Benefits		125,448		165,223		143,036
Other financial assets		11,957		12,222		7,517
Debt securities		6,988		4,702
Total deferred tax assets		1,221,825		1,126,376		606,501
Deferred tax liabilities
Property, plant and equipment		1,105,045		1,108,577		1,498,909
Intangible assets		253,011		239,108		215,128
Investment in subsidiaries, associates and joint ventures		101,960		96,027		61,477
Other financial and non-financial liabilities		86,983		99,514		111,015
Total deferred tax liabilities		1,546,999		1,543,226		1,886,529
Net deferred tax liabilities		325,174		416,850		1,280,028

Changes in net deferred liabilities as of March 31, 2018 and December 31, 2017 may be summarized as follows:

	03/31/2018		12/31/2017
Net deferred tax liabilities at beginning of year		416,850		1,280,028
Profit for deferred taxes recognized in total comprehensive income (*)		91,676		863,178
Net deferred tax liabilities at period / fiscal year end		325,174		416,850

(*) For changes in fiscal year 2017, we included the effect of the rate change, under the tax reform described in Note 3.13.a) to the accompanying Condensed consolidated interim financial statements.

- 130 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

The income tax recognized in the Statement of Income and in the Statement of Other Comprehensive Income differs from the income tax to be recognized if all income were subject to the current tax rate.

The table below shows a reconciliation between income tax and the amounts obtained by applying the current tax rate in Argentina to the carrying amount of profit:

	03/31/2018			03/31/2017
Carrying amount of profit before income tax		5,015,150			2,974,070
Applicable income tax rate		30	%		35	%
Income tax on carrying amount of profit		1,504,545			1,040,925
Net permanent differences and other tax effects		(31,578	)		(72,103	)
Total income tax		1,472,967			968,822

As of March 31, 2018 and 2017, the effective income tax rate is 29.4% and 32.4%, respectively.

22. COMMISSIONS INCOME

Description	03/31/2018		03/31/2017
Performance obligations satisfied in one act (1)		1,698,131		1,241,221
Performance obligations satisfied over certain time period		4,432		88,145
		1,702,563		1,329,366

(1) Includes principally account maintenance fees, agreements and credit card commissions.

23. DIFFERENCE IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

Description	03/31/2018			03/31/2017
Translation of foreign currency assets and liabilities to pesos		(1,472	)		71,669
Income from foreign currency Exchange		125,995			109,070
		124,523			180,739

24. OTHER OPERATING INCOME

Description	03/31/2018		03/31/2017
Services		816,426		767,800
Sale of investment property and other non-financial assets		109,921
Other adjustments and interest from other receivables		39,832		9,689
Initial recognition of loans		20,457
Sale of property, plant and equipment		719		567
Other		113,465		124,373
		1,100,820		902,429

25. EMPLOYEE BENEFITS

Description	03/31/2018		03/31/2017
Remunerations		1,385,143		1,179,139
Social Security Contributions		268,389		243,823
Compensations and bonuses to employees		139,225		98,432
Employee services		44,420		40,517
		1,837,177		1,561,911

- 131 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

26. ADMINISTRATION EXPENSES

Description	03/31/2018		03/31/2017
Taxes		204,822		145,261
Maintenance, conservation and repair expenses		150,844		110,081
Fees to Directors and Syndics		147,010		73,457
Security services		132,446		110,187
Electricity and communications		103,494		71,960
Other fees		97,153		68,459
Leases		59,345		47,534
Advertising and publicity		29,150		41,396
Representation, travel and transportation expenses		18,815		13,207
Stationary and office supplies		10,408		8,424
Insurance		7,793		8,798
Hired administrative services		886		4,452
Other		299,938		198,942
		1,262,104		902,158

27. OTHER OPERATING EXPENSES

Description	03/31/2018		03/31/2017
Gross turnover tax		1,004,284		681,291
Charges for other provisions		149,953		65,415
Deposit Guarantee Fund contributions		58,978		45,338
Donations		19,612		18,933
Insurance claims		10,080		4,766
Initial loan recognition				7,016
Other		575,428		452,996
		1,818,335		1,275,755

28. ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

The Statement of Cash Flows presents the changes in cash and cash equivalents derived from operating activities, investing activities and financing activities during the period. For the preparation of the Statement of Cash Flows the Bank adopted the indirect method for Operating Activities and the direct method for Investment Activities and Financing Activities.

The Bank considers as “Cash and cash equivalents” the item Cash and Deposits in Banks and those financial assets that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

For the preparation of the Statement of Cash Flows the Bank considered the following:

- Operating activities: are the normal revenue-producing activities of the Bank as well as other activities that cannot be qualified as investing or financing activities.

- Investing activities: are the acquisition, sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.

- Financing activities: are activities that result in changes in the size and composition of the shareholders equity and liabilities of the Bank and that are not part of the operating or investing activities.

- 132 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

The table below presents the reconciliation between the item “Cash and cash equivalents” in the Statement of Cash Flows and the relevant accounting items of the Balance Sheet:

	03/31/2018		12/31/2017		03/31/2017		12/31/2016
Cash and Deposits in Banks		25,918,134		32,473,987		25,904,251		32,992,475
Debt securities at fair value				44		124,281		9,585
Other debt securities		13,611,261		4,828,008		2,103		14,148,240
		39,529,395		37,302,039		26,030,635		47,150,300

29. CAPITAL STOCK

The composition of the Bank’s capital stock is disclosed in exhibit K “Composition of capital stock” to the accompanying Condensed separate interim financial statements.

Additionally, Note 29 to the Condensed consolidated interim financial statements presents the changes in the Bank’s capital stock.

30. DEPOSIT GUARANTEE INSURANCE

Note 31 to the Condensed consolidated interim financial statements describes the Deposit Guarantee Insurance System and the scope thereof.

Banco Macro SA holds an 8.4020% interest in the capital stock according to the percentages disclosed by Central Bank Communiqué “B” 11681 issued on March 20, 2018.

31. RESTRICTED ASSETS

As of March 31, 2018 and December 31, 2017 the following Bank’s assets are restricted:

Item	03/31/2018		12/31/2017
Debt securities at fair value through profit or loss and other debt securities
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 used as security in favor of Sedesa (1).		116,908		117,454
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the regional economies Competitiveness Program – BID Loan No. 3174/OC-AR.		104,640		98,541
· Central Bank of Argentina Internal Bills in pesos, maturity 06-21-2018 as of March 31, 2018 and maturity 02-21-2018 as of December 31, 2017 for the performance of forward foreign currency translation.		48,029		53,059
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033, for minimum counterpart required for Agents to act in the new categories contemplated under Resolution No. 622/13 of the CNV.		13,952		13,139
· Central Bank of Argentina Internal Bills in pesos, maturity 06-21-2018 as of March 31, 2018 and maturity 02/21/2018 as of December 31, 2017 securing operations through negotiation secured transaction Segment as the main counterparty of the MAE.		9,467		9,647
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing BID Loan of the Province of San Juan No. 2763/OC-AR.		9,418		8,869
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the sectorial Credit Program of the Province of San Juan. Production investment financing fund.		9,243		8,704
· Secured Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior SA (Bice).				4,270
· Other government and private securities.		1,830		2,331
Subtotal Debt securities at fair value through profit or loss and other debt securities		313,487		316,014

- 133 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

Item (contd.)	03/31/2018		12/31/2017
Other financial assets
· Sundry debtors – foreclosure within the scope of the claim filed by the DGR against the City of Buenos Aires for differences in gross turnover tax		827		827
Subtotal other financial assets		827		827
Loans and other financing – Non-financial sector and foreign residents
· Interests derived from contributions made as protector (2)		90,000		90,000
Subtotal Loans and other financing - Non-financial private sector and foreign residents		90,000		90,000
Financial assets delivered as guarantee
· Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities.		3,850,411		3,750,952
· Guarantee deposits related to credit and debit card transactions		533,075		592,890
· Other guarantee deposits		3,958		6,450
Subtotal Other financial assets delivered as guarantee		4,387,444		4,350,292
Other non-financial assets
· Real property related to call options sold		115,888		222,023
Subtotal Other non-financial assets		115,888		222,023
Total		4,907,646		4,979,156

(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. The same correspond to the following risk funds: Garantizar SGR Risk Fund and Los Grobo SGR Risk Fund as of March 31, 2018 and December 31, 2017 and Intergarantías SGR Risk Fund as of December 31, 2017.

Additionally, as of December 31, 2016, the amount of restricted assets was 2,676,022.

32. TRUST AGREEMENTS

Note 33 to the condensed consolidated interim Financial Statements describes the different trust agreements according to the business purpose sought by the Bank, which may be summarized as follows:

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, Garbarino, Secubono, Accicom, Mila, Credicuotas Consumo, Credimas, Best Consumer Directo, Best Consumer Finance and Agrocap 1). 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.

- 134 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

As of March 31, 2018 and December 31, 2017 and 2016 the debt securities administered by the Bank with investment purposes and certificate of participation in financial trusts total 1,041,068, 1,003,312 and 719,918, respectively.

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

2) Trusts created using financial assets transferred by the Bank

As of March 31, 2018 and December 31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying condensed separate interim Financial Statements, the assets managed through Macro Fiducia SA of this type of trusts amount to 69,444, 116,387 and 58,633, respectively.

3) Trusts guaranteeing loans granted by the Bank

As of March 31, 2018 and December 31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying condensed separate interim Financial Statements, the assets managed by the Bank amount to 325,089, 328,268 and 451,569, respectively.

4) Trusts in which the Bank acts as Trustee (Management)

As of March 31, 2018 and December 31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying Financial Statements, the assets managed by the Bank amount to 1,374,051, 1,302,687 and 1,396,421, respectively.

33. COMPLIANCE WITH CNV STANDARDS

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 agent for the custody of collective investment products of mutual funds (AC PIC FCI for their acronyms in Spanish language), comprehensive clearing and settlement agent and trading agent (ALyC and AN – comprehensive, for their acronyms in Spanish language), financial trustee Agent (FF for its acronym in Spanish language ) and Guarantee Entity (in the process of being registered).

Additionally, the Bank’s shareholders’ equity exceeds the minimum amount required by this regulation, amounting to 32,000, as well as the minimum counterpart required of 11,000, which the Bank paid-in with government securities as described in Note 32 to the accompanying condensed separated interim Financial Statements.

In addition, Note 34.2 to the condensed consolidated interim Financial Statements presents the general policy of documents in custody, describing which information has been disclosed and delivered to third parties for custody.

34. ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for March 2018 are listed below, indicating the balances as of month-end of the related items:

Description	Banco Macro SA
Cash and deposits in banks
Amounts in Central Bank accounts		17,981,678
Financial assets delivered as guarantee
Special guarantee accounts with the Central Bank		3,850,411
Total		21,832,089

- 135 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

35. PENALTIES APPLIED TO THE FINANCIAL ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE CENTRAL BANK

Note 36 to the condensed consolidated interim Financial Statements describes the penalties applied and the proceedings filed by the Central Bank against the Bank, classified as follows:

- Summary proceedings filed by the Central Bank

- Penalties applied by the Central Bank

- Penalties applied by the UIF

The Bank’s Management and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned judicial proceedings other than those disclosed in the accompanying Financial Statements.

36. ISSUANCE OF CORPORATE BONDS

Note 37 to the Condensed consolidated interim financial statements describes liabilities for corporate bonds recognized by the Bank as of March 31, 2018 and December 31, 2017, under the terms and values therein expressed.

Additionally, as of December 31, 2016, the Bank recognized Class A subordinated resettable corporate bonds for 6,376,537 and Class 2 non-subordinated corporate bonds for 1,745,851.

37. ACCOUNTING ITEMS OUTSIDE THE BALANCE SHEET

In addition to the expressed in Note 7, the Bank recognizes different transactions outside its Balance sheet, pursuant to the Central Bank standards.

As of March 31, 2018, December 31, 2017 and 2016, the main balances outside the Bank’s Balance sheet include the preferred and non-preferred guarantees received from customers, under the applicable rules in force in this matter, to secure the loans transactions and other financing, the value of which totals 38,752,555, 38,139,862 and 21,261,105, respectively; custody of government and private bonds and of other third-party assets, the value of which totals 98,304,660, 70,772,660 and 41,094,883, respectively; checks pending clearance amount to 1,059,936, 1,266,305 and 1,134,949, respectively and outstanding checks not yet paid amount to 2,076,689, 2,032,128 and 1,852,989, respectively.

38. TAX AND OTHER CLAIMS

38.1. Tax claims

Note 39.1. to the consolidated financial statements describes the most relevant claims pending resolution and filed by AFIP and the tax authorities of the relevant jurisdiction.

The Bank’s Management and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned proceedings other than those disclosed in the accompanying Financial Statements.

38.2. Other claims

Note 39.2. to the consolidated financial statements describes the most relevant claims pending resolution and filed by the different consumer´s associations.

The Bank’s Management and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned proceedings other than those disclosed in the accompanying Financial Statements.

- 136 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures expressed in thousands of Pesos)

39. RESTRICTION ON EARNINGS DISTRIBUTION

Note 40 to the Condensed consolidated interim financial statements describes the main legal provisions regulating the restriction on profit distribution.

In compliance with the above expressed, and in accordance with the distribution approved by the General Shareholders’ Meeting held on April 27, 2018, the Bank applied 1,877,754 to increase its Legal reserve and 7,511,017 to increase other earnings reserved for future distribution of profits. Furthermore, the above mentioned Shareholders’ Meeting resolved to make a profit distribution as cash dividends of 3,348,315. Dividends were made available and paid on May 15, 2018.

40. CAPITAL MANAGEMENT AND CORPORATE GOVERNANCE TRANSPARENCY POLICY

Note 41 to the Condensed consolidated interim financial statements describes the main guidelines of the Bank as to capital management and corporate governance transparency policy.

41. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT OF THE FINANCIAL AND CAPITAL SYSTEM

The international and national macroeconomic environment in which the Bank operates and the impact on it is described in Note 43 to the Condensed consolidated interim financial statements.

42. EVENTS AFTER REPORTING PERIOD

No events occurred between the end of the reporting period and the issuance of the accompanying condensed separate interim Financial Statements that may materially affect the financial position or the profit and loss for the period, not disclosed in the accompanying condensed separate interim Financial Statements.

43. ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These Condensed separate interim financial statements are presented in accordance with the accounting framework established by the Central Bank, as mention in Note 3. These accounting standards may not conform with accounting principles generally accepted in other countries.

	Delfin Jorge Ezequiel Carballo
	Chairman
- 137 -

EXHIBIT A

SEPARATE DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Holdings							Position
	03/31/2018					12/31/2017		03/31/2018
Name	Fair Value	Fair Value Level		Book balance		Book balance		Position without options		Options	Final position
DEBT SECURITIES AT FAIR VALUE TROUGH PROFIT OR LOSS
- Local
Government securities
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033			1		189,706		89,691		189,706			189,706
Debt Securities of Province of Río Negro in pesos - Badlar Private + 250 basis point - Maturity: 07-06-2020			2		122,360		281,881		122,360			122,360
Consolidation bonds in pesos 8° Serie - Maturity: 10-04-2022			1		70,440		105,882		70,440			70,440
Federal government treasury bonds in pesos - Maturity: 10-03-2021			1		49,623				49,623			49,623
Federal government bonds in US dollars at 8.75% - Maturity: 05-07-2024			1		36,522		8,934		36,522			36,522
Par bonds denominated in pesos - Maturity: 12-31-2038			1		33,266		38,677		33,266			33,266
Securities related to PBI in US dollars - Maturity: 12-15-2035			1		5,459				5,459			5,459
Federal government treasury bonds in pesos at monetary police rate - Maturity 06-21-2020			1		4,945				4,945			4,945
Consolidation bonds in pesos 6° Serie at 2% - Maturity: 03-15-2024			1		3,320		4		3,320			3,320
Secured bonds in pesos - Badlar Private + 250 basis point - Maturity: 03-11-2019			1		2,892		3,012		462			462
Federal government treasury bonds in pesos adjustment by CER - Maturity: 07-22-2021			1		1,014				1,014			1,014
Federal government treasury bonds in pesos at 16 % - Maturity: 10-17-2023			2		1,001		22,703		1,001			1,001
Federal government treasury bonds in pesos at 21.20 % - Maturity: 09-19-2018			1		866		598		866			866
Discount bonds denominated in US dollars Argentina Law - Maturity: 12-31-2033			1		323		327		323			323
Secured bonds in pesos - Badlar Private + 325 basis point - Maturity: 03-01-2020			1		148		573		148			148
Federal government treasury bonds in pesos at 15.50 % - Maturity: 10-17-2026			1		147		153		147			147
Securities related to PBI inpesos - Maturity: 12-15-2035			1		53		67		53			53
Discount bonds denominated in US dollars - Maturity: 12-31-2033			1		32		4		32			32
Federal government treasury bonds in pesos adjustment by CER - Maturity: 04-28-2020							498
Public debt securities of C.A.B.A. Class 23 at variable rate - Maturity: 02-22-2028							124,399
Secured bonds in pesos under Presidential Decree No. 1579/02 at 2% - Maturity: 02-04-2018							18,960
Province of Neuquén Treasury Bills Class 2 Series II - Maturity: 06-06-2018							15,265
Federal government bonds in US dollars 5.625% - Maturity: 01-26-2022							5,080
Federal government bonds in US dollars 6.875% - Maturity: 01-26-2027							951
Federal government treasury bills in US dollars - Maturity: 02-09-2018							632
Federal government treasury bonds in pesos - Maturity: 03-05-2018							504
Federal government bonds in pesos - Badlar Private + 275 basis point - Maturity 03-01-2018							319
Federal government bonds in pesos - Badlar Private + 200 basis point - Maturity 04-03-2022							292
Subtotal local government securities					522,117		719,406		519,687			519,687
Private securities
Debt Securities in Financial Trusts Chubut Regalías Hidrocarburíferas - Maturity: 07-01-2020			3		37,916		34,932		37,916			37,916
Securities of public service companies			3		992		909		992			992
Corporate Bonds Banco de Inversión y Comercio Exterior S.A. Class 6							98,602
Corporate Bonds Inversora Juramento S.A. Class 6							80,938
Corporate Bonds Rombo Compañía Financiera S.A. Series 38							40,584
Subtotal local private securities					38,908		255,965		38,908			38,908
TOTAL DEBT SECURITIES AT FAIR VALUE TROUGH PROFIT OR LOSS					561,025		975,371		558,595			558,595

	Delfin Jorge Ezequiel Carballo
	Chairman
- 138 -

EXHIBIT A

(Continued)

SEPARATE DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Holdings								Position
	03/31/2018						12/31/2017		03/31/2018
Name	Fair Value		Fair Value Level		Book balance		Book balance		Position without options		Options	Final position
OTHER DEBT SECURITIES
Measured at fair value thought other comprehensive income
- Local
Government securities
International bonds of the Argentina Republic in US dollars at 5.875 - Maturity: 01-11-2028				1		96,050				96,050			96,050
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033				1		8,720				8,720			8,720
Consolidation bonds in pesos 8° Serie - Maturity: 10-04-2022								49,726
Subtotal local government securities						104,770		49,726		104,770			104,770
Central Bank of Argentina Bills
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-16-2018				1		13,880,308		5,769,624		13,880,308			13,880,308
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-18-2018				1		11,919,237		5,626,984		11,919,237			11,919,237
Central Bank of Argentina Internal Bills in pesos – Maturity: 06-21-2018				1		4,480,319		3,329,550		4,480,319			4,480,319
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 04-03-2018				1		1,294,574				1,294,574			1,294,574
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-19-2018				1		495,905		6,949		495,905			495,905
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-18-2018				1		390,878		175,645		390,878			390,878
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-15-2018				1		60,866		777		60,866			60,866
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-21-2018								6,333,072
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-17-2018								6,045,824
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-21-2018								5,341,770
Subtotal Central Bank of Argentina Bills						32,522,087		32,630,195		32,522,087			32,522,087
Total Other debt securities measured at fair value thought other comprehensive income						32,626,857		32,679,921		32,626,857			32,626,857
Measured at amortized cost
- Local
Debt securities
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033		140,369		1		116,908		117,454		116,908			116,908
Secured bonds in pesos under Presidential Decree No. 1579/02 at 2% - Maturity: 02-04-2018								4,270
						116,908		121,724		116,908			116,908
Private securities
Financial Trust Underwriting Naldo Lombardi		143,364		1		143,364				143,364			143,364
Financial Trust Underwriting Secubono		87,951		1		87,951		110,554		87,951			87,951
Financial Trust Underwriting Mila		61,949		1		61,949		32,955		61,949			61,949
Financial Trust Underwriting Accicom Préstamos Personales		60,515		1		60,515		51,041		60,515			60,515
Financial Trust Underwriting Garbarino		56,864		1		56,864		68,070		56,864			56,864
Financial Trust Underwriting Naldo PVCRED		56,542		1		56,542				56,542			56,542
Financial Trust Underwriting Credicuotas Consumo		53,695		1		53,695		50,223		53,695			53,695
Financial Trust Underwriting Credimas		27,346		1		27,346		25,646		27,346			27,346
Financial Trust Underwriting Consubond								360,363
Financial Trust Underwriting Agrocap								46,482
Financial Trust Underwriting Best Consumer Directo								32,136
Financial Trust Underwriting Best Consumer Finance								32,086
Subtotal local Private securities						548,226		809,556		548,226			548,226
Total other debt securities measurement at amortized cost						665,134		931,280		665,134			665,134
TOTAL OTHER DEBT SECURITIES						33,291,991		33,611,201		33,291,991			33,291,991

	Delfin Jorge Ezequiel Carballo
	Chairman
- 139 -

EXHIBIT A

(Continued)

SEPARATE DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Holdings							Position
	03/31/2018					12/31/2017		03/31/2018
Name	Fair Value	Fair Value Level		Book balance		Book balance		Position without options		Options	Final position
Equity Instruments
Measured at fair value trough profit or loss
Local
Mercado Abierto Electrónico S.A.			3		22,293		18,441		22,293			22,293
Sedesa			3		3,975		3,909		3,975			3,975
Argentina Clearing S.A.			3		3,217		3,217		3,217			3,217
C.O.E.L.S.A.			3		3,048		3,048		3,048			3,048
Mercado a Término Rosario S.A.			3		2,569		2,569		2,569			2,569
Other					1,698		1,698		1,698			1,698
Subtotal local					36,800		32,882		36,800			36,800
Foreign
Banco Latinoamericano de Comercio Exterior S.A.			1		4,192		3,688		4,192			4,192
Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales			3		338		315		338			338
Subtotal foreign					4,530		4,003		4,530			4,530
Total measured at fair value trough profit or loss					41,330		36,885		41,330			41,330
Total Equity Instruments					41,330		36,885		41,330			41,330
TOTAL GOVERNMENT AND PRIVATE SECURITIES					33,894,346		34,623,457		33,891,916			33,891,916

As of December 31, 2016, debt securities at fair value through profit or loss amounted to 275,386, Other Debt Securities to 17,974,087 and Equity instruments to 337,309.

	Delfin Jorge Ezequiel Carballo
	Chairman
- 140 -

EXHIBIT B

SEPARATE CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	03/31/2018		12/31/2017		12/31/2016
COMMERCIAL
In normal situation		56,301,945		48,622,186		34,128,374
With Senior “A” guarantees and counter-guarantees		3,558,581		3,795,181		2,538,782
With Senior “B” guarantees and counter-guarantees		8,149,068		7,426,689		5,119,268
Without Senior guarantees or counter-guarantees		44,594,296		37,400,316		26,470,324
Subject to special monitoring		336,826		298,886		27,887
In observation
With Senior “A” guarantees and counter-guarantees		4,361		6,042
With Senior “B” guarantees and counter-guarantees		120,672		66,613		18,875
Without Senior guarantees or counter-guarantees		211,793		226,231		9,012
Troubled		32,672		37,164		50,039
With Senior “A” guarantees and counter-guarantees				3,441
With Senior “B” guarantees and counter-guarantees		21,528		22,971		50,039
Without Senior guarantees or counter-guarantees		11,144		10,752
With high risk of insolvency		138,165		143,881		137,431
With Senior “A” guarantees and counter-guarantees		388		729		1,882
With Senior “B” guarantees and counter-guarantees		103,313		86,437		61,374
Without Senior guarantees or counter-guarantees		34,464		56,715		74,175
Irrecoverable		50,965				4
With Senior “B” guarantees and counter-guarantees
Without Senior guarantees or counter-guarantees		18,605
		32,360				4
Subtotal Commercial		56,860,573		49,102,117		34,343,735

	Delfin Jorge Ezequiel Carballo
	Chairman
- 141 -

EXHIBIT B

(Continued)

SEPARATE CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	3/31/2018		12/31/2017		12/31/2016
CONSUMER AND MORTGAGE
Performing		80,806,429		74,624,457		48,698,468
With Senior “A” guarantees and counter-guarantees		1,909,668		2,129,722		767,733
With Senior “B” guarantees and counter-guarantees		8,515,474		6,847,800		2,483,434
Without Senior guarantees or counter-guarantees		70,381,287		65,646,935		45,447,301
Low risk		1,450,001		941,697		502,812
With Senior “A” guarantees and counter-guarantees		12,463		6,359		1,486
With Senior “B” guarantees and counter-guarantees		52,666		31,801		20,622
Without Senior guarantees or counter-guarantees		1,384,872		903,537		480,704
Medium risk		652,912		544,375		390,339
With Senior “A” guarantees and counter-guarantees		821		1,447		3,188
With Senior “B” guarantees and counter-guarantees		18,640		13,506		7,634
Without Senior guarantees or counter-guarantees		633,451		529,422		379,517
High risk		426,316		397,696		268,927
With Senior “A” guarantees and counter-guarantees		476		496		2,099
With Senior “B” guarantees and counter-guarantees		21,868		18,106		20,284
Without Senior guarantees or counter-guarantees		403,972		379,094		246,544
Irrecoverable		172,559		139,268		87,190
With Senior “B” guarantees and counter-guarantees		15,765		17,924		16,642
Without Senior guarantees or counter-guarantees		156,794		121,344		70,548
Irrecoverable according to Central Bank's rules		465		206		210
Without Senior guarantees or counter-guarantees		465		206		210
Subtotal consumer and mortgage		83,508,682		76,647,699		49,947,946
Total		140,369,255		125,749,816		84,291,681

This exhibit disclosures the contractual figures in accordance as established by Central Bank. The conciliation with the condensed separated interim balance sheet, is listed below:

	As of 03/31/2018
Loans and other financing		135,956,101
+ Allowances for loans and other financing losses		2,794,761
+ Amortized cost and fair value adjustment		281,298
+ Private securities - Debt Securities in Financial Trusts		553,764
Guarantees provided and contingent liabilities		783,331
Total computable concepts		140,369,255

	Delfin Jorge Ezequiel Carballo
	Chairman
- 142 -

EXHIBIT C

SEPARATE CONCENTRATION OF LOANS AND OTHER FINANCING

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	03/31/2018				12/31/2017				12/31/2016
Number of customers	Cutoff balance		% of total portfolio		Cutoff balance		% of total portfolio		Cutoff balance		% of total portfolio
10 largest customers		11,679,306		8.32		11,151,842		8.87		6,353,953		7.54
50 next largest customers		14,956,919		10.66		11,488,939		9.14		8,920,400		10.58
100 next largest customers		9,023,351		6.43		7,505,554		5.97		5,525,254		6.55
Other customers		104,709,679		74.59		95,603,481		76.02		63,492,074		75.33
Total		140,369,255		100.00		125,749,816		100.00		84,291,681		100.00

(1) See Exhibit B

	Delfin Jorge Ezequiel Carballo
	Chairman
- 143 -

EXHIBIT D

SEPARATE BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Remaining terms 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 - Central Bank		218		112,509		145,310		268,186		581,312		930,085		733,895		2,771,515
Financial sector				2,140,102		943,279		617,696		607,217		880,580		47,293		5,236,167
Non-financial private sector and foreign residents		936,828		41,001,143		18,289,548		17,060,699		20,898,690		28,731,631		52,945,646		179,864,185
Total		937,046		43,253,754		19,378,137		17,946,581		22,087,219		30,542,296		53,726,834		187,871,867

SEPARATE BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Remaining terms 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 - Central Bank				51,131		219,501		183,337		543,855		982,347		876,255		2,856,426
Financial sector				1,844,657		450,276		710,764		755,578		1,005,476		228,185		4,994,936
Non-financial private sector and foreign residents		847,585		34,163,062		17,642,583		16,550,145		18,000,025		26,527,720		46,828,878		160,559,998
Total		847,585		36,058,850		18,312,360		17,444,246		19,299,458		28,515,543		47,933,318		168,411,360

	Delfin Jorge Ezequiel Carballo
	Chairman
- 144 -

EXHIBIT D

SEPARATE BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Remaining terms 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 - Central Bank		0		747,993		124,713		384,876		142,487		272,196		230,432		1,902,697
Financial sector		0		403,961		453,069		486,055		384,924		239,092		52,674		2,019,775
Non-financial private sector and foreign residents		512,311		27,908,295		12,322,113		11,244,077		12,270,971		16,758,463		22,362,248		103,378,478
Total		512,311		29,060,249		12,899,895		12,115,008		12,798,382		17,269,751		22,645,354		107,300,950

This exhibit disclosoures contractual future cash flows that included interests and accesories to be accrued until maturity of the contracts.

	Delfin Jorge Ezequiel Carballo
	Chairman
- 145 -

EXHIBIT E

SEPARATE DETAILED INFORMATION ON INTERESTS IN OTHER COMPANIES

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

														Information of the issuer
	Shares of interest														Data from latest financial statements
Name	Class	Unit face value		Votes per share		Number		Amount 03/31/2018		Amount 12/31/2017		Amount 12/31/2016		Main business activity	Year- end date / Period	Capital stock		Shareholders' equity		Income for the year / Period
In financial institutions
- Subsidiaries
Local
Banco del Tucumán SA	Common		100		1		395,341		1,985,755		1,787,137		1,851,964	Financial institution	03-31-18		43,900		2,208,063		220,854
Subtotal local									1,985,755		1,787,137		1,851,964
Foreign
Macro Bank Limited	Common		1		1		39,816,899		808,653		912,765		769,059	Financial institution	03-31-18		86,501		808,653		46,497
Subtotal foreign									808,653		912,765		769,059
Total in financial institutions subsidiaries									2,794,408		2,699,902		2,621,023
Total in institutions									2,794,408		2,699,902		2,621,023
In complementary services companies
- Subsidiaries
Local
Macro Securities SA	Common		1		1		12,776,680		792,701		681,436		292,348	Brokerage house	03-31-18		12,886		783,287		110,743
Macro Fondos SGFCISA	Common		1		1		6,475,143		54,545		40,625		24,694	Management company of FCI	03-31-18		1,713		283,364		71,866
Macro Fiducia SA	Common		1		1		327,183		23,102		21,464		19,152	Services	03-31-18		6,567		17,471		818
Subtotal local									870,348		743,525		336,194
Total in complementary services subsidiary companies									870,348		743,525		336,194
Associates and joint ventures
Local
Prisma Medio de Pagos	Common		1		1		1,141,503		196,568		142,600		67,583	Processing services	12-31-17		15,000		2,511,180		2,432,494
Joint Ventures (UTE)									90,760		75,519		56,001	Management of tax services
Subtotal local									287,328		218,119		123,584
Total in complementary services associates companies and join ventures									287,328		218,119		123,584
Total in complementary servicies companies									1,157,676		961,644		459,778
In other asociates
- Associates and joint ventures
Local
Macro Warrants S.A.	Common		1		1				671		827		684	Issue of warrants	12-31-17		1,000		13,417		884
Subtotal local									671		827		684
Total in other asociates									671		827		684
Total investments in other companies									3,952,755		3,662,373		3,081,485

	Delfin Jorge Ezequiel Carballo
	Chairman
- 146 -

EXHIBIT F

SEPARATE IN PROPERTY, PLANT AND EQUIPMENT

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Origination Value at beginning		Useful life					Depreciation for the period								Residual value at the
Item	of fiscal year		estimated in years	Increases		Decreases		Accumulated		Decrease		Of the period		At the end		end of the period
Cost measurement
Buildings		4,096,890	50		220		101,575		256,498		9,155		16,837		264,180		3,731,355
Furniture and facilities		339,327	10		5,543		951		126,282				8,182		134,464		209,455
Machinery and equipment		939,919	5		152,824		110,655		509,167				42,297		551,464		430,624
Vehicles		109,825	5		6,294		1,468		75,696		933		4,142		78,905		35,746
Work in progress		2,068,485			323,566		31,972										2,360,079
Total property, plant and equipment		7,554,446			488,447		246,621		967,643		10,088		71,458		1,029,013		6,767,259

SEPARATE IN PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Origination Value at							Depreciation for the fiscal year								Residual
Item	beginning of fiscal year		Useful life estimated in years	Increases		Decreases		Accumulated		Decrease		Of the fiscal year		At the end		value at the end of the fiscal year
Cost measurement
Buildings		4,066,401	50		38,307		7,818		216,134		25,896		66,260		256,498		3,840,392
Furniture and facilities		302,023	10		37,304				94,493				31,789		126,282		213,045
Machinery and equipment		713,262	5		229,575		2,918		370,753		2,548		140,962		509,167		430,752
Vehicles		91,142	5		23,587		4,904		65,079		3,800		14,417		75,696		34,129
Work in progress		1,210,316			899,056		40,887										2,068,485
Total property, plant and equipment		6,383,144			1,227,829		56,527		746,459		32,244		253,428		967,643		6,586,803

	Delfin Jorge Ezequiel Carballo
	Chairman
- 147 -

EXHIBIT F

(Continued)

SEPARATE CHANGE IN INVESTMENT PROPERTY

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Origination Value at beginning		Useful life					Depreciation for the period								Residual value at the
Item	of fiscal year		estimated in years	Increases		Decreases		Accumulated		Decrease		Of the period		At the end		end of the period
Cost measurement
Others investment properties		1,935,289	50		129,287		263,228		15,611		1,772		1,400		15,239		1,786,109
Total investment property		1,935,289			129,287		263,228		15,611		1,772		1,400		15,239		1,786,109

SEPARATE CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Origination Value at							Depreciation for the fiscal year								Residual
Item	beginning of fiscal year		Useful life estimated in years	Increases		Decreases		Accumulated		Decrease		Of the fiscal year		At the end		value at the end of the fiscal year
Cost measurement
Others investment properties		1,726,340	50		237,381		28,432		17,879		7,784		5,516		15,611		1,919,678
Total investment property		1,726,340			237,381		28,432		17,879		7,784		5,516		15,611		1,919,678

	Delfin Jorge Ezequiel Carballo
	Chairman
- 148 -

EXHIBIT G

SEPARATE CHANGE IN INTANGIBLE ASSETS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Origination Value at		Years of						Depreciation for the period							Residual
Item	beginning of fiscal year		useful life estimated in years		Increases		Decreases		Accumulated		Decrease	Of the period		At the end		value at the end of the period
Cost measurement
Licenses		312,484		5		3,523				97,731			12,050		109,781		206,226
Other intangible assets		1,361,934		5		138,868		6,352		718,351			62,284		780,635		713,815
Total intangible assets		1,674,418				142,391		6,352		816,082			74,334		890,416		920,041

SEPARATE CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Origination Value at		Years of						Depreciation for the fiscal year								Residual
Item	beginning of fiscal year		useful life estimated in years		Increases		Decreases		Accumulated		Decrease		Of the fiscal year		At the end		value at the  end of the  fiscal year
Cost measurement
Goodwill - Bussiness combination		20,609				35,596		56,205
Licenses		161,335		5		151,289		140		54,331		2		43,400		97,729		214,755
Other intangible assets		1,023,323		5		645,135		306,524		515,675		156,867		359,545		718,353		643,581
Total investment property		1,205,267				832,020		362,869		570,006		156,869		402,945		816,082		858,336

	Delfin Jorge Ezequiel Carballo
	Chairman
- 149 -

EXHIBIT H

SEPARATE DEPOSIT CONCENTRATION

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	03/31/2018				12/31/2017				12/31/2016
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers	8,249,632		6.04		8,879,036		6.69		6,187,859		6.04
50 next largest customers		7,193,854		5.27		6,701,842		5.05		6,415,928		6.26
100 next largest customers		4,716,017		3.45		4,617,386		3.48		3,954,135		3.86
Other customers		116,440,796		85.24		112,517,910		84.78		85,940,701		83.84
Total		136,600,299		100.00		132,716,174		100.00		102,498,623		100.00

This exhibit disclosoures contractual future cash flows that included interests and accesories to be accrued until maturity of the contracts.

	Delfin Jorge Ezequiel Carballo
	Chairman
- 150 -

EXHIBIT I

SEPARATE BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Remaining terms 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		115,180,455		19,832,054		2,219,954		1,073,249		91,875		7,146		138,404,733
From the non-financial government sector		8,311,204		531,900		163,488		4,858		17,595				9,029,045
From the financial sector		93,156												93,156
From the non-financial private sector and foreign residents		106,776,095		19,300,154		2,056,466		1,068,391		74,280		7,146		129,282,532
Liabilities  at fair value through profit or loss		12,755												12,755
Derivative instruments		13,656												13,656
Repo Transactions		9,245												9,245
Other  financial institutions		9,245												9,245
Other financial liabilities		8,257,909		25,271		9,290		15,279		24,786		158,551		8,491,086
Financing received from the Central Bank of Argentina and other financial institutions		21,911		279,285		12,861		33,434		65,784		135,822		549,097
Issued corporate bonds				404,300				404,300		808,600		6,642,069		8,259,269
Subordinated corporate bonds				271,935				271,935		543,869		11,864,404		12,952,143
Total		123,495,931		20,812,845		2,242,105		1,798,197		1,534,914		18,807,992		168,691,984

This exhibit disclosoures contractual future cash flows that included interests and accesories to be accrued until maturity of the contracts.

	Delfin Jorge Ezequiel Carballo
	Chairman
- 151 -

EXHIBIT I

SEPARATE BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Remaining terms 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		113,423,914		17,903,144		2,517,574		525,834		27,666		7,458		134,405,590
From the non-financial government sector		8,897,189		419,219		242,413		963		17,565				9,577,349
From the financial sector		81,357												81,357
From the non-financial private sector and foreign residents		104,445,368		17,483,925		2,275,161		524,871		10,101		7,458		124,746,884
Liabilities  at fair value through profit or loss		6,450												6,450
Derivative instruments		23,107												23,107
Repo Transactions		2,688,093												2,688,093
Other  financial institutions		2,688,093												2,688,093
Other financial liabilities		9,601,982		21,720		10,720		16,518		25,559		163,965		9,840,464
Financing received from the Central Bank of Argentina and other financial institutions		927,139		91,695		11,605		15,967		34,289		94,109		1,174,804
Issued corporate bonds						119,044						4,620,570		4,739,614
Subordinated corporate bonds						80,260						7,509,680		7,589,940
Total		126,670,685		18,016,559		2,739,203		558,319		87,514		12,395,782		160,468,062

This exhibit disclosoures contractual future cash flows that included interests and accesories to be accrued until maturity of the contracts.

	Delfin Jorge Ezequiel Carballo
	Chairman
- 152 -

EXHIBIT I

SEPARATE BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Remaining terms 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		86,801,634		15,016,867		1,669,383		311,924		8,678		3,413		103,811,899
From the non-financial government sector		4,904,400		851,853		209,803		86,529		117				6,052,702
From the financial sector		55,860												55,860
From the non-financial private sector and foreign residents		81,841,374		14,165,014		1,459,580		225,395		8,561		3,413		97,703,337
Repo Transactions		1,095,634												1,095,634
Other financial institutions		1,095,634												1,095,634
Other financial liabilities		5,197,724		480,634		6,909		6,868		10,826		147,157		5,850,118
Financing received from the Central Bank of Argentina and other financial institutions		85,690		49,164		90,378		14,207		9,867		12,780		262,086
Issued corporate bonds				1,758,053										1,758,053
Subordinated corporate bonds						213,978		213,978		427,955		9,763,723		10,619,634
Total		93,180,682		17,304,718		1,980,648		546,977		457,326		9,927,073		123,397,424

This exhibit disclosoures contractual future cash flows that included interests and accesories to be accrued until maturity of the contracts.

	Delfin Jorge Ezequiel Carballo
	Chairman
- 153 -

EXHIBIT J

SEPARATE CHANGES IN PROVISIONS

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Balances at beginning of				Decreases
Breakdown	fiscal year		Increases		Charge off		03/31/2018		12/31/2017		12/31/2016
For  Administrative, disciplinary and criminal sanctions		718						718		718		9,110
Other		595,277		149,953		111,338		633,892		595,277		242,256
Total Provisions		595,995		149,953		111,338		634,610		595,995		251,366

	Delfin Jorge Ezequiel Carballo
	Chairman
- 154 -

EXHIBIT K

SEPARATE COMPOSITION OF CAPITAL STOCK

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

Shares					Capital stock
				Votes per	Issued
Class	Stock number		Face Value	share	Outstanding		Paid in
Registered common stock A		11,235,670	1	5		11,236		11,236
Registered common stock B		658,427,351	1	1		658,427		658,427
Total		669,663,021				669,663		669,663

SEPARATE COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

Shares					Capital stock
				Votes per	Issued
Class	Stock number		Face Value	share	Outstanding		Paid in
Registered common stock A		11,235,670	1	5		11,236		11,236
Registered common stock B		658,427,351	1	1		658,427		658,427
Total		669,663,021				669,663		669,663

	Delfin Jorge Ezequiel Carballo
	Chairman
- 155 -

EXHIBIT K

SEPARATE COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

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

	Delfin Jorge Ezequiel Carballo
	Chairman
- 156 -

EXHIBIT L

SEPARATE FOREIGN CURRENCY BALANCES

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	03/31/2018										12/31/2017		12/31/2016
	Total Parent
	company and		Total per currency
Items	local branches		US dollar		Euro		Real		Other		Total		Total
ASSETS
Cash and deposits in banks		11,874,942		11,758,492		71,655		15,107		29,688		19,751,379		20,074,325
Debt securities at fair value through profit or loss		80,252		80,252								50,860		12,734
Other financial assets		1,099,672		1,099,672								683,094		334,710
Loans and other financing		22,653,288		22,653,288								18,842,703		10,206,962
Other financial institutions		502,124		502,124								176,887		95,792
From the non-financial private sector and foreign residents		22,151,164		22,151,164								18,665,816		10,111,170
Other debt securities		96,050		96,050								46,482		937,900
Financial assets delivered as guarantee		257,205		257,205								240,882		95,174
Investments in equity instruments		4,530		4,530								4,002
Investments in subsidieries, associates and joint ventures		808,653		808,653								912,766		823,876
Total		36,874,592		36,758,142		71,655		15,107		29,688		40,532,168		32,485,681
LIABILITIES
Deposits		28,588,078		28,588,078								29,799,489		21,793,774
Non-financial government sector		1,272,844		1,272,844								3,794,318		536,942
Financial sector		54,026		54,026								45,895		27,972
Non-financial private sector and foreign residents		27,261,208		27,261,208								25,959,276		21,228,860
Other financial liabilities		1,318,972		1,282,691		35,570				711		1,182,283		876,089
Financing from BCRA and other financial Institutions		265,165		265,165								887,321		131,361
Issued corporate bonds														1,745,851
Subordinated corporate bonds		8,257,754		8,257,754								7,565,759		6,376,537
Other non-financial liabilities		12,820		12,820								45,920		61
Total		38,442,789		38,406,508		35,570				711		39,480,772		30,923,673

	Delfin Jorge Ezequiel Carballo
	Chairman
- 157 -

EXHIBIT N

SEPARATE CREDIT ASSISTANCE TO RELATED PARTIES

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

			With high risk of insolvency/ High risk
	In normal		Non-
Item	situation		maturity		Maturity		Irrecoverable		03/31/2018		12/31/2017		12/31/2016
Loans and other financing
Overdrafts		16,612								16,612		8,012		7,459
Without Senior guarantees or counter-guarantees		16,612								16,612		8,012		7,459
Documents		201,286								201,286		147,026		99,347
With Senior “A” guarantees and counter-guarantees		10,861								10,861		6,160		7,263
Without Senior guarantees or counter-guarantees		190,425								190,425		140,866		92,084
Mortgage and pledge		18,285						171		18,456		17,276		5,579
With Senior “B” guarantees and counter-guarantees		17,270						171		17,441		16,532		5,431
Without Senior guarantees or counter-guarantees		1,015								1,015		744		148
Personal		32								32		44		1,083
Without Senior guarantees or counter-guarantees		32								32		44		1,083
Credit cards		40,707								40,707		38,922		22,996
Without Senior guarantees or counter-guarantees		40,707								40,707		38,922		22,996
Other		910,780		2,703		3,996				917,479		1,102,909		170,606
With Senior “B” guarantees and counter-guarantees		8,536								8,536		9,130		9,035
Without Senior guarantees or counter-guarantees		902,244		2,703		3,996				908,943		1,093,779		161,571
Total loans and other financial		1,187,702		2,703		3,996		171		1,194,572		1,314,189		307,070
Debt securities												83,561
Equity instruments												25		475
Eventual commitments		31,801								31,801		59,696		23,986
Total		1,219,503		2,703		3,996		171		1,226,373		1,457,471		331,531
Provisions		4,355		2,567		3,797		85		10,804		3,873		3,092

	Delfin Jorge Ezequiel Carballo
	Chairman
- 158 -

EXHIBIT O

SEPARATE DERIVATIVE FINANCIAL INSTRUMENTS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

Type of contract	Type of coverage	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
Futures		Coverage of foreign currency	Foreign currency	Daily settlement of differences	MAE (over-the-counter  electronic market)	3	1	1		490,990
Futures		Coverage of foreign currency	Foreign currency	Daily settlement of differences	ROFEX (over-the-counter electronic market) electronic market)	5	2	1		467,699
Forward		Coverage of foreign currency	Foreign currency	Maturity settlement of differences	Over The Counter  - Residents in Argentina - Non-financial sector	6	2	30		467,360
Options		Intermediation - own account	Other	With delivery of underlying asset	Over The Counter  - Residents in Argentina - Non-financial sector	12	5			138,989
Repo transactions		Intermediation - own account	Federal  government  securities	With delivery of underlying asset	Other markets in the country	1	1			663,655

	Delfin Jorge Ezequiel Carballo
	Chairman
- 159 -

EXHIBIT P

SEPARATE CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Amortized		Fair value with changes in in other comprehensive		Fair value with changes in result. Obligatory		Fair value hierarchy
Item	cost		income		measurement		Level 1		Level 2		Level 3
FINANCIAL ASSETS
Cash and deposits in banks
Cash		6,299,547
Financial institutions and correspondents		19,403,658
Other		214,929
Debt securities at fair value through profit or loss						561,025		398,756		123,361		38,908
Derivative instruments						4,532		603		3,929
Repo transactions
Other financial institutions		587,283
Other financial assets		2,313,115				91,754						91,754
Loans and other financing
To the non-financial government sector		1,880,455
Other financial institutions		4,794,192
To the non-financial private sector and foreign residents
Overdrafts		11,956,752
Documents		18,056,044
Mortgage loans		9,590,995
Pledge loans		4,037,710
Personal loans		42,366,136
Credit cards		24,542,752
Financial leases		556,410
Other		18,174,655
Other debt securities		665,134		32,626,857				32,626,857
Financial assets delivered as guarantee		4,387,444				10,325				10,325
Investments in equity instruments						41,330		4,192				37,138
TOTAL FINANCIAL ASSETS		169,827,211		32,626,857		708,966		33,030,408		137,615		167,800

	Delfin Jorge Ezequiel Carballo
	Chairman
- 160 -

EXHIBIT P

(Continued)

SEPARATE CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Amortized		Fair value with changes in in other comprehensive	Fair value with changes in result. Obligatory		Fair value hierarchy
Item	cost		income	measurement		Level 1		Level 2		Level 3
FINANCIAL LIABILITIES
Deposits
From the non-financial government sector		8,917,276
From the financial sector		93,156
From the non-financial private sector and foreign residents
Checking accounts		19,237,079
Savings accounts		41,111,663
Time deposits and Investment accounts		62,551,660
Other		4,689,465
Liabilities at fair value with changes in result					12,755		12,755
Derivative instruments					13,656		974		12,682
Repo transactions
Other financial institutions		9,245
Other financial liabilities		8,459,577
Financing received from Central Bank and other financial institutions		486,746
Issued corporate bonds		4,913,044
Subordinated corporate bonds		8,257,754
TOTAL FINANCIAL LIABILITIES		158,726,665			26,411		13,729		12,682

	Delfin Jorge Ezequiel Carballo
	Chairman
- 161 -

EXHIBIT P

SEPARATE CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Amortized		Fair value with changes in in other comprehensive		Fair value with changes in result. Obligatory		Fair value hierarchy
Item	cost		income		measurement		Level 1		Level 2		Level 3
FINANCIAL ASSETS
Cash and deposits in banks
Cash		5,951,218
Financial institutions and correspondents		25,207,548
Other		1,315,221
Debt securities at fair value through profit or loss						975,371		422,260		517,270		35,841
Derivative instruments						7,664		800		6,864
Repo transactions
Other financial institutions		1,419,808
Other financial assets		1,362,179				161,751						161,751
Loans and other financing
To the non-financial government sector		1,865,273
Other financial institutions		4,191,658
To the non-financial private sector and foreign residents
Overdrafts		8,776,236
Documents		17,129,482
Mortgage loans		7,505,257
Pledge loans		4,046,006
Personal loans		38,878,524
Credit cards		23,202,212
Financial leases		593,643
Other		15,985,555
Other debt securities		931,281		32,679,920				32,504,275		175,645
Financial assets delivered as guarantee		4,350,292		2,989,411		4,308		2,989,411		4,308
Investments in equity instruments						36,885		3,688				33,197
TOTAL FINANCIAL ASSETS		162,711,393		35,669,331		1,185,979		35,920,434		704,087		230,789

	Delfin Jorge Ezequiel Carballo
	Chairman
- 162 -

EXHIBIT P

(Continued)

SEPARATE CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Amortized		Fair value with changes in in other comprehensive	Fair value with changes in result. Obligatory		Fair value hierarchy
Item	cost		income	measurement		Level 1		Level 2		Level 3
FINANCIAL LIABILITIES
Deposits
From the non-financial government sector		9,504,522
From the financial sector		81,357
From the non-financial private sector and foreign residents
Checking accounts		19,622,581
Savings accounts		41,984,454
Time deposits and Investment accounts		57,548,362
Other		3,974,898
Liabilities at fair value with changes in result					6,450		6,450
Derivative instruments					23,107		7,169		15,938
Repo transactions
Other financial institutions		2,688,093
Other financial liabilities		9,808,877
Financing received from BCRA and other financial institutions		1,173,840
Issued corporate bonds		4,712,216
Subordinated corporate bonds		7,565,759
TOTAL FINANCIAL LIABILITIES		158,664,959			29,557		13,619		15,938

As of December 31, 2016, financial assets and liabilities at amortized cost amounted to 118.333.500 and 117.872.598, respectively.

	Delfin Jorge Ezequiel Carballo
	Chairman
- 163 -

EXHIBIT Q

SEPARATE BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Net financial Income/ Expense
Items	Obligatory measurement
For measurement of financial assets at fair value through profit or loss
Profit or loss from government securities		142,281
Profit or loss from private securities		4,152
Profit or loss from derivative financial instruments
Fowards transactions		3,841
Profit or loss from other financial assets		28,696
Profit or loss from loans and other financing
Non-Financial Private Sector
Other		6,144
From  investment in equity instruments		(3,936	)
Total		181,178

	Delfin Jorge Ezequiel Carballo
	Chairman
- 164 -

EXHIBIT Q

(Continued)

SEPARATE BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

Interest and adjustment for the aplication of the efective interest rate of financial assets measured at amortized cost	Net financial Income/ Expense
Interest income
For cash and bank deposits		2,961
For debt securities		567,225
For other financial assets		50,268
For loans and other financing
Financial sector		217,437
Non-financial private sector
Overdrafts		774,744
Mortgage loans		533,991
Pledge loans		144,411
Personal loans		3,780,092
Credit cards		1,244,271
Financial leases		34,267
Other		1,502,779
Cental Bank of Argentina		14,180
Other financial institutions		19,546
Total		8,886,172
Interest expenses
From deposits
Non-financial private sector
Saving accounts		51,763
Time deposits and investments accounts		2,699,436
For Financing received from Central Bank of Argentina and other financial institutions		13,213
For repo transactions
Other  financial institutions		30,970
For other financial liabilities		1,879
For issued corporate bonds		200,828
For subordinated corporate bonds		139,050
Total		3,137,139

	Delfin Jorge Ezequiel Carballo
	Chairman
- 165 -

EXHIBIT Q

(Continued)

SEPARATE BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2018

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Income for the period		Other comprehensive income
From debt government securities		1,499,527		(55,478	)
From  investment in equity instruments				47,344
Total		1,499,527		(8,134	)

Income from commissions	Income for the period
Commissions related to obligations		1,621,940
Commissions related to credits		17,109
Commissions related to loans commiments and financial guarantees		408
Commissions related to securities value		21,732
Commissions related to trading and foreign Exchange transactions		41,374
		1,702,563

Expense for commissions	Income for the period
Commissions related to transactions with debt securities		132
Other		157,484
		157,616

	Delfin Jorge Ezequiel Carballo
	Chairman
- 166 -

EXHIBIT Q

SEPARATE BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2017

(Translation of financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

	Net financial Income/ Expense
Items	Obligatory measurement
For measurement of financial assets at fair value through profit or loss
Profit or loss from private securities		5,287
Profit or loss from other financial assets		(6,131	)
Non-Financial Private Sector
Other		727
Total		(117	)

	Delfin Jorge Ezequiel Carballo
	Chairman
- 167 -

EXHIBIT Q

(Continued)

SEPARATE BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2017

(Translation of financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

Interest and adjustment for the aplication of the efective interest rate of financial assets measured at amortized cost	Net financial Income/ Expense
Interest income
For cash and bank deposits		127
For private securities		15,066
For Government securities		23,537
For other financial assets		49,882
For loans and other financing
Financial sector		99,374
Non-financial private sector
Overdrafts		648,607
Mortgage loans		167,193
Pledge loans		103,483
Personal loans		3,476,241
Credit cards		974,682
Financial leases		21,450
Other		28,232
Other financial institutions		405,469
Total		6,013,343
Interest expenses
From deposits
Non-financial private sector
Saving accounts		22,910
Time deposits and investments accounts		1,904,715
For Financing received from Central Bank of Argentina and other financial institutions		2,795
For repo transactions
Other  financial institutions		19,234
For other financial liabilities		13,121
For issued corporate bonds		3,301
For subordinated corporate bonds		111,321
Total		2,077,397

	Delfin Jorge Ezequiel Carballo
	Chairman
- 168 -

EXHIBIT Q

(Continued)

SEPARATE BREAKDOWN OF PROFIT OR LOSS

AS OF MARCH 31, 2017

(Translation of financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

Interest and adjustment for the aplication of the efective interest rate of financial assets measured at fair value through other comprehensive income	Income for the period		Other comprehensive income
From debt government securities		690,479		13,210
From  investment in equity instruments				(33,706	)
Total		690,479		(20,496	)

Income from commissions	Income for the period
Commissions related to obligations		1,267,655
Commissions related to credits		17,944
Commissions related to loans commiments and financial guarantees		515
Commissions related to securities value		10,813
Commissions related to transactions trade and foreign Exchange transactions		32,439
		1,329,366

Expense for commissions	Income for the period
Other		137,959
		137,959

	Delfin Jorge Ezequiel Carballo
	Chairman
- 169 -

EXHIBIT R

VALUE CORRECTION FOR CREDIT LOSSES - SEPARATE ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos)

					Decreases
Item	Balances at beginning of the fiscal year		Increases		Reversals		Charge off		03/31/2018		12/31/2017		12/31/2016
Other financial assets		4,916		134				1,231		3,819		4,916		4,147
Loans and other financing
Other financial institutions		31,251		2,754		4,701				29,304		31,251		17,256
To the non-financial private sector and foreign residents
Overdrafts		138,311		45,612		6,074		9,022		168,827		138,311		133,644
Documents		200,750		22,637				8,797		214,590		200,750		123,881
Mortgage loans		146,296		46,891		1,757		6,634		184,796		146,296		70,570
Pledge loans		73,070		2,335		2,256		350		72,799		73,070		40,717
Personal loans		1,055,897		273,045		267		131,590		1,197,085		1,055,897		683,837
Credit cards		557,682		109,403		896		50,792		615,397		557,682		406,779
Financial leases		6,487		21		484				6,024		6,487		3,994
Other		260,558		54,171		1,040		7,750		305,939		260,558		184,853
Other debt securities				5,538						5,538
Total of  allowances		2,475,218		562,541		17,475		216,166		2,804,118		2,475,218		1,669,678

	Delfin Jorge Ezequiel Carballo
	Chairman
- 170 -

REVIEW REPORT ON CONDENSED CONSOLIDATED 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 the accompanying condensed consolidated interim financial statements of BANCO MACRO S.A. (“the Bank”), and its subsidiaries which comprise: (a) the consolidated balance sheet as of March 31, 2018, (b) the consolidated statements of income and other comprehensive income, changes in shareholders’ equity and cash flows for the three-month period then ended, and (c) explanatory notes and other supplementary 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 the consolidated financial statements in accordance with the accounting framework established by the BCRA (Central Bank of Argentina), which, as mentioned in Note 3. to the accompanying financial statements, are based on the International Financial Reporting Standards (“IFRS”), and in particular for the condensed interim financial statements in the International Accounting Standard 34 "Intermediate Financial Reporting", as those standards were issued by the International Accounting Standards Board ("IASB") and adopted by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCA for its Spanish acronym) and with the only exception of section 5.5. "Impairment" of IFRS 9 "Financial Instruments", which was temporarily excluded by the BCRA from the accounting framework applicable to financial institutions. The Bank’s Management and Board of Directors and are also responsible for performing the internal control procedures that they may deem necessary to allow for the preparation of consolidated financial information of interim-period 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 financial statements mentioned in paragraph 1. based on our review, which was performed in accordance with the standards of the Argentine Federation of Professional Councils in Economic Sciences Technical Resolution 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 financial statements mentioned in paragraph 1. have not been prepared, in all material respects, in accordance with the accounting framework established by the BCRA mentioned in paragraph 2.

Emphasis on certain aspects disclosed in the financial statements and other issues

5. We draw attention to the information contained in the following note to the consolidated financial statements mentioned in paragraph 1.:

(a) Note 3. “Basis for the preparation of these financial statements and applicable accounting standards”, section “Preparation basis - Applicable Accounting Standards”, in which the Bank indicates is in the process of determining and quantifying the effect on the financial statements of the application of section 5.5 "Impairment” of IFRS 9 "Financial Instruments", which was temporarily excluded by the BCRA of the accounting framework applicable to financial institutions. This issue does not change the conclusion expressed in paragraph 4., but must be taken into account by those users who use IFRS for the interpretation of the accompanying financial statements.

2

(b) Note 3. “ Basis for the preparation of these financial statements and applicable accounting standards”, section ”Preparation basis - Applicable Accounting Standards”, in which the Bank indicates that the items and figures contained in these reconciliations may be subject to change and they may only be considered final when preparing the annual financial statements for the 2018. This issue does not change the conclusion expressed in paragraph 4.

6. As further explained in Note 45. to the accompanying condensed consolidated interim financial statements, certain accounting practices used by the Bank to prepare the accompanying financial statements conform with the accounting framework established by the BCRA but may not conform with the accounting principles generally accepted in other countries.

Other issues

7. We have issued a separate report on the condensed separate interim financial statements of BANCO MACRO S.A. on the same date and for the same period mentioned in paragraph 1.

II. Report on other legal and regulatory requirements

8. In compliance with current legal requirements, we report that:

a) The financial statements mentioned in paragraph 1., as mentioned in Note 3 to them, are in process of being transcribed into the financial statements book of BANCO MACRO S.A. and, based on our review, we have not become aware of anything that may lead us to believe that these financial statements 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 condensed separate interim financial statements of BANCO MACRO S.A. as of March 31, 2018 arise from the accounting books kept, in all formal respects, pursuant to current legal requirements.

3

c) As of March 31, 2018, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in BANCO MACRO S.A. books, amounted to Ps. 124,387,150, none of which was due as of that date.

City of Buenos Aires,

May 15, 2018

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

4

REVIEW REPORT ON CONDENSED SEPARATE INTERIM-PERIOD FINANCIAL STATEMENTS

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

III. Report on the financial statements

Introduction

1. We have reviewed the accompanying condensed separate interim financial statements of BANCO MACRO S.A. (“the Bank”), which comprise: (a) the separate balance sheet as of March 31, 2018, (b) the separate statements of income and other comprehensive income, changes in shareholders’ equity and cash flows for the three-month period then ended, and (c) explanatory notes and other supplementary 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 the separate financial statements in accordance with the accounting framework established by the BCRA (Central Bank of Argentina), which, as mentioned in Note 3. to the accompanying financial statements, are based on the International Financial Reporting Standards (“IFRS”), and in particular for the condensed interim financial statements in the International Accounting Standard 34 "Intermediate Financial Reporting", as those standards were issued by the International Accounting Standards Board ("IASB") and adopted by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCA for its Spanish acronym) and with the only exception of section 5.5. "Impairment" of IFRS 9 "Financial Instruments", which was temporarily excluded by the BCRA from the accounting framework applicable to financial institutions. The Bank’s Management and Board of Directors and are also responsible for performing the internal control procedures that they may deem necessary to allow for the preparation of financial information of interim-period 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 financial statements mentioned in paragraph 1. based on our review, which was performed in accordance with the standards of the Argentine Federation of Professional Councils in Economic Sciences Technical Resolution 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 financial statements mentioned in paragraph 1. have not been prepared, in all material respects, in accordance with the accounting framework established by the BCRA mentioned in paragraph 2.

Emphasis on certain aspects disclosed in the financial statements and other issues

5. We draw attention to the information contained in the following note to the financial statements mentioned in paragraph 1.:

(a) Note 3. “ Basis for the preparation of these financial statements and applicable accounting standards”, in which the Bank indicates is in the process of determining and quantifying the effect on the financial statements of the application of section 5.5 "Impairment” of IFRS 9 "Financial Instruments", which was temporarily excluded by the BCRA of the accounting framework applicable to financial institutions. This issue does not change the conclusion expressed in paragraph 4., but must be taken into account by those users who use IFRS for the interpretation of the accompanying financial statements.

2

(b) Note 3. “ Basis for the preparation of these financial statements and applicable accounting standards”, in which the Bank indicates that the items and figures contained in these reconciliations may be subject to change and they may only be considered final when preparing the annual financial statements for the 2018. This issue does not change the conclusion expressed in paragraph 4.

6. As further explained in Note 43. to the accompanying condensed separate interim financial statements, certain accounting practices used by the Bank to prepare the accompanying financial statements conform with the accounting framework established by the BCRA but may not conform with the accounting principles generally accepted in other countries.

Other issues

7. We have issued a separate report on the condensed consolidated interim financial statements of BANCO MACRO S.A. and its subsidiaries on the same date and for the same period mentioned in paragraph 1.

IV. Report on other legal and regulatory requirements

8. 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. as mentioned in Note 3. to them, are in progress of being transcribed to the “Inventory and Financial Statements” Books of BANCO MACRO S.A. and arise from the accounting books kept, in all formal respects, pursuant to current legal requirements.

c) As of March 31, 2018, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 124,387,150, none of which was due as of that date.

3

d) As of March 31, 2018, as stated in Note 34. to the financial statements mentioned in paragraph 1., 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,

May 15, 2018

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

4

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: October 08, 2018

MACRO BANK INC.
By:	/s/ Jorge Francisco Scarinci
Name: Jorge Francisco Scarinci
Title: Chief Financial Officer