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

February 15, 2019

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

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 financial statements as of September 30, 2018 together with the Reports on review of interim financial statements.

CONTENT

·	Cover Sheet
·	Condensed consolidated interim statement of financial position	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	47
·	Condensed separate interim statement of financial position	67
·	Condensed separate interim statement of income	69
·	Condensed separate interim statement of other comprehensive income	71
·	Condensed separate interim statement of changes in shareholders’ equity	72
·	Condensed separate interim statement of cash flows	73
·	Notes to the condensed separate interim financial statements	75
·	Separate Exhibits	97
·	Review report on condensed consolidated interim –period financial statements
·	Review report on condensed separate interim – period financial statements

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

CORPORATE NAME: Banco Macro SA

REGISTERED OFFICE: Avenida Eduardo Madero 1182 – 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, November 2, 2018.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Items	Notes	09/30/2018		12/31/2017		12/31/2016
ASSETS
Cash and Deposits in Banks			68,919,144		35,561,574		35,986,159
Cash			8,827,570		6,761,426		4,871,152
Financial Entities and Correspondent Banks
Central Bank of Argentina			50,418,950		23,703,476		28,482,100
Other Local and Foreign Entities			9,393,704		3,781,451		2,631,916
Other			278,920		1,315,221		991
Debt Securities at fair value through profit or loss	33		1,759,514		1,086,028		332,481
Derivative Financial Instruments			71,448		8,228		9,721
Repo Transactions					1,419,808		19,124
Other financial assets			3,308,620		2,272,679		1,105,513
Loans and other financing			174,288,332		132,658,674		88,390,646
Non-financial Public Sector			1,942,463		1,865,886		1,584,960
Other Financial Entities			4,647,095		3,239,511		1,713,170
Non-financial Private Sector and Foreign Residents			167,698,774		127,553,277		85,092,516
Other Debt Securities	33		44,976,139		34,703,765		20,395,499
Financial Assets delivered as guarantee	23		6,241,177		7,638,352		3,690,694
Investments in Equity Instruments	33		51,864		282,659		406,868
Investment in associates and joint arrangements	6		85,388		218,947		124,268
Property, Plant and Equipment			7,897,634		7,092,813		6,131,029
Intangible Assets			1,147,410		828,022		586,915
Deferred Income Tax Assets			56,780		27,762
Other Non-financial Assets			2,216,041		2,339,869		2,097,090
Non-current assets held for sale	8		126,467		199,890		94,588
TOTAL ASSETS			311,145,958		226,339,070		159,370,595

	Delfín Jorge Ezequiel Carballo Chairperson
1

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Items	Notes		09/30/2018		12/31/2017		12/31/2016
LIABILITIES
Deposits				212,568,606		144,129,177		111,862,805
Non-financial Public Sector				20,073,754		12,890,701		9,468,055
Financial Sector				149,865		81,359		55,867
Non-financial Private Sector and Foreign Residents				192,344,987		131,157,117		102,338,883
Liabilities at fair value through profit or loss				233		6,450
Derivative Financial Instruments				211, 707		23,107
Repo Transactions						2,688,093		1,095,634
Other Financial Liabilities				12,794,652		10,561,203		6,341,674
Financing received from the Central Bank of Argentina and other financial entities				3,245,527		1,174,111		260,458
Issued Corporate Bonds		28		6,512,560		4,712,216		1,684,636
Current Income Tax Liabilities				2,108,987		3,975,320		1,749,800
Subordinated Corporate Bonds		28		16,796,368		7,565,759		6,376,537
Provisions		9		798,380		694,919		335,007
Deferred Income Tax Liabilities				131,559		496,849		1,321,393
Other Non-financial Liabilities				5,012,283		3,576,001		3,164,158
TOTAL LIABILITIES				260,180,862		179,603,205		134,192,102

	Delfín Jorge Ezequiel Carballo Chairperson
2

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Items	Notes	09/30/2018		12/31/2017		12/31/2016
SHAREHOLDERS’ EQUITY
Capital Stock			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			23,289,919		20,363,386		14,384,820
Unappropiated Retained Earnings			3,264,742		2,799,085		2,990,757
Other Comprehensive Income			819,298		204,560		65,711
Net Income for the period / fiscal year			10,485,979		10,065,357		6,540,832
Net Shareholders’ Equity attributable to controlling interests			50,962,573		46,535,023		24,970,693
Net Shareholders’ Equity attributable to non-controlling interests			2,523		200,842		207,800
TOTAL SHAREHOLDERS’ EQUITY			50,965,096		46,735,865		25,178,493
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			311,145,958		226,339,070		159,370,595

	Delfín Jorge Ezequiel Carballo Chairperson
3

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

FOR THE THREE AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Items	Notes	Quarter ended 09/30/2018			Accumulated from beginning of year up to 09/30/2018			Quarter ended 09/30/2017			Accumulated from beginning of year up to 09/30/2017
Interest income			16,809,131			41,762,726			8,869,501			24,148,153
Interest expense			(6,486,281	)		(14,406,000	)		(2,783,599	)		(7,410,559	)
Net interest income			10,322,850			27,356,726			6,085,902			16,737,594
Commissions income	13		2,229,114			6,180,785			1,755,359			4,840,103
Commissions expense			(144,142	)		(538,625	)		(178,717	)		(498,508	)
Net commissions income			2,084,972			5,642,160			1,576,642			4,341,595
Subtotal (Net interest income + Net commissions income)			12,407,822			32,998,886			7,662,544			21,079,189
Net Income from measurement of financial instruments at fair value through profit or loss			489,899			701,792			211,154			365,019
Loss from sold assets at amortized cost			(3,021	)		(5,891	)		18,428			36,722
Difference in quoted prices of gold and foreign currency	14		(1,244,443	)		(2,106,131	)		577,998			1,125,319
Other operating income	15		1,985,654			4,665,398			1,050,825			3,182,385
Provision for loan losses			(732,254	)		(1,870,397	)		(343,094	)		(1,172,687	)
Net Operating Income			12,912,657			34,383,657			9,177,855			24,615,947
Employee benefits	16		(2,719,783	)		(7,180,616	)		(1,928,334	)		(5,509,801	)
Administrative expenses	17		(1,775,767	)		(4,727,301	)		(1,186,609	)		(3,300,560	)
Depreciation and impairment of Assets			(186,517	)		(522,021	)		(145,010	)		(406,720	)
Other Operating Expenses	18		(2,692,996	)		(7,039,744	)		(1,690,133	)		(4,686,781	)
Operating Income			5,537,594			14,913,975			4,227,769			10,712,085
Income from associates and joint arrangements			12,368			232,865			45,921			116,593
Income before tax on continuing operations			5,549,962			15,146,840			4,273,690			10,828,678
Income tax on continuing operations	12		(1,717,721	)		(4,613,300	)		(1,519,683	)		(3,808,789	)
Net Income from continuing operations			3,832,241			10,533,540			2,754,007			7,019,889
Net Income for the period			3,832,241			10,533,540			2,754,007			7,019,889
Net Income for the period attributable to controlling interests			3,828,147			10,485,979			2,733,619			6,962,376
Net Income for the period attributable to non-controlling interests			4,094			47,561			20,388			57,513

	Delfín Jorge Ezequiel Carballo Chairperson
4

EARNINGS PER SHARE

FOR THE THREE AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Items	Quarter ended 09/30/2018		Accumulated from beginning of year up to 09/30/2018		Quarter ended 09/30/2017		Accumulated from beginning of year up to 09/30/2017
Net Profit attributable to Parent’s shareholders		3,828,147		10,485,979		2,733,619		6,962,376
PLUS: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		3,828,147		10,485,979		2,733,619		6,962,376
Weighted average of outstanding common shares for the period		662,173		667,139		668,215		616,006
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		662,173		667,139		668,215		616,006
Basic earnings per share		5.7812		15.7178		4.0909		11.3024

	Delfín Jorge Ezequiel Carballo Chairperson
5

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Items	Notes	Quarter ended 09/30/2018			Accumulated from beginning of year up to 09/30/2018			Quarter ended 09/30/2017			Accumulated from beginning of year up to 09/30/2017
Net Income for the period			3,832,241			10,533,540			2,754,007			7,019,889
Foreign currency translation differences in financial statements conversion			453,841			851,955			36,697			72,964
Foreign currency translation differences for the period			453,841			851,955			36,697			72,964
Profits or losses for financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9 (4.1.2)(a))			(140,417	)		(237,241	)		(35,955	)		(49,782	)
Income for the period from financial instruments at fair value through other comprehensive income (FVOCI)			(195,864	)		(319,339	)		(56,800	)		(71,919	)
Income tax	12		55,447			82,098			20,845			22,137
Total other comprehensive income that is subsequently reclassified to profit or loss			313,424			614,714			742			23,182
Total Other Comprehensive Income			313,424			614,714			742			23,182
Total Comprehensive Income for the period			4,145,665			11,148,254			2,754,749			7,043,071
Total Comprehensive Income attributable to controlling interests			4,141,573			11,100,717			2,734,263			6,985,941
Total Comprehensive Income attributable to non-controlling interests			4,092			47,537			20,486			57,130

	Delfín Jorge Ezequiel Carballo Chairperson
6

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

		Capital Stock					Non-capital Contributions				Other Comprehensive Income					Earnings Reserved
Changes	Notes	Outstanding shares			In portfolio		Stock issuance Premium		Adjustments to Shareholders´ Equity		Accumulat. foreign currency translation difference in Financial statement convertion		Other			Legal		Other			Unappropiated Retained Earnings			Controlling Interests			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			12,864,442			46,535,023			200,842			46,735,865
Total comprehensive income for the period
-  Net income for the period																						10,485,979			10,485,979			47,561			10,533,540
-  Other comprehensive income for the period												851,955		(237,217	)										614,738			(24	)		614,714
Distribution of unappropied retained earnings as approved by Shareholders´ Meeting held on April 27, 2018
-  Legal reserve																	1,877,755					(1,877,755	)
-  Cash dividends																			(3,348,315	)					(3,348,315	)		(26	)		(3,348,341	)
-  Other (1)																			7,511,018			(7,511,018	)
-  Other changes	2																					(210,927	)		(210,927	)		(245,830	)		(456,757	)
-  Own shares in portfolio	20		(21,463	)		21,463													(3,113,925	)					(3,113,925	)					(3,113,925	)
Balance at the end of the period			648,200			21,463		12,428,461		4,511		989,103		(169,805	)		6,872,687		16,417,232			13,750,721			50,962,573			2,523			50,965,096

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2017

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

		Capital Stock				Non-capital Contributions				Other Comprehensive Income					Earnings Reserved
Changes	Notes	Outstanding shares		In portfolio		Stock issuance Premium		Adjustments to Shareholders´ Equity		Accumulat. foreign currency translation difference in Financial statement convertion		Other			Legal		Other			Unappropiated Retained Earnings			Controlling Interests			Non- controlling Interests			Total Equity
Balance at the beginning of the fiscal year			584,563		1		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																					6,962,376			6,962,376			57,513			7,019,889
-  Other comprehensive income for the period											72,964		(49,399	)										23,565			(383	)		23,182
Distribution of unappropied retained earnings as approved by Shareholders´ Meeting held on April 28, 2017
-  Legal reservel																1,308,460					(1,308,460	)
-  Cash Dividends																		(701,476	)					(701,476	)		(92,991	)		(794,467	)
-  Other (1)																		5,371,582			(5,424,045	)		(52,463	)					(52,463	)
-  Increase of Caoital Stock approved by Shareholders´ Meeting held on April 28, 2017	20		85,100				12,028,962																	12,114,062						12,114,062
Balance at the end of the period			669,663				12,428,461		4,511		72,964		16,312			4,994,932		15,368,454			9,761,460			43,316,757			171,939			43,488,696

(1) Relative to earnings reserved for future distribution of earnings.

	Delfín Jorge Ezequiel Carballo Chairperson
7

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Items	Notes	09/30/2018			09/30/2017
CASH FLOWS FROM OPERATING ACTIVITIES
Income for the period before Income Tax			15,146,840			10,828,678
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			522,021			406,720
Provision for loan losses			1,870,397			1,172,687
Other adjustments			(7,411,409	)		121,000
Net increase/ decrease from operating assets:
Debt Securities at fair value though profit and loss			(673,530	)		(1,019,886	)
Derivative financial instruments			(63,220	)		4,798
Repo transactions			1,419,808			(937,685	)
Loans and other financing
Non-financial public sector			(76,577	)		(305,344	)
Other financial entities			(1,407,584	)		(1,286,772	)
Non-financial private sector and foreign residents			(41,905,281	)		(31,439,607	)
Other debt securities			19,089,128			(11,355,834	)
Financial assets delivered as guarantee			1,397,175			(656,508	)
Investments in equity instruments			230,795			229,575
Other assets			(466,082	)		(1,718,589	)
Net increase/ decrease from operating liabilities:
Deposits
Non-financial public sector			7,183,053			6,993,888
Financial sector			68,506			(1,242	)
Non-financial private sector and foreign residents			61,187,870			17,670,687
Liabilities at fair value through profit or loss			(6,217	)
Derivative financial instruments			188,600			991
Repo transactions			(2,688,093	)		(800,445	)
Other liabilities			1,937,122			2,233,852
Payments for Income Tax			(5,792,617	)		(3,303,538	)
TOTAL CASH FROM /(USED IN) OPERATING ACTIVITIES (A)			49,750,705			(13,162,574	)

	Delfín Jorge Ezequiel Carballo Chairperson
8

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Items	Notes	09/30/2018			09/30/2017
CASH FLOWS FROM INVESTING ACTIVITIES
Payments:
Acquisition of PPE, intangible assets and other assets			(1,296,094	)		(1,392,505	)
TOTAL CASH USED IN INVESTING ACTIVITIES (B)			(1,296,094	)		(1,392,505	)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments:
Dividends			(3,348,341	)		(846,930	)
Adquisition or rescue of Equity instruments			(3,113,925	)
Non-subordinated corporate bonds			(1,436,478	)		(1,766,904	)
Financing from local financial entities			(189,612	)
Subordinated corporate bonds			(292,893	)		(206,280	)
Changes in the participation of subsidiaries that do not lead to losses of control			(456,757	)
Proceeds
Issued Equity instruments						12,114,062
Non Subordinated Corporate Bonds			3,206,999			4,604,398
Central Bank of Argentina			10,604			1,440
Financing to local financial entities						1,078,214
TOTAL CASH (USED IN)/ FROM FINANCING ACTIVITIES (C)			(5,620,403	)		14,978,000
EFFECT OF EXCHANGE RATE FLUCTUATIONS (D)			19,995,433			961,153
TOTAL CHANGES IN CASH FLOWS
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)			62,829,641			1,384,074
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FISCAL YEAR	19		41,203,545			52,070,153
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	19		104,033,186			53,454,227

	Delfín Jorge Ezequiel Carballo Chairperson
9

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(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 November 27, 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. Additionally, on October 1, 2018, the above-mentioned agreement was extended for a ten-year term beginning on January 1, 2020, and being effective through December 31, 2029.

As of September 30, 2018 and December 31, 2017 and 2016, the deposits held by the Misiones Provincial Government with the Bank amounted to 5,535,318, 3,255,353 and 2,495,781(including 403,512, 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 September 30, 2018 and December 31, 2017 and 2016, the deposits held by the Salta Provincial Government with the Bank amounted to 3,012,292, 908,270 and 1,340,738 (including 639,098, 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.

10

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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

As of September 30, 2018 and December 31, 2017 and 2016, the deposits held by the Jujuy Provincial Government with the Bank amounted to 1,630,446, 4,649,184 and 1,580,312 (including 383,962, 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, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena.

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.

In addition, on July 4, 2018 the legislative body of the province of Tucumán, converted into law a project issued by the provincial executive power in which it was authorized the sale of the shares held by such province in Banco de Tucumán SA to Banco Macro SA as well as the continuity as a provincial finance agent for an additional period of ten years from the expiration of the contract, and if applicable, the possibility of merging both entities.

On August 10, 2018, the province of Tucumán transferred to Banco Macro SA, 43,960 Class B common registered shares, with a face value of Ps. 100 each one and entitled to one vote, which is equivalent to 10% of its common stock and votes. For this transaction, the Bank paid 456,462. In addition, the Bank adquired to an individual shareholder 59 shares for an amount of 295.

This transaction was registered in the consolidated interim Financial Statement in the Shareholders Equity, derecognizing, at the carrying amount, the non-controlling interest. The difference between the amount that the controlling and non-controlling interests were adjusted and the fair value of the consideration paid was registered in retained earnings. In the separate interim Financial Statement this transaction was registered by the purchase price method (see additionally Note 2 to the condensed separate interim Financial Statement).

On the other hand, on October 17, 2018 the Board of Directors of Banco Macro SA decided, among other issues: (i) to initiate negotiations for the merger reorganization between Banco Macro SA and Banco del Tucuman SA, (ii) to approve guidelines according to which the merger will be operationally implemented and will be opportunely reflected in the documents to be issued for the instrumentation and registration purpose with the public registry (Preliminary Merger Agreement); and (iii) to prepare a merged consolidated special statement of financial position as of December 31, 2018. As of the date of issuance of these condensed consolidated interim Financial Statements, the Preliminary Merger Agreement has not been subscribed.

As of September 30, 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 6,818,967, 1,913,801 and 2,450,436 (including 1,718,046, 1,225,993 and 943,683 related to court deposits), respectively.

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

Presentation 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.

11

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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.

As of September 30, 2018, the conditions to apply inflation adjustment in the condensed consolidated Financial Statement for the nine-month period as established by IAS 29 “Financial Reporting in Hyperinflationary Economy” were met. However, for the reasons described in section “measuring unit” of this Note, financial institutions cannot apply the above-mentioned standard.

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 paragraphs, 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).

In the preparation of this Financial statements, 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 “A” 6114 of the Central Bank” of this Note.

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 at 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 to IFRS in accordance with Central Bank Communiqué “A” 6114” on this Note.

The accounting policies comply with the IFRS as currently approved and are applicable to the preparation of the first annual consolidated Financial Statements (December 31, 2018) in accordance with the IFRS adopted by the Central Bank though Communique “A” 6114 Notwithstanding the above, these accounting policies might change if, at the time of preparing those first annual Financial Statements in accordance with the IFRS adopted by the Central Bank though Communique “A” 6114, 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.

Basis for the preparation and consolidation

These condensed consolidated interim Financial Statements for the nine-month period ended on September 30, 2018, have been prepared in accordance with the framework set forth by the Central Bank as mentioned in the previous section “Applicable accounting standards”, for which this condensed consolidated interim Financial Statements, is based on IAS 34 “Interim Financial Reporting”.

12

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

For the preparation of these condensed consolidated interim Financial Statements the Bank has applied the basis for the preparation and consolidation, the accounting policies and the material accounting judgements, estimates and assumptions described in the condensed consolidated interim Financial Statements for the three months period ended on March 31, 2018, already issued. In this sense, the Bank has applied the same accounting policies adopted at the transition date.

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 and condensed consolidated interim Financial Statements for the three-month period ended on March 31, 2018. 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 and condensed consolidated interim Financial Statements for the three-month period ended on March 31, 2018.

As of September 30, 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)	Av. Eduardo Madero 1182 – Autonomous City of Buenos Aires	Argentina	Stock-Exchange Services
Macro Fiducia SA	Av. Leandro N. Alem 1110– 1st floor– Autonomous City of Buenos Aires	Argentina	Services
Macro Fondos SGFCISA	Av. Eduardo Madero 1182– 24th floor, Office B– 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 4,077).

The Bank’s participating interest in the companies it consolidates is as follows:

· As of September 30, 2018:

	Shares			Bank’s Interest						Non-Controlling Interest
Subsidiaries	Type	Number		Total Capital Stock			Voting Interest			Total Capital Stock			Voting Interest
Banco del Tucumán SA	Common		439,360		99.945	%		99.945	%		0.055	%		0.055	%
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	%		-

13

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

· As of December 31, 2017 and 2016:

	Shares			Bank’s 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 September 30, 2018 and December 31, 2017 and 2016 are as follows:

As of 09/30/2018	Banco Macro SA		Banco del Tucumán SA		Other Subsidiaries		Eliminations			Consolidated
Assets		290,800,307		19,868,497		7,194,752		(6,717,598	)		311,145,958
Liabilities		239,626,807		17,368,879		4,384,811		(1,199,635	)		260,180,862
Equity attributable to the owners of the Bank											50,962,573
Equity attributable to non-controlling interests											2,523

As of 12/31/2017	Banco Macro SA		Banco del Tucumán SA		Other Subsidiaries		Eliminations			Consolidated
Assets		213,157,890		14,789,934		2,922,315		(4,531,069	)		226,339,070
Liabilities		166,622,867		12,802,725		1,259,906		(1,082,293	)		179,603,205
Equity attributable to the owners of the Bank											46,535,023
Equity attributable to non-controlling interests											200,842

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

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.

14

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Comparative information

The present condensed consolidated interim Statement of financial position as of September 30, 2018, is presented comparatively with year-end data of the immediately preceding fiscal year, while the Statement of income and Other comprehensive income for the three-month and nine-month periods ended on September 30, 2018, the Statement of changes in shareholders’ equity and the Statement of cash flows and Cash equivalents for the nine-month period ended September 30, 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 Statement of financial position to the transition date (December 31, 2016).

Measuring unit

IFRS require that the financial statements of an entity ehose functional currency id the currency of a hyperinflationary economy should be stated in terms of measuring unit current at the end of the reporting period. To achieve consistency in identifying an economic environment of that nature, IAS 29 establishes certain qualitative indicators and, as quantitative factor, a three-year cumulative inflation rate around 100% or more; and it also requires assessing whether it is not the result of a circumstantial event that may be reversed in the short term. In Argentina, the three-year cumulative inflation maintained in 2017 a downward trend as compared to 2016, and the three-year cumulative inflation rate was below 100%. However, this trend was reversed during the first half of 2018 due to factors such as the exchange rate devaluation, the continuity of the public services tariffs adjustment process, as well as the unfavorable international context in terms of financing. In this scenario, the three-year cumulative inflation rate measured as both wholesale prices indexes or consumer prices indexes currently exceeds 100%, and the goals reviewed by the Argentine government and other available projections indicate that this trend will not be reversed in the short term. Consequently, the Argentine economy is currently considered hyperinflationary under IAS 29 and the entities under the Central Bank control that are required to apply the IFRSs adopted by the Central Bank through Communiqué “A” 6114 and the functional currency of which is the Argentine peso should restate their financial statements. Such restatement should be applied as if the economy had always been hyperinflationary, using a general price index that reflects changes in general purchasing power. To apply the restatement, there will be used a series of indexes prepared and published, on a monthly basis by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCE, for its acronym in Spanish language), that combines the domestic wholesale price index on a monthly basis published by the National Institute of Statistics and Censuses (INDEC, for its acronym in Spanish language) since January 2017 (month-basis: December 2016) with the domestic consumer price index (CPI) published by the INDEC until that date, using for the months of November and December 2015, for which the INDEC did not publish the wholesale price index (WPI) variation, the CPI variation for the Autonomous City of Buenos Aires.

Notwithstanding the above, as established by Central Bank Communiqué “A” 3921 and by section 3 of Chapter III, title IV of CNV rules (Revised 2013, as amended), the Entity is not allowed to apply the restatement method on its Financial Statements according to IAS 29, due to Presidential decree No. 664/2003. IAS 29 exclusion in the IFRS application will be proceeded while the Presidential decree is effective. Although on November 15, 2018 the Argentine Congress passed the Law N°. 27468, which abrogated Presidential Decree No. 1269/2002 (amended by Presidential Decree No. 664/2003), as of the date of issuance of these condensed consolidated interim Financial Statements, neither BCRA nor CNV have issued resolutions which allow the application of inflation adjustment.

Even though Financial Statements as of September 30, 2018 do not include inflation effects, the existence of variations in the relevant economic variables that affect the Entity´s business, such as salary cost, loan and deposit interest rates and exchange rate, could also affect the statement of financial position and the income of the Bank and, therefore, those variations should be taken into account in the interpretation of the Bank´s information on these Financial Statements over its statement of financial position, its transactions income and its cash flows.

Below is disclosed a summary of the effects if IAS 29 were to be applied:

(a) Financial Statements shall be restated considering the changes in the general purchasing power of the currency to ensure that they are stated in the measuring unit current at end of the reported period.

15

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

(b) In an inflationary period, an entity holding an excess of monetary assets over monetary liabilities (with a fixed face value in local currency) will lose purchasing power, and, an entity with an excess of monetary liabilities over monetary assets will gain purchasing power provided that the assets and liabilities are not linked to an adjustment mechanism that offsets, in some extent, such effects.

(c) To sum up, the restating mechanism provided by IAS 29 is as follows:

(i) Monetary assets and liabilities will not be restated, as they are already stated in terms of the measuring unit current at the end of the reporting period. The gain or loss on a monetary basis shall be included in profit or loss for the period.

(ii) Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements.

(iii) Non-monetary items stated at current cost at the end of the reporting period, are not restated in the balance sheet, but the adjustment process must be completed, to determine in measuring unit current, in order to determine the income or loss produced by the holding of these non-monetary items.

(iv) Non-monetary items carried at historical cost or at current cost at some earlier date before the reporting date, shall be restated by an index that reflects the general level of price variation from the adquisition or revaluation date to the closing date, proceeding then to compare the restated amounts of those assets with their recoverable amount. Income or loss for the period related with depreciation of property, plant and equipment and intangible assets and other non-monetary cost shall be determinated over the new restated amounts.

(v) If when non-monetary assets are stated in terms of the current measuring unit at the end of the reporting period, and an equivalent adjustment for tax purposes does not correspond, that will be raised to a taxable temporary difference and a deferred income tax liability will be recognized and the counterpart will be recognized as income or loss for the period, and if, beyond the restatement, also non-monetary assets will be revaluated, deferred tax related with the revaluation will be recognized in Other comprehensive income and deferred tax related with the restatement will be recognized in the income or loss for the period.

(vi) Income and expenses shall be restated from the date when the items were recorded, except for those income or loss items that reflect or include, in their determination, the consumption of assets measured at currency´s purchasing power from the date before the consumption was recorded, that shall be restated using as a basis the adquisition date of the assets related to the item; and also except for those incomes or losses that arise from comparing the two measurements at currency´s purchasing power of different dates, for which it requires to identify the compared amounts, to restate them separately and to re-perform the comparison, with the restated amounts.

As of the date of issuance of these condensed consolidated interim Financial Statements, the Bank is in process of quantifying the effects that would have result for the IAS 29 application, but estimates that such effects could be significant.

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

According to Central Bank Communiqué “A” 6324, below are presented reconciliations of the consolidated equity as of September 30, 2017 and the consolidated net income for the nine-month and three-month periods ended on that date. The consolidated equity and the consolidated net income reconciliations for the fiscal year ended December 31, 2016 (date of transition) and 2017, were included in the condensed consolidated interim Financial Statements for the three-month period ended on March 31, 2018, already issued.

In preparing these reconciliations, the Bank’s Management has considered the applicable IFRSs to the presentation of the first annual consolidated Financial Statements that are the first consolidated Financial Statements presented in accordance with Central Bank Communiqué “A” 6114, for the fiscal year ending on December 31, 2018. However, items and figures included in these reconciliations could be amended. The items and figures included in these reconciliations could be amended to the extent that, upon the preparation of those first annual financial statements in accordance with IFRS adopted by the Central Bank through Communique “A” 6114, new standards are issued or current standards are amended, with mandatory or early application as of that date, or it is opted to change the selection of any of the exemptions under IFRS 1 “First-time adoption of International Financial Reporting Standards”. As a general rule, the Central Bank does not admit early application of any IFRS, unless it is specified otherwise.

The optional exemptions and the obligatory exceptions, chosen by the Bank, related with the non-retroactive application of certain IFRS and the main transitions adjustments, have been disclosed, in detail, in the condensed consolidated interim Financial Statement for the three-month period ended on March 31, 2018, already issued.

16

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Reconciliations required

· Reconciliation of consolidated equity as of September 30, 2017.

	Previous Central Bank Standards		Adjustments and Reclassifications			Balances according Central Bank Communiqué “A” 6114
Total Assets		206,345,112		2,798,010			209,143,122
Total Liabilities		166,226,215		(571,789	)		165,654,426
Equity		40,118,897		3,369,799			43,488,696
Net Shareholders’ Equity attributable to non-controlling interests							171,939
Net Shareholders´ Equity attributable to controlling interests							43,316,757

Item	Balances as of 09/30/2017
According to previous Central Bank Standards		40,118,897
Adjustments and Reclassifications:
Debt securities and investment in equity instruments		147,485
Loans and other financing		(292,478	)
Property, plant and equipment and investment property		4,560,210
Deferred income tax assets and liabilities		(901,471	)
Other non-financial assets		75,259
Corporate bonds		54,668
Other non-financial liabilities		(404,254	)
Other adjustments		(41,559	)
Non-controlling interest		171,939
Total adjustments and reclassifications		3,369,799
Net Shareholders equity according to Central Bank Communiqué “A” 6114		43,488,696
Net Shareholders´ Equity attributable to controlling interests		43,316,757
Net Shareholders’ Equity attributable to non-controlling interests		171,939

· Reconciliation of consolidated income and other comprehensive income for the nine-month and three-month periods ended on September 30, 2017,

Reconciliation of income for the nine-month period as of 09/30/2017	Net income for the period			Other comprehensive income			Comprehensive Income
According to previous Central Bank Standards		6,377,122
Interest income		61,548
Interest expense		23,108
Commissions income		20,128
Net income form measurement of financial instruments at fair value through profit or loss		(10,445	)
Employee benefits		(31,737	)
Depreciation and impairment of assets		(33,832	)
Other operating expenses		(41,103	)
Income from associates and joint arrangements		18,673
Reclassifications of Issuance cost of shares		277,240
Foreign currency translation differences		(72,964	)		72,964
Loss from financial instruments at fair value through OCI					(49,782	)
Other adjustments		24,658

17

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Reconciliation of income for the nine-month period as of 09/30/2017 (contd.)	Net income for the period		Other comprehensive income			Comprehensive Income
Income tax		407,493
Total adjustments and reclassifications		642,767		23,182
Balance according to Central Bank Communiqué “A” 6114		7,019,889		23,182			7,043,071
Attributable to controlling interests		6,962,376		23,565			6,985,941
Attributable to non-controlling interests		57,513		(383	)		57,130

Reconciliation of income for the three-month period as of 09/30/2017	Net income for the period			Other comprehensive income			Comprehensive Income
According to previous Central Bank Standards		2,597,810
Interest income		89,911
Interest expense		(5,030	)
Commissions income		(8,624	)
Net income form measurement of financial instruments at fair value through profit or loss		(28,111	)
Employee benefits		(71,495	)
Depreciation and impairment of assets		(12,389	)
Other operating expenses		8,051
Income from associates and joint arrangements		18,673
Reclassifications of Issuance cost of shares		42,695
Foreign currency translation differences		(36,697	)		36,697
Loss from financial instruments at fair value through OCI					(35,955	)
Other adjustment		(29,887	)
Income tax		189,100
Total adjustments and reclassifications		156,197			742
Balance according to Central Bank Communiqué “A” 6114		2,754,007			742			2,754,749
Attributable to controlling interests		2,733,619			644			2,734,263
Attributable to non-controlling interests		20,388			98			20,486

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 FACPCE (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 the following standards:

· IFRS 16 “Leases”: 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 this standard to have a material impact on the consolidated Financial Statements.

· IFRIC 23 “Uncertainty over income tax treatments”. This interpretation clarifies how to apply the recognition and measurement requirements in IAS 12 “Income tax” when there is uncertainty over income tax treatments. The Bank does not expect that standard to have a material impact on the consolidated Financial Statements.

18

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

· IFRS 3 “Business Combination” – amendments in definition of a Business: the amendments will help entities determine whether an acquisition made is of a business or a group of assets. The new amended definition emphasizes that the output of a business is to provide goods and services to customers, whereas the previous definition focused on returns in the form of dividends, lower costs or other economic benefits to investors and others. This standard is applicable to fiscal years beginning as of January 1, 2020. The Bank does not expect that standard to have a material impact on the consolidated Financial Statements.

4. 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 Statement of financial position, since they imply a possible obligation or liability for the Bank, they expose the Bank to additional credit risk to those recognized in the Statement of financial position and are, therefore, an integral part of the total risk of the Bank.

As of September 30, 2018 and December 31, 2017 and 2016, the Bank maintains the following contingent transactions:

	09/30/2018		12/31/2017		12/31/2016
Overdraft and unused agreed credits		605,588		255,710		191,007
Guarantees granted		987,749		253,350		287,497
Liabilities for foreign trade transactions		489,279		90,274		163,308
		2,082,616		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 to the condensed consolidated interim Financial Statements as of March 31, 2018, already issued.

5. 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.

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 in the markets.

- 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.

19

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Description	Financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2018
	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt Securities at fair value through profit or loss		1,759,514		987,748		204,573		567,193
Derivative Financial Instruments		71,448		50,798		20,650
Other financial assets		503,198		373,024				130,174
Investments in Equity Instruments		51,864		8,823				43,041
At fair value through OCI
Other debt securities		38,025,603		38,025,603
Total		40,411,627		39,445,996		225,223		740,408
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		233		233
Derivatives financial liabilities		211,707		1,750		209,957
Total		211,940		1,983		209,957

Description	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2017
	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt Securities at fair value through profit or loss		1,086,028		422,868		627,319		35,841
Derivative Financial Instruments		8,228		800		7,428
Other financial assets		483,246		321,495				161,751
Financial Assets delivered as guarantee		4,308				4,308
Investments in Equity Instruments		282,659		246,885				35,774
At fair value through OCI
Other debt securities		33,766,052		33,590,407		175,645
Financial assets delivered as guarantee		2,989,411		2,989,411
Total		38,619,932		37,571,866		814,700		233,366
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		6,450		6,450
Derivatives financial liabilities		23,107		7,169		15,938
Total		29,557		13,619		15,938

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. Currently, for government and private securities, there are two principal markets in which the Bank operates: 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.

20

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

In addition, certain assets and liabilities included in this category 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 September 30, 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 at 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 September 30, 2018 and December 31, 2017:

	Fair values using valuation techniques based on the Bank’s own assumptions (level 3) September 30, 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		(48,954	)		(53,016	)		7,267
Purchases, sales, issuance and settlement		580,306			21,439
Balance at end of period		567,193			130,174			43,041

	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 year		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 September 30, 2018, December 31, 2017 and 2016, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.

21

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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 these 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.

- 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 September 30, 2018 and December 31, 2017 and 2016:

	09/30/2018
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash and deposits in Banks		68,919,144		68,919,144						68,919,144
Other financial assets		2,805,422		2,805,422						2,805,422
Loans and other financing		174,288,332				185,943		156,750,467		156,936,410
Other debt securities		6,950,536		126,847		6,582,750		4,435		6,714,032
Financial assets delivered as guarantee		6,241,177		6,241,177						6,241,177
		259,204,611		78,092,590		6,768,693		156,754,902		241,616,185
Financial Liabilities
Deposits		212,568,606		101,303,458		111,280,574				212,584,032
Other financial liabilities		12,794,652		11,041,196		1,661,979				12,703,175
Financing received from the Central Bank and other financial entities		3,245,527		2,383,536		819,826				3,203,362
Issued corporate bonds		6,512,560				1,908,416		2,669,240		4,577,656
Subordinated corporate bonds		16,796,368				9,730,307				9,730,307
		251,917,713		114,728,190		125,401,102		2,669,240		242,798,532

	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

22

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

	12/31/2017
	Carrying Amount		Level 1		Level 2		Level 3	Fair Value
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

	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
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

6. INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTS

6.1 Associated entities

The Bank holds investments in the 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 June 30, 2018. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between July 1, 2018 and September 30, 2018.

The following table presents the summarized financial information on the Bank’s investment in the Associated:

· Macro Warrant SA

Summarized Statement of financial position	09/30/2018			12/31/2017			12/31/2016
Total Assets		16,118			19,798			17,110
Total Liabilities		1,221			3,265			3,424
Net Shareholders’ Equity		14,897			16,533			13,686
Proportional Interest in the entity		5	%		5	%		5	%
Carrying Amount of Investment		745			827			684

As of September 30, 2018, the investment in Prisma Medios de Pagos SA was reclassificated as non-current assets held for sale (see Note 8). The following table presents summarized financial information on the Bank´s investments as of December 31, 2017 and 2016:

23

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Summarized Statement of financial position	31/12/2017			31/12/2016
Total Assets		14,366,838			9,703,861
Total Liabilities		12,492,991			8,815,774
Net Shareholders’ Equity		1,873,847			888,087
Proportional Interest in the entity		7,61	%		7,61	%
Carrying Amount of Investment		142,600			67,583

6.2 Joint Ventures in which the Bank participates

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

a) Banco Macro SA – Wordline Argentina SA Unión transitoria: on April 7, 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.

The following table presents the summarized financial information on the Bank’s investment in the UTE:

Summarized Statement of financial position	09/30/2018			12/31/2017			12/31/2016
Total Assets		206,399			195,829			133,188
Total Liabilities		42,528			54,646			30,362
Net Shareholders’ Equity		163,871			141,183			102,826
Proportional interest in the entity		50	%		50	%		50	%
Carrying Amount of Investment		81,936			70,592			51,413

b) Banco Macro SA – Gestiva SA Unión transitoria: 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.

On June 27, 2018, the Bank, the Ute and the tax authority of Misiones provincial government, entered into an agreement of “termination by mutual agreement” of the adaptation agreement, without implying or modifying the Bank´s rights and obligations as a financial agent of the province for the services rendered established in the agreement. As of September 30, 2018, according to the above-mentioned, the remaining investment amounted to 2,707.

The following table presents the summarized financial information on the Bank’s investment as of December 31, 2017 and 2016.

Summarized Statement of financial position	12/31/2017			12/31/2016
Total Assets		116,885			107,376
Total Liabilities		18,319			15,616
Net Shareholders’ Equity		98,566			91,760
Proportional interest in the entity		5	%		5	%
Carrying Amount of Investment		4,928			4,588

7. 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).

24

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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 September 30, 2018 and December 31, 2017 and 2016, there is a total amount of 1,763,806, 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 4,465,392, 2,796,027 and 2,337,840, respectively:

	Subsidiaries (1)				Associates and other related parties
	Maximum financing balances as of 09/30/2018		Balance as of 09/30/2018		Maximum financing   balances as of 09/30/2018		Balance as of 09/30/2018
Documents						612,089		605,344
Overdraft		21		21		484,357		165,298
Credit cards		525		310		58,086		49,446
Leases		5,820		5,990		1,657		1,601
Personal loans						1,560		1,491
Mortgage loans						48,413		48,550
Other loans		1,652,938				260,663		259,465
Guarantees granted						632,611		632,611
Total assistance		1,659,304		6,321		2,099,436		1,763,806
Deposits				758,345				4,465,392

	Subsidiaries (1)				Associates and other related parties
	Maximum financing balances as of 12/31/2017		Balance as of 12/31/2017		Maximum financing 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 financing balances as of 12/31/2016		Balance as of 12/31/2016		Maximum financing 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.

25

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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 September 30, 2018, December 31, 2017 and 2016, the income from loan transactions totaled 34,549, 54,157 and 12,617, respectively, while expense generated from deposit transactions totaled 85,313, 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 September 30, 2018 and December 31, 2017 and 2016, totaled 82,179, 79,905 and 41,592 respectively.

In addition, fees received by the Directors as of September 30, 2018 and December 31, 2017 and 2016 amounted to 458,781, 468,623 and 243,704 respectively.

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

	09/30/2018		12/31/2017		12/31/2016
Board of Directors		22		22		21
Senior Management members of the key management personnel		15		14		14
		37		36		35

8. NON-CURRENT ASSETS HELD FOR SALE

On June 30, 2018 the Bank recorded as non-current assets held for sale, its investment in Prisma Medios de Pago SA, as the Bank intends to transfer all shares within a year. Therefore the investment was valued according with IFRS 5 “Non-current assets held for sale and discontinued operations”, at the lowest of its carrying amount and the best estimation of the fair value less costs until its sale. As of September 30, 2018 the investment amount, including in this item, amounted to 104,249.

9. 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 nine-month period ended on September 30, 2018.

The expected terms to settle these obligations are as follows:

	09/30/2018
	Within 12 months		Beyond 12 months		09/30/2018		12/31/2017		12/31/2016
For administrative, disciplinary and criminal penalties				718		718		718		9,110
Others		359,722		437,940		797,662		694,201		325,897
		359,722		438,658		798,380		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.

26

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

10. 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 September 30, 2018 and December 31, 2017 and 2016:

09/30/2018	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in Banks		68,919,144
Debt securities at fair value through profit or loss		1,946		724,782		1,032,786
Derivative instruments				71,448
Other financial assets		1,677,453		1,559,548		71,619
Loans and other financing		1,531,282		104,232,288		68,524,762
Other debt securities		4,435		37,399,194		7,572,510
Financial assets delivered as guarantee		6,241,177
Investment in equity instruments		51,864
Total Assets		78,427,301		143,987,260		77,201,677
Liabilities
Deposits		104,741,784		107,708,954		117,868
Liabilities at fair value to profit or loss				233
Derivative instruments				211,707
Other financial liabilities				12,644,126		150,526
Financing received from Central Bank and other financial entities				3,057,696		187,831
Issued Corporate bonds				404,008		6,108,552
Subordinated corporate bonds				437,688		16,358,680
Total Liabilities		104,741,784		124,464,412		22,923,457

12/31/2017	Without due date		Total up to12 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		40,488,866		114,300,881		60,843,020
Liabilities
Deposits		74,499,451		69,068,373		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		74,499,451		83,445,027		12,915,631

27

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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		38,882,727		75,825,686		35,628,292
Liabilities
Deposits		50,613,570		60,941,747		307,488
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		50,613,570		70,210,639		6,797,535

11. 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.

12. INCOME TAX

The main items of income tax expense in the condensed consolidated interim Financial Statements are as follows:

	09/30/2018						09/30/2017
	Accumulated from beginning year up to 09/30/2018			Quarter ended 09/30/2018			Accumulated from beginning year up to 09/30/2017			Quarter ended 09/30/2017
Current income tax expense		5,007,608			1,807,210			4,186,853			1,675,287
Gain for deferred income tax		(394,308	)		(89,489	)		(378,064	)		(155,604	)
Income tax expense recorded in the statement of income		4,613,300			1,717,721			3,808,789			1,519,683
Income tax gain recorded in other comprehensive income		(82,098	)		(55,447	)		(22,137	)		(20,845	)
		4,531,202			1,662,274			3,786,652			1,498,838

13. COMMISSIONS INCOME

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Performance obligations satisfied at a point in time (1)		6,161,556		2,220,110		4,540,724		1,463,962
Performance obligations satisfied over certain time period		19,229		9,004		299,379		291,397
		6,180,785		2,229,114		4,840,103		1,755,359

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

28

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

14. DIFFERENCE IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	09/30/2018						09/30/2017
Description	Accumulated from beginning year up to 09/30/2018			Quarter ended 09/30/2018			Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Translation of foreign currency assets and liabilities to pesos		(3,074,630	)		(1,759,100	)		784,410		445,397
Income from foreign currency Exchange		968,499			514,657			340,909		132,601
		(2,106,131	)		(1,244,443	)		1,125,319		577,998

15. OTHER OPERATING INCOME

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Services		3,229,576		1,121,233		2,675,860		916,076
Derecognition or substantial modification of financial liabilities		592,162		592,162
Adjustments and interest from other receivables		152,354		72,259		49,907		23,534
Sale of investment property and other non-financial assets		137,227		104		13,134		2,821
Initial recognition of loans		103,911		47,381
Sale of property, plant and equipment		2,281		831		1,388
Debtor adjustment for sale of other assets with CER clauses		887		887
Other		447,000		150,797		442,096		108,394
		4,665,398		1,985,654		3,182,385		1,050,825

16. EMPLOYEE BENEFITS

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Remunerations		5,430,285		2,076,043		4,186,623		1,449,531
Social Security Contributions		1,059,785		402,664		793,214		263,046
Compensations and bonuses to employees		517,373		173,981		377,301		166,025
Employee services		173,173		67,095		152,663		49,732
		7,180,616		2,719,783		5,509,801		1,928,334

17. ADMINISTRATION EXPENSES

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Taxes		664,158		214,317		519,184		179,844
Maintenance, conservation and repair expenses		616,782		242,710		404,812		150,589

29

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

	09/30/2018				09/30/2017
Description (contd.)	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Security services		515,190		200,343		380,032		135,844
Fees to Directors and Syndics		483,913		174,035		306,782		121,516
Electricity and communications		391,732		154,434		255,556		90,524
Other fees		374,740		145,233		252,178		92,139
Leases		225,481		87,606		163,928		58,364
Advertising and publicity		168,231		80,667		137,792		55,951
Representation, travel and transportation expenses		83,267		30,007		60,068		23,089
Stationary and office supplies		42,720		16,593		31,610		10,681
Insurance		38,803		14,789		34,180		10,707
Hired administrative services		12,900		4,857		13,342		4,869
Other		1,109,384		410,176		741,096		252,492
		4,727,301		1,775,767		3,300,560		1,186,609

18. OTHER OPERATING EXPENSES

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Gross turnover tax		4,065,287		1,600,066		2,471,409		885,148
Charges for other provisions		577,180		223,762		375,532		170,890
Deposits Guarantee Fund contributions		214,647		81,721		154,138		54,239
Donations		67,681		20,097		70,626		24,721
Insurance claims		37,693		15,613		24,965		11,964
Initial loan recognition gain (loos)						40,991		(7,960	)
Other		2,077,256		751,737		1,549,120		551,131
		7,039,744		2,692,996		4,686,781		1,690,133

19. 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.

30

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(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 Statement of financial position:

	09/30/2018		12/31/2017		09/30/2017		12/31/2016
Cash and deposits in banks		68,919,144		35,561,574		37,693,286		35,986,159
Debt securities at fair value				44		1,100		9,585
Other debt securities		34,909,558		5,548,056		15,673,249		16,074,409
Loans and other financing		204,484		93,871		86,592
		104,033,186		41,203,545		53,454,227		52,070,153

20. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of September 30, 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 September 30, 2018	669,663
Shares issued outstanding	648,200
Shares in treasury	21,463

(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.

(3) Related to the repurchase of the Bank´s own shares under the Program established by the Board of Directors on August 8, 2018, with the purpose of reducing price share fluctuations, minimizing possible temporary imbalances that may be in the market between supply and demand. The maximum amount of the investment amounted to 5,000,000 and the maximum numbers of shares to be adquired were equivalent to 5% of the capital stock. At the end of this Program the Bank had adquired 21,463 shares for an amount of 3,113,925.

Additionally, on October 17, 2018 the Board of Directors of Banco Macro SA, decided to start over the repurchase of the Bank´s own shares , with the pending use of funds of the Program, already expired. The terms and conditions for the acquisition of its own shares, in accordance with section 64 of Law 26,831 and CNV rules, are as follows:

(1) Maximum amount to invest: up to 1,886,076.

(2) Maximum number of shares for own acquisition: 12,020.

31

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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

(4) Terms in which the acquisition took place: up to November 2, included, subject to any renewal or extension of the term, which will be opportunely informed.

As of the date of issuance of these condensed consolidated interim Financial Statements, the Bank adquired 6,774 common shares Class B for a face value Ps.1 for an amount of 995,786.

21. 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 20 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 condensed consolidated interim 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. These cash dividends were paid on May 15, 2018.

22. 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

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

23. RESTRICTED ASSETS

As of September 30, 2018 and December 31, 2017, the followings Bank´s assets are restricted:

Item	09/30/2018		12/31/2017
Debt securities at fair value through profit or loss and other debt securities
· Central Bank of Argentina Internal Bills in pesos, maturity 10-17-2018 as of September 30, 2018 and maturing 02-21-2018 as of December 31, 2017, for the performance of forward foreign currency transactions.		307,761		53,059
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 used as security in favor of Sedesa (1).		119,679		117,454
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the regional economies Competitiveness Program – BID loan No. 3174/OC-AR.		94,560		98,541
· Central Bank of Argentina Internal Bills in pesos, maturing 10-17-2018 as of September 30, 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.		14,540		9,647
· Central Bank of Argentina Internal Bills in pesos, maturing 10-17-2018 and Discount bonds in pesos regulated by Argentinian legislation, maturing 2033, for minimum counterpart required for Agents to act in the new categories contemplated under General Resolution No. 622/2013, as amended.		13,086		13,139
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing a BID loan of Province of San Juan No. 2763/OC-AR.		5,989		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.		5,752		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.		33,960		27,225
Subtotal debt securities at fair value through profit or loss and other debt securities		595,327		340,908

Other financial assets
· Sundry debtors – Other	2,610	858
· 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	3,437	1,685
Loans and other financing – non financial private sector and foreign residents
· Interests derived from contributions made as protector (2)	113,998	110,848
Subtotal loans and other financing – non-financial private sector and foreign residents	113,998	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.	5,383,619	4,005,730
· Forward purchase for repo transactions.		2,993,719
· Guarantee deposits related to credit and debit card transactions.	677,420	623,491
· Other guarantee deposits.	180,138	15,412
Subtotal Financial assets delivered as a guarantee	6,241,177	7,638,352

33

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Item (contd.)	09/30/2018		12/31/2017
Other non financial assets
· Real property related to a call option sold.				222,023
Subtotal Other non-financial assets				222,023
Total		6,953,939		8,313,816

(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, Risk fund of Los Grobo SGR and Risk fund of Avaluar SGR as of September 30, 2018 and December 31, 2017.

Additionally, as of December 31, 2016, the amount of restricted assets was 4,191,090.

24. 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:

24.1. Financial trusts for investment purposes

Debt securities include mainly prepayments towards the placement price of provisional trust securities of the financial trusts under public offerings (Best Consumer Directo, Garbarino, Accicom, Secubono and Credicuotas Consumo). The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust securities are placed once the public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities have been placed on the market, the Bank recovers the disbursements made, plus an agreed-upon compensation. If after making the best efforts, such trust securities cannot be placed, the Bank will retain the definitive trust securities.

In addition, the Bank´s portfolio is completed with financial trusts for investment purpose, trust securities of definitive financial trust in public offering (Consubond, Credimas, Garbarino, Chubut Regalías Hidrocarburíferas) and certificates of participation (Saenz Créditos, Gas Tucumán and Arfintech).

As of September 30, 2018 and December 31, 2017 and 2016, debt securities and certificates of participation in financial trusts for investment purpose, total to 630,442, 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.

24.2. 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 September 30, 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 69,842, 116,697 and 59,128, respectively.

34

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

24.3. 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 September 30, 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 342,799, 328,268 and 451,569, respectively.

24.4. 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 September 30, 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 3,113,794, 2,200,840 and 2,117,959, respectively.

25. COMPLIANCE WITH CNV REGULATIONS

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

25.1.1 Operations of Banco Macro SA

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV rules (NT General Resolution No. 622/2013 as amended), 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).

35

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Additionally, the Bank’s shareholders’ equity exceeds the minimum amount required by this regulation, amounting to 36,500, as well as the minimum counterpart required of 12,500, which the Bank paid-in with government securities as described in Note 23 to the accompanying condensed consolidated interim Financial Statements.

25.1.2 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 rules (NT General Resolution No. 622/2013, as amended), the Bank is registered with this agency under the following agent categories: mutual investment funds placement and distribution agent (ACyD FCI) 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 18,000, as well as the minimum counterpart required of 9,000, which the subsidiary paid-in with government securities.

25.1.3 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, as amended, 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 18,125 as well as the minimum counterpart required of 9,000, which the Company paid-in with mutual fund units or shares.

25.1.4 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, as amended, 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, and the minimum countpart amounting to 1,100 and is paid-in with mutual fund units or shares.

25.1.5 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, as amended, 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, and the minimum countpart amounting to 3,000 and is paid-in with mutual fund units or shares.

36

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

25.2 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).

25.3 As depositary of Mutual Funds

As of September 30, 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		1,444,595,515		6,202,935
Pionero Renta Ahorro		585,537,350		4,430,446
Pionero F F		77,288,713		480,803
Pionero Renta		7,078,472		115,148
Pionero Acciones		15,648,664		384,408
Pionero Renta Plus		34,012,947		657,554
Pionero Empresas FCI Abierto PYMES		213,141,229		604,001
Pionero Pesos Plus		165,185,850		423,095
Pionero Renta Ahorro Plus		570,005,668		1,013,357
Pionero Renta Mixta I		40,007,630		71,700
Pionero Renta Mixta II		244,474,518		400,574
Pionero Renta Estratégico		422,791,472		445,313
Pionero Renta Capital		50,000		50
Pionero Argentina Bicentenario		50,000		50
Pionero Ahorro Dólares		181,869,170		7,542,341
Pionero Renta Global		50,000		2,045
Pionero Renta Fija Dólares		15,121,606		526,146
Argenfunds Renta Pesos		413,516,205		1,039,359
Argenfunds Renta Argentina		29,636,695		130,870
Argenfunds Ahorro Pesos		309,611,952		1,258,388
Argenfunds Renta Privada FCI		236,920,108		1,208,841
Argenfunds Abierto Pymes		143,376,870		132,445
Argenfunds Renta Total		1,010,426,238		2,342,991
Argenfunds Renta Flexible		776,315,515		1,233,160
Argenfunds Renta Dinámica		165,053,326		246,531
Argenfunds Renta Mixta		68,781		90
Argenfunds Renta Global		94,474,056		142,021
Argenfunds Renta Capital		3,563,600		146,112
Argenfunds Renta Balanceada		234,926,966		355,800
Argenfunds Renta Crecimiento		528,212		21,521

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

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

37

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Description	Banco Macro SA		Banco del Tucumán SA
Cash and deposits in banks
Amounts in Central Bank accounts		46,953,896		3,465,054
Other debt securities
Central Bank of Argentina Internal Bills computable for the minimum cash requirements		9,206,985		684,159
Government securities computable for the minimum cash requirements		6,582,750
Financial assets delivered as guarantee
Special guarantee accounts with the Central bank		5,080,196		303,423
Total		67,823,827		4,452,636

27. 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 September 30, 2018:

Banco Macro SA

Summary proceedings filed by the Central Bank

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, due to the non-staying effect thereof. On 07/10/2015 a Direct Appeal was filed against such resolution to Court of Appeals in Contentious Administrative Matters (CNACAF, for its acronyms in Spanish language). 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 a Federal 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, for its acronyms in Spanish language) upon rejection of the Federal Extraordinary Appeal, which is still pending to date.

38

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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).

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 a Federal 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, 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 a Federal Extraordinary Appeal. Such appeals were rejected by the Court on 04/25/2017. On 05/10/2017 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 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 SA et al vs, UIF on Criminal Code – Law 25246 – Decree 290/07 Section 25” (Court File No. 13500/2017). This court file is pending resolution.

· Ended summaries during the period

Criminal foreign exchange regime summary proceedings (Central Bank): No. 6545 dated 09/03/2015, 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 ended in favor of the Bank due to on 04/14/2018, the Bank was served notice of the decision of the Central Bank which declared its accusation against the individuals involved in the summary proceedings null and void and therefore ordered the closing of the proceedings.

39

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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).

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 08/11/2017, 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. The evidence offered was provided; therefore, on May 21, 2018, the UIF declared that the trial stage was concluded and set the case for the closing arguments. On June 8, 2018, the Bank, the directors and the compliance officer provided their closing arguments. To date, the UIF is analyzing the file in order to issue a resolution.

File: No. 1208/2014 (UIF Resolution No. 13/2016) dated January 15, 2016.

Reason: alleged failure to comply with the Anti-Money Laundering Law, as amended, and UIF Resolution No. 121/11.

40

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Persons subject to the summary proceedings: Banco Macro SA, Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Luis Carlos Cerolini, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Marcos Brito and Emmanuel Antonio Álvarez Agis.

Status: on 05/17/2018, the Bank and the individuals were notified about Resolution No. 13/2016, whereby the summary proceedings were opened. The proceedings began due to the Central Bank submission on 05/12/2014, of the background related to “the overall inspection performed in Banco Macro SA from 11/26/2013, through 01/17/2014, by the Special Operations Oversight Management in order to evaluate the measures adopted by the Bank for the prevention of money laundering and terrorism financing”. The UIF stated in the resolution that summary proceedings should be filed “to discharge any responsibility that may be borne by Banco Macro SA, its Board of Directors and/or Compliance Officers that were holding office during the term of the alleged infringements described in the recitals hereof [resolution], so as to determine whether they committed the crime punished under section 24(1) and (2), Law No. 25,246, as amended”. On May 17, 2018, the Bank was notified about such case file. On June 15, 2018, Banco Macro SA, the members of the Board of Directors and the compliance officer filed their defense briefs. On July 2, 2018, the UIF sustained the lack of capacity to be sued of Delfín Jorge Ezequiel Carballo, discarding his responsibility in this summary proceeding. The proceedings were opened to the production of evidence and closing of the evidence stage; on September 2018 the defendants lodged their memorial. As of the date hereof these actions are in a stage to issue a resolution, which is pending.

Banco del Tucumán SA

Summary proceedings filed 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 41., 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 Resolution 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 a Federal 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 Banco del Tucumán SA 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.

· Ended summaries during the period.

Criminal Foreign Exchange Regime Summary Proceedings (Central Bank): No. 3078 dated 06/24/2008, for 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.On May 24, 2018, Federal Court No. 2 decided to declare the criminal action to be barred by the statute of limitations pursuant to section 59(3) of the Criminal Code.

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,

28. CORPORATE BONDS ISSUANCE

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

41

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Corporate Bonds	Original value			Residual face value as of 09/30/2018		09/30/2018		12/31/2017
Subordinated Resettable – Class A	USD	400,000,000	(a.1)	USD	400,000,000		16,796,368		7,565,759
Non-subordinated – Class B	Ps.	4,620,570,000	(a.2)	Ps.	3,391,052,000		3,607,777		4,712,216
Non-subordinated – Class C	Ps.	3,207,500,000	(a.3)	Ps.	2,727,500,000		2,904,783
Total							23,308,928		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.

a.2) On May 8, 2017, under Global Program mention on item a.1), Banco Macro SA issued non subordinated simple corporate bonds Class B, 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 the date of issuance of these condensed consolidated interim Financial Statement, the Bank made purchases of this issuance for a face value of pesos 1,229,518,000, remaining an outstanding face value of 3,391,052,000. In addition, on October 17, 2018 the Board of Directors decided to cancel these corporate bonds for the amount of such purchase.

a.3) On April 9, 2018, under Global Program mention on item a.1), Banco Macro SA issued non subordinated simple corporate bonds Class C, for a face value of pesos 3,207,500,000, 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.

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 the date of issuance of these condensed consolidated interim Financial Statement, the Bank made purchases of this issuance for a face value of pesos 480,000,000, remaining an outstanding face value of pesos 2,227,500,000.

42

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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.

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.

29. OFF BALANCE SHEET TRANSACTIONS

In addition to the expressed in Note 4, the Bank recognizes different off Balance sheet transactions, pursuant to the Central Bank standards. Below is presented the balances of the main off Balance sheet transactions as of September 30, 2018 and December 31, 2017 and 2016:

Item	09/30/2018		12/31/2017		12/31/2016
Preferred and other collaterals received from customers (1)		46,213,234		39,247,291		22,116,120
Custody of government and private securities and other assets held by third parties		92,618,763		82,906,533		51,936,124
Checks already deposited and pending clearance		1,394,402		1,266,306		1,134,949
Outstanding checks not yet paid		3,261,753		2,032,128		1,852,989

(1) Related to colaterals used to secure loans transactions and other financing, under the applicable rules in force in this matter.

30. TAX AND OTHER CLAIMS

30.1. Tax claims

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.

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.

43

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

30.2. Other claims

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.

31. RESTRICTION ON DIVIDENDS 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 at 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.

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.

44

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

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 September 30, 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 earnings reserves additional to the Legal reserve or a combination of any of these applications.

32. CAPITAL MANAGEMENT AND CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

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 supplemented, and the regulations issued by the Central Bank and are exposed to intrinsic risks related to the financial industry. Moreover, they adhere to the good banking practices laid out in Central Bank Communiqué “A” 5201 (Financial Entities Corporate Governance Guidelines) as supplemented. Details explanations about the main aspects related to capital management and corporate governance transparency policy and risk management related to the Bank, are disclose in Note 41 to the condensed consolidated interim Financial Statements as of march 31, 2018, already issued.

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

Description	09/30/2018
Minimum capital requirements		19,839,629
Computable equity		63,968,843
Capital surplus		44,129,214

33. ADDITIONAL DISCLOSURES

The table below shows the amounts corresponding to the detail of Government and private debt securities as of September 30, 2018, December 31, 2017 and 2016.

Description	09/30/2018		12/31/2017		12/31/2016
Debt securities at fair value through profit or loss
Government debt securities		1,071,098		720,015		276,780
Private securities		688,416		366,013		55,701
Total debt securities at fair value through profit or loss		1,759,514		1,086,028		332,481

45

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 36)

(Figures expressed in thousands of Pesos)

Description (contd.)	09/30/2018		12/31/2017		12/31/2016
Other debt securities
At fair value through OCI
Government securities		3,114,537		1,090,423		3,983,642
Central Bank internal bills		34,911,066		32,655,908		15,132,569
Private securities				18,583		423,456
Total at fair value through OCI		38,025,603		33,764,914		19,539,667
At amortized cost
Government debt securities		6,946,101		121,723		124,885
Private securities		4,435		817,128		730,947
Total at amortized cost		6,950,536		938,851		855,832
Total other debt securities		44,976,139		34,703,765		20,395,499
Equity instruments
At fair value through profit or loss		51,864		282,659		406,868
Total equity instruments		51,864		282,659		406,868

34. 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 the financial assets and foreign exchange market volatility and, additionally certain political events and the level of economic growth, among other issues. At a local level, there is an increase in the prices for other relevant economic variables, such as salary costs, exchange rate, interest rates 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.

35. 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.

36. 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
46

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	09/30/2018		12/31/2017		12/31/2016
COMMERCIAL
In normal situation		68,277,662		48,364,751		34,766,790
With Senior “A” collateral and counter-collateral		2,221,181		3,822,852		2,545,541
With Senior “B” collateral and counter-collateral		7,857,703		7,594,429		5,297,800
Without Senior collateral or counter-collateral		58,198,778		36,947,470		26,923,449
Subject to special monitoring		595,576		299,221		27,887
In observation
With Senior “A” collateral and counter-collateral		3,163		6,042
With Senior “B” collateral and counter-collateral		79,570		66,613		18,875
Without Senior collateral or counter-collateral		456,333		226,566		9,012
In negotiation or with financing agreements
Without Senior collateral or counter-collateral		56,510
Troubled		443,298		37,164		50,039
With Senior “A” collateral and counter-collateral		1,472		3,441
With Senior “B” collateral and counter-collateral		142,761		22,971		50,039
Without Senior collateral or counter-collateral		299,065		10,752
With high risk of insolvency		180,789		144,001		137,431
With Senior “A” collateral and counter-collateral		1,265		729		1,882
With Senior “B” collateral and counter-collateral		164,153		86,437		61,374
Without Senior collateral or counter-collateral		15,371		56,835		74,175
Irrecoverable				6,500		7,372
With Senior “B” collateral and counter-collateral						813
Without Senior collateral or counter-collateral				6,500		6,559
Subtotal Commercial		69,497,325		48,851,637		34,989,519

	Delfín Jorge Ezequiel Carballo Chairperson
47

EXHIBIT B

(Continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	09/30/2018		12/31/2017		12/31/2016
CONSUMER AND MORTGAGE
Performing		106,728,481		85,407,541		55,204,350
With Senior “A” collateral and counter-collateral		2,941,855		2,140,761		771,053
With Senior “B” collateral and counter-collateral		14,408,841		7,272,856		2,573,886
Without Senior collateral or counter-collateral		89,377,785		75,993,924		51,859,411
Low risk		1,903,382		1,050,600		555,222
With Senior “A” collateral and counter-collateral		25,516		7,823		1,486
With Senior “B” collateral and counter-collateral		101,103		32,681		20,699
Without Senior collateral or counter-collateral		1,776,763		1,010,096		533,037
Medium risk		1,205,362		647,332		443,357
With Senior “A” collateral and counter-collateral		8,441		1,447		3,188
With Senior “B” collateral and counter-collateral		35,367		13,672		7,676
Without Senior collateral or counter-collateral		1,161,554		632,213		432,493
High risk		836,854		479,925		317,466
With Senior “A” collateral and counter-collateral		11,464		496		2,099
With Senior “B” collateral and counter-collateral		24,792		18,106		20,486
Without Senior collateral or counter-collateral		800,598		461,323		294,881
Irrecoverable		272,712		148,425		92,508
With Senior “A” collateral and counter-collateral		438
With Senior “B” collateral and counter-collateral		24,979		18,375		18,222
Without Senior collateral or counter-collateral		247,295		130,050		74,286
Irrecoverable according to Central Bank's rules		773		249		210
Without Senior collateral or counter-collateral		773		249		210
Subtotal consumer and mortgage		110,947,564		87,734,072		56,613,113
Total		180,444,889		136,585,709		91,602,632

This exhibit disclosures the contractual figures in accordance as established by Central Bank. The conciliation with the Condensed consolidated interim statement of financial position, is listed below:

	As of 09/30/2018		As of 12/31/2017		As of 12/31/2016
Loans and other financing		174,288,332		132,658,674		88,390,646
+ Allowances for loans and other financing		3,852,731		2,666,738		1,839,422
+ Adjustment amortized cost and fair value		216,775		298,538		244,608
+ Corporate bonds		4,435		362,425		486,144
Guarantees provided and contingent liabilities		2,082,616		599,334		641,812
Total computable concepts		180,444,889		136,585,709		91,602,632

	Delfín Jorge Ezequiel Carballo Chairperson
48

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING-FACILITIES

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	09/30/2018				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		18,713,753		10.37		10,886,705		7.97		6,363,324		6.95
50 next largest customers		22,431,975		12.43		11,082,657		8.11		9,003,785		9.83
100 next largest customers		13,066,833		7.24		7,511,713		5.50		5,580,023		6.09
Other customers		126,232,328		69.96		107,104,634		78.42		70,655,500		77.13
Total  (1)		180,444,889		100.00		136,585,709		100.00		91,602,632		100.00

(1) See Exhibit B

	Delfín Jorge Ezequiel Carballo Chairperson
49

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF SEPTEMBER 30, 2018

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(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				125,199		377,947		396,684		713,057		992,569		495,526		3,100,982
Financial sector				1,080,308		504,711		1,223,816		1,594,817		1,033,086		42,708		5,479,446
Non-financial private sector and foreign residents		2,074,598		43,391,038		24,306,343		25,452,182		32,657,255		36,977,874		71,403,536		236,262,826
Total		2,074,598		44,596,545		25,189,001		27,072,682		34,965,129		39,003,529		71,941,770		244,843,254

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2017

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(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

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2016

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(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 disclosoures contractual future cash flows that included interests and accesories to be accrued until maturity of the contracts.

	Delfín Jorge Ezequiel Carballo Chairperson
50

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF SEPTEMBER 30, 2018

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Origination Value at		Useful life					Depreciation for the period								Residual value at
Item	beginning of fiscal year		Estimate in years	Increases		Decreases		Accumulated		Decrease		Of the period		At the end		the end of the period
Cost
Buildings		4,682,194	50		90,586		232,595		412,462		101,427		70,876		381,911		4,158,274
Furniture and facilities		367,151	10		39,555		1,053		135,457		10		27,163		162,610		243,043
Machinery and equipment		1,046,209	5		319,185		111,075		570,491				150,180		720,671		533,648
Vehicles		117,488	5		18,762		4,853		78,198		4,312		14,475		88,361		43,036
Other		27			6		3										30
Work in progress		2,076,352			890,815		47,564										2,919,603
Total property, plant and equipment		8,289,421			1,358,909		397,143		1,196,608		105,749		262,694		1,353,553		7,897,634

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2017

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Cifras expresadas en miles de pesos)

	Origination Value at		Useful life					Depreciation for the period								Residual value at
Item	beginning of fiscal year		Estimated in years	Increases		Decreases		Accumulated		Decrease		Of the period		At the end		the end of the period
Cost
Buildings (1)		4,600,288	50		89,724		7,818		320,112		7,331		99,681		412,462		4,269,732
Furniture and facilities		318,675	10		48,476				101,332		242		34,367		135,457		231,694
Machinery and equipment		802,315	5		246,845		2,951		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			911,098		50,285										2,076,352
Total property, plant and equipment		7,034,399			1,321,026		66,004		903,370		13,921		307,159		1,196,608		7,092,813

(1) As of December 31, 2016, the deemed cost of the Bank´s buildings amounted to 4,211,760 and the adjustment for this concept up to 3,396,192.

	Delfín Jorge Ezequiel Carballo Chairperson
51

EXHIBIT F

(Continued)

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF SEPTEMBER 30, 2018

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Origination Value at		Useful life					Depreciation for the period								Residual value at the
Item	beginning of fiscal year		Estimated in years	Increases		Decreases		Accumulated		Decrease		Of the period		At the end		end of the period
Cost
Other investment properties		1,759,569	50		131,550		169,314		15,677		1,778		4,094		17,993		1,703,812
Total investment property		1,759,569			131,550		169,314		15,677		1,778		4,094		17,993		1,703,812

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2017

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Origination Value at		Useful life					Depreciation for the period								Residual value at the
Item	beginning of fiscal year		Estimated in years	Increases		Decreases		Accumulated		Decrease		Of the period		At the end		end of the period
Cost
Other investment properties (1)		1,664,439	50		135,058		39,928		17,934		7,839		5,582		15,677		1,743,892
Total investment property		1,664,439			135,058		39,928		17,934		7,839		5,582		15,677		1,743,892

As of December 31, 2016, the deemed cost of the Bank´s buildings amounted to 2,910,087 and the adjustment for this concept up to 2,353,159. Part of this adjustment is recorded on Property, Plant and Equipment in Work in progress.

	Delfín Jorge Ezequiel Carballo Chairperson
52

EXHIBIT G

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 2018

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(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 end		end of the period
Cost
Licences		344,671	5		140,735		6,162		189,088		2		50,862		239,948		239,296
Other intangible assets		1,206,227	5		497,404		57,358		533,788				204,371		738,159		908,114
Total intangible assets		1,550,898			638,139		63,520		722,876		2		255,233		978,107		1,147,410

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2017

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(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 end		end of the period
Cost
Goodwill - Bussiness combination		20,609			35,596		56,205
Licences		161,355	5		189,142		5,826		54,331		3		134,760		189,088		155,583
Other intangible assets		890,669	5		616,099		300,541		431,387		2,761		105,162		533,788		672,439
Total intangible assets		1,072,633			840,837		362,572		485,718		2,764		239,922		722,876		828,022

	Delfín Jorge Ezequiel Carballo Chairperson
53

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	09/30/2018				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		15,717,426		7.39		9,022,672		6.26		7,222,118		6.45
50 next largest customers		14,731,502		6.93		8,056,114		5.59		7,316,128		6.54
100 next largest customers		8,377,359		3.94		4,988,300		3.46		4,255,954		3.80
Other customers		173,742,319		81.73		122,062,091		84.69		93,068,605		83.21
Total		212,568,606		100.00		144,129,177		100.00		111,862,805		100.00

	Delfín Jorge Ezequiel Carballo Chairperson
54

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF SEPTEMBER 30, 2018

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(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		174,714,357		32,167,581		4,700,798		3,126,147		112,033		13,140		214,834,056
From the non-financial government sector		14,801,575		5,345,427		172,840		8,140		29				20,328,011
From the financial sector		149,865												149,865
From the non-financial private sector and foreign residents		159,762,917		26,822,154		4,527,958		3,118,007		112,004		13,140		194,356,180
Liabilities at fair value through profit or loss		233												233
Derivative instruments		95,573		114,825		1,310								211,708
Other Financial Liabilities		12,661,409		24,311		8,719		14,007		21,417		145,361		12,875,224
Financing received from the Central Bank of Argentina and other financial institutions		821,343		672,472		1,019,225		618,518		88,653		149,700		3,369,911
Issued corporate bonds		235,711		404,300		235,711		868,036		1,746,321		8,427,073		11,917,152
Subordinated corporate bonds				552,105				552,105		1,104,211		23,536,051		25,744,472
Total		188,528,626		33,935,594		5,965,763		5,178,813		3,072,635		32,271,325		268,952,756

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

	Delfín Jorge Ezequiel Carballo Chairperson
55

EXHIBIT I

(Continued)

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2017

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(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		122,715,208		19,819,279		2,777,820		538,046		28,735		7,852		145,886,940
From the non-financial government sector		11,487,052		1,149,425		319,233		1,131		17,565				12,974,406
From the financial sector		81,359												81,359
From the non-financial private sector and foreign residents		111,146,797		18,669,854		2,458,587		536,915		11,170		7,852		132,831,175
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		10,399,981		21,720		10,720		16,518		25,559		163,965		10,638,463
Financing received from the Central Bank of Argentina and other financial institutions		927,410		91,695		11,605		15,967		34,289		94,109		1,175,075
Issued corporate bonds						404,300		404,300		808,600		6,642,069		8,259,269
Subordinated corporate bonds						266,082		271,935		543,869		11,316,764		12,398,650
Total		136,760,249		19,932,694		3,470,527		1,246,766		1,441,052		18,224,759		181,076,047

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

	Delfín Jorge Ezequiel Carballo Chairperson
56

EXHIBIT I

(Continued)

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2016

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(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		93,953,798		17,277,573		1,752,894		314,926		9,514		3,643		113,312,348
From the non-financial government sector		7,115,083		2,189,871		266,598		86,676		117				9,658,345
From the financial sector		55,866												55,866
From the non-financial private sector and foreign residents		86,782,849		15,087,702		1,486,296		228,250		9,397		3,643		103,598,137
Repo Transactions		1,094,457												1,094,457
Other financial institutions		1,094,457												1,094,457
Other Financial Liabilities		5,755,622		480,634		6,909		6,868		10,826		147,157		6,408,016
Financing received from the Central Bank of Argentina and other financial institutions		85,882		49,164		90,378		14,207		9,867		12,780		262,278
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		100,889,759		19,504,209		2,064,159		549,979		458,162		9,927,303		133,393,571

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

	Delfín Jorge Ezequiel Carballo Chairperson
57

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Balances at beginning of fiscal				Decreases
Item	year		Increases		Reversals		Charge off		09/30/2018		12/31/2017		12/31/2016
For  Administrative, disciplinary and criminal sanctions		718								718		718		9,110
Other		694,201		577,093		210		473,422		797,662		694,201		325,897
Total Provisions		694,919		577,093		210		473,422		798,380		694,919		335,007

	Delfín Jorge Ezequiel Carballo Chairperson
58

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY BALANCES

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	09/30/2018										12/31/2017		12/31/2016
	Total headquarter company and local		Total per currency
Items	branches		US dollar		Euro		Real		Other		Total		Total
ASSETS
Cash and deposits in banks		38,954,141		38,638,885		224,298		25,428		65,530		21,049,391		21,394,875
Debt securities at fair value through profit or loss		250,362		250,362								50,860		12,788
Derivative instruments												564
Other financial assets		1,697,114		1,697,114								875,422		376,008
Loans and other financing		45,775,017		45,775,017								18,771,033		10,137,360
To the non-financial government sector		59		59
Other financial intitutions		567,055		567,055								175,116		94,834
From the non-financial private sector and foreign residents		45,207,903		45,207,903								18,595,917		10,042,526
Other debt securities		3,105,262		3,105,262								1,092,925		1,916,324
Financial assets delivered as guarantee		988,095		985,245		2,850						246,958		98,977
Investments in equity instruments		7,297		7,297								4,002		149,801
Investments in associates and joint arrangements												1		78
TOTAL ASSETS		90,777,288		90,459,182		227,148		25,428		65,530		42,091,156		34,086,211
LIABILITIES
Deposits		72,010,417		72,010,390		27						31,150,622		23,299,436
Non-financial government sector		2,347,625		2,347,625								3,926,989		852,177
Financial sector		113,776		113,776								45,895		27,972
Non-financial private sector and foreign residents		69,549,016		69,548,989		27						27,177,738		22,419,287
Derivative instruments		636		636
Other financial  liabilities		3,516,429		3,381,009		134,235				1,185		1,382,688		965,308
Financing from Central Bank and other financial Institutions		2,404,969		2,404,969								887,321		131,361
Issued corporate bonds														1,684,636
Subordinated corporate bonds		16,796,368		16,796,368								7,565,759		6,376,537
Other non-financial liabilities		40,325		40,325								49,067		2,239
TOTAL LIABILITIES		94,769,144		94,633,697		134,262				1,185		41,035,457		32,459,517

	Delfín Jorge Ezequiel Carballo Chairperson
59

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2018

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Net financial Income/ Loss
	Obligatory measurement
Items	Quarter ended 09/30/2018			Accumulated from beginning of period up to 09/30/2018
For measurement of financial assets at fair value through gain or loss
Gain from government securities		214,720			308,704
Gain from private securities		66,216			117,134
Gain from derivative financial instruments		234,442			234,442
Gain from other financial assets		62,084			107,204
Gain from  investment in equity instruments		455			40,380
Loss from sales of financial assets at fair value		(84,988	)		(106,072	)
For measurement of financial liabilities at fair value through profit or loss
Gain from derivative financial instruments		5,970
TOTAL		498,899			701,792

	Delfín Jorge Ezequiel Carballo Chairperson
60

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2018

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Net financial Income/ Loss
Interest and adjustment for the aplication of the efective interest rate of financial assets measured at amortized cost	Quarter ended 09/30/2018		Accumulated from beginning of period up to 09/30/2018
Interest income
For cash and bank deposits		4,722		9,692
For government securities		343,139		373,267
For debt securities		71,257		173,629
Financial sector		311,769		683,160
Non-financial private sector
Overdrafts		1,448,110		3,190,360
Documents		855,875		2,240,304
Mortgage loans		1,101,056		2,464,646
Pledge loans		142,179		433,598
Personal loans		5,446,789		15,042,907
Credit cards		1,788,251		4,689,662
Financial leases		39,570		107,272
Other		1,211,722		3,027,645
Cental Bank of Argentina				22,656
Other financial institutions		7,610		65,854
TOTAL		12,772,049		32,524,652
Interest expenses
From deposits
Non-financial private sector
Checking accounts		142,137		142,137
Saving accounts		91,056		208,897
Time deposits and investments accounts		5,463,547		12,233,294
For Financing received from Central Bank of Argentina and other financial institutions		47,561		82,569
For repo transactions
Other  financial institutions		65,702		121,014
for other financial liabilities		18,433		23,764
issued corporate bonds		405,786		1,028,860
for subordinated corporate bonds		252,059		565,465
TOTAL		6,486,281		14,406,000

	Delfín Jorge Ezequiel Carballo Chairperson
61

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2018

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Income for the period				Other comprehensive income
Interest and adjustment for the aplication of the efective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 09/30/2018		Accumulated from beginning of period up to 09/30/2018		Quarter ended 09/30/2018			Accumulated from beginning of period up to 09/30/2018
From debt government securities		4,037,082		9,238,074		(195,864	)		(319,339	)
Total		4,037,082		9,238,074		(195,864	)		(319,339	)

	Income for the period
Commissions income	Quarter ended 09/30/2018		Accumulated from beginning of period up to 09/30/2018
Commissions related to obligations		2,117,291		5,885,572
Commissions related to credits		21,603		65,086
Commissions related to loans commiments and financial guarantees		468		921
Commissions related to securities value		20,036		67,312
Commissions related to trading and foreign Exchange transactions		69,716		161,894
Total		2,229,114		6,180,785

	Income for the period
Commissions expenses	Quarter ended 09/30/2018		Accumulated from beginning of period up to 09/30/2018
Commissions related to transactions to debt securities				208
Other		144,142		538,417
Total		144,142		538,625

	Delfín Jorge Ezequiel Carballo Chairperson
62

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2017

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Net financial Income/ Loss
	Obligatory measurement
Items	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017
For measurement of financial assets at fair value through gain or loss
Gain from government securities		141,506		225,115
Gain from private securities		21,239		39,510
Gain from other financial assets		22,401		55,523
Gain from  investment in equity instruments		20,374		53,904
For measurement of financial liabilities at fair value through gain
Gain from derivative financial instruments		5,634		(9,033	)
Total		211,154		365,019

	Delfín Jorge Ezequiel Carballo Chairperson
63

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2017

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Net financial Income/ Loss
Interest and adjustment for the aplication of the efective interest rate of financial assets measured at amortized cost	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017
Interest income
For cash and bank deposits		6,081		6,989
For government securities		52,264		169,786
Financial sector		125,491		325,601
Non-financial private sector
Overdrafts		679,952		1,954,047
Documents		435,514		1,196,590
Mortgage loans		208,827		582,914
Pledge loans		133,553		357,426
Personal loans		3,774,279		10,271,411
Credit cards		1,064,280		3,221,954
Financial leases		29,294		74,803
Other		736,768		1,862,307
for repo transactions
Cental Bank of Argentina		15,179		540,976
Other financial institutions		1,607		15,249
Total		7,263,089		20,580,053
Interest expenses
From deposits
Non-financial private sector
Saving accounts		30,683		80,807
Time deposits and investments accounts		2,351,992		6,570,129
Other
For Financing received from Central Bank of Argentina and other financial institutions		17,204		30,158
For repo transactions
Other  financial institutions		51,783		81,998
for other financial liabilities		6,936		21,715
issued corporate bonds		202,726		292,927
for subordinated corporate bonds		122,275		332,825
Total		2,783,599		7,410,559

	Delfín Jorge Ezequiel Carballo Chairperson
64

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2017

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Income for the period				Other comprehensive income
Interest and adjustment for the aplication of the efective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017		Quarter ended 09/30/2017			Accumulated from beginning of period up to 09/30/2017
From debt government securities		1,606,412		3,568,100		(56,800	)		(71,919	)
Total		1,606,412		3,568,100		(56,800	)		(71,919	)
	Income for the period
Commissions income	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017
Commissions related to obligations		1,659,145		4,589,532
Commissions related to credits		35,186		90,927
Commissions related to loans commiments and financial guarantees		745		2,408
Commissions related to securities value		16,032		43,458
Commissions related to trading and foreign Exchange transactions		44,251		113,778
Other
Total		1,755,359		4,840,103
	Income for the period
Commissions expenses	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017
Commissions related to transactions to debt securities		130		155
Other		178,587		498,353
Total		178,717		498,508

	Delfín Jorge Ezequiel Carballo Chairperson
65

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of the Financial statements originally issued in Spanish - See Note 36)

(Figures stated in thousands of pesos)

	Balances at beginning of the fiscal				Decreases
Item	year		Increases		Reversals		Charge off		09/30/2018		12/31/2017		12/31/2016
Other financial assets		5,131		2,150		53		1,730		5,498		5,131		4,147
Loans and other financing		2,667,875		2,234,106		40,330		1,008,920		3,852,731		2,667,875		1,839,423
Other financial institutions		31,251		12,936		4,701				39,486		31,251		17,256
To the non-financial private sector and foreign residents
Overdrafts		139,833		137,900		6,944		33,345		237,444		139,833		134,725
Documents		202,505		135,042		1,546		20,528		315,473		202,505		123,881
Mortgage loans		152,116		124,287		14,037		10,273		252,093		152,116		74,824
Pledge loans		74,380		28,389		3,877		19,250		79,642		74,380		41,816
Personal loans		1,207,483		1,114,037		267		628,970		1,692,283		1,207,483		814,696
Credit cards		590,483		397,054		1,005		213,612		772,920		590,483		442,882
Financial leases		6,486		121		1,190				5,417		6,486		3,994
Other		263,338		284,340		6,763		82,942		457,973		263,338		185,349
Private securities		329				329						329
TOTAL OF ALLOWANCES		5,341,210		4,470,362		81,042		2,019,570		7,710,960		5,341,210		3,682,993

	Delfín Jorge Ezequiel Carballo Chairperson
66

CONDENSED SEPARATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Items	Notes	09/30/2018		12/31/2017		12/31/2016
ASSETS
Cash and Deposits in Banks			63,091,874		32,473,987		32,992,475
Cash			7,865,474		5,951,218		4,208,880
Central Bank of Argentina			46,953,896		21,939,645		26,666,365
Other Local and Foreign Entities			7,993,584		3,267,903		2,116,239
Other			278,920		1,315,221		991
Debt Securities at fair value through profit or loss			1,334,545		975,371		275,386
Derivative Financial Instruments			71,448		7,664		9,721
Repo Transactions					1,419,808		19,124
Other financial assets			2,188,822		1,523,930		743,194
Loans and other financing			160,712,398		122,173,846		81,475,324
Non-financial Public Sector			1,934,291		1,865,273		1,581,955
Other Financial Entities			4,647,095		4,191,658		1,713,170
Non-financial Private Sector and Foreign Residents			154,131,012		116,116,915		78,180,199
Other Debt Securities			41,059,429		33,611,201		17,974,087
Financial Assets delivered as guarantee	22		5,894,278		7,344,011		3,462,469
Investments in Equity Instruments			46,125		36,885		337,309
Investment in subsidiaries, associated and joint arrangements	6		5,383,327		3,662,374		3,081,485
Property, plant and equipment			7,398,309		6,634,630		5,693,885
Intangible Assets			1,337,302		810,509		573,121
Other Non-financial Assets			2,155,983		2,283,784		2,050,860
Non-current Assets held for sale	8		126,467		199,890		94,588
TOTAL ASSETS			290,800,307		213,157,890		148,783,028

	Delfín Jorge Ezequiel Carballo Chairperson
67

CONDENSED SEPARATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Items	Notes	09/30/2018		12/31/2017		12/31/2016
LIABILITIES
Deposits			194,093,917		132,716,174		102,498,623
Non-financial Public Sector			12,098,713		9,504,522		5,964,863
Financial Sector			149,859		81,357		55,861
Non-financial Private Sector and Foreign Residents			181,845,345		123,130,295		96,477,899
Liabilities at fair value through profit or loss			233		6,450		-
Derivative Financial Instruments			211,071		23,107		-
Repo Transactions					2,688,093		1,095,634
Other Financial Liabilities			11,062,873		9,808,877		5,895,687
Financing received from the Central Bank of Argentina and other financial entities			3,646,755		1,173,840		260,266
Issued Corporate Bonds	27		6,523,249		4,712,216		1,745,851
Current Income Tax Liabilities			1,858,497		3,642,484		1,544,046
Subordinated Corporate Bonds	27		16,796,368		7,565,759		6,376,537
Provisions	9		697,151		595,995		251,366
Deferred Income Tax Liabilities			119,925		416,850		1,280,028
Other Non-financial Liabilities			4,616,768		3,273,022		2,864,297
TOTAL LIABILITIES			239,626,807		166,622,867		123,812,335
SHAREHOLDERS’ EQUITY
Capital Stock	20		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			23,289,919		20,363,386		14,384,820
Unappropiated Retained Earnings			3,475,669		2,799,085		2,990,757
Other Comprehensive Income			819,298		204,560		65,711
Net Income for the period			10,485,979		10,065,357		6,540,832
TOTAL SHAREHOLDERS’ EQUITY			51,173,500		46,535,023		24,970,693
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			290,800,307		213,157,890		148,783,028

	Delfín Jorge Ezequiel Carballo Chairperson
68

CONDENSED SEPARATE INTERIM STATEMENT OF INCOME

FOR THE THREE AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Items	Notes	Quarter ended 09/30/2018			Accumulated from beginning of year up to 09/30/2018			Quarter ended 09/30/2017			Accumulated from beginning of year up to 09/30/2017
Interest income			15,670,958			38,640,432			8,062,387			21,792,753
Interest expense			(5,966,433	)		(13,309,624	)		(2,608,068	)		(6,863,372	)
Net interest income			9,704,525			25,330,808			5,454,319			14,929,381
Commissions income	13		2,056,793			5,711,985			1,633,759			4,509,355
Commissions expense			(120,069	)		(464,911	)		(159,565	)		(449,922	)
Net commissions income			1,936,724			5,247,074			1,474,194			4,059,433
Subtotal (Net interest income + Net commissions income)			11,641,249			30,577,882			6,928,513			18,988,814
Net Income from measurement of financial instruments at fair value through profit or loss			375,013			471,170			169,655			252,703
Loss from sold assets at amortized cost			(3,021	)		(5,891	)		18,428			36,722
Differences in quoted prices of gold and foreign currency	14		(1,396,988	)		(2,399,675	)		566,321			1,095,315
Other operating income	15		1,818,585			4,077,648			883,879			2,676,261
Provision for loan losses			(661,512	)		(1,687,532	)		(293,077	)		(1,028,559	)
Net Operating Income			11,773,326			31,033,602			8,273,719			22,021,256
Employee benefits	16		(2,475,993	)		(6,527,473	)		(1,759,193	)		(5,018,128	)
Administration expenses	17		(1,611,067	)		(4,263,964	)		(1,057,498	)		(2,937,731	)
Depreciation and impairment of Assets			(171,705	)		(476,457	)		(131,886	)		(369,130	)
Other Operating Expenses	18		(2,451,247	)		(6,364,287	)		(1,537,854	)		(4,237,787	)
Operating Income			5,063,314			13,401,421			3,787,288			9,458,480
Income from subisdiaries, associates and joint arrangements			331,541			1,227,811			309,452			857,745
Income before tax on continuing operations			5,394,855			14,629,232			4,096,740			10,316,225
Income tax on continuing operations	12		(1,566,708	)		(4,143,253	)		(1,363,121	)		(3,353,849	)
Net Income from continuing operations			3,828,147			10,485,979			2,733,619			6,962,376
Net Income for the period			3,828,147			10,485,979			2,733,619			6,962,376

	Delfín Jorge Ezequiel Carballo Chairperson
69

EARNINGS PER SHARE

FOR THE THREE AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Items	Quarter ended 09/30/2018		Accumulated from beginning of year up to 09/30/2018		Quarter ended 09/30/2017		Accumulated from beginning of year up to 09/30/2017
Net Profit attributable to Parent’s shareholders		3,828,147		10,485,979		2,733,619		6,962,376
PLUS: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		3,828,147		10,485,979		2,733,619		6,962,376
Weighted average of outstanding common shares for the period		662,173		667,139		668,215		616,006
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		662,173		667,139		668,215		616,006
Basic earnings per share		5.7812		15.7178		4.0909		11.3024

	Delfín Jorge Ezequiel Carballo Chairperson
70

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Items	Notes	Quarter ended 09/30/2018			Accumulated from beginning of year up to 09/30/2018			Quarter ended 09/30/2017			Accumulated from beginning of year up to 09/30/2017
Net Income for the period			3,828,147			10,485,979			2,733,619			6,962,376
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion			453,841			851,955			36,697			72,964
Foreign currency translation differences for the period			453,841			851,955			36,697			72,964
Profit or loss for financial instruments measured at fair value through OCI (IFRS 9 4.1.2)(a)			(127,207	)		(189,206	)		(39,603	)		(37,033	)
Income for the period from financial instruments at fair value through OCI			(181,724	)		(270,294	)		(60,927	)		(56,975	)
Income tax	12		54,517			81,088			21,324			19,942
Interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method			(13,208	)		(48,011	)		3,550			(12,366	)
Income for the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method			(13,208	)		(48,011	)		3,550			(12,366	)
Total Other Comprehensive Income that will be reclassified to profit or loss of the period			313,426			614,738			644			23,565
Total Other Comprehensive Income			313,426			614,738			644			23,565
Total Comprehensive Income			4,141,573			11,100,717			2,734,263			6,985,941

	Delfín Jorge Ezequiel Carballo Chairperson
71

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

		Capital Stock					Non-capital, Contributions				Other Comprehensive Income					Earnings Reserved
Changes	Notes	Outstanding shares			In portfolio		Stock Issuance Premium		Adjustments to Shareholders´ Equity		Accumulat, Foreign Currency translation differences in financial statements		Other			Legal		Other			Unappropiated Retained Earnings			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			12,864,442			46,535,023
Total comprehensive income for the period
- Net income for the period																						10,485,979			10,485,979
- Other comprehensive income for the period												851,955		(237,217	)										614,738
- Distribution of unappropiated retained earnings as approved by Shareholders´ Meeting held on April 27, 2018
- Legal Reserve																	1,877,755					(1,877,755	)
- Cash dividends																			(3,348,315	)					(3,348,315	)
- Other (1)																			7,511,018			(7,511,018	)
- Own shares in portfolio	20		(21,463	)		21,463													(3,113,925	)					(3,113,925	)
Balance at the end of the period			648,200			21,463		12,428,461		4,511		989,103		(169,805	)		6,872,687		16,417,232			13,961,648			51,173,500

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

		Capital Stock			Non-capital, Contributions				Other Comprehensive Income					Earnings Reserved
Changes	Notes	Outstanding shares		In portfolio	Stock Issuance Premium		Adjustments to Shareholders´ Equity		Accumulat, Foreign Currency translation differences in financial statements		Other			Legal		Other			Unappropiated Retained Earnings			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
Total comprehensive income for the period
- Net income for the period																				6,962,376			6,962,376
- Other comprehensive income for the period										72,964		(49,399	)										23,565
Distribution of unappropiated retained earnings as approved by Shareholders´ Meeting held on April 28, 2017
- Legal Reserve															1,308,460					(1,308,460	)
- Cash dividends																	(701,476	)					(701,476	)
- Otras (1)																	5,371,582			(5,424,045	)		(52,463	)
- Increase of Caoital Stock approved by Shareholders´ Meeting held on April 28, 2017	20		85,100			12,028,962																	12,114,062
Balance at the end of the period			669,663			12,428,461		4,511		72,964		16,312			4,994,932		15,368,454			9,761,460			43,316,757

(1) Relative to earnings reserved for future distribution of earnings.

	Delfín Jorge Ezequiel Carballo Chairperson
72

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Items	Notes	09/30/2018			09/30/2017
CASH FLOWS FROM OPERATING ACTIVITIES
Income for the period before Income Tax			14,629,232			10,316,225
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			476,457			369,130
Provision for loan losses			1,687,532			1,028,559
Other adjustments			(5,806,153	)		253,449
Net increase / decrease from operating assets:
Debt Securities at fair value though profit and loss			(359,218	)		(306,816	)
Derivative financial instruments			(63,784	)		4,798
Repo transactions			1,419,808			(814,343	)
Loans and other financing
Non-financial public sector			(69,018	)		(302,917	)
Other financial entities			(455,437	)		(1,121,539	)
Non-financial private sector and foreign residents			(39,701,629	)		(28,289,215	)
Other debt securities			22,371,773			(11,662,309	)
Financial assets delivered as guarantee			1,449,733			(843,971	)
Investments in equity instruments			(9,240	)		289,479
Other assets			(2,162,425	)		(1,362,386	)
Net increase / decrease from operating liabilities:
Deposits
Non-financial public sector			2,594,191			5,708,226
Financial sector			68,502			(1,239	)
Non-financial private sector and foreign residents			58,715,050			15,131,365
Liabilities at fair value through profit or loss			(6,217	)
Derivative financial instruments			187,964			991
Repo transactions			(2,688,093	)		(596,798	)
Other liabilities			1,363,058			1,891,845
Payments for Income Tax			(5,151,854	)		(2,993,375	)
TOTAL CASH FROM/ (USED IN) OPERATING ACTIVITIES (A)			48,490,232			(13,300,841	)

	Delfín Jorge Ezequiel Carballo Chairperson
73

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Items	Notes	09/30/2018			09/30/2017
CASH FLOWS FROM INVESTING ACTIVITIES
Payments:
Acquisition of PPE, intangible assets and other assets			(1,201,299	)		(1,331,941	)
Proceeds:
TOTAL CASH USED IN INVESTING ACTIVITIES (B)			(1,201,299	)		(1,331,941	)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments:
Dividends			(3,348,315	)		(753,939	)
Adquisition or rescue of Equity instruments	20		(3,113,925	)
Non-subordinated corporate bonds			(1,426,356	)		(1,766,904	)
Financing from local financial entities
Subordinated corporate bonds			(292,893	)		(206,280	)
Changes in the participation of subsidiaries that do not lead to losses of control	2		(456,757	)
Issued equity instruments						12,114,061
Non-subordinated corporate bonds			3,206,999			4,604,398
Central Bank of the Republic of Argentina			10,130			1,378
Financing to local financial entities			219,701			1,422,684
Other proceeds related to financing activities
TOTAL CASH (USED IN)/ FROM FINANCING ACTIVITIES (C)			(5,201,416	)		15,415,399
EFFECT OF EXCHANGE RATE FLUCTUATIONS (D)			18,350,327			911,056
TOTAL CHANGES IN CASH FLOWS
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)			60,437,844			1,693,673
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FISCAL YEAR	19		37,302,039			47,150,300
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	19		97,739,883			48,843,973

	Delfín Jorge Ezequiel Carballo Chairperson
74

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(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 SA, Macro Bank Limited (a company organized under the laws of Bahamas), Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCISA.

Macro Compañía Financiera SA 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 SA.

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 SA acquired control over Banco del Tucumán SA.

On November 27, 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.

In addition, as mention in Note 2.4 to the condensed consolidated interim Financial Statement, the Bank has adcquired shares of Banco del Tucumán SA for an amount of 456,757. This transaction was registered in these Financial Statements by the purchase method. The difference between the consideration paid and the application of the purchase price method gave rise to goodwill recognition for an amount of 210,927.

On the other hand, on October 17, 2018, the Board of Directors of Banco Macro SA, decided to initiate negotiations for the merger reorganization between Banco Macro SA and Banco del Tucuman SA (see additionally Note 2 to the condensed consolidated interim Financial Statements).

3. BASIS FOR THE PRESENTATION 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,

75

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

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 chart of account 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.

As of September 30, 2018, the conditions to apply inflation adjustments in the condensed consolidated Financial Statement for the nine-month period as established by IAS 29 “Financial Reporting in Hyperinflationary Economy” were met. However, for the reasons described in section “measuring unit” of this Note, financial institutions cannot apply the above-mentioned standard.

The accounting policies comply with the IFRS presently approved through Central Bank Communiqué “A” 6114 and are applicable to the preparation of the first annual consolidated Financial statements (December 31, 2018) in accordance with the IFRS adopted by the Central Bank through Communiqué “A” 6114 considering the exceptions abovementioned. Nevertheless, these accounting policies may be modified if, at the time of preparing such first annual Financial Statements under Communiqué “A” 6114, 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.

These condensed separate interim Financial Statements, were prepared in accordance with the framework set forth by the Central Bank as mentioned in the previous paragraphs, for which these condensed separate interim Financial Statements, are based on IAS 34 “Interim Financial Reporting”. In that sense, these condensed separate 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 separate Financial Statements for the fiscal year ended December 31, 2017 and condensed separate interim Financial Statements for the six-month period ended on June 30, 2018. Nevertheless, the present condensed separate interim Financial Statements do not include all the information or all the disclosures required for the annual separate Financial Statements prepared in accordance with the IAS 1 “Presentation of Financial Statements”. Therefore, the accompanying condensed separate interim Financial Statements must be read together with the annual separate Financial Statements for the fiscal year ended December 31, 2017 and condensed separate interim Financial Statements for the three-month period ended on March 31, 2018. Additionally, Note 3 to the condensed consolidated interim Financial Statements presents 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.

76

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Measuring unit

IFRS require that the financial statement of an entity whose functional currency is the currency of a hyperinflationary economy should be stated in terms in the measuring unit current at the end of the reporting period. To achieve consistency in identifying an economic environment of that nature, IAS 29 establishes certain qualitative indicators and, as quantitative factor, a three-year cumulative inflation rate around 100% or more; and it also requires assessing whether it is not the result of a circumstantial event that may be reversed in the short term. In Argentina, the three-year cumulative inflation maintained in 2017 a downward trend as compared to 2016, and the three-year cumulative inflation rate was below 100%. However, this trend was reversed during the first half of 2018 due to factors such as the exchange rate devaluation, the continuity of the public services tariffs adjustment process, as well as the unfavorable international context in terms of financing. In this scenario, the three-year cumulative inflation rate measured as both wholesale prices indexes or consumer prices indexes currently exceeds 100%, and the goals reviewed by the Argentine government and other available projections indicate that this trend will not be reversed in the short term. Consequently, the Argentine economy is currently considered hyperinflationary under IAS 29 and the entities under the Central Bank control that are required to apply the IFRSs adopted by the Central Bank through Communiqué “A” 6114 and the functional currency of which is the Argentine peso should restate their financial statements. Such restatement should be applied as if the economy had always been hyperinflationary, using a general price index that reflects changes in general purchasing power. To apply the restatement, there will be used a series of indexes prepared and published, on a monthly basis by the Argentine Federation of Professionals Councils in Economic Sciences (FACPE, for its acronym in Spanish language), that combines the domestic wholesale price index on a monthly basis published by the National Institute of Statistics and Censuses (INDEC, for its acronym in Spanish language) since January 2017 (month-basis: December 2016) with the domestic consumer price index (CPI) published by the INDEC until that date, using for the months of November and December 2015, for which the INDEC did not publish the wholesale price index (WPI) variation, the CPI variation for the Autonomous City of Buenos Aires.

Notwithstanding the above, as established by Central Bank Communiqué “A” 3921 and by section 3 of Chapter III, title IV of CNV rules (Revised 2013, as amended), the Entity is not allowed to apply the inflation adjustment on its Financial Statements according to IAS 29, due to Presidential decree No. 664/2003. Although on November 15, 2018 the Argentine Congress passed the Law N°. 27468, which abrogated Presidential Decree No. 1269/2002 (amended by Presidential Decree No. 664/2003), as of the date of issuance of these condensed consolidated interim Financial Statements, neither BCRA nor CNV have issued resolutions which allow the application of financial adjustment.

Even though Financial Statements as of September 30, 2018 do not include inflation effects, the existence of variations in the relevant economic variables that affect the Entity´s business, such as salary cost, loan and deposit interest rates and exchange rate, could also affect the statement of financial position and the income of the Bank and, therefore, those variations may be taken into account in the interpretation of the Bank´s information on these Financial Statements over its statement of financial position, its transactions income and its cash flows.

Below is disclosed a summary of the effects if IAS 29 were to be applied:

(a) Financial Statements shall be restated considering the changes in the general purchasing power of the currency to ensure that they are stated in the measuring unit current at end of the reported period.

(b) In an inflationary period, an entity holding an excess of monetary assets over monetary liabilities (with a fixed face value in local currency) will lose purchasing power, and, an entity with an excess of monetary liabilities over monetary assets will gain purchasing power provided that the assets and liabilities are not linked to an adjustment mechanism that offsets, in some extent, such effects.

(c) To sum up, the restating mechanism provided by IAS 29 is as follows:

(i) Monetary assets and liabilities will not be restated, as they are already stated in terms of the measuring unit current at the end of the reporting period. The gain or loss on a monetary basis shall be included in profit or loss for the period.

77

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

(ii) Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements.

(iii) Non-monetary items stated at current cost at the end of the reporting period, are not restated in the balance sheet, but the adjustment process must be completed, to determine in measuring unit current, in order to determine the income or loss produced by the holding of these non-monetary items.

(iv) Non-monetary items carried at historical cost or at current cost at some earlier date before the reporting date, shall be restated by an index that reflects the general level of price variation from the adquisition or revaluation date to the closing date, proceeding then to compare the restated amounts of those assets with their recoverable amount. Income or loss for the period related with depreciation of property, plant and equipment and intangible assets and other non-monetary cost shall be determinated over the new restated amounts.

(v) If when non-monetary assets are stated in terms of the current measuring unit at the end of the reporting period, and an equivalent adjustment for tax purposes does not correspond, that will be raised to a taxable temporary difference and a deferred income tax liability will be recognized and the counterpart will be recognized as income or loss for the period, and if, beyond the restatement, also non-monetary assets will be revaluated, deferred tax related with the revaluation will be recognized in Other comprehensive income and deferred tax related with the restatement will be recognized in the income or loss for the period.

(vi) Income and expenses shall be restated from the date when the items were recorded, except for those income or loss items that reflect or include, in their determination, the consumption of assets measured at currency´s purchasing power from the date before the consumption was recorded, that shall be restated using as a basis the adquisition date of the assets related to the item; and also except for those incomes or losses that arise from comparing the two measurements at currency´s purchasing power of different dates, for which it requires to identify the compared amounts, to restate them separately and to re-perform the comparison, with the restated amounts.

As of the date of issuance of these condensed separate interim Financial Statements, the Bank is in process of quantifying the effects that would have result for the IAS 29 application, but estimates that such effects could be significant.

Subsidiaries

As mentioned in Note 1, the Bank performs certain transactions through its subsidiaries.

Subsidiaries are all the entities controlled by the Bank. 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.

78

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

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, The obligatory exceptions and exemptions used by the Bank in relation to not apply certain IFRS in a retrospectively way and the first time adoption adjustment, have been explained in the condensed consolidated interim Financial Statement for the three-month period ended on March 31, 2018, already issued.

Required reconciliations

· Reconciliation of equity as of September 30, 2017.

	Previous Central Bank Standards		Adjustments and Reclassifications			IFRS according Communiqué “A” 6114
Total Assets		192,065,285		2,810,154			194,875,439
Total Liabilities		151,946,388		(387,706	)		151,558,682
Net Shareholders´ Equity		40,118,897		3,197,860			43,316,757

Item	Balance as of 09/30/2017
According to previous Central Bank Standards		40,118,897
Adjustments and Reclassifications:
Debt securities and investment in equity instruments		33,840
Loans and other financing		(280,786	)
Investment in subsidiaries, associated and joint arrangements		321,094
Property, plant and equipment and investment property		4,248,840
Other non-financial assets		72,973
Deferred tax liabilities		(875,217	)
Other non-financial liabilities		(367,669	)
Corporate bonds		54,668
Other adjustments		(9,883	)
Total adjustments		3,197,860
Net Shareholders equity according Communiqué “A” 6114		43,316,757

· Reconciliation of separate income and other comprehensive income for the nine-month and three-month periods ended September 30, 2017.

Reconciliation of income for the nine- month period as of 09/30/2017	Net income for the period			Other comprehensive income	Comprehensive Income
According to previous Central Bank Standards		6,377,122
Adjustments and reclassifications
Interest income		52,492
Commissions income		19,431
Interest expense		23,108
Other operating expenses		(40,991	)
Net income form measurement of financial instruments at fair value through profit or loss		(49,228	)
Reclassifications of Issuance cost of shares		277,240

79

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Reconciliation of income for the nine- month period as of 09/30/2017 (contd.)	Net income for the period			Other comprehensive income			Comprehensive Income
Investment in subsidiaries, associated and joint arrangements		61,551			(12,366	)
Foreign currency translation differences		(72,964	)		72,964
Income from financial instruments at fair value through OCI					(37,033	)
Other adjustment		(83,215	)
Income tax		397,830
Total adjustments and reclassifications		585,254			23,565
Balances accordance Communiqué “A” 6114		6,962,376			23,565			6,985,941

Reconciliation of income for the three- month period as of 09/30/2017	Net income for the period			Other comprehensive income			Comprehensive Income
According to previous Central Bank Standards		2,597,810
Adjustments and reclassifications
Interest income		82,939
Commissions income		(9,033	)
Interest expense		(5,030	)
Net income form measurement of financial instruments at fair value through profit or loss		(38,645	)
Other operating expenses		7,960
Employee benefits		(65,039	)
Investment in subsidiaries, associated and joint arrangements		37,230			3,550
Reclassifications of Issuance cost of shares		42,695
Foreign currency translation differences		(36,697	)		36,697
Income from financial instruments at fair value through OCI					(39,603	)
Other adjustment		(58,238	)
Income tax		177,667
Total adjustments and reclassifications		135,809			644
Balances accordance Communiqué “A” 6114		2,733,619			644			2,734,263

4. 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 Statement of financial position, since they imply a possible obligation or liability for the Bank, they expose the Bank to additional credit risk to those recognized in the Statement of financial position and are, therefore, an integral part of the total risk of the Bank.

80

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

As of September 30, 2018 and December 31, 2017 and 2016, the Bank maintains the following contingent transactions:

	09/30/2018		12/31/2017		12/31/2016
Overdraft and unused agreed credits		605,588		255,710		191,007
Guarantees granted		987,749		253,793		288,382
Liabilities for foreign trade transactions		489,279		90,274		163,308
		2,082,616		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 detail in Note 41 to the condensed consolidated interim Financial Statements as of March 31, 2018, already issued.

5. FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

Note 5 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 condensed separate interim Financial Statements. In addition, the Bank discloses the relevant information as to instruments included in Level 3 of the fair value hierarchy.

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 in the markets.

- 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.

Description	Financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2018
	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt Securities at fair value through profit or loss		1,334,545		633,003		204,573		496,969
Derivative Financial Instruments		71,448		50,798		20,650
Other financial assets		130,174						130,174
Investments in Equity Instruments		46,125		6,249				39,876
At fair value through OCI
Other debt securities		34,756,397		34,756,397
Total		36,338,689		35,446,447		225,223		667,019
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		233		233
Derivatives Financial Instruments		211,071		1,114		209,957
Total		211,304		1,347		209,957

81

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Description	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2017
	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt Securities at fair value through profit or loss		975,371		422,260		517,270		35,841
Derivative Financial Instruments		7,664		800		6,864
Other financial assets		161,751						161,751
Financial Assets delivered as guarantee		4,308				4,308
Investments in Equity Instruments		36,885		3,688				33,197
At fair value through OCI
Other debt securities		32,679,920		32,504,275		175,645
Financial assets delivered as guarantee		2,989,411		2,989,411
Total		36,855,310		35,920,434		704,087		230,789
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		6,450		6,450
Derivatives financial liabilities		23,107		7,169		15,938
Total		29,557		13,619		15,938

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 September 30, 2018 and December 31, 2017:

	Fair values using valuation techniques based on the Bank’s own assumptions (level 3) September 30, 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		(48,954	)		(53,016	)		6,679
Purchases, sales, issuance and settlement		510,082			21,439
Balance at end of period		496,969			130,174			39,876

	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 year		35,841			161,751		33,197

82

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

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 September 30, 2018, December 31, 2017 and 2016, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.

The following table shows a comparison between the fair value and the carrying amount of financial instruments not recognized at fair value as of September 30, 2018 and December 31, 2017 and 2016:

	09/30/2018
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash and deposits in Banks		63,091,874		63,091,874						63,091,874
Other financial assets		2,058,648		2,058,648						2,058,648
Loans and other financing		160,712,398				174,117		144,716,203		144,890,320
Other debt securities		6,303,032		126,847		6,582,750				6,709,597
Financial assets delivered as guarantee		5,894,278		5,894,278						5,894,278
		238,060,230		71,171,647		6,756,867		144,716,203		222,644,717
Financial Liabilities
Deposits		194,093,917		94,062,569		99,951,946				194,014,515
Other financial liabilities		11,062,873		9,412,753		1,558,643				10,971,396
Financing received from the Central Bank and other financial entities		3,646,755		2,383,536		1,221,054				3,604,590
Issued corporate bonds		6,523,249				1,908,416		2,679,929		4,588,345
Subordinated corporate bonds		16,796,368				9,730,307				9,730,307
		232,123,162		105,858,858		114,370,366		2,679,929		222,909,153

	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

83

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

	12/31/2017
	Carrying Amount		Level 1		Level 2		Level 3	Fair Value
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

	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

6. INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTS

The Bank’s interests on associates and joint ventures are disclosed in Note 6 to the condensed consolidated interim Financial Statements.

7. 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;

84

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

- 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 September 30, 2018 and December 31, 2017 and 2016, there is a total amount of 1,755,618, 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 5,436,477, 2,472,648 and 2,302,098, respectively:

	Subsidiaries				Associates and other related parties
	Maximum financing balances as of 09/30/2018		Balance as of 09/30/2018		Maximum financing balances as of 09/30/2018		Balance as of 09/30/2018
Documents						611,412		604,837
Overdraft		21		21		482,627		163,568
Credit cards		525		310		55,142		47,105
Leases		5,820		5,990		1,657		1,601
Personal loans						725		1,082
Mortgage loans						45,212		45,349
Other loans		1,652,938				260,663		259,465
Guarantees granted						632,611		632,611
Total assistance		1,659,304		6,321		2,090,049		1,755,618
Deposits				758,345				4,678,132

	Subsidiaries				Associates and other related parties
	Maximum financing balances as of 12/31/2017		Balance as of 12/31/2017		Maximum financing 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
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

85

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

	Subsidiaries				Associates and other related parties
	Maximum financing balances as of 12/31/2016		Balance as of 12/31/2016		Maximum financing 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 September 30, 2018, December, 31 2017 and 2016, the income from loan transactions totaled 387,449, 83,850 and 15,781, respectively, while income generated from deposit transactions totaled 84,064, 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 September 30, 2018 and December 31, 2017 and 2016, totaled 66,815, 64,409 and 30,807 respectively.

In addition, fees received by the Directors as of September 30, 2018 and December 31, 2017 and 2016 amounted to 420,052, 421,033 and 205,822 respectively.

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

	09/30/2018		12/31/2017		12/31/2016
Board of Directors		14		13		12
Top Management members of the key management personnel		10		10		10
		24		23		22

8. NON-CURRENT ASSETS HELD FOR SALE

Non-current assets held for sale as of September 30, 2018 are described in Note 8 to the condensed consolidated interim Financial Statements.

9. 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 nine-month period ended on September 30, 2018.

86

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

The expected terms to settle these obligations are as follows:

	09/30/2018
	Within 12 months		Beyond 12 months		09/30/2018		12/31/2017		12/31/2016
For administrative, disciplinary and criminal penalties				718		718		718		9,110
Others		306,465		389,968		696,433		595,277		242,256
		306,465		390,686		697,151		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.

10. 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 September 30, 2018 and December 31, 2017 and 2016:

09/30/2018	No maturity		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in Banks		63,091,874
Debt securities at fair value through profit or loss		1,946		503,821		828,778
Derivative instruments				71,448
Other financial assets		1,304,429		812,774		71,619
Loans and other financing		1,505,133		98,924,812		60,282,453
Other debt securities				34,649,517		6,409,912
Financial assets delivered as guarantee		5,894,278
Investment in equity instruments		46,125
Total Assets		71,843,785		134,962,372		67,592,762
Liabilities
Deposits		91,067,738		102,909,575		116,604
Liabilities at fair value through profit or loss				233
Derivatives financial instruments				211,071
Other financial liabilities				10,912,347		150,526
Financing received from Central Bank and other financial entities				3,458,924		187,831
Issued corporate bonds				404,697		6,118,552
Subordinated corporate bonds				437,688		16,358,680
Total Liabilities		91,067,738		118,334,535		22,932,193

12/31/2017	No maturity		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 security		4,350,292		2,993,719
Investment in equity instruments		36,885
Total Assets		36,861,164		106,819,487		55,886,052

87

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

12/31/2017	No maturity		Total up to 12 months		Total over 12 months
Liabilities
Deposits		69,069,176		63,100,594		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		69,069,176		76,648,717		5,976,623

12/31/2016	No maturity		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 security		2,261,475		1,200,994
Investment in equity instruments		337,309
Total Assets		35,591,259		68,989,867		32,707,963
Liabilities
Deposits		46,192,528		56,003,619		302,476
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		46,192,528		64,890,511		6,789,558

11. DISCLOSURES BY OPERATING SEGMENT

The Bank has an approach of its banking business that is described in Note 11 to the condensed consolidated interim Financial Statements.

12. INCOME TAX

The main items of income tax expense in the condensed consolidated interim Financial Statements are as follows:

	09/30/2018						09/30/2017
	Accumulated from beginning year up to 09/30/2018			Quarter ended 09/30/2018			Accumulated from beginning year up to 09/30/2017			Quarter ended 09/30/2017
Current income tax expense		4,440,178			1,648,517			3,718,941			1,510,824
Gain for deferred income tax		(296,925	)		(81,809	)		(365,092	)		(147,703	)
Income tax expense recorded in the statement of income		4,143,253			1,566,708			3,353,849			1,363,121
Income tax gain recorded in other comprehensive income		(81,088	)		(54,517	)		(19,942	)		(21,324	)
		4,062,165			1,512,191			3,333,907			1,341,797

88

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

13. COMMISSIONS INCOME

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Performance obligations satisfied at a point in time (1)		5,692,756		2,047,789		4,210,359		1,342,807
Performance obligations satisfied over certain time period		19,229		9,004		298,996		290,952
		5,711,985		2,056,793		4,509,355		1,633,759

(1) Mainly includes account maintenance fees, agreements and credit card commissions.

14. DIFFERENCE IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	09/30/2018						09/30/2017
Description	Accumulated from beginning year up to 09/30/2018			Quarter ended 09/30/2018			Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Translation of foreign currency assets and liabilities to pesos		(3,348,905	)		(1,902,350	)		768,973		439,294
Income from foreign currency Exchange		949,230			505,362			326,342		127,027
		(2,399,675	)		(1,396,988	)		1,095,315		566,321

15. OTHER OPERATING INCOME

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Services		2,671,481		962,727		2,216,193		759,649
Derecognition or substantial modification of financial liabilities		592,162		592,162
Other adjustments and interest from other receivables		151,312		71,674		48,106		22,698
Sale of investment property and other non-financial assets		137,227		104		13,134		2,821
Initial recognition of loans		95,719		45,970
Sale of property, plant and equipment		2,281		831		821
Debtor adjustment for sale of other assets with CER clauses		887		887
Other		426,579		144,230		398,007		98,711
		4,077,648		1,818,585		2,676,261		883,879

89

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

16. EMPLOYEE BENEFITS

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Remunerations		4,938,271		1,890,865		3,803,730		1,318,563
Social Security Contributions		967,789		363,443		732,091		243,206
Compensations and bonuses to employees		470,684		163,345		345,124		152,976
Employee services		150,729		58,340		137,183		44,448
		6,527,473		2,475,993		5,018,128		1,759,193

17. ADMINISTRATION EXPENSES

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Taxes		607,754		201,630		463,921		162,034
Maintenance, conservation and repair expenses		553,726		217,428		363,487		134,706
Security services		467,929		183,224		341,705		121,095
Fees to Directors and Syndics		442,031		162,010		268,892		109,574
Electricity and communications		350,918		138,226		226,708		80,307
Other fees		345,231		133,624		230,309		82,980
Leases		208,886		81,220		150,124		53,521
Advertising and publicity		160,387		78,374		130,767		53,368
Representation, travel and transportation expenses		65,048		23,858		48,168		18,970
Stationary and office supplies		33,301		12,335		25,601		8,635
Insurance		28,570		10,961		25,438		8,109
Hired administrative services		5,351		2,372		7,891		2,724
Other		994,832		365,805		654,720		221,475
		4,263,964		1,611,067		2,937,731		1,057,498

18. OTHER OPERATING EXPENSES

	09/30/2018				09/30/2017
Description	Accumulated from beginning year up to 09/30/2018		Quarter ended 09/30/2018		Accumulated from beginning year up to 09/30/2017		Quarter ended 09/30/2017
Gross turnover tax		3,574,220		1,424,901		2,187,956		786,807
Charges for other provisions		523,795		205,874		311,715		156,070
Deposit Guarantee Fund contributions		198,239		75,661		141,700		49,958
Donations		57,295		16,569		60,591		21,316
Insurance claims		36,607		15,042		23,981		11,693
Initial loan recognition gain (loss)						40,991		(7,960	)
Other		1,974,131		713,200		1,470,853		519,970
		6,364,287		2,451,247		4,237,787		1,537,854

90

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

19. 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.

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 Statement of financial position:

	09/30/2018		12/31/2017		09/30/2017		12/31/2016
Cash and Deposits in Banks		63,091,874		32,473,987		34,642,338		32,992,475
Debt securities at fair value				44		1,100		9,585
Other debt securities		34,648,009		4,828,008		14,200,535		14,148,240
		97,739,883		37,302,039		48,843,973		47,150,300

20. CAPITAL STOCK

Note 20 to the condensed consolidated interim Financial Statements, presents the changes in the Bank´s capital stock.

21. DEPOSIT GUARANTEE INSURANCE

Note 22 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.

22. RESTRICTED ASSETS

As of September 30, 2018 and December 31, 2017 the following Bank’s assets are restricted:

Item	09/30/2018		12/31/2017
Debt securities at fair value through profit or loss and other debt securities
· Central Bank of Argentina Internal Bills in pesos, maturity 10-17-2018 as of September 30, 2018 and maturity 02-21-2018 as of December 31, 2017 securing the fulfillment of the offsetting forward exchange buy and sell operations.		307,761		53,059
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 used as security in favor of Sedesa (1).		119,679		117,454

91

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

Item (contd.)	09/30/2018		12/31/2017
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the regional economies Competitiveness Program – BID Loan No. 3174/OC-AR.		94,560		98,541
· Central Bank of Argentina Internal Bills in pesos, maturity 10-17-2018 as of September 30, 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.		14,540		9,647
· Central Bank of Argentina Internal Bills in pesos, maturity 10-17-2018 as of September 30, 2018 and 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, as amended of the CNV.		13,086		13,139
· 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.		5,989		8,704
· Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing BID Loan of the Province of San Juan No. 2763/OC-AR.		5,752		8,869
· 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.		982		2,331
Subtotal Debt securities at fair value through profit or loss and other debt securities		562,349		316,014
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.	5,080,196	3,750,952
· Forward purchase for repo transactions.		2,993,719
· Guarantee deposits related to credit and debit card transactions.	644,846	592,890
· Other guarantee deposits.	169,236	6,450
Subtotal Other financial assets delivered as guarantee	5,894,278	7,344,011
Other non-financial assets
· Real property related to call options sold		222,023
Subtotal Other non-financial assets		222,023
Total	6,547,454	7,972,875

(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.

92

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

(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, Los Grobo SGR Risk Fund and Avaluar SGR Risk Fund as of September 30, 2018 and December 31, 2017.

Additionally, as of December 31, 2016, the amount of restricted assets was 3,877,051.

23. TRUST AGREEMENTS

Note 24 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 provisional of trust securities of the financial trusts under public offerings (Best Consumer Directo, Garbarino, Accicom, Secubono and Credicuotas Consumo). The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust securities are placed once the public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities have been placed on the market, the Bank recovers the disbursements made, plus an agreed-upon compensation. If after making the best efforts, such trust securities cannot be placed, the Bank will retain the definitive trust securities.

In addition, the Bank´s portfolio is completed with financial trusts for investment purpose, trust securities of definitive financial trust in public offering (Consubond, Credimas, Garbarino, Chubut Regalías Hidrocarburíferas) and certificates of participation (Saenz Créditos, Gas Tucumán and Arfintech).

As of September 30, 2018 and December 31, 2017 and 2016 the debt securities with investment purposes and certificate of participation in financial trusts total 626,007, 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 September 30, 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 September 30, 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 342,799, 328,268 and 451,569, respectively.

93

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

4) Trusts in which the Bank acts as Trustee (Management)

As of September 30, 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 1,448,448, 1,302,687 and 1,396,421, respectively.

24. COMPLIANCE WITH CNV REGULATIONS

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV rules (N.T General Resolution 622/2013, as amended) 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). In Note 25.3 to the condensed consolidated interim Financial Statements are described the number of shares subscribed by third parties and assets holds by the Bank in its capacity as Depositary company.

Additionally, the Bank’s shareholders’ equity exceeds the minimum amount required by this regulation, amounting to 36,500, as well as the minimum counterpart required of 12,500, which the Bank paid-in with government securities as described in Note 22 to the accompanying condensed separate interim Financial Statements.

In addition, Note 25.2 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.

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

The items recognized by the Bank to constitute the minimum cash requirement effective for September 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		46,953,896
Other debt securities
Central Bank of Argentina Internal Bills computable for the minimum cash requirements		9,206,985
Government securities computable for the minimum cash requirements		6,582,750
Financial assets delivered as guarantee
Special guarantee accounts with the Central Bank		5,080,196
Total		67,823,827

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

Note 27 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 of the above mentioned, that should be recorded or disclosed.

94

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

27. ISSUANCE OF CORPORATE BONDS

Note 28 to the condensed consolidated interim Financial Statements describes liabilities for corporate bonds recognized by the Bank as of September 30, 2018 and December 31, 2017, under the terms and conditions therein expressed.

The liabilities amounts for corporate bonds recorded by the Bank in these condensed separate interim Financial Statements are as follows:

Corporate Bonds	Original value	Residual face value as of 09/30/2018	09/30/2018		12/31/2017
Subordinated Resettable – Class A	USD 400,000,000	USD 400,000,000		16,796,368		7,565,759
Non-subordinated – Class B	Ps.  4,620,570,000	Ps.  3,391,052,000		3,607,777		4,712,216
Non-subordinated – Class C	Ps.  3,207,500,000	Ps.  2,727,500,000		2,915,472
Total				23,319,617		12,277,975

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.

28. OFF BALANCE SHEET TRANSACTIONS

In addition to the expressed in Note 4, the Bank recognizes different off Balance sheet transactins, pursuant to the Central Bank standards. Below is presented the balances of the main off Balance sheet transactions as of September 30, 2018 and December 31, 2017 and 2016:

Item	09/30/2018		12/31/2017		12/31/2016
Preferred and other collaterals received from customers (1)		45,113,340		38,139,862		21,261,105
Custody of government and private securities and other assets held by third parties		66,538,599		70,772,660		41,094,883
Checks already deposited and pending clearance		1,394,402		1,266,305		1,134,949
Outstanding checks not yet paid		3,175,548		2,032,128		1,852,989

(1) Related to collaterals used to secure loans transactions and other financing, under the applicable rules in force in this matter

29. TAX AND OTHER CLAIMS

29.1. Tax claims

Note 30.1 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.

29.2. Other claims

Note 30.2 to the consolidated financial statements describes the most relevant claims pending resolution and filed by the different consumer protection associations.

95

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish – See Note 34)

(Figures expressed in thousands of Pesos)

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.

30. RESTRICTION ON DIVIDENDS DISTRIBUTION

Note 31 to the Condensed consolidated interim Financial Statements describes the main legal provisions regulating the restriction on profit distribution.

31. CAPITAL MANAGEMENT AND CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISKS MANAGEMENTS

Note 32 to the condensed consolidated interim Financial Statements describes the main guidelines of the Bank as to capital management and corporate governance transparency policy and risks management.

Additionally, the table below shows the minimum capital requirements effective for the month of September 2018, together with the integration thereof (computable equity) as of the end of such month:

Description	09/30/2018
Minimum capital requirements		18,176,921
Computable equity		60,220,705
Capital surplus		42,043,784

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

The international macroeconomic environment in general and the one in which the Bank operates and its impacts are described in Note 34 to the Condensed consolidated interim Financial statements.

33. EVENTS AFTER REPORTING PERIOD

No events occurred between the end of the reporting period and the issuance of the accompanying 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.

34. 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, as mention in Note 3. These accounting standards may not conform with accounting principles generally accepted in other countries.

	Delfin Jorge Ezequiel Carballo Chairman
96

EXHIBIT A

SEPARATE DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Holdings							Position
	09/30/2018					12/31/2017		09/30/2018
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		268,338		89,691		268,338			268,338
Debt Securities of Province of Río Negro in pesos - Badlar Private + 500 basis point - Maturity: 07-06-2020			2		118,289		281,881		118,289			118,289
Federal government bonds in US dollars - Fix rate 5.75% - Maturity 04-18-2025			1		97,857				97,857			97,857
Consolidation bonds in pesos 8° Serie - Maturity: 10-04-2022			1		88,075		105,882		88,075			88,075
Federal government treasury bonds in pesos - Maturity: 10-03-2021			2		86,284				86,284			86,284
Federal government bonds in pesos - Badlar Private + 200 basis point - Maturity 04-03-2022			1		53,630		292		53,630			53,630
Par bonds denominated in pesos - Maturity: 12-31-2038			1		45,838		38,677		45,838			45,838
Federal government bonds in pesos - Badlar Private + 325 basis point - Maturity 03-01-2020			1		34,735		573		34,735			34,735
Federal government bonds in pesos adjustable by CER - Vto. 07-22-2021			1		17,678				17,678			17,678
Federal government treasury bonds in US dollars - Maturity 10-12-2018			1		13,542				13,542			13,542
Other					13,310		202,410		13,310			13,310
Subtotal local government securities					837,576		719,406		837,576			837,576
Private securities
Financial Trust Underwriting Secubono			3		124,044				124,044			124,044
Debt Securities in Financial Trusts Garbarino 145 - Maturity: 03-11-2019			3		80,433				80,433			80,433
Financial Trust Underwriting Credicuotas Consumo			3		62,399				62,399			62,399
Debt Securities in Financial Class A Consubond 143			3		60,523				60,523			60,523
Debt Securities in Financial Trusts Chubut Regalías Hidrocarburíferas - Maturity: 07-01-2020			3		58,927		34,932		58,927			58,927
Financial Trust Underwriting Garbarino			3		52,038				52,038			52,038
Financial Trust Underwriting Best Consumer Directo			3		43,309				43,309			43,309
Financial Trust Underwriting Accicom Préstamos Personales			3		11,538				11,538			11,538
Debt Securities in Financial Trusts Credimas 33 - Maturity: 08-20-2019			3		2,622				2,622			2,622
Securities of public service companies			3		1,136		909		1,136			1,136
Other							220,124
Subtotal local private securities					496,969		255,965		496,969			496,969
TOTAL DEBT SECURITIES AT FAIR VALUE TROUGH PROFIT OR LOSS					1,334,545		975,371		1,334,545			1,334,545

	Delfin Jorge Ezequiel Carballo Chairman
97

EXHIBIT A

(Continued)

SEPARATE DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Holdings								Position
	09/30/2018						12/31/2017		09/30/2018
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 7.125 - Maturity: 06-28-2117				1		99,000				99,000			99,000
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033				1		7,880				7,880			7,880
Consolidation bonds in pesos 8° Serie - Maturity: 10-04-2022								49,726
Otros
Subtotal local government securities						106,880		49,726		106,880			106,880
Central Bank of Argentina Bills
Liquidity letters of Central Bank of Argentina in pesos - Maturity 10-05-2018				1		12,444,868				12,444,868			12,444,868
Liquidity letters of Central Bank of Argentina in pesos - Maturity 10-04-2018				1		9,605,658				9,605,658			9,605,658
Liquidity letters of Central Bank of Argentina in pesos - Maturity 10-03-2018				1		9,125,002				9,125,002			9,125,002
Liquidity letters of Central Bank of Argentina in pesos - Maturity 10-01-2018				1		3,084,661				3,084,661			3,084,661
Central Bank of Argentina Internal Bills in pesos - Maturity 10-17-2018				1		387,820				387,820			387,820
Central Bank of Argentina Internal Bills in pesos - Maturity 11-21-2018				1		1,508				1,508			1,508
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 05-16-2018								5,769,624
Central Bank of Argentina Internal Bills in pesos - Maturity 04-18-2018								5,626,984
Other								8,854,691
Subtotal Central Bank of Argentina Bills						34,649,517		32,630,195		34,649,517			34,649,517
Total Other debt securities measured at fair value thought other comprehensive income						34,756,397		32,679,921		34,756,397			34,756,397
Measured at amortized cost
- Local
Debt securities
International bonds of the Argentina Republic in pesos - Fix rate 26 - Maturity: 11-21-2020		6,582,750		2		6,183,353				6,183,353			6,183,353
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033		126,847		1		119,679		117,454		119,679			119,679
Secured bonds in pesos under Presidential Decree No. 1579/02 at 2% - Maturity: 02-04-2018								4,720
Subtotal debt securities						6,303,032		121,724		6,303,032			6,303,032
Private securities
Fideicomiso Financiero Underwriting Consubond								360,363
Fideicomiso Financiero Underwriting Secubono								110,554
Fideicomiso Financiero Underwriting Garbarino								68,070
Fideicomiso Financiero Underwriting Accicom Préstamos Personales								51,041
Fideicomiso Financiero Underwriting Credicuotas Consumo								50,223
Fideicomiso Financiero Underwriting Agrocap								46,482
Fideicomiso Financiero Underwriting Mila								32,955
Fideicomiso Financiero Underwriting Best Consumer Directo								32,136
Fideicomiso Financiero Underwriting Best Consumer Finance								32,086
Fideicomiso Financiero Underwriting Credimas								25,646
Subtotal local Private securities								809,556
Total other debt securities measured at amortized cost						6,303,032		931,280		6,303,032			6,303,032
TOTAL OTHER DEBT SECURITIES						41,059,429		33,611,201		41,059,429			41,059,429

	Delfin Jorge Ezequiel Carballo Chairman
98

EXHIBIT A

(Continued)

SEPARATE DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Holdings							Position
	09/30/2018					12/31/2017		09/30/2018
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 SA			3		22,292		18,441		22,292			22,292
C.O.E.L.S.A			3		4,826		3,048		4,826			4,826
Sedesa			3		3,975		3,909		3,975			3,975
Argentina Clearing SA			3		3,217		3,217		3,217			3,217
Mercado a Término Rosario SA			3		2,569		2,569		2,569			2,569
Sanatorio Las Lomas SA			3		600		404		600			600
Proin SA			3		513		513		513			513
Provincanje SA			3		379		271		379			379
El Taura SA			3		185		185		185			185
Argencontrol SA			3		179		184		179			179
Other					93		141		93			93
Subtotal local					38,828		32,882		38,828			38,828
Foreign
Banco Latinoamericano de Comercio Exterior SA			1		6,249		3,688		6,249			6,249
Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales			3		1,048		315		1,048			1,048
Subtotal foreign					7,297		4,003		7,297			7,297
Total measured at fair value trough profit or loss					46,125		36,885		46,125			46,125
TOTAL EQUITY INSTRUMENTS					46,125		36,885		46,125			46,125
TOTAL GOVERNMENT AND PRIVATE SECURITIES					42,440,099		34,623,457		42,440,099			42,440,099

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
99

EXHIBIT B

SEPARATE CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	09/30/2018		12/31/2017		12/31/2016
COMMERCIAL
In normal situation		67,851,008		48,622,186		34,128,374
With Senior “A” collateral and counter-collateral		2,206,064		3,795,181		2,538,782
With Senior “B” collateral and counter-collateral		7,781,137		7,426,689		5,119,268
Without Senior collateral or counter-collateral		57,863,807		37,400,316		26,470,324
Subject to special monitoring		588,579		298,886		27,887
In observation
With Senior “A” collateral and counter-collateral		3,163		6,042
With Senior “B” collateral and counter-collateral		75,582		66,613		18,875
Without Senior collateral or counter-collateral		453,324		226,231		9,012
In negotiationor with refinancing agreements
Without Senior collateral or counter-collateral		56,510
Troubled		434,040		37,164		50,039
With Senior “A” collateral and counter-collateral				3,441
With Senior “B” collateral and counter-collateral		141,081		22,971		50,039
Without Senior collateral or counter-collateral		292,959		10,752
With high risk of insolvency		180,449		143,881		137,431
With Senior “A” collateral and counter-collateral		1,265		729		1,882
With Senior “B” collateral and counter-collateral		164,153		86,437		61,374
Without Senior collateral or counter-collateral		15,031		56,715		74,175
Irrecoverable						4
Without Senior collateral or counter-collateral
						4
Subtotal Commercial		69,054,076		49,102,117		34,343,735

	Delfin Jorge Ezequiel Carballo Chairman
100

EXHIBIT B

(Continued)

SEPARATE CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	09/30/2018		12/31/2017		12/31/2016
CONSUMER AND MORTGAGE
Performing		93,869,858		74,624,457		48,698,468
With Senior “A” collateral and counter-collateral		2,930,202		2,129,722		767,733
With Senior “B” collateral and counter-collateral		13,647,125		6,847,800		2,483,434
Without Senior collateral or counter-collateral		77,292,531		65,646,935		45,447,301
Low risk		1,664,709		941,697		502,812
With Senior “A” collateral and counter-collateral		25,516		6,359		1,486
With Senior “B” collateral and counter-collateral		91,521		31,801		20,622
Without Senior collateral or counter-collateral		1,547,672		903,537		480,704
Medium risk		1,036,025		544,375		390,339
With Senior “A” collateral and counter-collateral		8,441		1,447		3,188
With Senior “B” collateral and counter-collateral		35,367		13,506		7,634
Without Senior collateral or counter-collateral		992,217		529,422		379,517
High risk		696,214		397,696		268,927
With Senior “A” collateral and counter-collateral		11,464		496		2,099
With Senior “B” collateral and counter-collateral		24,279		18,106		20,284
Without Senior collateral or counter-collateral		660,471		379,094		246,544
Irrecoverable		257,978		139,268		87,190
With Senior “A” collateral and counter-collateral		438
With Senior “B” collateral and counter-collateral		24,979		17,924		16,642
Without Senior collateral or counter-collateral		232,561		121,344		70,548
Irrecoverable according to Central Bank's rules		738		206		210
Without Senior collateral or counter-collateral		738		206		210
Subtotal consumer and mortgage		97,525,522		76,647,699		49,947,946
Total		166,579,598		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 statement of financial position, is listed below:

	As of 09/30/2018		As of 12/31/2017		As of 12/31/2016
Loans and other financing		160,712,398		122,173,846		81,475,324
+ Allowances for loans and other financing losses		3,573,453		2,470,302		1,662,752
+ Adjustment measurement at amortized cost anf fair value		211,131		279,293		233,242
+ Corporate bonds				226,598		277,666
Guarantees provided and contingent liabilities		2,082,616		599,777		642,697
Total computable concepts		166,579,598		125,749,816		84,291,681

	Delfin Jorge Ezequiel Carballo Chairman
101

EXHIBIT C

SEPARATE CONCENTRATION OF LOANS AND FINANCING-FACILITIES

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	09/30/2018				12/31/2017				12/31/2016
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		18,713,753		11.23		11,151,842		8.87		6,353,953		7.54
50 next largest customers		22,431,975		13.47		11,488,939		9.14		8,920,400		10.58
100 next largest customers		12,906,550		7.75		7,505,554		5.97		5,525,254		6.55
Other customers		112,527,320		67.55		95,603,481		76.02		63,492,074		75.33
Total (1)		166,579,598		100.00		125,749,816		100.00		84,291,681		100.00

(1) See Exhibit B

	Delfin Jorge Ezequiel Carballo Chairman
102

EXHIBIT D

SEPARATE BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish - See Note 34)

(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				115,797		377,947		396,684		713,057		992,569		495,526		3,091,580
Financial sector				1,082,280		504,711		1,223,816		1,594,817		1,033,086		42,708		5,481,418
Non-financial private sector and foreign residents		2,025,602		40,691,888		23,122,920		23,761,728		29,575,963		32,042,995		61,993,170		213,214,266
Total		2,025,602		41,889,965		24,005,578		25,382,228		31,883,837		34,068,650		62,531,404		221,787,264

SEPARATE BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(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

SEPARATE BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish - See Note 34)

(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				747,993		124,713		384,876		142,487		272,196		230,432		1,902,697
Financial sector				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
103

EXHIBIT F

SEPARATE CHANGE IN PROPERTY, PLANT AND EQUIPMENT

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Origination Value at Beginning		Useful life					Depreciation for the period								Residual value at
Item	of fiscal year		estimated in years	Increases		Decreases		Accumulated		Decrease		Of the period		At the end		end of the period
Cost
Buildings		4,285,709	50		81,724		232,595		397,490		101,278		64,099		360,311		3,774,527
Furniture and facilities		339,327	10		28,902		951		126,282		10		24,862		151,134		216,144
Machinery and equipment		939,919	5		294,670		110,045		509,167				135,003		644,170		479,374
Vehicles		109,825	5		14,901		4,818		75,696		3,908		12,801		84,589		35,319
Work in progress		2,068,485			866,318		41,858										2,892,945
Total property, plant and equipment		7,743,265			1,286,515		390,267		1,108,635		105,196		236,765		1,240,204		7,398,309

SEPARATE CHANGE IN PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(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 end of the fiscal year
Cost
Buildings (1)		4,212,321	50		81,206		7,818		304,854		5,293		97,929		397,490		3,888,219
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		6,529,064			1,270,728		56,527		835,179		11,641		285,097		1,108,635		6,634,630

(1) As of December 31, 2016, the deemed cost of the Bank´s buildings amounted to 3,837,616.

	Delfin Jorge Ezequiel Carballo Chairman
104

EXHIBIT F

(Continued)

SEPARATE CHANGE IN INVESTMENT PROPERTY

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Origination Value at beginning		Useful life					Depreciation for the period								Residual value at
Item	of fiscal year		estimated in years	Increases		Decreases		Accumulated		Decrease		Of the period		At the end		end of the period
Cost
Others investment properties		1,735,399	50		131,550		175,226		15,611		1,778		4,064		17,897		1,673,826
Total investment property		1,735,399			131,550		175,226		15,611		1,778		4,064		17,897		1,673,826

SEPARATE CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(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 end of the fiscal year
Cost
Others investment properties (1)		1,636,692	50		127,139		28,432		17,879		7,784		5,516		15,611		1,719,788
Total investment property		1,636,692			127,139		28,432		17,879		7,784		5,516		15,611		1,719,788

(1) As of December 31, 2016, the deemed cost of the Bank´s buildings amounted to 2,891,947 and the adjustment for this concept up to 2,353,159. Part of this adjustment is recorded on Property, Plant and Equipment in Work in progress.

	Delfin Jorge Ezequiel Carballo Chairman
105

EXHIBIT G

SEPARATE CHANGE IN INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Origination Value at beginning		Useful life					Depreciation for the period								Residual value at
Item	of fiscal year		estimated in years	Increases		Decreases		Accumulated		Decrease		Of the period		At the end		end of the period
Cost
Licenses		306,420	5		127,928		6,162		156,864		1		46,376		203,239		224,947
Goodwill - Bussiness combination					210,927												210,927
Other intangible assets		1,179,178	5		485,915		56,188		518,225				189,252		707,477		901,428
Total intangible assets		1,485,598			824,770		62,350		675,089		1		235,628		910,716		1,337,302

SEPARATE CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(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 end of the fiscal year
Cost
Goodwill - Bussiness combination		20,609			35,596		56,205
Licenses		161,335	5		150,891		5,826		54,331		3		102,536		156,864		149,556
Other intangible assets		843,745	5		635,974		300,541		398,257				119,968		518,225		660,953
Total investment property		1,025,689			822,461		362,572		452,588		3		222,504		675,089		810,509

	Delfin Jorge Ezequiel Carballo Chairman
106

EXHIBIT H

SEPARATE DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	09/30/2018				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		12,504,820		6.44		8,879,036		6.69		6,187,859		6.04
50 next largest customers		13,201,629		6.80		6,701,842		5.05		6,415,928		6.26
100 next largest customers		7,863,369		4.05		4,617,386		3.48		3,954,135		3.86
Other customers		160,524,099		82.70		112,517,910		84.78		85,940,701		83.84
Total		194,093,917		100.00		132,716,174		100.00		102,498,623		100.00

	Delfin Jorge Ezequiel Carballo Chairman
107

EXHIBIT I

SEPARATE BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF SEPTEMBER 30, 2018

(Translation of financial statements originally issued in Spanish - See Note 34)

(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		160,984,889		27,293,801		4,663,198		3,109,090		110,533		13,017		196,174,528
From the non-financial government sector		10,428,233		1,651,073		170,566		8,140		29				12,258,041
From the financial sector		149,859												149,859
From the non-financial private sector and foreign residents		150,406,797		25,642,728		4,492,632		3,100,950		110,504		13,017		183,766,628
Liabilities at fair value through profit or loss		233												233
Derivative instruments		94,936		114,825		1,310								211,071
Other financial liabilities		10,869,455		24,579		9,146		14,929		23,632		147,037		11,088,778
Financing received from the Central Bank of Argentina and other financial institutions		1,222,571		672,472		1,019,225		618,518		88,653		149,700		3,771,139
Issued corporate bonds		235,711		404,300		235,711		868,036		1,746,321		8,437,762		11,927,841
Subordinated corporate bonds				552,105				552,105		1,104,211		23,536,051		25,744,472
Total		173,407,795		29,062,082		5,928,590		5,162,678		3,073,350		32,283,567		248,918,062

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

	Delfin Jorge Ezequiel Carballo Chairman
108

EXHIBIT I

(Continued)

SEPARATE BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2017

(Translation of financial statements originally issued in Spanish - See Note 34)

(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						404,300		404,300		808,600		6,642,069		8,259,269
Subordinated corporate bonds						266,082		271,935		543,869		11,316,764		12,398,650
Total		126,670,685		18,016,559		3,210,281		1,234,554		1,439,983		18,224,365		168,796,427

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

	Delfin Jorge Ezequiel Carballo Chairman
109

EXHIBIT I

(Continued)

SEPARATE BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish - See Note 34)

(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		5,277,791		480,634		6,909		6,868		10,826		147,157		5,930,185
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		93,260,749		17,304,718		1,980,648		546,977		457,326		9,927,073		123,477,491

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

	Delfin Jorge Ezequiel Carballo Chairman
110

EXHIBIT J

SEPARATE CHANGES IN PROVISIONS

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Balances at beginning of				Decreases
Breakdown	fiscal year		Increases		Charge off		06/30/2018		12/31/2017		12/31/2016
For Administrative, disciplinary and criminal sanctions		718						718		718		9,110
Other		595,277		523,795		422,639		696,433		595,277		242,256
Total Provisions		595,995		523,795		422,639		697,151		595,995		251,366

	Delfin Jorge Ezequiel Carballo Chairman
111

EXHIBIT K

SEPARATE COMPOSITION OF CAPITAL STOCK

AS OF SEPTEMBER 30, 2018

(Translation of financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

Shares					Capital stock
			Face	Votes per	Issued		In
Class	Stock number		Value	share	Outstanding		Portfolio		Paid in
Registered common stock A		11,235,670	1	5		11,236				11,236
Registered common stock B		658,427,351	1	1		636,964		21,463		658,427
Total		669,663,021				648,200		21,463		669,663

SEPARATE COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2017

(Translation of financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

Shares					Capital stock
			Face	Votes per	Issued		In
Class	Stock number		Value	share	Outstanding		Portfolio	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
112

EXHIBIT K

(Continued)

SEPARATE COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2016

(Translation of financial statements originally issued in Spanish - See Note 34)

(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
113

EXHIBIT L

SEPARATE FOREIGN CURRENCY BALANCES

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	09/30/2018										12/31/2017		12/31/2016
	Total headquarter and local		Total per currency
Items	branches		US dollar		Euro		Real		Other		Total		Total
ASSETS
Cash and deposits in banks		35,772,987		35,482,392		204,717		21,735		64,143		19,751,378		20,074,325
Debt securities at fair value through profit or loss		172,137		172,137								50,860		12,734
Other financial assets		1,423,058		1,423,058								681,269		333,169
Loans an other financing		45,535,387		45,535,387								18,651,478		10,105,068
Other financial institutions		567,055		567,055								175,116		94,834
From the non-financial private sector and
foreign residents		44,968,332		44,968,332								18,476,362		10,010,234
Other debt securities		99,000		99,000								46,482		937,900
Financial assets delivered as guarantee		974,926		974,926								240,882		95,174
Investments in equity instruments		7,297		7,297								4,002		3,578
Investments in subsidiaries, associates and joint arrangements		1,571,048		1,571,048								912,766		823,876
Total Assets		85,555,840		85,265,245		204,717		21,735		64,143		40,339,117		32,385,824
LIABILITIES
Deposits		68,226,658		68,226,658								29,799,489		21,793,774
Non-financial government sector		2,054,944		2,054,944								3,794,318		536,942
Financial sector		113,776		113,776								45,895		27,972
Non-financial private sector and foreign residents		66,057,938		66,057,938								25,959,276		21,228,860
Other financial liabilities		2,648,972		2,513,552		134,235				1,185		1,182,283		876,089
Financing from BCRA and other financial Institutions		2,404,969		2,404,969								887,321		131,361
Issued corporate bonds														1,745,851
Subordinated corporate bonds		16,796,368		16,796,368								7,565,759		6,376,537
Other non-financial liabilities		32,373		32,373								45,920		61
Total Liabilities		90,109,340		89,973,920		134,235				1,185		39,480,772		30,923,673

	Delfin Jorge Ezequiel Carballo Chairman
114

EXHIBIT O

SEPARATE DERIVATIVE FINANCIAL INSTRUMENTS

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

Type of contract

Purpose of the transactions performed

Underlying asset

Type of settlement

Negotiation environment or counter-party

Originally agreed weighted monthly average term

Residual weighted monthly average term

Weighted daily average term settlement of differences

Amount (*)

Futures

Intermediation - own account

Foreign currency

Daily settlement of differences

MAE (over-the-counter electronic market)

1

1

1

2,073,612

Futures

Intermediation - own account

Foreign currency

Daily settlement of differences

ROFEX (over-the-counter electronic market) electronic market)

2

2

1

667,064

Forward

Intermediation

Foreign

Maturity settlement of differences

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

3

2

30

949,090

(*) Relative to valuation of the underlying assets traded, disclosed in absolute terms.

	Delfin Jorge Ezequiel Carballo Chairman
115

EXHIBIT Q

SEPARATE BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Net financial Income/ Loss
	Obligatory measurement
Items	Quarter ended 09/30/2018			Accumulated from beginning of period up to 09/30/2018
For measurement of financial assets at fair value through gain or loss
Gain from government securities		162,850			247,813
Gain from private securities		12,158			34,493
Gain investment in derivative financing instruments
Fowards transactions		234,461			234,461
Gain from other financial assets		26,254			54,584
From investment in equity instruments		(2	)		6,113
Loss from sales of financial assets at fair value		(66,678	)		(106,294	)
For measurement of financial liabilities at fair value through Gain
Gain from derivative financial instruments		5,970
Total		375,013			471,170

	Delfin Jorge Ezequiel Carballo Chairman
116

EXHIBIT Q

(Continued)

SEPARATE BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Net financial Income/ Loss
Interest and adjustment for the aplication of the efective interest rate of financial assets measured at amortized cost	Quarter ended 09/30/2018		Accumulated from beginning of period up to 09/30/2018
Interest income
For cash and bank deposits		4,684		9,636
For government securities		343,139		373,266
For debt securities		69,868		169,889
Financial sector		478,911		1,035,349
Non-financial private sector
Overdrafts		1,441,247		3,171,071
Documents		847,214		2,214,697
Mortgage loans		1,024,300		2,288,487
Pledge loans		138,504		421,359
Personal loans		4,488,940		12,382,887
Credit cards		1,646,938		4,316,412
Financial leases		40,158		108,700
Other		1,200,939		2,999,006
For repo transactions
Cental Bank of Argentina				21,248
Other financial institutions		7,610		65,854
Total		11,732,452		29,577,861
Interest expenses
from deposits
Non-financial private sector
Checking accounts		142,137		142,137
Savings accounts		88,844		202,811
Time deposits and investments accounts		4,948,561		11,147,564
for financing received from Central Bank of Argentina and other financial institutions		44,911		78,009
for repo transactions
Other financial institutions		65,702		121,014
for other financial liabilities		18,433		23,764
for issued corporate bonds		405,786		1,028,860
for subordinated corporate bonds		252,059		565,465
Total		5,966,433		13,309,624

	Delfin Jorge Ezequiel Carballo Chairman
117

EXHIBIT Q

(Continued)

SEPARATE BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2018

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Income for the period				Other comprehensive income
Interest and adjustment for the aplication of the efective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 09/30/2018		Accumulated from beginning of period up to 09/30/2018		Quarter ended 09/30/2018			Accumulated from beginning of period up to 09/30/2018
From debt government securities		3,938,506		9,062,571		(181,724	)		(270,294	)
Total		3,938,506		9,062,571		(181,724	)		(270,294	)
	Income for the period
Commissions income	Quarter ended 09/30/2018		Accumulated from beginning of period up to 09/30/2018
Commissions related to obligations		1,945,916		5,419,955
Commissions related to credits		20,809		62,233
Commissions related to loans commiments and financial guarantees		468		921
Commissions related to securities value		19,884		66,982
Commissions related to trading and foreign Exchange transactions		69,716		161,894
		2,056,793		5,711,985
	Income for the period
Commissions Expense	Quarter ended 09/30/2018		Accumulated from beginning of period up to 09/30/2018
Commissions related to transactions to debt securities				208
Other		120,069		464,703
		120,069		464,911

	Delfin Jorge Ezequiel Carballo Chairman
118

EXHIBIT Q

SEPARATE BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Net financial Income/ Loss
	Obligatory measurement
Items	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017
For measurement of financial assets at fair value through gain or loss
Gain from government securities		141,030		221,151
Gain from other financial assets		13,151		25,467
From investment in equity instruments		9,840		15,118
For measurement of financial liabilities at fair value through profit or loss
Gain from derivative financial instruments		5,634		(9,033	)
Total		169,655		252,703

	Delfin Jorge Ezequiel Carballo Chairman
119

EXHIBIT Q

(Continued)

SEPARATE BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Net financial Income/ Loss
Interest and adjustment for the aplication of the efective interest rate of financial assets measured at amortized cost	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017
Interest income
For cash and bank deposits		6,080		6,979
For private securities		50,047		164,836
Financial sector		127,654		324,808
Non-financial private sector
Overdrafts		675,643		1,942,586
Documents		427,959		1,170,167
Mortgage loans		194,833		542,602
Pledge loans		128,614		344,608
Personal loans		3,116,642		8,522,955
Credit cards		969,662		2,934,301
Financial leases		29,694		76,027
Other		729,536		1,844,873
for repo transactions
Cental Bank of Argentina		4,786		436,591
Other financial institutions		7,563		21,205
Total		6,468,713		18,332,538
Interest expenses
From deposits
Non-financial private sector
Cheking accounts		29,392		77,294
Time deposits and investments accounts		2,170,060		6,017,014
for Financing received from Central Bank of Argentina and other financial institutions		18,931		33,406
for repo transactions
Other financial institutions		57,739		87,954
for other financial liabilities		6,945		21,952
for issued corporate bonds		202,726		292,927
for subordinated corporate bonds		122,275		332,825
Total		2,608,068		6,863,372

	Delfin Jorge Ezequiel Carballo Chairman
120

EXHIBIT Q

(Continued)

SEPARATE BREAKDOWN OF STATEMENT OF INCOME

AS OF SEPTEMBER 30, 2017

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Income for the period				Other comprehensive income
Interest and adjustment for the aplication of the efective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017		Quarter ended 09/30/2017			Accumulated from beginning of period up to 09/30/2017
From debt government securities		1,593,674		3,460,215		(60,927	)		(56,975	)
Total		1,593,674		3,460,215		(60,927	)		(56,975	)
	Income for the period
Commissions income	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017
Commissions related to obligations		1,538,696		4,261,792
Commissions related to credits		34,055		87,984
Commissions related to loans commiment and financial guarantees		745		2,408
Commissions related to securities value		16,012		43,393
Commissions related to transactions trade and foreign Exchange transactions		44,251		113,778
		1,633,759		4,509,355
	Income for the period
Commissions Expense	Quarter ended 09/30/2017		Accumulated from beginning of period up to 09/30/2017
Commissions related to transactions to debt securities		130		155
Other		159,435		449,767
		159,565		449,922

	Delfin Jorge Ezequiel Carballo Chairman
121

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - SEPARATES ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 AND 2016

(Translation of Financial statements originally issued in Spanish - See Note 34)

(Figures stated in thousands of pesos)

	Balances at beginning of the				Decreases
Item	fiscal year		Increases		Reversals		Charge off		06/30/2018		12/31/2017		12/31/2016
Other financial assets		4,916		2,150				1,730		5,336		4,916		4,147
Loans and other financing		2,470,302		2,049,929		37,657		909,120		3,573,453		2,470,302		1,662,753
Other financial institutions		31,251		12,936		4,701				39,486		31,251		17,256
To the non-financial private sector and foreign residents
Overdrafts		138,311		136,331		6,795		33,345		234,502		138,311		133,644
Documents		200,750		134,958		807		20,432		314,469		200,750		123,881
Mortgage loans		146,296		120,690		13,466		10,273		243,247		146,296		70,570
Pledge loans		73,070		28,173		3,681		19,041		78,521		73,070		40,717
Personal loans		1,055,897		944,610		267		530,140		1,470,100		1,055,897		683,837
Credit cards		557,682		389,622		905		212,956		733,443		557,682		406,779
Financial leases		6,487		116		1,188				5,415		6,487		3,994
Other		260,558		282,493		5,847		82,933		454,271		260,558		182,075
Total of allowances		2,475,218		2,052,079		37,657		910,850		3,578,790		2,475,218		1,666,900

	Delfin Jorge Ezequiel Carballo Chairman
122

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: February 15, 2019

MACRO BANK INC.
By:	/s/ Jorge Francisco Scarinci
Name: Jorge Francisco Scarinci
Title: Chief Financial Officer