Annual Report and Balance Sheet Memoria Y Balance 2013 2013 Banco Macro S.A

Annual Report and Balance Sheet Memoria y Balance 2013 2013 Banco Macro S.A.

www.macro.com.ar

21 mm Laca brillante

Annual Report for the Fiscal Year 2013 Banco Macro S.A.

Table of contents

04 A Letter by the President 54 Financial Education and Inclusion 06 Board of Directors 54 Direct and Indirect 06 To the Shareholders Environmental Impact 08 Summons 56 Responsibility for public welfare 10 Branches Network and inclusion 13 Correspondent Banks 56 Development of PYMEs and ventures 56 Transparency in all our actions 16 Annual Report for 58 Highlights 2013 the Fiscal Year 2013 59 Corporate Governance 18 History 59 Corporate Governance Guidelines 19 Grupo Macro 62 Control Environment 19 Competitive Strengths 62 Committees 20 Our Philosophy 62 Risk Management 21 Our Corporate DNA 63 Compliance 22 Macroeconomic Context 64 Macro and its collaborators 25 Monetary Market 66 Grupo Macro Results and Financial System 66 Economic and Financial Situation 29 Main Indicators 69 Solvency of the Financial System 71 Deposits 30 Description of the Business 72 Loans 30 Goals 72 Liquidity 30 Achieved Goals 73 Results 32 Corporate Banking 74 Grupo Macro Main Indicators 32 Strategies and Actions 75 Salient Events 32 Banking Situation 75 New Capital Markets Act 34 Agribusiness Banking 75 Merger with Banco Privado 35 Small- and Medium-Sized de Inversiones Business (Pyme) Banking 75 Production Investment Credit 36 Personal Banking Facility (Central Bank of the 36 Strategies and Actions Republic of Argentina) 36 Personal Banking in Figures 76 Post Closing Events 36 Products 76 Distribution of Dividends 42 Service and Quality 77 Directors and Top Management 42 Channels Remuneration 45 Technological Development 77 Acknowledgements 47 Quality 50 Corporate Image 78 Exhibit I 50 Events and sponsoring actions Corporate Governance 52 Banco Macro corporate Explanatory Report reputation Project 52 Awards and honors received. 100 Financial Statements Rankings. 54 Social Responsibility 54 Our strategy of Social Corporate Responsibility  Banco Macro

A Letter by the President

Year 2013 its expansion down and Brazil keeps a low growth dynamics due to As during the last years, it is a pleasure for me to address -through its anti-inflation policy. On the other hand, in our country in 2013 these presents- all public people and institutions related to Banco there was a growth of about 4.9 % in the GDP, qualified as reasonably Macro SA’s activity and the public in general. This Letter constitutes good, but below the average 7.2% registered during the decade start- a summary with the description of the job done and the results reached ing in 2003. The commercial balance dropped 29% from that registered by the Bank. It also includes, as usual, some general comments and in the previous year, the tax deficit -debt interests payment included- thoughts about the events of the year gone by, as well as about the reached 2.4% of the GDP and in the last months, the BCRA pushed forecasts for the future, based on the vision of the highest authority the devaluation pace up and adopted restrictive measures to purchase of the company. foreign currency in order to mitigate the external risk. Meanwhile, it had to issue national currency to finance the National Govern- We are really glad to say again that the results of the Bank during 2013 ment’s deficit in pesos and foreign currency. This situation differs were totally satisfactory, even better if we consider the local complex completely from that of previous years, when the exchange rate was context we are in. We must highlight that in 2013 the tax-discounted competitive, the tax result was positive and the commercial surplus net assets amounted to $ 2.444 billion, up 61 % on the $ 1.494 billion was strong. As this new condition of variables continues, we must registered in 2012. Therefore, the Bank confirmed its financial potential carefully consider the possibilities of the Argentine economy as re- and solvency. We must also point out that Administrative Expenses gards the economic growth and reduction in inflation indexes. That were proper evidence of the efficiency, very much higher than the aver- is why we are urged to be prudent. age of the system. Such performance is clear evidence of very important aspects such as the stability and continuity in the generation of incomes, Back to Banco Macro’s performance, we must say that in 2013 Corporate as well as the productivity and efficiency in using resources in time. Banking met most of its goals and reached a cumulative growth of 20% For sure, an isolated successful result may be the consequence of dif- in its credit portfolio. To this growth, the contribution of the SMEs and ferent circunstances, even fortuitous, and may not be repeated in Agrobusiness sectors was key, being both strategic areas for the Bank. another opportunity. But the maturity and quality of the financial Within the Credit Line for Productive Investment, more than 2,500 institution go together with the capacity it shows to sustain satisfactory companies were backed up, and this was possible because of the general results along the years, within a sustainability dynamics; of course, policy which provides for reaching more clients under a quick approval provided there are no external events which may go beyond the com- system. Within the Corporate Banking area, the goal was to keep a pany’s control and which may hinder or limit its actions. We think sustained growth in our portfolio of overnight and fixed-term deposits. Banco Macro has managed to show such capacity and it is today a very We managed to meet such goal as deposits registered a rise of 36.2% sound platform from which growth strategies may be deployed into in 2013, a figure that was higher than the evolution of financings and the future. We believe such strategies will be fully satisfactory for let us improve the sound relatioship between credits and deposits. shareholders and the community we belong to. As regards Individual Banking, goals were also met and we managed But optimism must not fall out with prudence and, through this letter, to consolidate our leading position in the personal loan portfolio and we call all those who build the Bank’s daily management to go on an outstanding growth in credit cards. The Bank is leader in the per- concentrated, to keep productivity and efficiency standards high above, sonal loans market with a share of 13.9 % and ranks fourth within to understand that the effort we are making to get better yields is es- Credit Cards, up over 7% in consumption share. Passive portfolios of sential to remain on the markets which are gradually becoming more Individual Banking registered an increase of 33.5 % in 2013, thus level- competitive and complex. ling off the growth of active portfolios, which accounted for 31.9 %. During the year, we also focused on improving the quality of our Prudence in future forecasts is advised because of two reasons. On customer service, with significant improvements in technological tools one hand, the International economy is giving signals to be consid- and going deeper into traditional service channels, adding those al- ered, as they will impact on the Argentine economy’s behavior. The lowed by digital applications. These improvements ranged from the US and Europe are still going through a weak recovery, China slows implementation of IP technoloty to the call center system with the Annual Report and Balance Sheet 2013 

incorporation of facebook as a new communication channel for our clients and a means to follow the market trends.

The Sustainable Management is another source we have dealt with, pushed by the slogan “We want to be the most sustainable bank at a federal level”. In 2013, the main pillars of our strategy were financial inclusion and education, taking care of the direct and indirect environmental impact, responsibility for people’s welfare and inclusion, SMEs and undertakings development and transparency in all our actions. We must point out that the action of financial inclusion is shared with ADEBA and the Latin American Federation of Banks (FELABAN in Spanish), which I have gladly run since 2012. All these strategies sum up our institutional goals and objectives, since they are deeply rooted together with the values we boast as a financial entity and an Argentine company. We are aware of the need and importance of persisting in the efforts for such initiatives.

Present in 22 jurisdictions, a financial agent in four provinces, the Bank has 494 service centers distributed in such a way that makes us rank as the first private entity in the interior of the country, thus fulfilling one of the strategic objectives, maybe the most emblematic. Such deployment is complete with over 1,133 ATMs and 887 SSTs. With this operation capacity, we have reached 3.3 million clients, distributed mainly in the interior of the country, where the institution keeps strong, with a high share in the market and supporting the local industry. This is our Bank today, permanently growing and in search of new markets and business.

We greet especially our people, over 8,000 members of the Bank’s staff and their families and acquaintances. We take pride in our people, we share our commitment to go on pushing this institution further and we highly appreciate their effort and loyalty year after year. As every year, the Board also thanks our shareholders, clients and suppliers, whose support and willingness have been key in reaching all these results.

Jorge H. Brito  Banco Macro

Board of Directors

President Jorge Horacio Brito

Vice President Delfín Jorge Ezequiel Carballo

Permanent Directors Jorge Pablo Brito Marcos Brito Juan Pablo Brito Devoto Luis Carlos Cerolini Roberto José Feletti Carlos Enrique Videla Alejandro Macfarlane Guillermo Eduardo Stanley Constanza Brito Emmanuel Antonio Álvarez Agis

To the Shareholders

In compliance with the legal and statutory provisions currently in force, the Board of Direc- tors submits to you this Annual Report, the Financial Statements, Auditing Committee’s Report, and other documents in connection with the 48th Fiscal Year, which ended on De- cember 31, 2013.

 Banco Macro

Summons

A general ordinary and extraordinary assembly is to be held on 29 April 2014, at 11 am, at the company’s head office at 447 Sarmiento street, Federal District, to consider the following: AGENDA 1) Appointment of two shareholders to sign the minutes. 2) Analysis of the documents set forth in section 234, subsection 1 of Act No 19550, corresponding to the economic year closed on 31 December 2013. 3) Analysis of the board’s management and performance of the audit committee. 4) Destination of retained earnings corresponding to the fiscal year closed on 31 December 2013. Total retained earnings: 2,515,402,050.52, to be destined as follows: a) $ 488,713,267.35 for legal reserve; b) $ 95,325,750.00 for statutory reserve – special for subordinate debt obligations of the global program negotiable instruments approved by the general ordinary meeting held on 1 September 2006; c) $ 19,711,710.67 for the tax on personal assets, shares and interests; d) $ 1,911,651,322.50 as optional reserve for future distribution of earnings under Communication “A” 5273 of the Central Bank of the Argentine Republic”(*) 5) Partial cancellation of the optional reserve made by the general ordinary and extraordinary assembly on 16 April 2012, for the amount of $ 2,443,140,742.68, out of which $ 596,254,288.56 will be destined to paying a dividend cash, subject to the prior consent of the Central Bank of the Argentine Republic. 6) Analysis of the Board’s remunerations corresponding to the year closed on 31 December 2013 within the limits of profits, according to section 261 of Act No 19550 and Regulations of the National Securities Commission. 7) Analysis of the remunerations to the members of the audit committee corresponding to the year closed on 31 December 2013. 8) Analysis of the fees of the auditing accountant corresponding to the year closed on 31 December 2013. 9) Appointment of three permanent directors and a deputy director to hold office until he assembly considers the financial statements through 31 Decembere 2014. 10) Setting the number of permanent and deputy members of the audit committee and appointment of said members for a one-year office. 11) Appointment of the auditing accountant for the year to be closed on 31 December 2014. 12) Setting the audit committee budget. 13) Analysis of sections 3 and 23 of the by-laws, according to the Law of Capital Markets No 26.831 and regulations. 14) Authorization to carry out the necessary procedures and presentations to manage the administrative consent and registration of the decisions made.

Board of directors Annual Report and Balance Sheet 2013 

OBSERVATIONS: (i) When dealing with items 5 and 13, the assembly’s decision will be deemed extraordinary. (ii) To attend the assembly, shareholders will have to deposit a certificate of the book-entry shares account issued for such purpose by Caja de Valores S.A. and to give evidence of their identity and legal capacity, as it may correspond, at 447 Sarmiento street, Federal District, from 10 am to 3 pm, through 23 April 2014. (iii) We hereby remind those shareholders who constitute a company abroad, of the mandatory registration they must carry out before the Public Trade Registry of the city of Buenos Aires under the terms of section 123 of the Commercial Corporate Law No 19.550 and amendments. (iv) According to the regulations issued by the National Securities Commission, at the time of informing about their attendance to the assembly, shareholders shall give the following details about the holder of such shares: name and surname or complete corporate name, type and number of identity card, if individuals, or information about the place and jurisdiction of their registration, if legal people, and domicile. Said information shall also be provided by those who attend the assembly as agents of the shareholders. (iv) To comply with the recommendation in item V.2.5 of the Schedule under Title IV of the National Securities Commission Rules, before voting, each candidate running for director will be asked to give his opinion whether to adopt the Corporate Governance Code and its foundations.  Banco Macro

Branches Network

Jujuy Santiago del Estero Salta Catamarca Chaco Misiones Tucumán La Rioja Corrientes Santa Fe

San Juan Entre Ríos Córdoba

Mendoza San Luis Buenos Aires

Neuquén La Pampa

Río Negro

Chubut

Santa Cruz

Tierra del Fuego Annual Report and Balance Sheet 2013 

Buenos Aires Puerto Madryn Hospital Privado San Pedro Adrogué Trelew Jesús María Tilcara Alberti Juan B. Justo Tribunales Arrecifes City of La Falda Avellaneda Buenos Aires Laboulaye La Pampa Avenida Luro - Mar del Almagro Las Varillas General Pico Plata Alto Palermo Los Boulevares Santa Rosa Bahía Blanca Anexo Mataderos Los Granaderos Bolívar Anexo SMSV (820) Los Surgentes La Rioja Campana Av. Cordoba Makro Chilecito Capitán Sarmiento Av. de los Incas Marcos Juárez La Rioja Carhué Av. Santa Fe Marull Carmen de Areco B° Belgrano Mercomax Mendoza Ciudad Madero B° Norte Monte Maíz Godoy Cruz Colón Balvanera Morteros Las Heras Coronel Pringles Barracas Nueva Córdoba Luján de Cuyo Coronel Suárez Barrio Monserrat Nuevo Centro Shopping Maipú Correo - Bahía Blanca Boedo Oliva Centro Banca Empresa Chacabuco Botánico Oncativo Mendoza Centro Chivilcoy Caballito Paseo de la Villa Mendoza Microcentro Gerli Capital Federal Patio Olmos Mitre Gral. San Martín Casa Central Patio Olmos PPP Palmares Open Mall Junín Catalinas Porteña Parque La Plata Colegiales Recta Martinolli Rodríguez Peña La Plata Centro Congreso Richieri San Martín Lanús Chacarita Río Cuarto San Rafael Lomas de Zamora Devoto Río Segundo Unimev Luján Flores Este Río Tercero Mar del Plata Liniers Sabattini Misiones Mar del Plata Puerto Mataderos Shopping Villa Cabrera 25 de Mayo Martínez Microcentro Sobremonte A. del Valle Mercedes Palermo Tránsito Alba Posse Morón Plaza Lavalle Urquiza Alte. Brown Morón Plaza Plaza San Martín Villa Allende Alto Paraná Munro Puerto Madero Villa del Rosario Anexo Candelaria Necochea Quintana Villa Dolores Anexo Garupá Nueve de Julio Villa del Parque Villa General Belgrano Anexo Rentas Posadas Olavarría Villa María Anexo San José Olivos Córdoba Wenceslao Escalante Apóstoles Partido de la Costa Alem B. de Irigoyen Pergamino Alvear Corrientes Belgrano - Posadas Pergamino Centenario Alta Gracia Gob. Virasoro C. de la Sierra Pigüé Anexo Carlos Paz Ituzaingó Campo Grande Pinamar Anexo La Merced Campo Viera Punta Alta Anexo Río Tercero Entre Ríos Capioví Quilmes Arroyito - Córdoba Chajarí Cerro Azul Rafael Calzada Av. Colón Cinco Esquinas Dos de Mayo Salto Bell Ville Concepción del Uruguay El Soberbio Salliqueló Brinkmann Concordia Eldorado San Andrés de Giles Camilo Aldao Crespo Inmigrantes San Antonio de Areco Carlos Paz Monte Caseros Jardín América San Isidro Carnerillo Paraná L. N. Alem San Justo Centro Empresas San Villa Elisa Mercado Central - Po- San Miguel Francisco sadas San Nicolás Centro Centro República Jujuy Montecarlo San Pedro Buenos Aires Cerro de las Rosas Abra Pampa Oberá Tandil Cerro de las Rosas - Anexo Perico Plaza Posadas Temperley Anexo Anses Anexo Rentas Posadas Tigre Ciudad de San Francisco Anexo Shopping Annuar Puerto Iguazú Trenque Lauquen Córdoba Anexo Susques Puerto Piray Tres Arroyos Córdoba Centro Anexo Tribunales Puerto Rico Zarate Córdoba Juan B. Justo Cooperativa Tabacalera San Ignacio Cruz Alta El Carmen San Javier Catamarca Dalmacio Vélez Éxodo San Pedro Catamarca Despeñaderos Humahuaca San Vicente Devoto - Córdoba Jujuy Sur - Posadas Chaco Empresas Río IV La Quiaca Villa Cabello - Posadas Resistencia Freyre Lib. Gral. San Martín Wanda Fuerza Aérea Monterrico Chubut General Cabrera Palpalá Neuquén Barrio Industrial General Deheza Perico Cutral Có Comodoro Rivadavia General Paz San Martín Neuquén Esquel Hernando San Pedrito Neuquén Confluencia  Banco Macro

San Martín de los Arequito Rafaela Plaza Andes Armstrong Recoleta Santa Fe Zapala Arroyo Seco Reconquista Arteaga Reconquista Plaza Río Negro Av. Alberdi Roldán Bariloche Barrio Candiotti Rosario Choele Choel Bicentenario Rosario Alberdi Cipolletti Blas Parera Rosario Belgrano General Roca Bv. Rondeau Rosario Bella Vista Viedma Cañada De Gomez Rosario Bolsa De Co- Villa Regina Cañada Rosquín mercio Capitán Bermudez Rosario Corrientes Salta Carcarañá Rosario Entre Ríos Anexo Av. Belgrano Carlos Pellegrini Rosario - Anexo Alto Anexo CO.PRO.TAB Carreras Rosario Fisherton Anexo Comercial Casilda Rosario Mitre Anexo Grand Bourg Catedral Rosario Ovidio Lagos Anexo IPV Chabás Rosario Paseo Del Siglo Anexo Municipalidad Chacabuco Rosario Riobamba Anexo Orán Ciudad De Santo Tomé Rosario Santiago Anexo Rentas Clucellas Rosario Tiro Suizo Anexo Tartagal Coronel Arnold Salto Grande Batalla de Salta Correa San Carlos Ctro. Cachi Echesortu San Jerónimo Norte Cafayate Esperanza San Jeronimo Sud Ciudad del Milagro Felicia San Jorge Ciudad Judicial Firmat San Jose De La Esquina Ciudad Municipal Fray Luis Beltrán San Justo Colonia Santa Rosa Fuentes San Lorenzo El Carril Funes Santa Fe Centro Embarcación Gálvez Santa Teresa España Gobernador Gálvez Serodino General Güemes Gobernador Crespo Sunchales General Mosconi Godoy Sur J. V. Gonzalez Guadalupe Timbúes Las Lajitas Humboldt Totoras Limache J.b. Molina Uranga Malvinas Argentinas Landeta Venado Tuerto Metán Las Parejas Villa Constitución Norte Las Rosas Villa Eloisa Orán Llambi Campbel Wheelwright Pellegrini Lopez Y Planes Zavalla Pichanal Los Molinos Zenón Pereyra Pocitos Maciel Puesto De Promoción Rosario de la Frontera Maria Susana Permanente – Funes Rosario de Lerma Máximo Paz Puesto De Promoción Salta Moises Ville Permanente – Shopping Monserrat Peatonal Córdoba Tartagal Monserrat Anexo San Terminal Lorenzo – Centro De Santiago Pago del Estero San Juan Monte Vera Santiago del Estero San Juan Montes De Oca Oeste Tierra del Fuego San Luis Oliveros Río Grande San Luis Oroño Ushuaia Parque Independencia Santa Cruz Pavón Arriba Tucumán Caleta Olivia Peatonal San Martín Ciudadela Río Gallegos Peyrano Maipú Pilar Monteros Santa Fe Profesionales Plazoleta Mitre Acebal Pto. Gral. San Martin Shopping Central Alcorta Pujato Abasto Alvarez Rafaela Concepción Annual Report and Balance Sheet 2013 

Correspondent Banks

Germany Rabobank International. Chile Industrial Bank of Korea Unicredit Bank AG ABN AMOR Bank NV Banco Bice Mizuho Corporate Bank Westlb AG Banco de Crédito e BHF Bank Belarus Inversiones Cuba Commerzbank Ag Belvnesheconombank Banco de Chile Banco Financiero Inter- Deutsche Bank A.G Ojsc Banco de La Nación nacional Standard Chartered Argentina Banco Nacional de Cuba Bank GMBH Bolivia Banco del Estado de Landesbank Hessen Banco Bisa Chile Denmark Thueringen Girozentrale Banco de Crédito Banco Security Danske Bank Sparkasse de Bolivia Banco Bilbao Vizcaya Nordea Bank Denmark Bank of China Banco Union S.A. Argentaria Chile A.S. BNP Paribas Securities Banco De La Nación CorpBanca DNB Bank ASA Landesbank Baden- Argentina Wuerttemberg Banco Mercantil China Ecuador HSBC Trinkaus Und Santa Cruz Standard Chartered Banco del Pichincha Burkhardt Banco Nacional Bank Banco del Pacifico Mizuho Corporate de Bolivia Wells Fargo Bank Banco Bolivariano CA Bank Duesseldorf Shanghai Bremer Landesbank Brazil China Construction Egypt Intesa San Paolo Banco ABC Brasil Bank Corp. Faisal Islamic Bank of Banco de la Nación Zhejiang Chouzhou Egypt Algeria Argentina Commercial Bank BNP Paribas El Djazair Banco Do Brasil S.A. Woori Bank United Itau Unibanco S.A. Deutsche Bank AG Arab Emirates Saudi Arabia Banco Rural S.A. China Mashreqbank PSC Al Rajhi Bank Deutsche Bank AG Industrial Bank Co Abu Dhabi Banco Aleman Bank of America Na Commercial Bank Armenia Banco Safra S.A. Shinhan Bank Ltd SMBC Dubai HSBC Bank Armenia Banco Santander Brasil Sumitomo Mitsui Bank- Standard Banco Bradesco ing Corp Chartered Bank Australia Banco do Estado do Rio Mizuho Corporate Bank Commonwealth Bank Grande do Sul SA Slovakia of Australia Banco Votorantim Cyprus Ceskoslovenska Citibank Ltd Sydney Banco Industrial e Com- Hellenic Bank Public Obchodna Banka National Australia Bank ercial S.A. Company LTD Commerzbank Ag Westpac Banking Cor- Banestes - Banco Do Tatra Banka poration Estado Do Espirito Colombia Santo Bancolombia S.A. Slovenia Austria Banco Sumitomo Mitsui Banco Davivienda Unicredit Banka Slo- Unicredit Bank Austria Brasileiro Banco de Occidente venija DD Oberbank AG Banco de Bogotá Raiffeisen Bank Inter- Bulgaria Spain national Cibank PLC Costa rica Banco Bilbao Vizcaya Erste Bank Group Ag Banco Nacional de Argentaria Bosnia y Herze- Costa Rica Banco Popular Español Bahrain govina Banco de Sabadell Woori Bank, Manama Unicredit Bank South Korea Banco Santander Kookmin Bank Deutsche Bank SA Bangladesh Canada Hana Bank Española Standard Chartered BNP Paribas Canada HSBC Corp. Ltd Banco de la Nacion Bank Montreal Sumitomo Mitsui Bank- Argentina Woori Bank, Dhaka Canadian Imperial Bank ing Corp CECA Bank Standard Bank Ltd Of Commerce Deutsche Bank AG Banco Pastor The Toronto Dominion Seoul BANKIA SA Belgium Bank The Bank of New York Banco CAIXA General Euroclear Bank S.A. N.V. Royal Bank of Canada Mellon Banco CAM Byblos Bank Europe Korea Exchange Bank CAIXABANK KBC Bank NV Standard Chartered Catalunya Bank Bank  Banco Macro

The United States Greece Unicredit SPA Paraguay Standard National Bank of Banca Popolare di Banco de la Nación Chartered Bank Greece S.A. Vicenza Argentina Bank of America Na Attika Bank UBI Banca SCPA Banco Continental Bac Florida Bank Hellenic Bank Public Banca delle Marche Banco regional SAECA Banco de la Nación Company LTD Banca Nazionale del Argentina EFG Eurobank Ergasias Lavoro Peru Banco Santander Probank S.A. Banco di Napoli Banco de Crédito del Central Hispano Perú Regions Bank Holland Japan HSBC Bank Peru Inter-American Develop- ABN Amro Bank The Bank of New York Banco Internacional del ment Bank BNP Paribas Nether- Mellon Peru -Interbank Corporación Financiera lands Bank of Tokyo Mit- Internacional KBC Bank Nederland subishi Poland Eastern National Bank GE Artesia Bank Standard Chartered Bank BPH. (Unicredit East - West Bank Commerzbank Ag Bank Group) BPD International Bank Sumitomo Mitsui Bank- BNP Paribas Bank Deutsche Bank Trust Hong Kong ing Co Polska Americas The Bank of New York Mizuho Bank LTD BRE Bank Commerzbank AG Mellon Hong Kong Citibank N.A. HSBC Bank Plc Lituania Portugal Israel Discount Bank Standard Chartered AS Unicredit Bank Lietu- Banco Espirito Santo of New York Bank vos Skyrius S.A. Sumitomo Mitsui Cathay Bank Nordea Bank Finland Caixa Geral de Depósi- Banking Corp. Deutsche Bank AG tos U.S Bank Shinhan Asia Luxembourg The Bank of Hang Seng Bank Clearstream Banking S.A. Puerto Rico New York Mellon Citibank NA UBS Luxembourg Banco Popular UBS Bank Sumitomo Mitsui Caceis Bank Luxem- de Puerto Rico HSBC Bank USA Banking Corp. bourg FirstMerit Bank Credit Suisse The United Fifth Third Bank Hungary Luxembourg Kingdom BNP Paribas USA Magyar Nemzeti Bank HSBC Bank Keybank National Kand H Bank ZRT Malaysia Royal Bank of Scotland Credit Suisse NY MKB Bank Z.R.T. Deutsche Bank AG PLC JP Morgan Chase Bank Merrill Lynch Interna- Comerica Bank India Mauritania tional Bank LTD Wells Fargo Bank Standard Chartered HSBC Bank Plc Standard Bank Plc Bank Standard Chartered The Philippines YES Bank Mexico Bank Na Standard Chartered Union Bank of India Banco Nacional de Barclays Bank Plc Bank Mexico Citibank Manila Indonesia Banco del Bajío Czech Republic Standard Chartered Nacional Financiera SNC Deskoslovenská Ob- Finland Bank chodní Banka As Nordea Bank Finland Bank Negara Indone- Monaco Commerzbank AG PLC sia - PT HSBC Private Bank DNB Bank ASA France Russia Pohola Pankki OYJ Ireland BSI Monaco SAM Intercommerz Commer- Danske Bank Commerz Europe cial Bank Ireland Norway Vnesheconombank France BNP Paribas Ireland DNB Nor Bank A.S.A. Nomos Bank Societe Generale Nordea Bank Norge BNP Paribas SA Israel A.S.A. Singapore Caisse Nation.des Bank Leumi le Israel Citibank NA Caisses D Epargne et Bank Hapoalim New Zealand Standard Chartered Prevoyance Union Bank of Israel Citibank NA Bank Credit Mutuel - CIC BSI Bank Ltd Singapore Banques Italy Pakistan Credi Agricole CIB INTESA San Paolo IMI Standard Chartered Sri Lanka Credit Lyonnais Banca Monte dei Paschi Bank Citibank Sri Lanka Banque de Bretagne di siena Askaribank Ltd Banques Populaires Banca Popolare South Africa BPCE Group Cassa di Risparmi Panama Absa Bank in Bologna Banco Latinoamericano Standard Bank of South de Exportaciones Africa Ltd Firstrand Bank Ltd Annual Report and Balance Sheet 2013 

Sweden Nordea Bank Svenska Handelsbanken Swedbank International Danske Bank Skandinaviska Enskilda Banken

Switzerland Credit Suisse UBS Bank Ag Zurcher Kantonalbank Bank Julius Baer Clariden Leu Ag Banque Cantonale Vaudoise BSI SA COUTTS & Co NEUE AAEGAUER Bank Banca Cantonale de Geneve

Thailand Kasikorn Bank Public Co Ltd Standard Chartered Bank

Taiwan The Bank of New York Mellon Standard Chartered Bank Wells Fargo Bank Taipei Citibank NA

Tunisia North Africa Internacional Bank Bank de L Habitat

Uruguay Banco de la Nación Argentina Banco Republica Orien- tal del Uruguay Banco Heritage Nuevo Banco Comercial Discount Bank (Latin America) Israel Discount Bank

Venezuela Banco Mercantil Venezuela Banco de Venezuela Banco del Caribe Banesco Banco Universal Banco Bicentenario Banco Universal

Vietnam Citibank Vietnam  Annual Report and Balance Sheet 2013 

Annual Report 2013  Banco Macro

History

Banco Macro starts operating as a non-banking financial institution in 1985, through the purchase of Macro Financiera. In 1988, it was granted the authorization to operate as Retail Bank by the Central Bank of Argentina. From then onwards and up to 1995, Banco Macro operated as a wholesale bank, being a pioneer in corporate bonds issue. It mainly acts in the areas of money market, trading of government and corporate bonds and financial services for medium and large companies.

Then, Banco Macro substantially changes its business strategy, focusing on the retail banking in market areas with low level of banking transactions and high growth potential. Following this course, since January 1996, during the privatization process of several provincial banks, Banco Macro starts acquiring the capital stock of the following provincial banks: Banco Mis- iones (93%), Banco Salta (98%) and Banco Jujuy (100%).

In December 2001, with a strong position in the northern area of the country already achieved, Banco Macro decides to extend Argentine presence through the purchase of 59.58% of the capital stock of Banco Bansud S.A.; this entity was the leading private bank in the southern territory of Argentina, with significant experience in its area of influence and a large branch network.

In August 2002, Banco Macro acquired 36 branches of Scotiabank Quilmes. The following year, 2003, Banco Macro and Banco Bansud shareholders decide to merge both financial institutions with the strategic objective of creating an institution with presence in the whole territory of Argentina.

In December 2004, maintaining its objective of constant growth and expansion, Banco Macro acquired Nuevo Banco Suquía S.A., becoming the largest private sector branch network in Argentina with the highest coverage in the interior of the country.

During 2005, continuing with its growth and expansion strategy, Banco Macro acquired all the assets and liabilities of Banco Empresario de Tucumán C.L. and Banco del Tucumán, maintaining Banco del Tucumán as financial agent for the province.

By the end of March 2006, Banco Macro´s shares were publicly listed on the New York Stock Exchange (NYSE), being the first Argentine company to be listed abroad since 1997. Banco Macro´s shares debut, had a rising price.

In May 2006, Banco Macro acquired Nuevo Banco Bisel S.A., incorporating a bank with a strong presence in the central area of the country, allowing us to reinforce our commitment to be a multiservice bank, which chiefly knows and is near the people.

In October 2007, the merger with Nuevo Banco Suquía S.A. was done and two years later, in August 2009, the merger with Nuevo Banco Bisel S.A. was completed. In September 2010, with the intention of reinforcing the strategy in Buenos Aires area, Banco Macro acquired Banco Privado de Inversiones S.A. from which 95% of the customer portfolio was distributed in the City of Buenos Aires and Greater metropolitan area of Buenos Aires. Annual Report and Balance Sheet 2013 

This was a fundamental step to consolidate the bank´s nationwide position, provide better quality of service and offer more and better products to our customers.

In December 2013, Banco Macro completed the merger with Banco Privado de Inversiones S.A.

Grupo Macro

Banco Macro S.A.

Banco Macro Bank Limited Macro Securities S.A. Macro Fiducia S.A. Macro Fondos S.G.F.C.I. del Tucumán S.A. (Bahamas) (Soc. Bolsa) (Fiduciaria) (Soc. Gerente FCI) 89.93% 99.99% 99.92% 98.61% 99.94%

Competitive Strengths

Macroeconomic activity

Largest Robust private-sector liquidity and branch capital ratlos network

Presence in Strong fast growing profiability target and solvency markets

Proven and experienced management team  Banco Macro

Our Philosophy

Growth: We invest in the country and believe that profitable growth is essential for our organization. Innovation: We implement early detection of the opportunities the markets always offer and immediately respond with products and services. Service Attitude: We are convinced that knowing our customers, providing customized service and providing immediate answer, are and shall be, our distinctive features. Organization: We are committed to work with a flexible and efficient organization structure, supporting all processes with appropriate technology and giving a quick response to the environment changes and pressures, without losing balance. The focus shall be placed on prevention, without restricting the dynamism of or organization. Work Environment: We promote a working environment that stimulates responsibility, an executive-like attitude, commitment, results, loyalty, honesty, good communication and team work. Annual Report and Balance Sheet 2013 

Our Corporate DNA

Vision “Banco Macro wants to be recognized as the leading bank in customer satisfaction.” Mission “At Banco Macro we work every day to build trustworthy relationships and to differentiate for our unique ´customer protection´culture.” Values Closeness Diligence Self-demand Committment with development  Banco Macro

Macroeconomic Context

Latin America grew The global context showed very diverse growth paces, which influenced the performance of by 3.5%, compared Argentine economy. with the previous U.S.A. and Europe, representing 45% of the global wealth, showed a 1.8% expansion, and a year. Brazil reported a 0.4% slowdown, respectively, thus continuing along the fragile recovery path after the 2008/2009 rise of 2.4% annually, crisis, under the burden of the tax and debt adjustment, which was partially offset by the recovering from the expansive monetary policies followed by the respective central banks. figures registered in China, the second world economy, with 11% of the global GDP, restrained its expansion to the year before. But a yearly 7.5% after having grown around 10% annually in the past 30 years. Even with less growth, its demand for raw materials continued to be a strong support for the producing this growth average regions, especially Latin America. was the lowest in the last 10 years. Our region kept its growth pace under the effects of two opposite forces. On the one hand, the export volume slowdown along with a reduction in the prices of commodities, and the slow dynamics of Brazil due to its anti-inflationary policy. On the other hand, acting an invigorating force, there was a smooth inflow of financial capitals and direct investments.

Latin America kept a 3.5% expansion, similarly to the previous year. Meanwhile, Brazil showed an annual 2.4% improvement, thus recovering compared to last year. However, this growth was smaller than the average of the past 10 years.

Within this external context, Argentina grew by 4.8%, more than doubling its performance of 2012, but below the 7.2% average pace showed since year 2003.

10.0%

7.5%

5.0%

2.5% Actual GDP 0.0% Average 03 04 05 06 07 08 09 10 11 12 13

Source: INDEC

The commercial balance reached USD 9 billion million and fell by 29% compared to the previous year, which was the result of exports that amounted to USD 83 billion, and imports for USD 74 billion.

 Banco Macro

Exports grew by 3%, invigorated by agricultural and industrial manufactured products, as a consequence of a 4% rise in volume, and a 1% reduction in sales prices. Energy exports continued to decrease, in both price and volume.

Meanwhile, imports grew by 8% in value, as a result of a 3% rise in purchase prices, and by 5% in amounts. This increase was most significant in energy imports, which were followed by consumer and capital goods imports.

12 Months Exports Primary. MOA MOI Combust. Total 2012 19.05 27.47 27.52 6.88 80.92 2013 19.30 30.05 28.41 5.25 83.02 Value Var. 1% 9% 3% -24% 3% by price 7% -1% -3% -6% -1% by volume -5% 10% 6% -19% 4%

Cons. + Imports Capital Goods Raw Materials Automobile Fuel Total 2012 26.27 19.99 12.97 9.26 68.50 2013 28.18 19.57 14.82 11.41 74.00 Value Var. 7% -2% 14% 23% 8% by price 0% 3% 1% -2% 3% by volume 7% -5% 13% 26% 5%

Fuente: INDEC

The expansive tax policy led to a 33% increase in the primary expense (current and capital expense), thus totaling ARS 740.21 billion, equivalent to 27.7% of the GDP.

National government revenues grew by 30%. Tax income related to the activity and to the external sector grew by 22%.

40% 2%

1% 30% 0% Income (% GDP) -1% 20% Primary expense + -2% interest (% GDP) Financial gain 10% -3% (loss) (right axis) 93 -02 03-08 09 10 11 12 13

Source: Ministry of Economy and Public Finance

Thus, the national public sector recorded a primary deficit of ARS 22.29 billion, equivalent to 0.8% of the GDP. With the payment of interest computed, the financial deficit was ARS 64.62 billion or 2.4% of the GDP, similar to that of the previous year. Annual Report and Balance Sheet 2013 

Due to the debt cancellation policy, the BCRA funded the National Government for its Ar- Imports increased gentine pesos and currency deficit, which meant a greater issue of money by the by 8% in value, as institution. a consequence of a In the last months of the year, the Government started an external risk mitigation process rise of 3% in purchase through an increase in the devaluation pace, quantitative restrictions on imports, and heavier prices and 5% in taxation on first-rate goods and on the use of currency for tourism. volumes; the most Consequently, the actual growth of year 2014 would be lessened, while an improvement of important growth external competitiveness might occur. was registered in

Monetary Market and Financial System energy, followed by Throughout the year 2013, monetary aggregates grew at a pace faster than that of the nominal consumption and GDP, thus reflecting a slight and new improvement in the monetization of economy. capital goods.

The Monetary Base, private M2, and M3 rose by around 31% yearly on average, 7 points above the nominal GDP evolution.

0.32

0.24

0.16

0.08 MB / GDP M2 Priv. / GDP 0 M3 / GDP 09 10 11 12 13

Fuente: B.C.R.A. e INDEC.

Said results were the consequence of the monetary policy, complementary to the fiscal actions, which allowed an additional growth throughout the year 2013.

42% Monetary base 35% 28% 21% 14% 7% % Interanual 0% % Annual average Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

Source: BCRA  Banco Macro

The decrease in the Monetary Base creation pace was accounted for by the sale of foreign currency and the investment of ARS 6 billion in absorption instruments in order to reduce by two points the interannual issue.

Monetary Base Expansion Factors Purchases Reserves Avg. Var. Var. Government Currency Títs. Billion Var. Stock Dec. % ARS B.C.R.A. USD 2007 96 25% -5 32 -7 10 14 46.2 2008 106 10% 10 -8 -3 21 -1 0 46.4 2009 119 11% 12 0 13 -1 3 2 48.0 2010 156 32% 37 19 46 -28 12 4 52.2 2011 210 35% 54 39 13 2 3 -6 46.0 2012 292 39% 82 60 41 -19 9 -2 44.3 2013 362 24% 70 109 -33 -6 -5 -14 30.6

Source: BCRA

The BCRA reserves totaled USD 30.6 billion in December 2013, falling in the year by USD 13.7 billion, of which USD 5.4 billion funded the private deficit, and USD 8.3 billion covered the National Government’s external debt payment of interest and service.

The financial activity within the mentioned context maintained a strong development consistent with the monetary aggregates, with an increase in the deposits and credits of the Financial System of 26% and 30%, respectively, throughout the year.

The total credit granted by the financial system reached 19% of the GDP, thus increasing 6 points compared to 2009. The private sector was granted 95% of said credit. Annual Report and Balance Sheet 2013 

31%

23%

15% Deposits/GDP FS Credit Private Credit / 7% GDP 12/1999 12/2001 12/2003 12/2005 12/2007 12/2009 12/2011 12/2013

Fuente: B.C.R.A. e INDEC.

As regards deposits, two very different types of behavior were noted during 2013. Private sector deposits grew by 29% (73% of FS), totaling ARS 529 billion, while those of the public sector increased by 20% consistent with the greater national and provincial tax deficit.

Private deposits in pesos rose by 30%, and those in US dollars fell by 14%.

Private demand – or transactional – deposits in pesos (checking account and savings account) grew by 26%, while time deposits rose by 35%.

Total loans of the financial system added up to ARS 520 billion, thus rising by 30% as a result of the placements made in the private sector (92% of the credit portfolio), which grew by 31%, while public credit only increased by 18%.

In private loans, the consumer segment (personal and credit cards) grew by 37%, while those granted to companies increased by 27%, though they were partially affected by a decrease in credit lines in foreign currency.  Banco Macro

In this context, the Deposits (monthly average) financial activity Private Public boasted a strong MM $ MM $ Total development Overnight Fixed Term Total U$S $ MM $ Total according to monetary Dec-10 122 82 204 11.5 250 111 361 Dec-11 144 118 262 12.1 316 124 439 aggregates, pushing Dec-12 196 176 372 7.8 410 161 571 up deposits and Dec-13 247 238 484 6.7 529 193 722 credits of the financial 2010 33% 28% 31% 15% 29% 63% 38% system by 26% and 2011 18% 45% 28% 5% 26% 12% 22% 30%, respectively, all 2012 36% 49% 42% -36% 30% 30% 30% along the year. 2013 26% 35% 30% -14% 29% 20% 26%

Loans (monthly average)

Private Public Total Commercial Consumption Guarantees Total Dec-10 94 66 30 191 20 211 Dec-11 139 99 44 282 27 310 Dec-12 176 132 58 366 35 401 Dec-13 223 181 75 479 41 520

2010 44% 38% 17% 37% 17% 35% 2011 48% 49% 46% 48% 35% 47% 2012 27% 34% 30% 30% 27% 29% 2013 27% 37% 31% 31% 18% 30%

The faster expansion pace in credit placements with respect to liabilities led to a lower systemic liquidity, as reflected in the drop in the holding of Central Bank bonds by the financial system.

Interest rates increased throughout the year due to the higher pace of devaluation and growth of loans compared to liabilities. The Badlar rate paid by private banks increased by 422 points, thus exceeding 20% per annum in December. On the other hand, lending rates for Personal Advances and Loans grew by 420 and 360 points, respectively. Annual Report and Balance Sheet 2013 

12 Private Badlar 8 Active 1st Line Jan-10 Jan-11 Jan-12 Jan-13

Source: BCRA

Within the context of lines of credit managed by the BCRA (mainly the so-called Line of Credit for Productive Investment), the financial system accumulated placements for ARS 55 billion equivalent to 10.5% of the total portfolio. More than half of said amount was granted to the segment of small-sized companies.

The greater volume of intermediation, stability of Spreads, and increasing bankarization, in addition to a low delay in payment rate due to the economic dynamics, resulted in year 2013 profits (11 months) reaching the sum of ARS 25 billion, growing by 39%, which represented an average return on equity of 25.9%.

Consequently, the soundness of the financial system was strengthened, which has had positive results for nine years now, reaching a capitalization level of ARS 117 billion (November 2013), which showed a 31% increase, and which exceeds by 72% the minimum amounts required by the BCRA.

The solvency of the financial system would make it possible to deal with contingent scenarios of economic volatility.

Main Indicators of the Financial System The following table shows the evolution of the main indicators of the financial system.

Unidad 2006 2007 2008 2009 2010 2011 2012 2013 Assets Billion ARS 258.4 298.0 346.8 387.4 510.3 628.4 790.0 985.5 Private Var. % 41% 40% 23% 8% 37% 48% 30% 31% Loans

Liabilities Billion ARS 225.4 261.1 305.4 339.0 452.8 558.3 699.2 868.4 Deposits Var. % 24% 21% 14% 14% 38% 22% 30% 26% Shareholders’ Billion ARS 33.0 36.8 41.4 48.3 57.6 70.1 90.8 117.0 Equity

Results (gain/loss) Billion ARS 4.3 3.9 4.8 7.9 11.8 14.7 19.4 24.5 R.O.A. % 1.9% 1.5% 1.6% 2.3% 2.8% 2.7% 2.8% 3.0% R.O.E. % 14.3% 11.0% 13.4% 19.2% 24.4% 25.3% 25.7% 25.9% Private porfolio % 4.5% 3.2% 3.1% 3.5% 2.1% 1.4% 1.7% 1.8% irregularity

Leverage - Liabilities Times 6.8 7.1 7.4 7.0 7.9 8.0 7.7 7.4 / Shareholders’ Equity

Source: BCRA  Banco Macro

Description of the Business

The higher Goals intermediation volume, Strategically, we have established the following goals: the spreads stability, ••Increase the outstanding loan portfolios, and improve our relative position in the Credit the increasing banking Card market. penetration and the ••Achieve growth atomized in the funding sources, in both demand balances, and time deposits. low default rates ••Continue granting funding to the Private Sector, thus contributing to the economic develop- due to the economic ment of the regions where we operate, in transactions with good repayment capacity and dynamics meant a proper guarantees. ••Strengthen the use of all channels in attracting customers, and the sale of products. rise of 39% in 2013’s ••Increase the volume of new attracted individual customers by focusing on the segments, profits (11 months), which allow us to achieve effectiveness and a better result of the cost-benefit equation. reaching $25 billion; ••Deal with all segments of Corporate Banking customers, especially the micro business, small business and agribusiness segments, making the most of the advantages that our extensive that meant a return nationwide network of branches gives us. on equity average ••Increase funding to companies through a broad offer of credit products that meet the profile of 25.9%. and needs of each customer. ••Increase the sale of transactional products to companies, focusing on payment and collection services provided to medium- and large-sized companies. ••Maximize profitability by taking advantage of new business opportunities with existing and new customers, ensuring financial margins, increasing fee income, and continuing with actions aimed at controlling delays in payment.

Achieved Goals We increased the generation of income from services, and grew in financial intermediation, with a healthy portfolio, maintaining the atomization of business.

We have increased operating effectiveness, by taking advantage of scale economies, and encouraging the use of alternative channels by customers.

We continued to improve our customers’ level of satisfaction in connection with the services we offer to them as the main loyalty development tool.

We optimized the use of our customers’ information to serve as a tool to allow us to improve the results of commercial and sale actions.

We developed further the branch network management model, and enhanced the development of the network with new openings, improving regional business opportunities, and segmenting the points of service and sale, in accordance with the specific characteristics and needs of our customers. Annual Report and Balance Sheet 2013 

We continued to position Macro Credit Cards in the mind of our customers.

We continued to optimize operating effectiveness in branches to provide more and better services to our customers, by adding Loans through Home Banking to those already existing, loans through Automated Teller Machines and Phone Banking.

We promote the Product “Macro Débito” Debit Card, as a means of payment in stores, by encouraging the use of this card under promotion plans.

We kept on developing the different alternative service channels, making different means available to Customers, so that they can carry out their financial transactions without any time restriction, at their convenience, simply and safely.  Banco Macro

Corporate Banking

As in previous years, Strategies and Actions the goals set for 2013 For the fiscal year 2013, strategic commercial action goals were focused on developing the following: aimed at consolidating ••Deal with all segments of Corporate Banking customers, especially the micro business, small our leading position business and agribusiness segments, making the most of the advantages that our extensive even further in nationwide network of branches gives us. ••Increase funding to companies through a broad offer of credit products that meet the profile corporate banking, and needs of each customer. forecasting a growth ••Contribute to the economic development of the regions where we operate, in transactions rate higher than the with good repayment capacity and proper guarantees. ••Increase the sale of transactional products to companies, focusing on payment and collection average of the system services provided to medium- and large-sized companies. as regards credit and ••Maximize profitability by taking advantage of new business opportunities with existing and deposit portfolios. new customers, ensuring financial margins, increasing fee income, and continuing with commercial actions. ••Consolidate growth atomized in the funding sources. ••Launch a new Cash Management service model, distinguishing the wholesale sector (Cor- porate and Megra (medium- and large-sized companies) Banking) from the retail sector (PYME (small- and medium-sized businesses) and Agribusiness).

Banking Situation Like in previous years, the goals set for 2013 were focused on further strengthening our leadership position in the corporate banking business, projecting a growth rate above the mean rate of the system as regards the loan and deposit portfolios, and also promoting the sale, by means of cross-selling actions, of associated transactional products

To this end, the following was essential:

••The addition of 3 new branches into our wide network that covers the entire country, and the consolidation of the new decentralized corporate service model, by means of the inclusion of Corporate Specialist Centers. ••The strong support, like in previous years, given to Small Businesses mainly in the Pymes (Small- and Medium Sized Businesses) and Agribusiness segments. ••Our constant search to improve our offer of products and services, in order to adjust them to the needs of each segment and meet the highest standards of quality and service. ••Strengthen the loyalty of our customers through new sales of products and services that meet the financial and transactional needs of each company. ••Maintain a sustained growth of our portfolio of Demand and Time Deposits.

In 2013, the Corporate Banking outstanding loan portfolio showed again significant results, as it achieved a 20% accumulated growth in the credit portfolio.

This evolution was driven by the increase in long-term financing lines, mainly consisting of loans secured by pledge (+54%), loans secured by mortgage (+68%), as well as Discounted Checks (+38%), also accompanied, to a lesser extent, by an increase in our Other Loans portfolio.

 Banco Macro

Like in the previous year, the contribution of the Agribusiness and Pymes (Small- and Medium- Sized Businesses) segments was fundamental; they turned out to be the most dynamic banking sectors achieving interannual growths of 31% and 25%, respectively, in their assets portfolio.

50% 2013 Evolution of total loans 45% 43.6%

40% 35.9% Corpo 34.5% 35% Agro 30% 28.9% Pyme 25.8% 27.8% 25% 22.5% 24.6% Megra 20% 18.4% 15% 12.8% 10.8% 9.1% 9.5% 10% 6.6% 7.9% 5% 3.7% 3.7% 6.6% 7.0% 6.0% 0%

-5%

-10% Dic-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dic-13

The deposit portfolio showed a favorable evolution, mainly as regards deposits in local currency, which increased by 38.4%, and made it possible to mitigate the reduction in the balances of dollar accounts present throughout the year in the entire financial system. In this respect, deposits grew by 36.2% in 2013, surpassing the evolution of the financing granted, and making it possible to improve the solid relationship between loans and deposits.

Agribusiness Banking For this segment, 2013 was not homogeneous in all the areas of traditional crops, some of which achieved better results, even within the context of a second consecutive low-yield campaign. In spite of this fact, the sector continued to appear as one of the most dynamic of the economy.

We assisted more than 17,500 agricultural producers by increasing working capital funding, and most importantly, we supported the level of investments throughout the agribusiness chain. Furthermore, we financed 1011 investment projects in the amount of ARS 613 million through the Credit Line for Productive Investment, tranches II and III.

MacroAgro Cards management continued with the product growth cycle, as effectiveness in account activation improved, and the consumption volumes and portfolio balances increased by 272% and 95%, respectively, thanks to the continuous commercial management of new alliances.

Annual Report and Balance Sheet 2013 

Small- and Medium-Sized Business (Pyme) Banking The decentralized business service model is most successful in Pyme Banking. Our wide network of branches allows us to reach Small and Micro Businesses spread across the country, which positions us as market leaders in the major regions of the provinces. In 2013, Pyme Banking’s loan portfolio achieved a 45% growth, with a remarkable increase in medium- and long-term financing.

Under the Credit Line for Productive Investment, we succeeded in financing investment projects for more than 2500 companies, for a total amount of ARS 1.13 billion. In this respect, the Bank’s strategy was fundamental, as it was focused on using almost 70% of funds to finance the MiPymes (Micro, Small, and Medium Businesses) segment, with the aim of reaching a greater number of customers with a wide offer of products under a quick-approval system.

As regards the evolution of liabilities of the Bank, it is important to emphasize the significance that Small and Micro Businesses had as a source of funds, which represented a 27% interannual growth and provided 51% of the total deposits of the Corporate Banking.

In order to further improve our offer of products and provide the best service to our customers, during 2013 the Macro Pymes product package was consolidated, which was designed to meet the requirements of companies with a turnover of up to ARS 20 million, and facilitates transactional services and flexible credit lines to satisfy every financing need. In addition, “Prenda Ágil” was included in the family of products, a tool designed for the financing of agricultural vehicles and machinery for our Pymes.  Banco Macro

Personal Banking

As a result of the Strategies and Actions actions, active The strategic goals defined for Personal Banking have been satisfactorily achieved. We have continued with the participation in the market of the lines oriented to the financing of con- portfolios of Individual sumption, maintaining a sustained leadership and the competitive positioning of the portfolio Banking registered a of personal loans, as well as a significant growth in credit cards. rise of 31.9% in 2013, Along that line, and in pursuit of continuing to grow in the credit card market, we intensified still ranking second actions tending to achieve an increase in total consumption and assets. among the institutions of the financial system The credit quality of the portfolio was maintained, by optimizing the relationship between risk and benefit with respect to our customers. Furthermore, we improved the use of our considering the customers’ information as a tool to generate better commercial sale and loyalty development volumes of Personal actions, and improved operations to prevent delays in payment. Loan and Credit Card Worthy of mention is the fact that we were able to improve efficiency ratios in the marketing portfolios. The most of products through the implementation of new channels (external vendors, and sales force). significant increases were reported by the Personal Banking in Figures As a result of these actions, the Personal Banking loan portfolios grew by 31.9% in 2013, thus Retired segment by remaining in the second place among the financial system institutions, due to the volume of 47.8%. Private Salary its portfolios of personal loans and credit cards. The greatest growth occurred in the following Plans by 33.3% and segments: the Retired, with 47.8%, Private Salary Plan, with 33.3%, and Public Salary Plan, Public Salary Plans with 21.5%. by 21.5%. As regards the Personal Banking deposit portfolios, there was a 33.5% growth during the same period; demand deposits increased by 38.5% in the Retired segment, 36.5% in the Public Salary Plan segment, and 31.7% in the Private Salary Plan segment.

The implemented actions, and the coordination of said actions based on the potentiality of each of the regions where the bank operates, have made possible a balanced increase in the deposit and loan portfolios.

Products

Personal Loans During 2013, this portfolio grew by 27%, which represents a net increase of ARS 3 billion; thus there was a 66% increase compared to the 2012 increase (ARS 1.8 billion).

These figures allow us to continue to lead the market, with a 13.9% share.

This year, growth was strongly associated with direct and mass communication campaigns, which had been started in mid-2012, through means highly effective as to contact, and of low cost and innovative because of the communication channel. Text, Voice and Multimedia mes- saging actions were added to those already implemented. Annual Report and Balance Sheet 2013 

With these communication tools, we managed to reach every customer with a Pre-Approved Loan offer, with a tenfold increase in the number of communications sent compared to 2011, when we did not have yet any of these communication tools. All this was possible without any increase in campaign costs.

Additionally, and with the aim of being closer to the customer and generate automatic granting mechanisms, we added two new channels for the granting of Personal Loans, called “ProntoCash Online” through which the customer can get a Loan in seconds directly from the Bank’s Home Banking, and “Prontocash Telefónico” (by phone) through which the customer can call the Bank’s 0810, and if the loan is pre-approved, they will also be credited the cash immediately in the account.

Credit cards We worked on an aggressive plan for the acquisition of new accounts and customers, and, in addition to this, direct Marketing campaigns were developed to encourage use and consumption by means of outgoing calls with more than 50 thousand contacts monthly, and incoming calls that exceeded 10 thousand monthly, which were supported by a mailing program.

The big challenge was to learn new skills concerning the intensification of personalized actions with customers, whereby we achieved coexistence of more moderate promotions with an increasing use of campaigns of direct marketing addressed to every customer.

Increase in sales was achieved by means of campaigns based on the issue of credit cards, with 500 inactivated units, and 200 thousand pre-approved units, with which the issue of more than 360 thousand sold cards ends, representing a 15% higher than 2012, which marks a new record for Grupo Macro.

We maintained the promotion strategy at the point of sale, through incentives?, such as discounts and regular payments at no interest, and at the same time we reduced investment as we continued with an indicator improvement campaign, and thus achieved the following results:

••Additionality: 18% growth of credit cards with consumption. ••Automatic debits: volume was increased by 41%.

As a result of these actions, the credit card portfolio of Grupo Macro continued to increase its relative market share and was ranked the fourth bank in size, exceeding the 7% share in consumption.

The main indicators of the product show a significant growth compared to year 2012, which turns out to be higher than the market growth:

••Credit Card assets above 6 billion ARS, which means a growth above 30%. ••Consumptions for 15 billion ARS yearly, which represents a 55% increase.

Furthermore, the product took a technological leap, with the launching of the Chip card. This new function is aimed at preventing fraud attempts in countries where that risk is very high.  Banco Macro

Towards the end of 2013, we exceeded for the first time one million active customers who receive a statement, as a consequence of the aggressive plan of acquisition and implementation of activation and indicator improvement campaigns.

Debit Cards This product occupies a prominent place within the strategies aimed at generating a greater transactional relationship with customers, which encourage the use of the accounts. Its supplementary objective is the development of checking account balances by reason of the growth in deposits in transactional accounts, thus increasing the base of demand deposits. Because of this strategy, the transactional level showed a 40% increase in the monetary volume of purchase operations, and exceeded by 11 points the Visa system growth for the same period. It should be mentioned that the number of purchase transactions grew above 31% in the year.

Both improvements are the result of the implementation of promotional actions and benefits for different segments of customers in different areas according to their needs.

The number of Debit Cards currently exceeds 2,300,000, representing a portfolio growth of approximately 5%.

Macro Mobile Banking This channel has had a very important development this year, with 50,000 current customers who signed up for the service and are currently active. The number of completed transactions has increased fourfold, and monetary amounts have risen threefold.

Consistent with the users’ characteristics, and the technological trends that support the development of the service, the application “Macro Mobile Banking” is available at the principal virtual stores. Annual Report and Balance Sheet 2013 

Automated Teller Machines Grupo Macro ranks as the first bank as regards the number of Automated Teller Machines (ATMs) of the Banelco Network, with more than 1133 installed units.

During 2013, we implemented new actions aimed at maintaining high standards of security, service quality and availability of the ATM Network, by means of preventive training and management strategies. As a result of this strategy, the average annual service level had a great performance, and this positioned Banco Macro as one of the best performers for quality of service, an aspect that acquired a special dimension, if we take into account quantity and geographical spread of the fleet of automated teller machines installed by Grupo Macro.

Furthermore, we continued strengthening and technologically renewing our ATM fleet. In this respect, the following was done:

••500 units were installed (76% for replacements, 12% for new positions, and 12% for reinforce- ment of positions).

••100 automated teller machines with cash recognition and online deposit crediting.

All these actions resulted in an increase in transactions, which were more than 120 million, representing a 10% increase compared to the transactional volume of the fiscal year 2012.

Retail investments and funding Within the context of an atomized funding strategy, the Bank has continued to pay properly interest on the Time Deposits of retail investors, which allowed us to retain approximately 10% of the market of deposits of less than one million Argentine pesos.

In the middle of this year, we implemented a rate segmentation strategy by amount range for time deposit investments, through automatic channels (MacrOnline and Call Center), the purpose of which was to offer a time deposit rate for each amount period, and thus pay interest  Banco Macro

on time deposits in a more rational way based on the investor’s profile. Thanks to this, we managed to continue encouraging the use of automatic channels making operations more profitable and maintaining our competitive position in the market.

Consistent with the facts mentioned in the first paragraph, special emphasis was placed on the growth of demand deposits, where growth ratios higher than the market ratios were achieved.

The strategy was based on a greater commercial focus on the development of customer segments consistent with what has been mentioned: Salary Plan, and Premium Customers. Participation of these customers in total deposits has grown during 2013. In the Salary Plan segment, the increase is higher than the System average.

One of the alternatives we have offered to customers in 2013 is the YPF Corporate Notes. The Bank has achieved a good position in the market of retail investors in this type of non-traditional instruments by running communication campaigns based on our knowledge of customers, and making subscription available to customers through Home Banking, thus generating a strong loyalty development impact on customers who did not operate in the Bank with Securities.

Accounts and Packages Accounts and Packages constitute the channel of the above-mentioned demand deposits, and one of the main “promoters” of fee income.

Within the context of the business optimization project, we worked intensively on a gradual process of migration from paper statement to digital statement, addressing those customers who have a valid e-mail account registered with the Bank. Prior to migration, a marketing piece was attached to monthly statements to promote the e-statement service, and an e-mail was sent informing the main advantages of that service: security, convenience, and quickness, with which we were able to improve the customer service quality since we can use this contact means to communicate any type of commercial actions. This strategy meant significant savings, as represented by all the customers who replaced the printed statement with the digital statement.

Towards the third quarter, the mass incorporation of family allowances into the banking system was effected, which meant the opening of more than 45,000 accounts, thus allowing customers to have a bank account and withdraw with their debit card their family allowance and obtain special benefits.

This required the adjustment, within a short time, of commercial processes, systems and models, so that we could handle the mass opening of accounts without affecting the product quality and customer service. This action was successfully achieved.

Insurance We continued working to maintain the sustained development of the mass insurance business, conducting commercial campaigns, which allowed us to maintain the Bank’s position as a reference model for the individual customer insurance banking market. Annual Report and Balance Sheet 2013 

With the aim of increasing our offer of products, this year we began to market the “Protection In 2013 we on the Streets” insurance, which gained wide acceptance among our customers, in both the implemented new Branch channel and telephone sales. actions to keep high In short, the total actions performed contributed to the growth of the stock, which showed a standards of security, 13% increase in the number of policies, compared to the previous year, in addition to the service quality and increase in the commissions earned, the result of which was remarkably higher compared to the closing of fiscal year 2012. availability in the ATMs net, through training Segments and preventive The development of the segments Retired (approximately 920 thousand customers), and Sal- ary Plan (approximately 1.620 thousand customers), was consolidated by means of differenti- management ated strategies consistent with the relative importance of these customers within the total strategies. As a result, customer portfolio. the average annual

For the Retired customers, we conducted “Financial Education – Not Afraid of Going Wrong” service level registered campaigns to encourage those customers to learn to use the automated teller machine with a a great performance simulator, and sent direct marketing pieces to welcome the new customers and offer them and let BancoMacro exclusive benefits. rank as one of the Furthermore, campaigns were organized to widen the use of debit cards for consumption. best service quality These campaigns allowed 65% of the Retired to use the Automated Teller Machine and 30% suppliers. to make purchases with the debit card.

Meanwhile, , we carried out different loyalty development actions addressed to our premium segment Customers, such as, digital birthday salutation, mailing to the customer’s address a Welcome Pack for those who applied for a Premium or Selecta Package, and a birthday gift for those who maintain a current Package for more than one year. This strategy was accompanied by actions concerning the Premium Centers, and enabled us to increase the stock of these Packages, which exceeded 500 thousand.

On the other hand, actions with our corporate customers enabled us to make new salary plan agreements, and consolidate the relationship with companies that receive our salary payment service. This has generated an annual growth of 16.6% in current agreements, and 12.4% in salary payment service agreements, which allowed a growth of 22,000 salary plan customers, and resulted in an increase in the portfolio value.  Banco Macro

Service and Quality

The strategy was In Banco Macro we work every day on building a care and trust relationship with our cus- based on a wider tomers, who are the essential base of our service culture. commercial focus on During 2013, we continued focusing on the speeding-up of processes in automatic channels, the development of offering customers more affordable and flexible services. customer services according to the In this respect, we focused our best efforts on encouraging the use of Home Banking. abovementioned: ••We increased by 17% the operations carried out through these channels compared to the Salary Plans and previous year, as, on average, 13.2 million operations per month took place.

Premium clients, who ••The evolution of users shows a 15% growth in active users, which amounts to 440,794 users gained their share in in December 2013. the deposits made in 2013. As regards Channels the Salary Plan, the “IS” (Integral Service) Customer increase was higher This service allows our customers to access our automatic channels by means of a single PIN. We implemented the generation of the “IS” (Integral Service) Customer PIN through than the average of the ATM for Personal Banking customers, in order to speed up this process both for custom- the system. ers and Branches. This had a strong impact on the increase in the number of users, 15%, given that this service facilitated access to automatic channels.

To assist in this process, we stressed the importance of Branches guiding customers on the new PIN generation at the ATM, and for that purpose, we provided plenty of instructive and promotional material (brochures, leaflets, posters, instruction booklets, etc.).

MacrOnline (Home Banking) During 2013, we worked very hard on making accessible to everyone the Home Banking channel; the name Macro Direct was changed to MacrOnline, and with the re-launching of the channel, we placed great emphasis on transparency to users. Along with this change, an intensive TV advertising campaign was conducted to encourage and train people in its use.

A MacrOnline simulator/tutorial was created, accessible from the web page, to guide customers on how to get the PIN, through the functionalities that the Home Banking service offers, and give them advice on security.

The granting of pre-approved loans for Individuals on MacrOnline was authorized and implemented. Under this system, funds are credited on the spot, and currently, we are working to inform customers about the possibility of getting a loan for a higher amount at the Branch.

An improvement in the use of Transfers via CBU (single bank code) for Individuals was implemented, and this service was also made available to Companies. We are working intensively to develop the investment procedure: Mutual Fund operations, and purchase-sale of securities. This service will be implemented during the year 2014. Annual Report and Balance Sheet 2013 

Branches incorporated the Credit Card statement printing service at the MacrOnline stations, which thus expedited service in branches.

Other ongoing projects: Collection/published debt, and incorporation of commercial news in MacrOnline for companies that signed a Salary Plan agreement.

Self-Service Terminals (SST): Macro has Self-Service Terminals distributed across the Branch Network throughout the country, which offer a wide range of operations, and the possibility of making deposits 24 hours a day, 365 days a year. Banco Macro currently has 836 Terminals, 232 of which are operative 7x24.

We continue working on the incorporation of the smart check deposit functionality with the aim of reducing operating tasks in the Branches.

The PPV (pension payment voucher) service was implemented in the SSTs, thus extending the availability of this service for the retired to the whole network of branches.

Call Center: Through the Call Center, our customers have access to a quick and effective service whereby they can perform different operations and make inquiries, under two systems:

••Personalized service provided by highly trained staff. ••Automatic service supported by state-of-the-art technology available 24 hours a day, every day of the year.

As regards automatic service, we are working on a platform change, which will facilitate navigation through the different options, and greater flexibility for making future changes/ improvements in the functionalities offered. This project will be implemented in 2014.

Annual Report and Balance Sheet 2013 

In 2013, resources were increased by 10% compared to the previous year, distributed between the Call Center and the MacrOnline Help Desk.

This service channel grew in number of calls by 12% compared to the previous year, reaching a monthly average of 165,000 calls received, with a 91.4% service level.

The major milestones of this year were: ••Automatic Telephone Service Menu – Loans: In May, a new option was put into operation on the Call Center welcome menu, which allows the customer who calls 0810-555-2355 from Monday to Friday, from 08:00 through 22:00, to apply for a Personal Loan, in addition to a Credit Card. This can be done through option 4 (four) on the welcome menu. ••YPF Corporate Notes: In 2013, four public auctions were conducted for the sale of YPF Corporate Notes, classes XIV, XVI, XXI and XXVII. ••Internal Audit: In August, the Internal Audit of our Quality Management System was carried out. Results from said audit were satisfactory. ••ISO 9001:2008 Follow-Up Audit: Also in August, the second Follow-Up Audit was carried out. Its results were satisfactory.

Technological Development

Projects: In 2013, we continued with the implementation of the system to Handle the Flow of People through Turn Terminals at Branches and Payment Centers, and incorporated 60 Service Points distributed across the Bank’s Divisions, reaching a total of 230 Service Points having this methodology. This allows us to make more efficient and orderly the handling of public, as well as provide us with information to make decision-making easier.

At the same time, we worked on the implementation of significant improvements, in order to achieve an increase in quality, and expeditious service.

For such purposes, ••We implemented the pilot system “Double Reception at Branches”, namely: Morón (Branch No. 575), Quilmes (Branch No. 519), Head Office (Branch No. 540). We could see that at these points, waiting time was reduced, and we were able to detect sales opportunities.

Furthermore, the menu of operations displayed was reduced, which facilitated selection and navigation through Turn Terminals by Customers.

Generation of service and waiting time standards in Branches: We worked throughout the year on the definition of Service and Waiting Time Standards to improve the service provided at the Tellers area, where we managed to reduce waiting time by 25%.

In a second stage, we focused on analyzing the commercial platform data in order to determine indicators which allow us to know in detail the distribution of executives’ service times, and be able to identify improvement opportunity areas, not only to increase sales, but also for a more effective allocation of resources according to the flow of customers of each business unit.  Banco Macro

In 2013, we still Complaint Management Module (CRM) focused on speeding As from April, we incorporated a new module within the CRM application, which gives us the possibility of having an integral vision of each of our customers, so that we can provide up the automatic them with a high-quality personalized service. channel processes, providing our clients This tool allows us to optimize the management and administration circuit, facilitates the entry of complaints by completing specific fields, concentrating the whole management with more accessible among the areas involved within the same tool. Thus, control of response times of each area and flexible services. is simplified, by means of activity due date Alerts, and our customers can be notified of the favorable resolution of complaints via e-mail.

This will speed up response times by 30% as regards monetary complaints.

Management of Contingencies and Services The Technological Platform for the Management of Contingencies and Services provides the transparent automation of work processes in the Bank. For the new period, we are working on the incorporation of an application which will help to obtain reports and statistical data, and to arrange the handling of matters based on what was entered on said Technological Platform, always with a focus on better service, through the detection of deviations and re- current issues for a deeper analysis, so that we can pinpoint problems, and improve operating or regulatory processes.

Switchboard Project Implementation of IP Technology throughout the telephone service system. Thus, voice and data communications will be centralized in only one network. This allows us to maintain a unified system for all regions, better quality of calls, and a reduction in maintenance costs. There remain only two regions to receive this technology for implementation to be completed.

At the Buenos Aires Switchboard, unification has been completed, and we have obtained excellent results: outstanding improvements in communications, response time and customer service quality, which greatly depend on the implementation of new hardware and software, which work under this technology.

CCC – Customer Contact Center Its function is to contact our customers by phone about specific operating matters, as defined in the organization. It was created as a response from the Customer Service area with the aim of providing Branches with support, and optimizing certain customer contact operating tasks.

Monitoring of Automated Teller Machines: With a total of 1133 Automated Teller Machines operating throughout the country, we are ranked among the first positions in the Banelco Network ATM service availability ranking, due to the work done by the officers in charge of branches, and the permanent control by the automated teller machine monitoring sector. Annual Report and Balance Sheet 2013 

Quality The Quality department coordinates, performs and analyzes a wide range of market surveys on the needs and opinions of our customers, their likes and preferences and, above all, team work to achieve our customers’ satisfaction.

We have re-launched our Opinion Poll throughout the network of branches, where we have an integral view that measures not only our customers’ satisfaction but also the business variables and market position of our branch network.

As a consequence of the 2012 External Customer Satisfaction Survey, we felt the need to go deeper into certain variables that led us to carry out the following studies: Study of the Habits regarding the use of automatic channels (through which channels he operates, how he rates them and future vision of technology), Communication Study (what and how do our customers want us to communicate), Satisfaction Survey from the Call Center (customers’ satisfaction with the service received on the phone) in order to meet ISO 9001 and the Pre- mium Customer Survey (customer satisfaction with branch change).

One of the Bank’s strategic goals for the year 2013 was the survey of reports and the unification of information criteria. The first goal we achieved was that of generating a report on Deposits together with the Management Control department. During 2014 we will continue working active portfolio boards and fees in order to unify all the information in only one control board.

We have also collaborated with the Social Corporate Responsibility and Advertising departments to create the reputational board and advertising tests respectively. Additionally, we made specific tests on Premium Banking and were able to generate a Credit Card data model that allows us to see card traceability and account behavior.

We will keep on monitoring and evaluating credit card and personal loan commercial campaigns, measuring the sales quality of marketing companies and we will continue with the measuring of customer service and insurance sales quality indicators.

During 2014, we will also keep on working on knowing and strengthening the level of satisfaction of our customers and shall continue to look for the permanent improvement of our services and processes in order to be the leading Bank in customer satisfaction.

As regards Communication, in a market in which more and more banks communicate, we started in 2013 with the hiring of a new advertising company offering advertising services on a integral basis, which allowed us to structure on a more organic manner our external communications, allowing increased synergy between the available channels for the circula- tion of messages of advertising and commercial nature.  Banco Macro

In order to have effective communication channels with our current and potential customers, in 2013 we implemented the following: ••Branch, ATM and Benefit georeference to allow customers to find the information they need from their location through a mobile devise quickly and comfortably. ••A new web page of Banco Macro having a totally new design and new features such as: Browsing and graphic resources that include people with different visual capacities. Extended loan simulator line to include: Retired People, Automobile Acquisition and Premium Banking. Incorporation of a product order form: for cards, loans, product packages and all the Bank’s services for individual banking. Macromomentos section re-design (benefits regarding entertainments sponsored by macro), with a more modern image. Macro Premia section re-designing (membership rewards program of our credit cards under which each purchase adds points that can be exchanged for rewards) with a more attracting image that invites to browse the catalogue. We also incorporated filters to search by product, points, title, etc. Creation of a ATM and Branch search engine using Google Maps and all its features. ••We incorporated to our communication channels, as part of the communicational strategy, Social Networks. By incorporating Facebook our pillar is to promote and build trustworthy relationships with our customers. It´s a new channel for the Bank and covers all the organization.

To achieve all the above, it was essential to have the permanent commitment of the executive and top management levels, as well as the availability of the collaborators with ample knowledge on products, processes, legal, technological and IT aspects, to support the information flow available in this channel. Annual Report and Balance Sheet 2013 

••Process stages: In 2014, we will continue working on Definition Study and of Brand Building Configuration Launching learning about and Assessment on Communication Response of Macro Accounts of Social the Competition Guidelines Protocols on Facebook Nets Brand going deeper into our and Interaction clients’ satisfaction level and searching November 2012 February 2013 March 2013 March 2013 August 2013 for a continuous improvement in our ••Quantitative results Since the launching of the brand in the social network we were able to open a window to ac- services and processes cess to more than 3,970,000 users. to turn into the leading bank in clients’ In that sense, we were able to attract 70,000 fans in our profile that find in Facebook a way to talk with the Bank on a rapid, effective and sincere manner. We made 184 posts and 3,032 satisfaction level. comments generated as a result of the contents shared in the network.

We developed digital applications such as interactive games, simulators, etc. These applications are published in social networks in order to create and promote relationships and closeness with customers (generate loyalty and interact with our community), position the brand in online channels and promote benefits, products and services.

In addition, we keep on working on the Digital Signs project, improving our current infrastructure in order to be able to Project High Definition videos.  Banco Macro

Corporate Image

Events and sponsoring actions: In 2013 we sponsored events and shows that allowed us to bring entertainment options to our customers not only in big urban areas of our country, but also in the most remote or distant places of the Republic of Argentina:

Sport Events 2013 was a year of news as to sports. As one of our most important sponsoring actions it is important to mention that for 4 years Macro will be the Official Sponsor of the Argentine Hockey Association (Confederación Argentina de Hockey), and shall accompany Las Leonas and the Men’s Hockey National Team. We were present in the event known as Argentine Hockey World League Final 2013 – Women’s Edition, from November 30 to December 8, 2013, in Tucumán.

We accompany football fans of our country, together with the following football teams: Club Atlético Tigre, Club Quilmes, Juventud Antoniana, Club Atlético Central Norte, Gimnasia y Tiro, Club Deportivo Maipú, Club Gimnasia y Esgrima de Jujuy, Club Independiente Rivadavia and Crucero del Norte.

By participating in these sponsoring actions, we were able to have a significant presence in the following categories: Argentina A South, Argentina A North, National A, National B and Liga Salteña de Fútbol.

Once again we are present in Cristian Ledesma’s road rally (TC) team. We were present in each race, and invited our customers to have lunch with the racer and enjoy exclusive experi- ences to live the entire rally experience.

In tennis we were the main sponsor of La Legión, with the return of the best Argentine tennis players. We offered discounts and benefits tour customers, apart from special invitations with preferential sits.

Besides, in matches of international reach, we invited customers to watch the most exiting matches: the match between the William sisters in the Buenos Aires Lawn Tennis Club, and the match Juan Martín del Potro vs Leton Hewitt in La Plata city.

In 2013, for the third time, we sponsored the Dakar Rally, a unique race of international level that, the same as us, went across the most remote places of the Republic of Argentina. We were the official bank of the Dakar Rally and we were present in the different stages of the race in Argentina, offering all our services through the branches nearest to each point of race tour.

In 7 provinces of our country we organized exclusive golf tournaments for our customers.

In boxing, we sponsored Charly Box in each event and exhibition made. Annual Report and Balance Sheet 2013 

Shows In 2013, for the third With more than 360 performances, we sponsored theatrical and musical shows to which we time, we were present invited more than 20,000 customers. We offered them special discounts and benefits to enjoy the following shows: at Rally Dakar, the only world wide ••Il Volo race and, together, ••Ricardo Montaner ••Jaf we travelled the ••Vicentico furthermost corners ••Fito Paez of Argentina. We were ••Abel Pintos ••Stevie Wonder the official bank at ••Dorian Gray Portrait that event, present in ••El Jorobado de Paris the different stages of ••Ciro y Los Persas ••Festival de Doma y Folklore de Jesús Maria such race in Argentina, ••Festival de Cosquín and we rendered all ••Festival Nacional Peñas de Villa Maria our services through

Fairs, Exhibitions and Events the nearest branches We were present in more than 300 fairs, exhibitions, and events across the country. Through these to each race spot. events we have approached different segments: individual banking, corporate banking, agribusiness banking, PYME banking, participated in institutional events, etc. We made benefits and products available to all our current and potential customers, particularly to those in the PYME and agribusiness segment. Among these fairs, we can highlight and mention our participation in:

••Expo Agro ••Expo Láctea ••Expo Tucumán ••Expo BRA ••Ferinoa 2013 ••Fiesta del Inmigrante ••Feria Forestal ••Expoagro Jujuy 2013 ••Expo Lules ••Expo Transporte y Logística ••61° Annual Convention of the Argentine Construction Chamber, among many others.

Mobile Banking Units: Macro Trucks With our 5 trucks we travelled more than 18,000 km across our country and provided the automated teller machine and Internet connection service to our customers and visitors in more than 20 cities across the Argentine territory.

With all these actions we succeeded in getting much closer to our customers in each region with exclusive benefits. We were able to be present where they are, know and understand their needs, offer them solutions, and help them in their projects.  Banco Macro

The renowned US Banco Macro corporate reputation Project: magazine Latin Finance During 2013 we started an internal effort aimed at measuring the corporate reputation of Banco Macro. For such purpose we carried out several surveys with the purpose of under- has highlighted, standing the following: as every year, the achievements of ••Compliance by Banco Macro of the commitments made to its customers commercial and ••The expectations of each group of interest with which we interact every day. investment banks As regards the first item, related to the obligations undertaken by Banco Macro, we worked operating in Latin in the first place on re-defining the entity’s corporate statements –vision, mission, values and variables- expressing all that for which Macro wishes to be recognized in the future, defining America and the as well the manner in which it has to act in order to achieve such goal. Caribbean and, in this context, BancoMacro Additionally, in connection with the second item, we worked to define a classification of interest groups that allowed us to validate reputation objectives (values and variables) set was chosen as the forth as a result of the speech of the Top Management and the evaluation of the significance “Best Argentine Bank of these groups for the company. in 2013”. To close the project, we shall be working in the creation of reputational control chart as a management tool grouping all the information gathered by the Bank year after year, and which shall allow us to know how we are being recognized by each group of interest and which actions to carry in order to be where we want to be.

Awards and honors received. Rankings. During 2013 we were recognized with the following awards:

Sol Andino 2013: Best Bank of the Argentine Northwest Region Cable Express recognizes with the Sol Andino award the most important companies of the Northern region of our country. The purpose of this award is to recognize those institutions that help disseminate our culture, while leading the business and industrial progress of the region. We were awarded this recognition on October 2013.

Sustainable Commitment 2013 Award In the month of December the Municipality of Rosario honored Banco Macro with this Sustainable Commitment 2013 award for our contribution to the sustainable development of the city.

Best Argentine Bank of the Year 2013 The renowned American magazine Latin Finance has recognized, as it makes every year, the outstanding achievements of commercial and investment banks operating in Latin America and the Caribbean, and this year it has chosen Banco Macro as Best Argentine Bank of the Year 2013.

Eikon 2013 Award We received the Eikon Award for the excellence in institutional communication in the category “Consumer Relationships” as a consequence of our financial education program known as “Aní- mate a Aprender”, a program aimed at getting the elderly people to use automatic channels. Annual Report and Balance Sheet 2013 

Positioning and Image Ranking Banks’ Ranking 2013 for “Positioning and Image” published by Apertura Magazine. Banco Macro was awarded as the N° 1 bank as the most modern and technological bank in the young people segment. Apart from being among the first ones in: “top of the mind”, strength and reliability, best customer service, e-banking service, advertisements and best discount and benefits program.

Ranking of 1000 Leading Companies Ranking of “1000 Leading Companies”, published by the magazine Prensa Económica, informs that Macro is positioned N° 4 in the Banks segment.

Ranking of Brands Businessmen Choose Ranking of “Brands Businessmen Choose”, published by the magazine Mercado, informs that Banco Macro stands N° 4 in Corporate Banking quadrant.

Ranking of Best Companies as to Corporate Image in the Agribusiness industry Ranking of “Best Companies as to Corporate Image in the Agribusiness Industry” shows that in the Banks category, Banco Macro is N° 4.  Banco Macro

Social Responsibility

Our strategy of Social Corporate Responsibility: “WE WANT TO BE THE MOST SUSTAINABLE BANK NATIONWIDE”

In Banco Macro, we understand the great direct and indirect impact that as banking and financial entity we have in the communities in which we operate, that’s why we work not only on economic value we generate, but also on the social and environmental value. Pursuing our aim of being the most sustainable bank nationwide, we work to allow a Social Responsibility strategy associated with the actions we carry out day after day and a strategy that meets the interests of our key audiences as well: collaborators, customers, suppliers, shareholders, Gov- ernment, communication media, local community and the environment.

During 2013 we made a detailed work and decided to consolidate in the long run working towards 5 strategic pillars:

1. Inclusion and financial education 2. Transparency in all our actions 3. Responsibility for public welfare and inclusion 4. Development of PYMES and business ventures 5. Direct and indirect environmental impact.

Financial Education and Inclusion: We promote a healthy financial system, where tax regularization, accessibility, good understanding and use of financial products make the difference. That’s why we are constantly generating products and tools for the education of critical, prudent and economically responsible bankarized citizens contributing to the economic growth of the country.

Our Commitment ••Promote bankarization and accessibility through our wide branch network ••Focus on lower-income sectors adapting our commercial offering ••Promote financial education programs in all communities

Direct and Indirect Environmental Impact: We care for the social environment where we develop our business. We promote and raise awareness as to how important is to preserve both the internal environment and our entire value chain.

Our Commitment ••Use on an efficient way the natural resources we use every day in the course of our actions. ••Raise awareness on our collaborators and customers, seeking a multiplying effect in society. ••Measure our institutional carbon footprint. ••Manage in a responsible manner all technological, plastic and paper waste. ••Develop an energy saving program. ••Go deeper into the analysis of environmental and social risks in the granting of loans.

 Banco Macro

At Banco Macro, we Responsibility for public welfare and inclusion: are aware of the We seek to improve life quality of people, accompanying their professional development, boosting diversity and inclusion, both in the working and personal environment, planning direct and indirect and implementing all actions within a framework of integration and reconciliation, consider- impact we have, ing minorities and vulnerable groups. as banking and Our Commitment financial institution, ••Incorporate new employee benefits. on the communities ••Develop a work and family life reconciliation program. where we operate. ••Create innovative products and services for each customer profile.

Therefore, we are Development of PYMEs and ventures: concerned about the We seek to accompany small companies and new ventures in the development of their busi- economic value we nesses, with products and services tailored to their needs as well as with the creation and generate, as well as development of tools for the growth thereof. about the social and Our commitment environmental values. ••Create products and services tailored to meet the needs of PYMES. ••Accompany their growth with training and advice. ••Listen to its customers with an excellent customer service.

Transparency in all our actions: Banco Macro always seeks to operate with maximum transparency in order to create an environment of trust and credibility for all groups of interest with which the Bank interacts every day. Active listening and permanent accountability are an essential part of all the actions of the company. Annual Report and Balance Sheet 2013 

Our commitment ••Render accounts on a transparent and detailed manner to all our audiences. ••Implement communication channels adjusted to each profile. ••Fight corruption, money laundering and terrorism financing. ••Adhere to and comply with the most important standards and good practices, both locally and internationally, related with transparency and management accountability. ••Develop tools and codes to respect ethics and good business conduct.

Summary of our work in numbers:

Social Development 2012 2011 2010 Community Social Investment 9,841,522 7,322,777 5,650,000 Number of Beneficiaries 268,114 177,238 68,881 Number of Allied Organizations 79 75 86 Environmental Development Clients Adhered to the E-statement Service 207,623 138,903 84,704 Recycled Paper (kg) 56,423 57,018 42,736 Recycled Plastic (kg) 1,067 999 1,284 Amount of Furniture Donated 1,05 1,409 1,007 IT Equipment Donated 3,799 200 188  Banco Macro

Highlights 2013: ••In September 2013 we submitted the 6th Edition of our Sustainability Report, prepared according to G3.1 Guide standards of the Global Report Initiative (GRI) with a 26% increase in the number of reported indicators and achieving, for the first time, de application level. We made the formal launching of this report in the Provinces of Salta and Tucumán, strengthening our federal vision of the CSR actions.

••We kept on furthering our financial education and inclusion program “Go for Learning” with several actions designed for children and grown-up adults. Within the framework of these initiatives we may highlight the following: ••Scaling of the education program for retired people to more than 33 branches across the country, through which we were able to provide financial education to more than 100,000 retired people. The program develops training actions in the Bank’s branches and retiree centers, teaching with touch screens that simulate the automatic teller interface the adequate use of ATMs services and debit cards. ••The Mini Banco Macro Branch action that offers playful and interactive activities for children and their parents to learn about the benefits of learning by playing, and in this way to improve the understanding of financial products, strengthen the knowledge of basic economy and financial concepts, and promote the creation of habits and values related to responsible and sustainable consumption. With our Mini Branch we visited 8 locations across the country: Carlos Paz, at Feriona in Salta, Cafayate, Tilcara, Posadas, at the Feria Forestal de Misiones, at Expo Tucumán, and at the International CSR Congress in Buenos Aires. ••The edition of the magazine “Aventuras Financieras” (Financial Adventures) for children, aimed at promoting good habits as to savings, responsible consumption, apart from teaching on the basic functions of banking entities, electronic payment methods and Money circuit, among other notions. We handed over this magazine to almost 23,000 families.

••Besides, for the second consecutive year we carried out our Banco Macro entrepreneur Com- petition in alliance with Fundación Impulsar and state and private universities of Argentina.

After completing a free-training course attended by more than 200 entrepreneurs and that included topics regarding product and services definition, strategy and business elements and planning, production plan, costs and cash flow, among other topics, we evaluated the most relevant projects and awarded to the best three projects in each province economic incentives so that they can boost their ventures. The first positions received ARS 20,000 (twenty thousand Argentine pesos); winners awarded the second place received ARS 18,000 (eighteen thousand Argentine pesos); and the third position winners earned ARS 12,000 (twelve thousand Argen- tine pesos). Besides, each winner was assigned for one year a mentor or interdisciplinary group of voluntary mentors who shall accompany and advise them in each step of their business. Annual Report and Balance Sheet 2013 

Corporate Governance

Corporate Governance Guidelines During this year, some The Corporate Governance scheme of Banco Macro S.A. is based on its bylaws and the Cor- specific guides were porate Governance Policy as approved by the Board of Directors, which takes in all applicable best practices in this matter, which at the same time are applicable to the Bank’s introduced as regards subsidiaries. “Anti-corruption Policies” and some Annually we make an integral revision of the Policy, incorporating or making more efficient processes based on the best practices. During this year, we have included specific guidelines others related to as to “Anticorruption Policy” and we have updated information “Transparency Policies”, “Transparency Policy” which allow a better inter-relationship with the inside and the surrounding outside. in information have

In addition, we have updated the Code of Conduct incorporating aspects regarding the in- been updated. teraction in social networks. This document supplements the Code of Ethics, the Code of They mean a better Conduct for Suppliers/Vendors, the Code of Banking Practices, the Code of Investor interrelation within Protection. the bank and with the Applicable Rules and Regulations surroundings. The Bank meets all provisions and requirements established regarding this aspect by the Central Bank of the Republic of Argentina (Communication “A 5201”), the Comisión Nacional de Valores (Capital Markets Act and its regulatory framework, General Resolution 622/12) and the SEC, which also requires the Bank to submit a comparative report or rules and regulations, which we posted in the Investor Relations section of our web page.

Ownership Structure The Bank’s controlling interests are held by three of its shareholders, who have large experience in the financial system and are members of the Bank’s Board of Directors.

Additionally, the rest of the shares are owned by the national social security system (ANSeS) as the administrator of the Sustainability Guarantee Fund, several local and foreign investment funds, institutional investors and retail investors.

Major Shareholders 40% ANSES 31% ADRS 21% Free Float 29% Local Shareholders 8%  Banco Macro

Board of Directors The Board of Directors is the top management body and its main function is to establish the Bank’s business and risk management policies, with view towards the Bank’s long-term development and sustainability.

The Board of Directors is currently formed by 12 Regular Members designated by the General Shareholders’ Meeting and who shall hold office for periods of three fiscal years. The Direc- tors have experience, solid knowledge and enough training to carry out activities in the banking business.

On the other hand, Banco Macro S.A., in compliance with the rules of the CNV and the SEC, has a Supervisory Committee composed of three independent Directors.

Members of the Board of Directors

Chairman Jorge Horacio Brito

Vice Chairman Delfín Jorge Ezequiel Carballo (1)

Regular Directors Jorge Pablo Brito Juan Pablo Brito Devoto Luis Carlos Cerolini Carlos Enrique Videla (2) Alejandro Macfarlane (2) Guillermo Eduardo Stanley (2) Constanza Brito Marcos Brito Emanuel Álvarez Agis (2) Roberto José Feletti (2)

Alternate Directors Santiago Seeber Santiago Brito Ernesto Eduardo Medina María Belen Franchini (2) Chrystian Colombo (2)

(1) Absent on leave / (2) Independent Director Annual Report and Balance Sheet 2013 

Supervisory Committee

Regular Members Alejando Almarza Carlos Javier Piazza Vivian Haydee Stenghele

Alternate Members Javier Rodrigo Siñeriz Alejandro Carlos Piazza Leonardo Pablo Cortigiani

Audit Committee

Regular Members Guillermo Eduardo Stanley Carlos Enrique Videla Alejandro Macfarlane

Alternate Member Chrystian Colombo

 Banco Macro

The Risk Management Control Environment Committee is liable The Internal Control System is mainly supported by integrity, the moral and ethical values and the capacity of its members, but there are also other aspects represented on the shaping for guaranteeing of the operating processes, and mainly, on how such operating processes are managed and an independent controlled, the level of adherence to policies and the compliance with the goals/ objectives risk management, arising from the Management. coordinating the This system is evaluated on a permanent basis by several players, with the purpose of testing administration of compliance with all legal, regulatory and internal requirements, which ensure proper different types operation. of risks and their Committees corresponding The members of the Board of Directors participate actively in the day to day management, responsible heads. contributing their experience and knowledge, and interacting with Top Management.

The existing committees are: Executive Committee, Audit Committee, Assets & Liabilities Committee, Risk Management Committee, Credit Committee, Recovery Committee, Systems and IT Committee, Internal Audit Committee, Anti-Money Laundering Committee, Personnel Incentive Committee, Ethics and Compliance Committee and Corporate Governance & Des- ignations Committee.

Risk Management The Risk Management Committee’s main function is to ensure the definition of independent risk management, coordinating the management of the different kinds of risks and the relevant officers in charge thereof.

In this sense, the coordination of the Risk Management Committee includes all those in charge of the principal risks (Financial Risk, Credit Risk and Operating Risk), being responsible for the application of the rules and guidelines contemplated in the General Risk Management Policy.

The general Risk Management policy establishes the environment for the risk management process, under the concepts of risk identification, assessment, monitoring and mitigation. It also sets the responsibilities of each level within the Organization in the process.

The risk management process includes the Board of Directors defining the limits to the exposure of each of the risks, following up the exposure of each of such limits by the persons in charge, preparing periodic reports for the Risk Management Committee, following up any alarms and applying the relevant action plans for such alarms. Furthermore, the process includes the guidelines for the development of stress tests, which tests were carried out during the current year, on the basis of an Action Plan approved by the Risk Management Committee

In addition, the scheme is complemented with specific policies and procedures for each of these risks (financial, credit and operating, Counterparty, Country Risk, Designations, Repu- tational, Compliance, Strategic, etc.).

Pursuant to the provisions set forth by the Central Bank of the Republic of Argentina, in the Bank’s web site we disclose information regarding the Bank’s risk management framework and the applicable policies and procedures, as well as the notes to the annual financial statements. Annual Report and Balance Sheet 2013 

Stress Tests We defined and planned the development of the Stress Test Program. The process implies the program’s documentation and formalization, including those in charge of the implementation thereof, the frequency of the tests and the validation thereof. It also contemplates the Contin- gency Plan as from the results of the tests. The Risk Management Committee leads and coordinates the application thereof.

Economic Capital Estimate During the year 2013 we continued with the capital self-assessment process.

The economic capital arises from the sum of estimated unexpected losses identified for each individual risk (Market, Liquidity, Interest Rate, Credit, Counterparty, Operating, Concentra- tion, Designation, Strategic and Reputational), determined for Banco Macro on a consolidated basis with its subsidiaries and with the same scope as the regulation. The methods used for each subsidiary are identical.

Quantification of the economic capital metes the rules of Communication “A” 5394 and “A” 5398 issued by the Central Bank of the Republic of Argentina. As from January 2014, we implemented as a formal procedure the monthly assessment, both present as potential, which constitutes a tool for daily risk management activities and for the preparation of the Business Plan and Stress Tests.

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

Compliance The Bank created the Ethics and Compliance Committee, whose main purpose is to ensure the entity has the adequate means to promote decision making and compliance with the internal and external rules and regulations. The Committee has dealt with aspects such as the application of Corporate Social Responsibility guidelines, the updating of the Code of Conduct, and has taken notice of the evolution of Compliance Program controls.

We believe that the development of compliance-related actions are a part every organization’s culture, not only the responsibility of compliance-specialized personnel.

At Banco Macro, compliance function acts a contact to solve aspects related to the proper implementation of compliance laws, rules and standards through policies and procedures and other documents such as compliance guides, internal codes of conduct and practical guides.  Banco Macro

Macro and its collaborators

The most important contribution to the growth of Grupo Macro is the team of people that form part of it.

So, from Human Resources, we want to ensure that all our employees develop profession- ally in a good working environment, in harmony, and with the tools they need to do their job efficiently.

The Human Resources Department faced the year 2013 with the decision of being “partners” in the strategic goals of the different management departments and teams on the basis of service agreements with each of them, under which we contribute all they need to develop their projects and achieve their goals, related to the strategic guidelines aimed at professionalizing Manage- ment, Culture, Efficiency, Best Practices and Aggressiveness in the Commercial Platform.

From Grupo Macro we always look to the future, with a transforming attitude, and therefore, we understand and meet the commercial needs of our customers. In this sense, we have oriented 59,000 training hours to more than 4,500 employees in exclusively commercial training carried out with 680 face-to-face activities. As to distance courses, we trained 7,500 employees.

Oriented to the development of Management within our own organization, in 2013 we launched the program we named “Lidérate, moviliza tu liderazgo”, aimed at boosting structured actions to develop, increase and mobilize Management and key profiles of Banco Macro.

In line with our philosophy of being closer, we were present with our work teams through the following actions:

••Visits of officers and top authorities of the Bank, who permanently go round the branches with the same spirit as always of being present in all regions and transmit the Bank’s culture and gather first-hand the concerns and proposals of employees. ••263 visits of the Human Resources team members to branches. ••21 integration sessions and 52 regional activities aimed at strengthening and promoting team work. ••20 days of corporate voluntary work organized across the country, where we stimulate social responsibility and social harmony, and in which 1,350 employees participated.

Taking into account Banco Macro’s decentralized model, we were able to standardize communication in all Departments, sharing important matters and aspects of central areas, of the Branch and of the Bank, implementing plans that allow us to be closer and aligned through the following resources:

••13 institutional magazines ••New intranet design which allowed us more accessibility to regulatory information ••ProMacro meetings at branches and the news of launching it to central areas ••Rapid response to our transparency postbox channel for Bank members, as a confidential and well-cared-for communication channel, where employees may submit their concerns. ••Weekly newsletter for all our managers. Annual Report and Balance Sheet 2013 

As to job generation and employment sustainability, we may report the following: At the HH.RR. sector we are convinced that ••We are 8,569 employees ••We generated 430 new jobs every action taken ••We performed 146 internal job searches and 218 promotions, furthering internal growth and aims to provide those being self-sufficient in filling job positions. who belong to Banco

We confirm our commitment to social responsibility, since Banco Macro had 152 people Macro with welfare coming from different social employment programs of several provinces, having their first and satisfaction, and job experience or achieving their reinsertion into the job market. especially to fulfill our

As part of the improvement of our internal administration, we are implementing a completely calling to work for our digitalized pay stub process through our ESS (Employee Self Service) system and also the people. on-line application for vacation leave, achieving as a result more agility and efficiency in the proceedings of our employees.

We continue as well with our program known as “Macro Accompanies You” addressed to employees who are about to begin a new phase in life, in which employment will recede into the background, and will start new projects.

This year we rolled out the “Macroactivities” calendar that allows all who are part of Banco Macro to know the dates and details of all the activities outside the employment environment and integration activities we organized during 2013, among which we may highlight the following: Runners Club (50 participants), Internal Football Cup (200 participants), Women Volleyball Team (20 participants), Walk to Luján (120 participants), Bank Association Football (120 participants) and Banco Macro Employee Club (420 members and their direct family groups).

As every year, we continued to enrich the portfolio of Benefits under agreements with companies, which provide better conditions for the members of Macro and to the family group of our employees, particularly those benefits related to health care and degree courses with universities.

In line with international standards, rules and regulations and our relationship with the environment, during 2013 we launched the program known as “Macro Recycles”, through which we implemented the recycling process in our headquarters building by placing waste accumulation centers for subsequent selection and recycling process. This initiative shall be implemented in the rest of our Central Area buildings, throughout the current year. This activity is certified by Eco Urbano Recycling Center.

Finally, we continued providing the Group’s assistance and support in the event of critical cases, serious problems requiring social work, or prolonged illnesses, which any member of our organization may undergo. This year we stress our presence in aiding our people in the flood of La Plata and with the storms in Santa Fe and Buenos Aires metropolitan areas.

As always, all actions driven by Human Resources are carried out with the conviction that they contribute to the welfare and satisfaction of those belonging to the Bank and in pursuit of working for the people.  Banco Macro

Grupo Macro Results

Economic and Financial Situation The year 2013 developed in a complex local context. In this environment, Banco Macro emphasized its credit and individual banking services and small and medium-sized industry policies, working on an increasing basis of 3.3 million customers, distributed mainly among the provinces. This is the segment in which the entity maintained strong, with a high market share and supporting the local industry.

During this year, the credit to the private sector and the deposits kept their growing trend, reaching a rate of increase of approximately 25% and 20% respectively.

Jujuy Santiago del Estero

Salta

Chaco Catamarca Misiones Tucumán La Rioja Corrientes

San Juan Santa Fe Entre Ríos

Córdoba Mendoza

San Luis Buenos Aires

La Pampa Neuquén

Río Negro

Chubut

Santa Cruz 429 Branches throughout the country 1.133 ATMs 887 SSTs 65 Sub-offices

Provinces with branch offices Tierra Financial Agent del Fuego Annual Report and Balance Sheet 2013 

Funds for the non-financial private sector

25%

28%

$ 39,415 $ 31,532 $ 24,570

12/31/2011 12/31/2012 12/31/2013

Deposits

20% 24%

$ 43,427 $ 36,189 $ 29,167

12/31/2011 12/31/2012 12/31/2013  Banco Macro

In this environment of positive results in the financial intermediation area, the entity’s assets grew 23%, with the emphasis placed on products aimed at families. Through its representation in 22 jurisdictions and reaching a total of 429 branches, the group strengthens its positions as the private entity with more presence in the country. In addition, its representation as financial agent of four provinces adds stability and a potential market to its business structure.

The following table shows the location of the branches by region compared to the total number of branches of the Argentine financial system, evidencing a strong presence in the productive areas of the provinces:

Regions Grupo Macro Financial System Market Share Branches Branches

Argentine Northwest (NOA) 81 275 29% Center 175 990 18% Argentine Northeast (NEA) 46 337 14% Patagonia 20 324 6% Cuyo 16 243 7% Province of Buenos Aires 60 1,327 5% City of Buenos Aires 31 809 4% TOTAL 429 4,305 10%

By the end of 2013 the Bank moved forward in the opening of ATMs and SSTs reaching a total of 1,133 and 887 units, respectively. Annual Report and Balance Sheet 2013 

Pursuant to the plan of increasing the automatic channels, we proceed to train users on these instruments and other ones related to virtual transactions. It is worthwhile to mention that with this initiative customers have turned, both in number of transactions and transaction volume, to the use of virtual banking.

Solvency Banco Macro stands out among its competitors for the strength of its capital. Indictors are conservative and have shown an adequate evolution throughout the year.

Macro operates comfortably on established standards reaching almost two times the minimum capital required (97%).

Minimum capitals Dec-13

Computable capital requirement 4,352,590 Minimum capital requirement 4,212,589 for Credit Risk 3,257,632 for Market Risk 35,542 for Operating Risk 919,415 Regulatory Capital or RPC 8,588,841 Out of which, the subordinated debt 412,668 Margin (Regulatory Capital v. Required Capital) 4,236,251 97%

Annual Report and Balance Sheet 2013 

As from this fiscal year 2013 we started a self-assessment process, where the economic capital Grupo Macro is arises from the sum of estimated unexpected losses identified for each individual risk. among the three

We carried out the quantification on the basis of balances to December 31, 2013, in order to private entities with comply with the provisions set forth in Communications “A” 5394 and “A” 5398. the highest deposit volumes, with a The starting levels ensured Macro the possibility of an efficient use of its resources and a growth of its portfolio. The Group’s leverage level –Liabilities/ Shareholders’ Equity- reached market share of 5.8% 5.9 times, and continues to be below the average value registered in the financial system - 7.5 registered towards times -, and below that of the main competitors. the end of the year,

Macro’s Shareholders Equity, which still is the most important of all Argentine private banks similar to that of the , rose from ARS 6.19 billion to ARS 8.62 billion, according to the profits obtained during the year before. fiscal year.

Deposits In 2013 deposits reported a 20% annual increase, where deposits from the private sector reached a significant increase of 32%, reverting the drop in the public sector.

Particularly, private sector time deposits grew by ARS 4.82 billion, representing a 35% annual increase, while demand deposits, also in the private sector, reported a significant increase as well of 29%, during the same period.

Grupo Macro continues to be one of three leading private banks as to deposit volume with a market share of 5.8% as of the year end, similar to the value registered the previous year.

The following table shows the evolution of its components:

Deposits Figures in Million ARS 12/31/2011 12/31/2012 12/31/2013

Checking Accounts 4,912 6,717 8,603 Savings Accounts 6,175 6,467 8,441 Time Deposits 11,433 13,596 18,417 Other 793 1,066 1,360 Total Non-Financial Priv. Sector Deposits 23,313 27,846 36,820 Total Public Sector Deposits 5,836 8,318 6,580 Total Financial System Deposits 18 24 27 Total Deposits 29,167 36,189 43,427  Banco Macro

Financial incomes Loans totalled $ 9.754 billion, Loans to the private sector continued the trend of the previous years. In the current fiscal year, growth reached 25%, driven again by those products regarded as target by the up 41% on the $6.904 institution. billion registered in 2012. The 84% of such Macro maintained its leading position in personal loans and exceeded one million loans for more than ARS 13,874 million, and delays in payment of 2.1% of the portfolio. The figure was the result market share of this product reaches 14%, two percentage points above the closest com- of interests generated petitor. On the other hand, the Credit Card product again reported an extraordinary on loans, which 45% increase compared to the balances reported last year, reaching a total of 1.4 million rose by 40% during card holders. the year, meaning a The following table shows the composition of the segment and its evolution during the growth of about 41% last three years: in the financial margin. Loans Figures in Million ARS 12/31/2011 12/31/2012 12/31/2013

Advances 2,713 4,281 4,450 Documents 3,178 3,651 4,321 Mortgages 1,143 1,508 2,309 Pledges 667 929 1,429 Personal Loans 9,023 10,827 13,874 Credit Cards 3,069 4,725 6,841 Other 4,445 5,283 5,800 Total Loans 24,238 31,204 39,024 Leasing 332 328 391 Total Financing 24,570 31,532 39,415

During the current fiscal year we continued with the Group’s policy aimed at creating provisions in addition to those required by the BCRA in order to maintain the Entity’s high level irregular portfolio coverage policies. The coverage indicator –Provisions on irregular portfolio- remained around 152%, several percentage points above the financial system average.

Delinquent levels remained at historically low values, reaching a bad debt ratio of 1.7%, slightly below the value reported last year.

Liquidity The Group’s liquidity reached ARS 12,861 million as of the end of the fiscal year, showing a 26% increase as compared to the previous year. In terms relative to deposits, this indicator is positioned at 33.3%, slightly above that of 2012. Again a decrease in the government bonds LEBAC / NOBAC was observed in this period, which was offset by the increase in cash and cash equivalents and active swaps. Annual Report and Balance Sheet 2013 

The following table shows the consolidated balances as of the end of each Fiscal Year:

Liquidity Figures in Million ARS 12/31/2011 12/31/2012 12/31/2013

Cash & Cash Equivalents 6,172 10,047 12,861 LEBAC / NOBAC 1,304 613 173 Active Swaps of Government Bonds 2,131 146 554 Other 525 684 890 Total Liquid Assets 10,132 11,490 14,478 Coverage on Deposits 34.7% 31.7% 33.3%

Results The evolution of Grupo Macro’s results continued to demonstrate its financial and solvency potential, which is reflected in the net income of ARS 2,444 million registered in the fiscal year 2013, up 64% from the ARS 1,494 million of the previous year.

Financial income totaled ARS 9,754 million, which represents a 41% increase compared to the ARS 6,904 million in 2012. Eighty four per cent of that amount derived from the interest generated by loans, which grew by 40% in the fiscal year, and resulted in an improved financial margin of around 41%.

Less in amount but still relevant was income from exchange rate and gold price differences, as well as reduced bad debt charge-off generated in the present year that represented 0.9% on Net Assets.  Banco Macro

Administrative expenses grew at a similar rate compared to net services, maintaining adequate efficiency indicators, even above system average.

Said profitability represented a ROE –average return on equity- of 33.3% and a ROA –average return on assets- of 4.6%, positioning Macro above the average in the Argentine financial system. These results evidence stability and continuity in the generation of income, productivity and efficiency in the use of resources over the years.

Income Figures in Million ARS 12/31/2012 12/31/2013 Variation

Financial Income 6,904 9,754 41% Interest from loans 5,863 8,214 40% Income from Government/Corporate Securities 362 409 13% Adjustments for CER* and CVS** + Others 679 1,131 66% Financial Expenses 2,828 4,022 42% Gross Intermediation Spread 4,077 5,732 41% Bad Debt Charge-Off 600 540 -10% Net Income from Services 1,959 2,509 28% Administrative Expenses 3,115 4,015 29% Net Income from Financial Intermediation 2,320 3,685 59% Various Profits & Losses and Third Parties’ Part. 27 91 241% Net Income before Income Tax 2,347 3,776 61% Income Tax 853 1,333 56% Income for the Fiscal Year 1,494 2,444 64%

*Spanish acronym for “Coeficiente de Estabilización de Referencia” (Reference Stabilization Coefficient).

** Spanish acronym for “Coeficiente de Variación de Salarios” (Salary Variation Coefficient

Grupo Macro Main Indicators The following table shows the evolution of some selected main indicators of Grupo Macro.

Unit 2011 2012 2013

Assets million ARS 41,442 48,379 59,295 Loans to Private Sector million ARS 24,570 31,532 39,415 Liabilities million ARS 36,723 42,180 50,668 Deposits million ARS 29,167 36,189 43,427 Shareholders’ Equity million ARS 4,720 6,199 8,627 Profitability million ARS 1,176 1,494 2,444 ROA % 3.4% 3.3% 4.60% ROE % 26.7% 27.1% 33.3% Coverage – % 159% 155% 152% Provisions/ Irregular Portfolio -

Irregularity - % 1.5% 1.8% 1.7% Irregular Portfolio / Portfolio-

Minimum Capital Surplus % 72% 49% 97% Leverage–Liabilities/ Times 7.8 6.8 5.9 Shareholders’ Equity- Annual Report and Balance Sheet 2013 

Salient Events

New Capital Markets Act The Capital Market Act was passed and enacted on November 29th and December 27th 2012, respectively. This act contemplates the integral amendment of the public offering regime established by Act 17811.

The Bank already made the initial filings with the CNV aimed at re-registering under the following agent categories: Negotiation Agent and Integral Offsetting and Liquidation Agent, Financial Trustee, Non-Financial Trustee, Collective Investment Fund Custody Agent and Investment Fund Placement and Distribution Agent.

Merger with Banco Privado de Inversiones Through Resolution No. 303/12 dated 23 December 2013, the Board of the Central Bank of the Republic of Argentina authorized the merger of Banco Privado de Inversiones S.A. into Banco Macro S.A., which finally occurred on 27 December 2013.

Production Investment Credit Facility (Central Bank of the Republic of Argentina) During 2013 the Central Bank of the Republic of Argentina extended its Production Invest- ment Credit Facility Program, through which the financial entities offer their customers a special credit facility to be applied to the financing of production activities. The amount to be placed, represented in the first section of 2013, 5% of the deposits as of November 2012 and subsequently, in the second section of 2013, 5% of the deposits as of May 2013.

In addition, the BCRA established that at least 50% of such amount shall be devoted to the financing of production investment activities in Small and Medium-sized Companies.

As of 12/31/2013 Banco Macro has disbursed ARS 2.48 billion in these credit facilities, exceeding the minimum placement amount of ARS 2.4 billion established under the applicable rules and regulations.

It is worthwhile to mention also that Banco Macro has complied in excess with the minimum percentage determined for the financing of Small and Medium-sized Companies, reaching 71% of financing to this segment.

These actions strengthen the commitment and purpose of Banco Macro of being close to the communities in which the bank is present and of financing production activities of these regions, ensuring the growth thereof.  Banco Macro

Post Closing Events

In its Communication “A” 5536 dated 2 February 2014, the Central Bank of the Republic of Argentina re-established the effectiveness of the general limit of 30% of the regulatory minimum capital or RPC (for its Spanish initials) for foreign exchange positive net global position. In addition, it fixed an additional 10% limit of RPC for forward transactions.

The BCRA also fixed terms within which all entities exceeding the above mentioned limits must regularize their compliance with the above, stating that they must comply with such limits by April 2014 (i.e., in May 2014 all entities must have complied with the above described modification).

The Bank’s position is within these limits and does not need to use the extensions provided for in the above mentioned communication.

Distribution of Dividends

The rules and regulations issued by the Central Bank of the Republic of Argentina provide that the financial entities may distribute dividends with prior authorization from the Superintendencia de Entidades Financieras y Cambiarias (Superintendency of Financial and Exchange Entities). Such rules and regulations are provided for in Communication “A” 5072 and supplementary provisions of the BCRA (Revised Text CONAU – Item 9 Income Distribution).

Among the aspects assessed by the Central Bank of the Republic of Argentina is compliance with the minimum capital requirement, even after the distribution of dividends, for which purpose it establishes an additional 75% margin.

The Board shall submit to the Shareholders’ Meeting the motion to distribute as cash dividends the amount of ARS 1.02 per share, which shall represent a total distribution amount of ARS 596,254,288.56 (100.28% of the Bank’s corporate capital of ARS 594,563,028, after the capital increase approved by the special shareholders’ meeting held on 10 June 2013). The outstanding shares total 584,485,168, which shall be added 77,860 shares as a result of the capital increase approved by the above mentioned special shareholders’ meeting, reporting a total of 584,563,028 shares.

Since the distribution is subject to prior approval by the Central Bank of the Republic of Argentina, we shall request such approval from the above mentioned authority. Annual Report and Balance Sheet 2013 

Directors and Top Management Remuneration

The Bank has not changed its policy regarding the Directors’ remuneration. All the members of the Board of Directors perform technical-administrative tasks in the company.

Their remuneration is determined by the Shareholders’ Meeting that evaluates, on an annual basis, the administration and acts of the Board.

The remuneration of Top Management officers is composed of a fixed component (salary) and a variable element consistent with the mission and values of the organization.

Acknowledgements

The Board of Directors thanks our customers, correspondents, providers and colleagues, the shareholders and the authorities and officers of the Banco Central de la República Argentina (Central Bank of the Republic of Argentina), the Comisión Nacional de Valores (Argentine Securities Commission) and of Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Ex- change) for the support we received.

We very specially thank the staff of the Bank for the high degree of loyalty, cooperation and professionalism with which they performed their duties.

Buenos Aires, this 10TH day of March 2014.

The Board of Directors  Banco Macro

Exhibit

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

Principle i. Transparent the relationship between issuer, the economic gruop issuer leads and/or integrates and its related parties

Recommendation I.1: Ensure the disclosure by the Management of policies applicable to the relationship of Issuer with the economic group Issuer leads and/or integrates and with its related parties.

Answer if:

Issuer has an internal rule or policy of authorization x The Bank has adopted a procedure to comply with the pro- of transactions between related parties in compliance visions of the Capital Markets Act and the rules and regula- with section 73 of Law 17811, transactions performed tions thereof (General Resolution 622/13) as issued by the with shareholders and members of the Management Comisión Nacional de Valores or CNV, as to treatment by Body, top managers and auditors and/or members the Audit Committee of the transactions with related par- of the supervisory committee, within the scope ties involving a significant amount. of the economic group Issuer leads and/or integrates. This procedure includes requesting the Audit Committee Explain the main guidelines of the internal its opinion with respect to the transactions meeting the rule or policy conditions set forth in the above mentioned law for acts and contracts involving a significant amount.

On the other hand, note that the Bank carries out its transactions with related parties under the same conditions as with the rest of its customers, complying with the applicable Credit Policies and the exposure limits regulated by the BCRA.

Additionally, the Bank, in its capacity as authorized financial entity, complies with the information provisions and obligations set forth by the Financial and Exchange Entities Act No. 21526 and the regulations issued by the Controlling Entity (Central Bank of the Republic of Argentina).

Pursuant to the laws (Business Company Act 19550), the specific applicable rules and regulations issued by the CNV, the professional accounting principles (Technical Resolu- tion No. 21) and the best practices, the Bank informs about the transactions with affiliated and related companies (subsidiaries), in notes to the financial statements.

The information provided includes the relevant transactions carried out with shareholders and managers, in habitual market conditions.

Recommendation I.2: Ensure the existence of mechanisms to prevent conflict of interests.

Answer if:

Issuer has, notwithstanding the laws and rules in x The Code of Ethics for Directors and Top Management force, clear policies and specific procedures to Officers sets forth the procedure to be followed in case of identify, handle and resolve any conflict of interest interest overlapping or conflict of interest. that may arise between the members of the Management Body, top management officers and The Code provides that the Directors and Officers shall: auditors and/or members of the supervisory committee in their relationship with Issuer or with • Act honestly and in an ethical manner, including the persons related to Issuer. ethical handling of any conflicts of interest, be they apparent or real, between their personal and professional relationships, promoting also an ethical behavior among colleagues and subordinates;

• Avoid any kind of conflict of interest known by them or which might be reasonably deemed known thereby, reporting the Audit Committee of the Bank’s Board of Directors (the “Audit Committee”) any significant transaction or personal relationship which might reasonably originate such conflict of interest;

Annual Report and Balance Sheet 2013 

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

Recommendation I.3: Prevent the abuse of privileged information.

Answer if:

Issuer features, notwithstanding the laws and rules x Banco Macro S.A. (“Banco Macro”) features a policy ap- in force, achievable policies and mechanisms to plicable to it and to its subsidiaries (collectively referred to prevent the abuse of privileged information by as the “Bank”) in connection with the handling of the confi- the members of the Management Body, top dential information obtained by directors, executive officers management officers, auditors and/or members and employees of the Bank and the trading of Securities of the supervisory committee, controlling (as defined below) issued by the Bank on the basis of such shareholders or shareholders exercising significant confidential information (hereinafter the “Policy”). influence, acting professionals and the rest of the persons listed in sections 7 and 33 of the This Policy determines the guidelines allowing the directors, Decree No. 677/01. executive officers and employees of the Bank to comply with the obligations set forth by the laws in force and applicable to securities in the jurisdictions in which securities of the Bank are traded.

This Policy does not limit in any manner the restrictions and obligations set forth by the rules and regulations applicable to the trading of Securities. The directors, executive officers and employees of the Bank must be aware or informed about the obligations imposed by the different local and national rules and regulations in connection with the trading of Secu- rities, before participating in that kind of transactions.

Principle ii. Set the basis for a solid management and supervision of issuer

Recommendation II. 1: Ensure the Management Body assumes the management and supervision of Issuer and the strategic orientation thereof.

Answer if:

II.1.1.1 the strategic o business plan, as well x The Board of Directors approves each year the Business as the management goals and annual budgets, Plan describing the management goals and also, the Annual Expenditure and Investment Budget.

The Board trusts the Asset & Liability Committee (ALC) with the preparation of the Business Plan based on the goals established by the management. Within this framework, the top management executive officers and the ALC revise the compliance with the Plan.

Additionally, the Management Control Department is in charge of following up the budgeting procedure. The Man- agement Control Department informs the Asset & Liability Committee about the revisions made and the justification of any deviations from the budget.

The ALC informs the Board about the follow-up of these plans and budgets.

II.1.1.2 the investment policy x The Board trusts the Asset & Liability Committee (ALC) (investment in financial and capital assets) with the implementation, follow-up and adjustment of and the financing policy, the Investment and Financing Policy. The Investment and Financing Policy is reflected in the Business Plan and the Expenditure and Investment Budget.

The Board evaluates and approves both and also becomes takes notice of the analyses performed by the ALC with respect to any deviations.

 Banco Macro

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

Principle ii. Set the basis for a solid management and supervision of issuer

Recommendation II. 1: Ensure the Management Body assumes the management and supervision of Issuer and the strategic orientation thereof.

Answer if:

II.1.1.3 the corporate governance policy x The Board of Directors has approved the Corporate (Code of Corporate Governance compliance) Governance Policy applicable to the Bank and its subsidiaries. In addition, the Board has decided the creation of the Corporate Governance & Designations Committee. This Committee is in charge of Supervising the implementation and compliance with the good practices contemplated in the Code of Corporate Governance in the Bank and the subsidiary companies, all of which shall be informed to the Board.

II.1.1.4 the policy of selection, evaluation x With respect to the evaluation and remuneration of First- and remuneration of first-line managers, Line Managers, the Bank features a Compensation Policy that contemplates both the fixed remuneration as the variable one; the latter subject to the process of evaluation of goals and responsibilities.

The Incentive Committee is in charge of controlling whether the staff economic incentive system is consistent with the entity’s culture, goals, long-term business, strategy and control environment and the prudent assumption of risks.

The goals that Banco Macro pursues are to compensate its personnel ensuring recognition of their work and acts, internal equity, competitiveness, productivity, efficiency and added value.

As to the selection of personnel, Banco Macro’s policy is to ensure all vacancies are covered with the most appropriate person for each position, prioritizing internal candidates.

The Bank features a selection process that includes defining position requirements and search strategy, competence selection interviews, level of adjustment to the Bank’s culture and technical knowledge with Human Resources and the line, and also complementary pre-employment tests, aimed at gathering as much information as possible to choose the best candidate to fill the position.

II.1.1.5 the policy of allocation of responsibilities x The Organization Guide includes a summary of the respon- to first-line managers, sibilities and duties of first-line officers and higher positions (Assistant Directors/Managers) and lower positions. The Bank’s Organization Guide and Organization Chart are approved by the Board of Directors.

II.1.1.6 the supervision of first-line x Through the delegation to the Corporate Governance & managers succession plans Designations Committee. Such Committee is in charge of the process to replace or substitute top management officers, and of approving the designation thereof, following the guidelines of the executive officers succession plan. The Bank features guidelines for the succession of key positions.

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II.1.1.7 the corporate social responsibility policy, x The Bank features a Corporate Social Responsibility Policy. The Board has decided that the Ethics & Compliance Com- mittee shall be in charge of supervising the application of these guidelines. Besides, the Bank has a specific department that develops actions related to such policy.

II.1.1.8 integral risk management and internal x Risk Management: The Board has decided the creation of control policies, and fraud prevention policies, a Risk Management Committee that shall be in charge of following up top management activities as to credit, market, liquidity, operational and compliance risk management issues, among others. The Risk Management Committee also advises the Board on the risks to which the entity is exposed.

Internal Control: The Board defines clear guidelines with respect to the responsibility of each of the members of the organization. It is the responsibility of Top Management to implement appropriate internal control systems and to monitor the effectiveness thereof, periodically reporting to the Board about compliance with goals.

In addition, pursuant to the provisions set forth in the Capital Markets Act and the rules and regulations thereof (General Resolution 622/13) as issued by the CNV, it is the responsibility and duty of the Audit Committee to supervise the operation of the internal control systems and of the administrative and accounting system, as well as the reliability of the latter and of all the financial information or of other significant events submitted to the CNV (Argentine Securi- ties Exchange Commission) and the self-regulated entities in compliance with the applicable information requirements.

Furthermore, the Bank has an Internal Audit Committee –as required by the rules of the Central Bank of the Republic of Argentina- in charge of supervising the appropriate operation of the internal control systems defined in the entity by means of periodic evaluations.

Finally, the Bank complies with the SOX Certification, which is part of the regulatory requirements of the New York Stock Exchange (NYSE) for companies listing its shares in the United States of America, and which requires the assertion that the Entity had, at the end of each fiscal year, an effective internal control over the financial reporting based on a set of control criteria defined in order to meet the requirements under the Auditing Standard No. 5 “An Audit of Internal Control Over Financial Reporting That is Integrated with An Audit of Financial Statements” (AS N. 5) issued by the PCAOB (Public Company Accounting Oversight Board).

This certification is reviewed by our Independent Auditors.

Prevention of Fraud: The Bank features a department with specific functions as to the prevention and investigation of frauds. The procedures in this regard are aimed at detecting behaviors and investigating fraudulent events and practices in order to protect customers’ rights and the Bank’s institutional image, preserving the transparency and safety of its transactions.

 Banco Macro

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Principle ii. Set the basis for a solid management and supervision of issuer

Recommendation II. 1: Ensure the Management Body assumes the management and supervision of Issuer and the strategic orientation thereof.

Answer if:

II.1.1.9 the policy of continuous training x The Bank has a continuous training and formation program for and formation for the members of the the members of the Board of Directors and Top Management Management Body and of first-line managers. Executives. In addition, these officers, within the scope of their responsibilities, have the possibility of arranging their training In case this policy is in place, please describe in different subjects or topics related to the business, facilitating the main aspects thereof. the Bank the necessary resources for such training.

During the last fiscal year, the Directors have been able to attend presentations related to Corporate Governance, Corporate Social Responsibility, Anti-Money Laundering issues, given by independent and internal advisors and which have had adequate compliance.

Besides they also attend regular information sessions about regulatory issues, of banking matters and also about micro and macro-economic aspects, in connection with the context.

Furthermore, Board members and top management officers frequently participate in courses, seminars or similar events that deal with banking, anti-money laundering issues, etc.

As to management executives, the Human Resources Head Department designs and implements, on an annual basis, the training and formation program which is approved by the Board.

II.1.2 If applicable, add other policies applied x • Code of Banking Practices by the Management Body and not mentioned • Code of Investor Protection herein, and describe the significant aspects thereof. • Corporate Social Responsibility Policy • Protection of Personally Identifiable Information • Policy of Non-Discrimination in the Composition of the Board of Directors • Know Your Organization Structure Policy • Anticorruption Policy • Information Transparency Policy

II.1.3 Issuer features a policy aimed at ensuring x The Bank complies with the provisions set forth in the the availability of relevant information for decision Business Company Act as to the operation of the Board of making by its Management Body and a direct enquiry Directors as corporate management body. line for management level members, in order to ensure a symmetric information resource for all its members As to the meetings of the Board, before each one of them, (executive officers, independent and external) in equal the members of the Board are given the list of matters conditions and with reasonable advance in order to be discussed and all relevant supporting information/ to allow the adequate analysis of the its content. documentation allowing a correct analysis. Additionally, the Please specify. members of the Board have the Secretary of the Board to answer any inquiries or questions that may arise.

On the other hand, the Bank’s committees operate subject to a set of rules and regulations and under the coordination of an officer, who shall be responsible for the distribution and access to the information material to be discussed in each meeting, before such meetings are held. Annual Report and Balance Sheet 2013 

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II.1.4 All matters submitted to the Management The Bank features Risk Management Policies and Proce- x Body are accompanied by an analysis of the risks dures and a Risk Management Committee responsible of related to the decisions that such body may make, seeing to the application thereof. Within the scope of such considering the corporate risk level defined Committee, the Entity has defined, with the Board’s approv- as acceptable by Issuer. Please explain. al, thresholds and limits for each exposure to significant risks, and an authorization scheme for the authorization of these exposures. Besides, Banco Macro features rules for the analysis and approval of new products and procedures, which include the analysis of any related risks.

Recommendation II.2: Ensure an effective control of corporate Management.

Answer whether the Management Body verifies:

II.2.1 compliance with the annual budget x The Assets & Liabilities Committee is in charge of following up and the business plan, the compliance with the Business Plan and the Budget. Such Committee shall inform the Board of Directors about any significant deviation it may detect.

II.2.2 the acts and actions of first-line managers x The acts and actions of first-line managers and the fulfillment and compliance of the goals defined for them of their goals are evaluated on a permanent basis. (the level of expected profits versus the level of profits actually obtained, financial rating, The Board as a whole and the Directors individually, through accounting report quality, market share, etc.) their participation in the different committees of the Bank, continuously evaluate the acts and actions of top management Include a description of the relevant aspects officers, in addition to the annual planning and evaluation of Issuer’s Management Control policy providing contemplated in the Incentive Policy. details of the techniques employed and the frequency of the monitoring actions carried out by the Furthermore, this review is carried out through the follow-up Management Body. of the Business Plan and the Budget, which are responsibilities allocated by the Function Manual.

Recommendation II.3: Disclose the evaluation process of Management’s performance and the impact thereof.

Answer whether:

II.3.1 Each member of the Management Body The Board of Directors has no operating rules and regulations. x complies with the Bylaws of the company and, Each of its members fully complies with the provisions of the if applicable, with the Operating rules and regulations corporate bylaws. Section 10 of the Financial Entities Act con- of the Management Body. Provide details of the templates certain conditions the Directors must comply with. main provisions of such Operating rules and regulations. Indicate the degree of compliance with the company’s Bylaws and the Operating Rules and Regulations.

II.3.2 The Management Body reports the results x The Board of Directors discloses the results of its adminis- of its administration taking into account the goals set tration through the Annual Report and the Balance Sheet, at the beginning of the year, so that the shareholders pursuant to section 66 and 63 of the Business Company are able to evaluate the compliance degree of such goals, Act, respectively. which include both financial and non-financial aspects. Additionally, the Management Body submits a diagnosis The Explanatory Report on the Code of Corporate Governance on the compliance degree of the policies described in and the Corporate Governance Policy supplement the disclosu- Recommendation II, items II.1.1. and II.1.2 re regarding the management scope.

Describe the main aspects of the evaluation made Finally, it is worthwhile mentioning that the Directors’ adminis- by the Shareholders’ Meeting regarding the degree tration has never been questioned by the shareholders. of compliance on the part of the Management Body of the goals set at the beginning of the year and of the policies described in Recommendation II, items II.1.1 and II.1.2, specifying the date of the Shareholders’ Meeting during which such evaluation was submitted.

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Principle ii. Set the basis for a solid management and supervision of issuer

Recommendation II.4: That the number of external and independent members be a significant proportion in the Management Body.

Answer whether:

II.4.1 The proportion of executive external and x The Bank has the number of independent directors that is independent officers (the latter as defined in the necessary to meet the requirements of the rules of the Cen- rules of this Commission) of the Management tral Bank of the Republic of Argentina, the Argentine Securi- Body relates to Issuer’s capital structure. ties Exchange Commission and the Securities and Exchange Commission (“SEC”) and relates to Issuer’s capital structure.

II.4.2 During the present year, the shareholders x There is no need of a shareholders’ agreement to keep a agreed at a Shareholders’ Meeting upon a policy proportion of at least 20% of independent members, pursu- aimed at keeping a proportion of at least 20% ant to the laws mentioned in the preceding item. of independent members over the total number of members of the Management Body. The Bank complies with the indicated proportion since five out of the 12 members elected by the Shareholders’ Meeting Describe the relevant aspects of such policy to compose the Board of Directors have declared their in- and any other shareholders agreement that may dependent capacity, and therefore, the proportion achieves help to understand the way in which the members 41% of the members. of the Management Body are designated and for how long. Specify whether the independent capacity The independent capacity of the members of the Board has of the members of the Management Body was not been questioned. questioned during the course of the present year and whether there has been any abstention due to conflict of interests.

Recommendation II.5: Commit to the existence of rules and proceedings inherent to the selection and proposal of the members of the Management Body first- line managers.

Answer whether:

II.5.1 Issuer has a Designations Committee x The Bank has a Designations Committee (known as Corporate Governance and Designations Committee)

II.5.1.1 composed by at least three members x The Corporate Governance and Designations Committee of the Management Body, a majority of which is composed of three members of the Board and only one acts as independent member, of them acts as independent director.

II.5.1.2 chaired by an independent member x The Bank determined this Committee shall be chaired of the Management Body, by an independent director.

II.5.1.3 whose members prove to have enough x The members of the Committee have long and proved expe- knowledge and experience in human capital rience in terms of Human Resources and solid knowledge of policy matters the banking business.

II.5.1.4 that meets at least twice a year. x The Committee meets at least semi-annually.

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II.5.1.5 whose decisions are not binding for the x For the Argentine Law, the shareholders are the only ones General Shareholders’ Meeting but rather of an authorized to propose the members who shall compose the advisory nature as to the selection of the members Board. of the Management Body. According to the Board of Directors definition, under the Corporate Governance Policy, the directors must be morally suitable and have experience in and knowledge of the banking business. There are no formal requirements to participate in the board apart from those set forth by the applicable laws.

On the other hand, the Central Bank of the Republic of Argentina (BCRA), through its CREFI circulars (communications regarding the Creation and Operation of Financial Entities), sets forth evaluation criteria followed in order to grant the authorization to the directors designated by the shareholders’ meeting.

Pursuant to the rules of the BCRA, the boards of financial entities shall be composed of at least an 80% of persons with knowledge and previous experience related with financial activities.

Therefore, the background of the directors appointed by the shareholders’ meeting are evaluated by the Central Bank and such directors may not hold such positions without being previously authorized by the Board of such Institution.

II.5.2 In case the entity has a Designations Committee, answer whether such Committee:

II.5.2.1. verifies the annual review and evaluation x The Committee revises on an annual basis its rules and of its rules and regulations and suggests the regulations and suggests to the Board any possible amend- Management Body the amendments for the ments or changes to be done. approval thereof,

II.5.2.2 proposes the development of criteria x The Board of Directors has defined the criteria for the selec- (qualification, experience, professional reputation, tion of new members of the Board and included them in ethics and other) for the selection of new members the Corporate Governance Policy (see II.5.1.5). of the Management and first-line managers, The Bank’s directors must be morally suitable and have experience in and knowledge of the banking business. There are no formal requirements to participate in the board apart from those set forth by the applicable laws.

Fulfillment with such requirements is evaluated at the time of the proposal for the designation of the directors made by the shareholders’ meeting as well as on a periodic basis during the time the director holds office as such.

As to First-line Managers, the Bank features a selection process that includes defining position requirements and search strategy, competence selection interviews, level of adjustment to the Bank’s culture and technical knowledge with Human Resources and the line, and also complementary pre-employment tests, aimed at gathering as much information as possible to choose the best candidate to fill the position.

II.5.2.3 identifies candidates to hold office as members We consider this item does not apply since the Argentine of the Management Body to be proposed by the laws establish that the proposal for the designation of new Committee to the General Shareholders’ Meeting, Directors must be submitted by the shareholders, who have not delegated such functions.  Banco Macro

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Principle ii. Set the basis for a solid management and supervision of issuer

II.5.2 In case the entity has a Designations Committee, answer whether such Committee:

II.5.2.4 suggests members of the Management We consider this item does not apply since the Board of Di- Body who shall act as members of the different rectors is the body deciding the composition of the Bank’s Committees within the Management Body Committees. in accordance with their background

II.5.2.5 recommends that the Chairman of the x The Bank complies with this recommendation since the Board shall not simultaneously act as General President of the Bank does not act as general manager. The Manager of Issuer Board has delegated certain functions and responsibilities to an Executive Committee (the creation of which is provided for in the bylaws). Two assistant managers, one of them with commercial functions and the other one with operating functions, report to such Executive Committee. Staff departments of the Board also depend of the Executive Committee.

II.5.2.6 ensures the availability of the resumes x Pursuant to the provisions of the Board contemplated in the of the members of the Management Body and Transparency Policy, the Bank’s web site shows the informa- first-line managers in Issuer’s web site, where tion regarding the composition and a brief description of there is express indication of the term of their the resumes of the directors, the members of the supervi- mandates in the first case, sory committee and first-line managers.

II.5.2.7 confirms the existence of a succession x The Argentine laws grant the shareholders’ meeting the plan applicable to the Management Body and power to appoint the members of the board of directors of first-line managers a company.

First-line Managers. When companies need to develop a Business Strategy, they require physical and financial assets, and inevitably people to provide them with the knowledge and management capacity.

For this reason, the Bank decided that Human Capital must also be planned, in order to efficiently meet present and future requirements of the business.

This planning implies: identifying business needs and what competences and capabilities we will need; when should they be available and implementing actions to have the necessary professional resources for each moment.

It’s Banco Macro’s policy to have a qualified professional team to hold Management positions and to allow the Bank’s short, medium and long-term growth and development.

II.5.3 If applicable, please add any implemented Not Applicable. policies designed by the Designations Committee of Issuer not mentioned in the preceding item.

Recommendation II.6: Evaluate whether it is convenient to have the members of the Management Committee and/or auditors and/or members of the supervisory committee rendering services for several Issuers.

Answer whether: The board considers appropriate not to limit the number Issuer establishes a limit to the members of the x of companies in which the directors and/or auditors of Management Body and/or auditors and/or members the Bank may hold office as such. The board bases its of the supervisory committee to render services for decision in this respect on the diversity of knowledge and or hold offices in other entities that are not part of experience that such other offices may contribute to the the economic group, controlled by Issuer and/or directors and/or auditors. of which Issuer is a member. Specify such limit and indicate whether during the year Issuer detected This decision is contemplated in the Corporate Gover- and verified any violation of such limit. nance Policy as approved by the Board of Directors.

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Recommendation II.7: Ensure the training and development of the members of the Management Body and first-line managers of Issuer x

Answer whether:

II.7.1 Issuer has continuing Training Programs related x The Bank features a continuing formation and training pro- to Issuer’s needs for the members of the Management gram for the members of the Board and Top Management Body and first-line managers, which include matters officers. In addition, these officers, within the scope of their regarding their role and responsibilities, the integral responsibilities, have the possibility of arrange their training management of business risks, specific aspects of the in different subjects related to the business, and the bank business and the rules and regulations applicable facilitates the necessary resources to allow such training. thereto, corporate governance dynamics and matters regarding corporate social responsibility. In the case During the last fiscal year, the Directors have attended train- of the members of the Supervisory Committee, ing courses on Corporate Governance, Corporate Social international accounting standards, audit and internal Responsibility, Anti-Money Laundering, which have been control principles and rules and specific capital given by independent and internal advisors and have had market rules and regulations. adequate compliance.

Besides, they are given information sessions related to regulatory matters of banking nature and also on micro and macroeconomic aspects.

They frequently participate in courses, seminars or similar events on banking, anti-money laundering matters, among other subjects.

As to management executive officers, each year the Human Resources Department designs and implements the formation and training program.

II.7.2 Issuer encourages, by other means not x The formation and training program is aimed at fostering described in II.7.1 above, the members of the the compromise of those who direct the company so that Management Body and first-line managers to keep they are the main transmission sources both of knowledge a constant training to complement is formation and the Bank’s culture. level in order to add value to Issuer. Indicate how Issuer accomplishes this. Therefore, our policy includes both internal and external training activities in order to allow the officers to propose the formation alternatives that best suit or meet their needs and the needs of the person to carry out his/her work at the Bank.

Principle iii. Guarantee an effective policy of identification, measurement, management and disclosure of business risk

Recommendation III: The Management Body must have an integral business risk management policy and monitor the appropriate implementation thereof.

Answer whether:

III.1 Issuer features integral business risk x Macro Risk Management Policy defines the environment management policies (compliance with strategic, for the risk management process, under the notions of risk operating, financial goals, with account reporting identification, measurement and monitoring. It also estab- requirements, laws and rules and regulations, lishes the responsibilities of each level within the Organiza- among other). Please describe the most relevant tion in this process. aspects of such policies. The risk management process includes the Board defining exposure limits for each of the risks, following up the exposure of each of such limits by the persons in charge, preparing periodic reports for the Risk Management Com- mittee, following up the alerts and applying the relevant action plans to such alerts.  Banco Macro

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Principle iii. Guarantee an effective policy of identification, measurement, management and disclosure of business risk

Recommendation III: The Management Body must have an integral business risk management policy and monitor the appropriate implementation thereof.

Answer whether:

III.2 There is a Risk Management Committee x The Board of Banco Macro approved the creation of a Risk within the Management Body or the General Management Committee. One of its responsibilities is to Management. Please inform about the existence ensure the definition of an independent risk management, of procedural guidelines and provide details of coordinating the administration of the different kinds of the principal risk factors that are specific for Issuer risks and the corresponding persons in charge thereof. or its activity and the implemented mitigation actions. In the absence of such Committee, please In this sense, the Committees coordination includes the describe the supervisory function performed by persons in charge of Financial Risk, Credit Risk, Operation- the Supervisory Committee as the risk management. al Risk and Compliance Risk; being as well responsible for the application of the guidelines contemplated in the macro Additionally, specify the interaction level between Risk Management policy. Both assistant general managers the Management Body or its committees and Issuer’s participate in the Committee as well. General Management regarding the integral business risk management actions and proceedings. Within the scope of risk management, each person in charge of risk management issues designs and implements the specific policies and proceedings applicable to each of the risks (credit, market, operational), follows up risk exposure based on the limits and/or thresholds defined for each risk in agreement with the Board. Additionally, the person in charge informs about any alerts that may arise and coordinates the implementation of the applicable action plans to regularize the situation. The description of the risk management framework is included in the Annual Report prepared for the present fiscal year, in the notes to the Financial Statements and in our Web site.

The Committee keeps the Board updated and informed about the risk management framework. The Board is aware of all the minutes of the meetings held by the Committee.

III.3 There is an independent function within x Risk management responsibility falls on the Risk Committee. Issuer’s General Management that implements the integral risk management policies (function of The Risk Management Committee is in charge of following the Risk Management Officer or equivalent). Specify. up Top Management’s activities as to credit, market, liquidity, operational, compliance and reputation risk management matters, among other things.

Is the responsibility of the Committee to establish an independent risk management, coordinating the administration of the different kind of risks and the corresponding persons in charge. It also advises and keeps the Board informed about the entity’s risks.

III.4 Integral risk management policies are x Risk Management Policies are continuously updated, constantly updated in accordance with the adjusting the bank’s practices to the best market practices, recommendations and methods recognized and based on the model’s maturity. accepted in this field. Specify which ones (Enterprise Risk Management, under the scope of COSO Those officers in charge of Credit Risk, Market Risk, – Committee of Sponsoring Organizations of the Operational Risk and Compliance Risk issues keep their Treadway Commission-, ISO 31000, IRAM 17551, policies and specific procedures updated and submit to the section 404 of Sarbanes-Oxley Act, others) consideration of the Risk Committee any amendments or changes that must be introduced and, also, recommend the Committee the incorporation of improved aspects into the Macro Risk Management Policy.

Risk management policies are in line with the recommendations issued by the Basle Committee and the rules of the BCRA and complies with section 404 of Sarbanes-Oxley Act.

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III.5 The Management Body communicates the x The risk management framework is shown through the Notes results of supervision of risk management actions to the Financial statements, the Annual Report for the relevant performed on a joint basis with the General fiscal year, and in our Web site section called Investors Relations. Management in the financial statements and in the annual report. Describe the main aspects of The main aspects of the disclosure involve a description of the the statements made therein. process of identification, measurement, monitoring and control applicable to each risk, as well as the guidelines for stress tests and the methods used to determine de economic capital.

Principle iv. Protect the integrity of financial information with independent audits

Recommendation IV: Guarantee the independence and transparency of the functions entrusted to the Audit Committee and the Independent Auditor.

Answer whether:

IV.1. At the time the Management Body appoints x The Bank lists its shares in the New York Exchange; therefore the members of the Audit Committee, taking into it is subject to Rule 10A-3 of the Securities Exchange Act of account that the majority of them must be 1934 (Section 303A.06), which establishes that all the mem- independent, evaluates the convenience that such bers of the Audit Committee must be independent Directors. Audit Committee be presided by and independent member. The Bank’s Audit Committee is composed of three regular directors and one alternate director, who are independent under the rules of the CNV. Accordingly, the Chairman of the Audit Committee must be an independent Director.

IV.2 There is an internal audit function reporting x There is an Internal Audit function that reports to the SEC to the Audit Committee or to the Chairman of the Audit Committee and the Internal Audit Committee (the Management Body and that is in charge of evaluating latter, required under the provisions of the Central Bank of the internal control system. the Republic of Argentina).

Indicate whether the Audit Committee or the The SEC Audit Committee performs an annual review on Management Body makes an annual evaluation the performance of the Internal Audit department and about the performance of the internal audit also on the degree of independence of such activities. This department and the degree of independence of its evaluation is carried out by reviewing the internal auditors’ professional work, meaning that the professionals plans and the performance thereof. Particularly, there are in charge of such function are independent from periodic meetings with them in order to learn about: i) their the rest of the operating departments and also meet responsibilities, ii) the internal audit policies and proceed- independency requirements as to the controlling ings, iii) the scope and plans for the fiscal year, including the shareholders or related entities having significant sufficiency of available resources to be used, personnel’s ex- influence on Issuer. perience and related costs, iv) their evaluation on the quality of the controls carried out by the Entity, v) fraud-related Specify, as well, whether the internal audit function risk factors, and vi) the kind of reports issued thereby and to carries out its work in accordance with the standards whom they address and send such reports. In addition, they of international profession of internal audit issued discuss about: i) the quality of the Entity’s general control by the Institute of Internal Auditors (IIA). environment, ii) the material recommendations to improve internal controls and the Board’s response to such recommendations, iii) the treatment given to material recommendations issued by independent auditors in order to improve internal control and, iv) the effectiveness of internal controls over the accounting reports to be used by third parties.

The Internal Audit department reports directly to the Com- mittee, being independent form the operating and business departments.

The internal audit department performs its work in accordance with the standards of international profession of internal audit issued by the Institute of Internal Auditors (IIA).

In addition, the Internal Audit department is evaluated by the Central Bank of the Republic of Argentina.

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Principle iv. Protect the integrity of financial information with independent audits

Recommendation IV: Guarantee the independence and transparency of the functions entrusted to the Audit Committee and the Independent Auditor.

Answer whether:

IV.3 The members of the Audit Committee x The SEC Audit Committee makes an annual evaluation of perform an annual evaluation of the competence, the competence, experience and performance of Indepen- independence and performance of Independent dent Auditors, through periodic meetings with them in Auditors appointed by the Shareholders’ Meeting. order to learn about: i) the internal quality controls the have, Describe the relevant aspects of the proceedings ii) the scope and plans for their reviews limited by interim used to carry out such evaluation. periods and for their audit for the final year, including the sufficiency of the resources to be used and the fees, iii) their evaluation of the risk of material errors in the financial statements and the designed controls, iv) the departments evaluated as of higher risk, and v) internal control improvement recommendations. Besides, at such meetings the Audit Com- mittee and the Independent Auditors discuss about: i) critical accounting policies and alternative accounting treatments discussed with the Management, ii) the most significant estimates and opinions, iii) changes in the scope of the work or proceedings planned due to a change in risk assessment, iii) weakness in internal control of accounting reporting, iv) the use of specialized people or experts in material matters, and v) the results of their limited reviews and audits.

Finally, the Committee evaluates the different professional services and their relationship with independence, pursuant to the provisions of the professional standards, the CNV’s rules and regulations and the internal policies aimed at ensuring compliance with the above described independence rules and/or standards. The Bank has obtained information on the composition of the fees billed by the different services rendered in accordance with the categorization defined under the CNV’s rules and regulations.

The Independent Auditors’ function is in turn evaluated by the Central Bank of the Republic of Argentina.

IV.4 Issuer features any policy regarding the rotation x The provisions of the Central Bank of the Republic of Ar- of the members of the Supervisory Committee and/or gentina, through the CONAU rules – Accounting and Audit, the Independent Auditor; and in connection with Chapter F – Minimum Provisions on Independent Audits the latter, whether such rotation includes the auditors of the BCRA, provide for the rotation of the signing partner company or firm or only the individuals that are every five years. members thereof. On the other hand, the provisions of the CNV for issuing companies provide that the maximum period in which an firm or company may perform audit functions in an entity authorized to make public offering of its negotiable securities, must not exceed THREE (3) years and that the members of such audit firm or company may not act as such form more than TWO (2) years.

In addition, the Bank has no rotation policy applicable to the members of the Supervisory Committee, since the designation thereof is the responsibility of the shareholders.

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Principle v. Respect the rights of shareholders

Recommendation V.1: Ensure shareholders have access to Issuer’s information.

Answer whether:

V.1.1 The Management Body promotes periodic x The Investor Relations department, operating within the information meetings with the shareholders Finance Managing Department and whose purpose is to simultaneously with the presentation of the interim create and maintain relations with institutional investors, financial statements. Provide details and indicate analysts and other agents of the local and international the number and frequency of the meetings held financial system, organized during 2012 four public con- during the year. ference calls with investors, in which they submitted the quarterly/annual statements of income.

V.1.2 Issuer features mechanisms to keep investors x Issuer features a cannel open to investors through its web informed and a specialized department to attend site and a specialized department devoted to managing to their queries. It also has a web site available to Investor Relations through which investors may direct their the shareholders and other investors, and allowing queries and/or requests. an access channel for them to be able to contact among themselves. Provide details. Additionally, Issuer hired a press release distribution services and a mail distribution system (mailing) that allows the distribution of all news Issuer considers relevant.

Due to the shareholding structure of Banco Macro and the knowledge they have of each other, the Bank does not consider necessary to establish access channels to allow the shareholders to contact among themselves.

Recommendation V.2: Encourage shareholders’ active participation.

Answer whether:

V.2.1 The Management Body adopts actions to x Banco Macro considers very important to encourage and encourage the participation of all the shareholders Foster the attendance and active participation of minority in the General Shareholders’ Meetings. Specify, shareholders in the meetings. The Board is permanently differentiating those measures or actions required watching over the respect of the rights of all the shareholders. by law and those voluntarily offered by Issuer to its shareholders. There are no restrictions at all which may limit the participation of such shareholders, being their rights legally and statutorily guaranteed and protected.

V.2.2 2 The General Shareholders Meeting has Rules x The provisions of the Business Company Act No. 19550 and Regulations for its operation that ensure the ensure that the information and documentation for deci- information is available to the shareholders, sion making by the shareholders’ meeting is available to the sufficiently in advance for decision making. Describe shareholders sufficiently in advance. the main guidelines of such Rules and Regulations.

V.2.3 The mechanisms implemented by Issuer x Banco Macro complies with the mechanisms established for the minority shareholders to propose matters under Act 19550 and the Rules of the Argentine Securities to be discussed at the General Shareholders’ Meeting Exchange Commission (CNV), so that the minority share- pursuant to the laws in force. Explain the results. holders may propose mattes to be discussed at the General Shareholders’ Meeting.

V.2.4 Issuer features policies encouraging x Banco Macro complies with the applicable laws and, there- the participation of the most relevant shareholders, fore, gives the same treatment to all the shareholders. such as institutional investors. Specify. The Bank has a department of Investor Relations devoted to create and maintain relations with institutional investors, analysts and other local and international financial system agents.

 Banco Macro

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

Principle v. Respect the rights of shareholders

Recommendation V.2: Encourage shareholders’ active participation.

Answer whether:

V.2.5 At Shareholders’ Meetings, the agenda of which The Bank has determined that these representations be includes the designation of members of the made at shareholders’ meetings and this aspect is communi- Management Body, the entity discloses, cated to the shareholders in the notice calling to the relevant prior to voting: (i) the position of each of the candidates meeting. as to the adoption or not of a Code of Corporate Governance; and (ii) the basis for such position.

Recommendation V.3: Guarantee the equity principle between share and vote.

Answer whether:

Issuer features a policy that encourages the equity x Pursuant to Sect. 216 of the Business Company Act, no principle between share and vote. Indicate the changes shares with privileged voting rights may be issued after in the composition of outstanding shares per class the company has been authorized to enter the public of- during the last three years. fering regime.

Therefore, at present Banco Macro cannot issue shares with plural voting votes. The existing 11,235,670 shares with 5 votes represent 1.9% of the total outstanding shares.

The composition of the capital stock has not changed during the last three years:

Class A Shares: 11,235,670 Class A + Class B Shares: 594,485,168

Recommendation V.4: Define mechanisms to protect all the shareholders from control changes.

Answer whether:

Issuer adheres to the public offering regime x Banco Macro adheres to the mandatory public offering of mandatory acquisition. Otherwise, specify if there regime of acquisition under the Capital Markets Act and are other alternative mechanisms provided for in its applicable rules and regulations (General Resolution the entity’s bylaws, such as tag along or other. 622/13) issued by the CNV.

Recommendation V.5: Increase the percentage of outstanding shares over capital sock.

Answer whether: Banco Macro’s stock dispersion index is above the 20% Issuer has a stock dispersion of at least 20% for its x defined as good practice. common shares. Otherwise, Issuer has a policy aimed at increasing stock dispersion in the market. Three comparative years: (Add Table) Indicate Issuer’s stock dispersion as a percentage Floating Anses (FGS) Controlling Group of Issuer’s capital stock and the changes it went 12/31/2011 31.3 30.72 37.94 through during the last three years. 12/31/2012 29.84 30.97 39.19 12/31/2013 30.37 30.97 38.66

Annual Report and Balance Sheet 2013 

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

Recommendation V.6: Ensure a transparent dividend policy.

Answer whether:

V.6.1 Issuer features a dividend distribution policy x Section 32 of the bylaws provides for the application by under the Corporate Bylaws and approved by the shareholders’ meeting shall of the net profits reported in the Shareholders’ Meeting, which establish the conditions financial statements as approved by such management. to distribute dividends in cash or in kind. If such policy exists, indicate the criteria, frequency and The Corporate Governance Policy provides that the conditions that must be met to declare the payment dividend distribution policy of Banco Macro is based on of dividends. keeping the appropriate balance between the distributed amounts and the investment and expansion policies of the Bank. It is worthwhile to mention that this dividend policy may be conditioned in the future for the existence of market regulations and for the strategic plans that the company may adopt on each opportunity.

Additionally, the distribution of dividends to shareholders is regulated by Communication “A” 5072 (Revised CONAU- B. Accounts Manual – 9. Income Distribution) issued by the Central Bank of the Republic of Argentina and subject to its express approval.

V.6.2 Issuer has documented processes for the x The Bank features a procedure for the preparation of the preparation of the proposal regarding the application “Year Profit Distribution Project”. Such procedure involves of accumulated earnings of Issuer deriving in the the determination of the distributable amount under the creation of legal, statutory or voluntary reserve funds, provisions of Communication “A” 5372 of the Central Bank or carry forwards and/or payment of dividends. of the Republic of Argentina, the issuance of accompanying reports on the results thereof, the effects of the potential Explain such processes and provide details as to which distribution of profits on the technical relationships with Shareholders’ Meeting approved the distribution the BCRA, the Banks financial position and Business Plan. (in cash or in kind) or otherwise resolved no to These reports are submitted to the Board of Directors to be distribute such earnings, in case there are no provisions taken into account at the time of making the proposal to be regarding this aspect in the Corporate Bylaws. submitted to the Shareholders’ Meeting, which shall be previously authorized to by the Superintendency of Financial and Exchange Entities, in case it contemplates the distribution of cash dividends.

The Shareholders’ Meeting held on April 11th 2013 resolved to apply the retained earnings of the year 2012 as follows: “Total Retained Earnings: 1,556,555,031.47 , applied as follows: a) AR $298,724,146.29 to the Legal Reserve fund; b) AR $71,916,000.00 to the Statutory Reserve fund – Special Statutory Reserve Fund for Subordinated Debt Instru- ments under the global program of Negotiable Obliga- tions approved by the general shareholders’ meeting held on September 1st 2006; c) AR$ 15.234.165,18 to tax on corporate personal assets and participating interests; d) AR$ 1.170.680.720,00 to the optional reserve fund for future distributions, pursuant to Communication “A” 5273 issued by the Central Bank of the Republic of Argentina.

 Banco Macro

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

Principle vi. Maintain a direct and responsible relationship with the community

Recommendation VI: Provide to the community the disclosure of matters related to Issuer and a direct communication channel with the company.

Answer whether:

VI.1 Issuer features an updated public access Web site, x Banco Macro’s Web site contains an “Investors” link where not only providing company-related information the Bank presents company-related information required to (bylaws, economic group, composition of the comply with the best practices. Management Body, financial statements, annual report, among other information) but also servicing In addition the Bank has defined several contact mechanisms and attending to customers queries in general. through the channels receiving customers’ queries (branch offices, call center, customer service, Internet banking).

VI.2 Issuer issues a Social Corporate and Environmental x Banco Macro issues from the year 2007 its annual report Responsibility Report on an annual basis, under the on Corporate Social and Environmental Responsibility ac- verification of an Independent Auditor. In case it does counting for the actions performed throughout the country. so, indicate the scope or legal or geographical coverage For the preparation thereof the Bank uses the guidelines thereof and where to find it. Specify which standards provided under G3 standards of the Global Reporting or initiatives Issuer has adopted to carry out its corporate Initiative (GRI). This document represents in addition social responsibility policy (Global Reporting Initiative the Communication on Progress that the members of the and/or United Nations Global Compact ISO 26,000, United Nations Global Compact must annually submit and SA8000, Milenium Development Goals, ESG 21-Foretica, to which we adhere since 2009. The report had in its last AA 1000, Equator Principles, among other). edition a revision made by the Bank’s Internal Audit department. These documents are available in http://macro.com.ar/institucional

Principle vii. Pay fair and responsible remmunerations

Recommendation VII: Define clear remmuneration policies applicable to the members of the Management Body and first-line managers, paying particular atten- tion to the recognition of conventional or statutory limitations based on the existence or non-existence of earnings.

Answer whether:

VII.1 Issuer has a Remuneration Committee x The Board has established the creation of an Incentive Committee, with responsibilities regarding the supervision of the economic incentive system applicable to the Bank’s personnel and its consistency with the Entity’s culture, goals, long-term business, strategy and control environment and prudent assumption of risks. In the definition and description of such responsibilities the Entity considered the recommendations issued by the Central Bank of the Repub- lic of Argentina in its Communication “A” 5201 – Financial Entities Corporate Governance Guidelines.

VII.1.1 composed of at least three members x The Incentives Committee is composed of 3 members, out of the Management Body, in its majority of which one is an independent director. independent members,

VII.1.2 presided by an independent member x The Remuneration Committee is presided by an indepen- of the Management Body, dent director.

VII.1.3 composed by members who prove to have x The Committee members prove to have knowledge and sufficient knowledge and experience in human r experience in banking business matters and in human esources policies, resource management-related policies.

VII.1.4 that meets at least twice a year, x The Committee meets at least semiannually.

Annual Report and Balance Sheet 2013 

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

VII.1.5 whose decisions are not necessarily binding x The Argentine laws provide that the Shareholders’ Meeting upon the General Shareholders’ Meeting or the shall evaluate on an annual basis the performance and acts Supervisory Committee , but are of an advisory of the Board at the time of holding the general meeting nature as to the remuneration of the members evaluating the matters provided for under subsections 1 and of the Management Body. 2 of section 234 of the Business Company Act No. 19550. To the date hereof, such body has not evaluated the possibility that the Board evaluates its own performance prior to the holding of such Shareholders’ Meeting.

VII.2 If Issuer does not have a Remunerations Committee, answer whether:

VII.2.1 it ensures the existence of a clear relationship x The Variable Remuneration program, within the scope of between the key personnel’s performance and the the Remuneration Policy, is consistent with the mission and fixed and variable remuneration thereof, taking into values of the organization, the goals, the long-term business account the risks assumed and the management thereof, sustainability, the strategy, the control environment and the prudent assumption of risks. The Variable Remuneration is aimed at recognizing the extraordinary performance of the employees in accordance with:

• the employee’s contribution to the results obtained • the employee’s acts in line with the mission and values of the Organization

The relevant variables for the determination of the remunerations are the following:

• Position’s degree of responsibility and complexity • Employee’s Capacities and Potential • Employee’s Performance and Results • Position with respect to reference market • Organization’s results

VII.2.2 it supervises that the variable portion x The Incentives Committee supervises compliance with the of the remuneration of the members of the Remuneration Policy and carries out an annual revision of Management Body and first-line managers relates the entire incentive system. The Remuneration Policy, in its to the medium/long-term performance of Issuer, chapter on variable remuneration, includes the First-line Managers and some supervision positions.

The remuneration of the Directors is determined by the Shareholders’ Meeting that evaluates on annual basis the performance and acts of the Board at time of holding the general meeting called to consider the matters provided for under subsections 1 and 2 of section 234 of the Business Company Act No. 19550.

The shareholders’ meeting defines a fixed amount as annual remuneration of the directors in accordance with reasonability criteria, based on the results obtained during their administration, taking into account the provisions of the Business Company Act No. 19550, as amended and supplemented and the Rules of the Argentine Securities Exchange Commission (CNV).

VII.2.3 it revises the competitive position x The Remuneration Policy includes as fixed remuneration of Issuer’s policies and practices as to remunerations revision mechanism the evaluation of the level thereof and benefits of comparable companies, within the market scenario. and recommends or does not recommend changes,

 Banco Macro

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

Principle vii. Pay fair and responsible remmunerations

Answer whether:

VII.2.4 it defines and communicates Issuer’s x The Remuneration Policy, the supervision of which is the employee-retention, promotion, dismissal responsibility of the Incentive Committee, contemplates the and suspension policy applicable to key personnel, mechanisms to be applied in order to evaluate the retention and promotion of the employees marked as key employees for the organization.

On the other hand, the Bank has implemented a Code of Ethics and a Code of Business Conduct applicable to its officers. Deviations from internal compliance standards, is within the scope of the Ethics and Compliance Committee and some of the penalties are the suspension or dismissal of employees.

VII.2.5 it informs the guidelines to determine Not applicable since Issuer has not defined retirement the retirement programs for the members of Issuer’s programs. Management Body and first-line managers,

VII.2.6 it accounts on a regular basis for the x The Board acknowledges the minutes of the meetings held actions taken and the matters analyzed during by the Incentive Committee. its meetings to the Management Body and the Shareholders’ Meeting,

VII.2.7 it guarantees the presence of the chairman This item does not apply since the shareholders’ meeting of the Remuneration Committee at the General determines the annual remuneration of the directors in ac- Shareholders’ Meeting approving the remunerations cordance with the reasonability criteria, based on the results payable to the Management Body for the chairman obtained during their administration, taking into account to explain Issuer’s policy as to the remuneration the provisions of the Business Company Act No. 19550, as of the members of the Management Body amended and supplemented and the Rules of the Argentine and first-line managers. Securities Exchange Commission (CNV).

In addition, it is not applicable for the reasons described in the Remuneration Policy and because in the case of Banco Macro First-line Managers are hired by the Bank and receive no additional payments apart from their remuneration.

VII.3 If relevant, please mention the policies Not applicable. applied by the Remuneration Committee of Issuer not described in the preceding section.

VII.4 If Issuer has a Remuneration Committee, Not applicable. explain how the functions described in VII.2 are performed within the Management Body.

Annual Report and Balance Sheet 2013 

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

Principle viii. Encourage corporate ethics

Recommendation VIII: Guarantee ethical behavior within Issuer.

Answer whether:

VIII.1 Issuer has a Code of Business Conduct. x Banco Macro has adopted a Code of Ethics for first-line Describe the main guidelines and if such Code financial officers (hereinafter referred to as the “Code of is available to the public in general. Answer if such Ethics”), applicable to directors and first-line managers of Code is signed by at least the members of the the Bank and to the persons that carry out similar functions Management Body and first-line managers. Indicate (jointly referred to as “First-line Financial Officers”). This whether Issuer’s employees are encouraged to apply Code is available to the public in general and can be found such Code to suppliers and customers. in our corporate web site.

The Bank expects all its employees to act in accordance with the highest personal and professional integrity levels in all aspects of their activity, to comply with the applicable laws, to discourage the performance of reprehensible acts and to abide by the Bank’s Code of Conduct and other policies and proceedings adopted by the entity and that regulate the conduct of its employees. This Code of Ethics supplements the Bank’s Code of Conduct.

Furthermore, the Bank has implemented the Code of Conduct for Suppliers, aimed at transmitting suppliers the mission, philosophy and values of the Bank, so as to bring to them the responsibility of sustainable actions. This Code includes aspects such as Ethical Behavior, Human Rights, Employment Practices, Environment and Conduct.

VIII.2 Issuer features mechanisms to receive the x In line with its integrity and transparency standards, Banco reporting of any unlawful act or any non-ethical Macro has made available to its personnel, suppliers, inves- action, in person or through any electronic means tors, and third parties in general, a confidential communi- ensuring the information transmitted meets high cation cannel known as Transparency Line. confidentiality and integrity standards, such as those of registration and preservation of information. This communication channel allows the reporting of any Indicate whether the report-reception and evaluation possible irregularities, including without limitation, those services are rendered by Issuer’s personnel or regarding accounting, audit and internal control issues. by independent professionals for additional protection of those who report this kind of acts or behavior. The reports may be sent in writing by generating an electronic document through our Transparency Line available 24 x 7. In order to facilitate the analysis of the reports addressed to the Transparence Line it is very important to describe all details regarding: what happened, who were the persons involved, when, how and where such behavior or act took place.

The Audit Committee analyzes the reports received through our Transparency Line, considering all the information furnished in such reports as strictly confidential to the extent permitted by the applicable law. The reports are received and evaluated by the Bank’s personnel reporting to the Committee.

 Banco Macro

Compliance Non-Com-

Total(1) Partial(1) pliance(1) Notify (2) or Explain (3)

Principle viii. Encourage corporate ethics

Recommendation VIII: Guarantee ethical behavior within Issuer.

Answer whether:

VIII.3 Issuers features policies, processes and systems x The Audit Committee has defined proceedings to manage to manage and resolve the reports described in item and resolve the reports received through the Bank’s Trans- VIII.2. Please describe the most relevant aspects parency Line. thereof and indicate the degree of involvement of the Audit Committee in such resolutions, particularly The reports are entered through a link in the Bank’s web site control issues and to the behavior of the members and subsequently registered in a system that returns the person of the Management Body and first-line managers. entering such report a control number. This number allows the person to follow up the situation or stage of the process.

The reports are evaluated by the personnel supervised by the Audit Committee and managed on an independent basis, therefore, the Audit Committee is absolutely involved.

Principio IX: profundizar el alcance del código

Recommendation IX: Encourage the incorporation good practices of corporate governance provisions into the Bylaws.

Answer whether:

The Management Body evaluates if the provisions x The general and special shareholders’ meeting held on April of the Code of Corporate Governance must be 21st 2009 resolved to incorporate section 23 bis into the reflected, totally or partially, in Issuer’s Bylaws, bylaws. This section provides that the Board of Directors including the general and particular responsibilities may create a Designations and Corporate Governance Com- of the Management Body. Indicate which provisions mittee. Within the scope of such section, on November 7th are actually included in the Bylaws from the effective 2011 the Board resolved to create a Designations and Corpo- day of the Code up to the present day. rate Governance Committee effective as of January 1st 2012, as well as the Risk Management Committee, the Incentives Committee and the Ethics and Compliance Committee.

Annual Report and Balance Sheet 2013  Banco Macro S.A.

Financial Statements as of December 31, 2013, together with the Independent Auditor´s Report

Contents 102 Independent Auditor´s Report 105 Cover 106 Balance sheets 110 Statements of income 112 Statements of changes in shareholders’ equity 114 Statements of cash flows 116 Notes to the financial statements 168 Exhibits A through L, N and O 190 Consolidated balance sheets 194 Consolidated statements of income 196 Consolidated statements of cash flows 198 Consolidated statements of debtors by situation 200 Notes to the consolidated financial statements with subsidiaries Exhibit l to the consolidated financial statements with subsidiaries 210 Earnings distribution proposal  Banco Macro

Independent Auditor´s Report Translation into English – Originally issued in Spanish See note 24 to the stand-alone Financial Statements

To the Directors of BANCO MACRO S.A. Registered office: Sarmiento 447 City of Buenos Aires

1. We have audited the accompanying balance sheet of BANCO MACRO S.A. as of December 31, 2013, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended. We have also audited the accompanying consolidated balance sheet of BANCO MACRO S.A. and its subsidiaries as of December 31, 2013, and the related consolidated statements of income and cash flows for the year then ended, which are disclosed as supplementary information.

2. The Bank’s Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting standards established by the BCRA (Central Bank of Argentina). This responsibility includes designing, implementing and maintaining an adequate internal control system so that such financial statements are free from material misstatement whether due to errors or irregularities; selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these financial statements based on our audit.

3. We conducted our audit in accordance with auditing standards effective in Argentina and the “Minimum external auditing standards” issued by the BCRA. Those standards require that the auditor comply with ethical requirements, and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatements.

An audit includes performing procedures, on a selective test basis, to obtain judgmental evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment who, to this end, assesses the risks of material misstatement of the financial statements, whether due to errors or irregularities. In making these risk assessments, the auditor considers the Bank’s internal controls relevant to the preparation and fair presentation of the financial statements in order to select the appropriate audit procedures in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control system. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Bank’s Management, as well as evaluating the overall presentation of the financial statements.

We believe that the judgmental evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Annual Report and Balance Sheet 2013 

4. As described in note 5. to the accompanying stand-alone financial statements, the financial statements mentioned in the first paragraph have been prepared by the Bank in accordance with the accounting standards established by the BCRA, which differ from the argentine professional accounting standards effective in the City of Buenos Aires in certain valuation and disclosure aspects described and quantified in such note.

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

6. In our opinion, the financial statements mentioned in the first paragraph present fairly, in all material respects, the financial position of BANCO MACRO S.A. and the consolidated financial position of BANCO MACRO S.A. and its subsidiaries as of December 31, 2013, and the related results of its operations and cash flows for the year then ended, in accordance with the accounting standards established by the BCRA and, except for the effect that is mentioned in the fourth paragraph, with respect to the argentine professional accounting standards effective in the City of Buenos Aires.

7. With respect to the balance sheet of BANCO MACRO S.A. and the consolidated balance sheet of BANCO MACRO S.A. with its subsidiaries as of December 31, 2012, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended, which were presented for comparative purposes, we report that, on February 14, 2013, we expressed a qualified opinion due to differences between the accounting standards established by the BCRA and the argentine professional accounting standards effective in the City of Buenos Aires, which are described and quantified in note 5. to the accompanying stand-alone financial statements.

Subsequent to the issuance of the mentioned report, the financial statements for the fiscal year 2012 were modified in order to give retroactive effect to the merger of Banco Privado de Inver- siones S.A., for comparative purposes, as mentioned in note 3.2. to the accompanying stand- alone financial statements. We have audited these modifications and, in our opinion, they are appropriate and have been applied properly to the financial statements for the fiscal year 2012.

8. In compliance with current legal requirements, we report that: a) The financial statements mentioned in the first paragraph have been transcribed into the “Inventory and Financial Statements” book and, in our opinion, were prepared in all material respects, in conformity with the applicable BCRA rules, Argentine Business Associations Law provisions and CNV (Argentine Securities Commission) regulations.  Banco Macro

b) The financial statements of BANCO MACRO S.A. arise from books kept, in their formal respects, pursuant to current legal requirements and the rules of the BCRA and in conformity with the provisions of CNV Resolutions Nos. 1,032/EMI and 1,996/EMI dated March 17, and May 20, 2004, respectively.

c) As of December 31, 2013, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 37,675,977, none of which was due as of that date.

d) To the extent limited by our area of competence, we have no findings on the information included in note 16. to the accompanying stand-alone financial statements as of December 31, 2013, with regard to the requirements established by the CNV with respect to minimum shareholders’ equity and the liquid assets to cover that amount.

e) We applied the anti-money laundering and anti-terrorist financing procedures provided in the related professional standards issued by the Professional Council in Economic Sciences of the City of Buenos Aires.

f) During the fiscal year ended December 31, 2013, we invoiced fees for auditing services rendered to the Bank, which represent 100% of total invoicing to the Bank for any item, 73% of total auditing services invoiced to the Bank and its subsidiaries, and 73% of total invoicing to the Bank and its subsidiaries for any item.

City of Buenos Aire PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L. C.P.C.E.C.A.B.A. T° 1 – F° 13

CLAUDIO N. NOGUEIRAS Partner Certified Public Accountant (U.B.A.) C.P.C.E.C.A.B.A. Vol. 197 – Fo. 64 Annual Report and Balance Sheet 2013 

Financial Statements As of December 31, 2013

Business name: Banco Macro S.A.

Registered office: Sarmiento 447 – city of Buenos Aires

Corporate purpose and main business: Commercial bank

Bcra (central bank of Argentina): Authorized as “Argentine private bank” under no. 285.

Registration with the public registry of commerce: Under no. 1,154 - By-laws book no. 2, Folio 75 dated march 8, 1967

Expiration of articles of incorporation: March 8, 2066

Registration with the IGJ (business associations regulatory agency): Under no. 9,777 – Corporations book no. 119 Volume a, dated october 8, 1996.

Single tax identification number: 30-50001008-4

Registration dates of amendments to by-laws: August 18, 1972, August 10, 1973, July 15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999,September 6, 1999, June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009, No- vember 14, 2012.  Banco Macro

Balance Sheets As of December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

Assets 12/31/2013 12/31/2012 (1)

A. Cash Cash on hand 2,685,022 2,451,729 Due from banks and correspondents Central Bank of Argentina 8,254,220 5,968,521 Local Other 26,247 13,591 Foreign 270,963 294,691 Other 408 308 11,236,860 8,728,840

B. Government and private securities (Exhibit A) Holdings booked at market value 1,203,782 956,071 Government securities under repo transactions with Central Bank of Argentina 88,928 Holdings booked at amortized cost 245,007 345,427 Instruments issued by the Central Bank of Argentina 173,031 430,144 1,710,748 1,731,642

C. Loans (Exhibits B, C and D) To the non-financial government sector 639,960 586,349 To the financial sector Interfinancing (granted call) 278,023 48,546 Other financing to Argentine Financial Institutions 55,711 130,612 Accrued interest, adjustments, foreign exchange and quoted price differences receivables 1,013 1,929 To the non-financial private sector and foreign residents Overdrafts 4,383,598 4,242,281 Documents 4,299,015 3,614,176 Mortgage loans 2,172,802 1,439,935 Pledge loans 1,379,732 905,051 Personal loans 11,567,964 9,149,092 Credit cards 6,347,450 4,364,439 Other (Note 6.1.) 5,110,770 4,714,984 Accrued interest, adjustments, foreign exchange and quoted price differences receivables 716,819 526,909 less: Unearned discount (183,480) (93,983) less: Allowances (Exhibit J) (931,960) (829,003) 35,837,417 28,801,317

(1) See Note 3.2..

Signed to be identified with our report Signed to be identified with our report dated : 02/19/2014 dated : 02/19/2014 PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L. BY THE AUDITING COMMISSION C.P.C.E.C.A.B.A. Book 1 - Page 13

Claudio N. Nogueiras Permanent Trustee Partner Certified Accountant Daniel H. Violatti Juan P. Brito Devoto Jorge H. Brito Certified Accountant U.B.A. / C.P.C.E.C.A.B.A. U.B.A. / C.P.C.E.C.A.B.A. Book 120 - Page 210 Accounting Manager Director Chairperson Book 197 - Page 64 Annual Report and Balance Sheet 2013 

12/31/2013 12/31/2012 (1)

D. Other receivables from financial intermediation Central Bank of Argentina 576,879 461,630 Amounts receivable from spot and forward sales pending settlement 574,866 435,434 Securities and foreign currency receivable from spot and forward purchases pending settlement (Exhibit O) 45,824 129,844 Unlisted corporate bonds (Exhibits B, C and D) 189,405 80,326 Receivables from forward transactions without delivery of underlying asset 167 12 Other receivables not covered by debtors classification standards (Note 6.2.) 697,615 757,490 Other receivables covered by debtors classification standards (Exhibits B, C and D) 133,057 130,005 Accrued interest receivables covered by debtors classification standards (Exhibit B, C and D) 845 515 less: Allowances (Exhibit J) (230,011) (228,023) 1,988,647 1,767,233

E. Receivables from financial leases (Exhibits B, C and D) Receivables from financial leases 392,791 328,307 Accrued interest and adjustments 5,130 4,984 less: Allowances (Exhibit J) (4,945) (6,585) 392,976 326,706

F. Investments in other companies (Exhibit E) In financial institutions 899,080 676,576 Other 80,488 62,536 less: Allowances (Exhibit J) (344) (311) 979,224 738,801

G. Other receivables Receivables from sale of assets (Exhibits B, C and D) 6,116 6,195 Minimum presumed income tax-credit 3,460 Other (Note 6.3.) 390,828 334,825 Accrued interest and adjustments on receivables from sales of assets (Exhibits B, C and D) 235 332 Other accrued interest and adjustments receivable 172 35 less: Allowances (Exhibit J) (6,742) (9,071) 394,069 332,316

H. Bank premises and equipment, net (Exhibit F) 667,278 596,545

I. Other assets (Exhibit F) 359,631 263,373

J. Intangible assets (Exhibit G) Goodwill 58,788 72,841 Organization and development costs 271,759 206,088 330,547 278,929

K. Items pending allocation 6,557 4,501

Total assets 53,903,954 43,570,203

(1) See Note 3.2.

Balance Sheets As of December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

Liabilities 12/31/2013 12/31/2012(1)

L. Deposits (Exhibits H and I) From the non-financial government sector (Note 6.4.) 4,497,156 6,771,268 From the financial sector 26,853 23,875 From the non-financial private sector and foreign residents Checking accounts 7,523,958 5,946,950 Savings accounts 7,776,982 6,018,759 Time deposits 17,520,476 12,717,720 Investment accounts 199,003 149,325 Other (Note 6.5.) 828,015 695,076 Accrued interest, adjustments, foreign exchange and quoted price differences payables 274,761 171,269 38,647,204 32,494,242

M. Other liabilities from financial intermediation Central Bank of Argentina (Exhibit I) Other 21,802 21,645 Banks and International Institutions (Exhibit I) 325,664 273,968 Non-subordinated Corporate Bonds (Note 10. and Exhibit I) 693,483 523,176 Amounts payable for spot and forward purchases pending settlement 45,271 116,092 Securities and foreign currency to be delivered under spot and forward sales pending settlement (Exhibit O) 700,620 470,703 Financing received from Argentine financial institutions (Exhibit I) Interfinancing (received call) 70,000 40,000 Other financing received from Argentine financial institutions 25,159 13,724 Accrued interest payables 96 52 Receivables from forward transactions without delivery of underlying asset 27,867 Other (Note 6.6. and Exhibit I) 2,340,284 1,813,183 Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I) 57,079 52,724 4,307,325 3,325,267

N. Other liabilities Fees 10,063 7,076 Other (Note 6.7.) 1,201,813 694,183 1,211,876 701,259

O. Provisions (Exhibit J) 126,130 103,594

P. Subordinated corporate bonds (Note 10. and Exhibit I) 981,142 740,192

Q. Items pending allocation 2,846 6,554

Total liabilities 45,276,523 37,371,108

Shareholders’ equity (As per related statement) 8,627,431 6,199,095

Total liabilities and shareholders’ equity 53,903,954 43,570,203

(1) See Note 3.2.

Firmado a efectos de su identificación Firmado a efectos de su identificación con nuestro informe de fecha: 14/02/2013 con nuestro informe de fecha: 14/02/2013 POR COMISION FISCALIZADORA PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L. C.P.C.E.C.A.B.A. Tº 1 Fº 13

Alejandro Almarza Claudio N. Nogueiras Síndico Titular Daniel H. Violatti Juan P. Brito Devoto Jorge H. Brito Socio Contador Público - U.B.A. / C.P.C.E.C.A.B.A. T° 120 F° 210 Gerente de Contabilidad Director Presidente Contador Público - U.B.A. / C.P.C.E.C.A.B.A. T° 197 F° 64 Annual Report and Balance Sheet 2013 

Memorandum accounts 12/31/2013 12/31/2012(1)

Debit-balance accounts 57,094,195 34,529,457

Contingent 11,668,961 8,973,163 Guarantees received 11,279,107 8,570,643 Other not covered by debtors classification standards 167 165 Contingent debit-balance contra accounts 389,687 402,355

Control 40,341,947 25,169,953 Receivables classified as irrecoverable 1,197,495 953,335 Other (Note 6.8.) 38,429,674 23,718,977 Control debit-balance contra accounts 714,778 497,641

Derivatives (Exhibit O) 5,083,287 386,341 Notional value of put options taken (Note 11.d)) 6,676 56,045 Notional value of forward transactions without delivery of underlying asset (Note 11.a)) 2,916,785 127,918 Interest rate swap (Note 11.b)) 50,000 85,000 Derivatives debit-balance contra accounts 2,109,826 117,378

Credit-balance accounts 57,094,195 34,529,457

Contingent 11,668,961 8,973,163 Credit lines granted (unused portion) covered by debtors classification standards (Exhibits B, C and D) 19,669 Other guarantees provided covered by debtors classification standards (Exhibits B, C and D) 129,505 131,488 Other guarantees provided not covered by debtors classification standards 151,489 153,762 Other covered by debtors classification standards (Exhibits B, C and D) 108,693 97,436 Contingent credit-balance contra accounts 11,279,274 8,570,808

Control 40,341,947 25,169,953 Checks to be credited 714,778 497,641 Control credit-balance contra accounts 39,627,169 24,672,312

Derivatives (Exhibit O) 5,083,287 386,341 Notional value of put options sold (Note 11.c)) 14,713 Notional value of forward transactions without delivery of underlying asset (Note 11.a)) 2,109,826 102,665 Derivatives credit-balance contra accounts 2,973,461 268,963

(1) See Note 3.2. The accompanying Notes 1 through 24 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Statements of income For the years ended December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

12/31/2013 12/31/2012(1) A. Financial income Interest on cash and due from banks 240 184 Interest on loans to the financial sector 39,814 45,670 Interest on overdrafts 1,058,964 709,327 Interest on documents 647,660 407,211 Interest on mortgage loans 319,592 193,209 Interest on pledge loans 192,161 126,072 Interest on credit card loans 924,936 669,924 Interest on financial leases 68,910 60,308 Interest on other loans (Note 6.9.) 4,150,809 3,056,337 Net income from government and private securities (Note 6.10.) 393,228 339,995 Interest on other receivables from financial intermediation 2,482 438 Income from guaranteed loans - Presidential Decree No. 1,387/01 26,026 17,015 CER (Benchmark Stabilization Coefficient) adjustment 35,155 22,946 CVS (Salary Variation Coefficient) adjustment 606 512 Difference in quoted prices of gold and foreign currency 718,585 350,924 Other (Note 6.11.) 260,497 252,825 8,839,665 6,252,897

B. Financial expense Interest on savings accounts 39,051 32,185 Interest on time deposits 2,819,304 2,031,541 Interest on interfinancing received loans (received call) 4,138 4,696 Interest on other financing from Financial Institutions 7 12 Interest on other liabilities from financial intermediation 61,674 62,529 Interest on subordinated bonds 80,953 66,897 Other interest 3,369 3,033 CER adjustment 4,295 4,405 Contribution to Deposit Guarantee Fund 61,934 51,504 Other (Note 6.12.) 633,681 382,252 3,708,406 2,639,054

Gross intermediation margin - Gain 5,131,259 3,613,843

C. Provision for loan losses 500,895 560,379

D. Service-charge income Related to lending transactions 147,392 126,062 Related to deposits 1,905,826 1,482,651 Other commissions 50,064 41,977 Other (Note 6.13.) 1,078,485 805,862 3,181,767 2,456,552

(1) See Note 3.2.

12/31/2013 12/31/2012(1) E. Service-charge expense Commissions 188,637 142,837 Other (Note 6.14.) 658,660 491,877 847,297 634,714

F. Administrative expenses Personnel expenses 2,158,901 1,690,235 Directors’ and statutory auditors’ fees 103,235 63,384 Other professional fees 127,851 96,102 Advertising and publicity 99,338 89,668 Taxes 197,985 148,814 Depreciation of equipment 91,358 79,903 Amortization of organization costs 82,592 67,981 Other operating expenses (Note 6.15.) 549,436 392,116 Other 262,822 208,537 3,673,518 2,836,740

Net income from financial intermediation - Gain 3,291,316 2,038,562

G. Other income Income from long-term investments 267,091 178,780 Penalty interest 40,164 38,935 Recovered loans and allowances reversed 103,248 69,595 CER adjustments 63 76 Other (Note 6.16.) 81,958 67,844 492,524 355,230

H. Other expense Penalty interest and charges payable to the Central Bank of Argentina 27 16 Charges for other receivables uncollectibility and other allowances 43,013 33,023 Amortization of differences related to court orders 58,414 Depreciation and loss of other assets 1,247 1,468 Goodwill amortization 14,052 14,052 Other (Note 6.17.) 68,937 33,201 127,276 140,174

Net income before Income Tax - Gain 3,656,564 2,253,618

I. Impuesto a las Ganancias (Nota 4.) 1,213,000 760,000

Resultado neto del ejercicio - Ganancia 2,443,564 1,493,618

(1) See Note 3.2. The accompanying Notes 1 through 24 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Statements of changes in Shareholders’ Equity For the years ended December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

12/31/2013 Adjustments Stock to Capital issuance Shareholders Changes stock (2) premium equity

Balances at the beginning of the fiscal year - Banco Macro S.A. 594,485 398,750 4,511 - Banco Privado de Inversiones S.A. 86,659 - Merger effects (4) (86,581) 5 Merger balances 594,563 398,755 4,511

Distribution of unappropriated earnings, as approved by the Shareholders’ Meeting held on April 11, 2013 and April 16, 2012, respectively: - Legal reserve - Special Reserve for Subordinated Corporate Bonds (3) - Voluntary Reserve for future distributions of earnings - Personal assets tax on shares and interests

Reversal of special reserve from Subordinated Corporate Bonds

Net income for the fiscal year - Gain

Balances at the end of the fiscal year 594,563 398,755 4,511

(1) See Note 3.2. (2) See Note 9. and Exhibit K. (3) See Note 3.5.p.2). (4) See Note 2.6. The accompanying Notes 1 through 24 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

12/31/2013 12/31/2012(1) Earnings reserved Subordinated Unappropri- Corporate ated Total Total Changes Legal Bonds (3) Voluntary earnings

Balances at the beginning of the fiscal year - Banco Macro S.A. 1,201,445 2,443,352 1,556,552 6,199,095 4,719,552 - Banco Privado de Inversiones S.A. 409 135 10,402 97,605 87,203 - Merger effects (4) (409) (135) (10,479) (97,599) (87,203) Merger balances 1,201,445 2,443,352 1,556,475 6,199,101 4,719,552

Distribution of unappropriated earnings, as approved by the Shareholders’ Meeting held on April 11, 2013 and April 16, 2012, respectively: 298,724 (298,724) - Legal reserve 71,916 (71,916) - Special Reserve for Subordinated Corporate Bonds (3) 1,170,681 (1,170,681) - Voluntary Reserve for future distributions of earnings - Personal assets tax on shares and interests (15,234) (15,234) (14,075)

Reversal of special reserve from Subordinated Corporate Bonds (71,916) 71,916

Net income for the fiscal year - Gain 2,443,564 2,443,564 1,493,618

Balances at the end of the fiscal year 1,500,169 3,614,033 2,515,400 8,627,431 6,199,095

Statements of Cash Flows For the years ended December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

12/31/2013 12/31/2012(1)

Changes in cash and cash equivalents (Note 3.6.) Cash at the beginning of the fiscal year 8,819,683 4,959,413 Cash at the end of the fiscal year 11,249,840 8,819,683 Net increase in cash 2,430,157 3,860,270

Causes of changes in cash Operating activities Net collections / (payments): Government and private securities 508,157 (279,900) Loans To the financial sector (113,846) 307,917 To the non-financial government sector 6,041 (211,412) To the non-financial private sector and foreign residents (116,520) (1,643,276) Other receivables from financial intermediation 26,140 2,773,476 Receivables from financial leases 1,794 63,107 Deposits From the financial sector 2,978 6,483 From the non-financial government sector (2,657,726) 1,600,099 From the non-financial private sector and foreign residents 5,885,633 2,603,568 Other liabilities from financial intermediation Financing facilities from the financial sector (received calls) 25,906 35,355 Others (except liabilities included under financing activities) 565,063 462,938 Collections related to service-charge income 3,175,302 2,451,848 Payments related to service-charge expenses (840,379) (630,790) Administrative expenses paid (3,412,789) (2,668,225) Payment of organization and development costs (148,263) (100,554) Net collections from penalty interest 40,137 38,655 Differences from payments related to court orders (7,687) (8,467) Collections of dividends from other companies 3,525 7,078 Other collections related to other income and losses 85,155 53,551 Net payments from other operating activities (682,553) (345,247) Payment of income tax (795,986) (771,812) Net cash flows generated by operating activities 1,550,082 3,744,392

(1) See Note 3.2.

12/31/2013 12/31/2012(1)

Investing activities Net payments for bank premises and equipment (158,376) (125,868) Net payments for other assets (97,788) (64,038) Net cash flows used in investing activities (256,164) (189,906)

Financing activities Net collections / (payments) for: Non-subordinated corporate bonds (47,455) (248,003) Central Bank of Argentina Other (1,446) 11,413 Banks and International Institutions 46,396 111,656 Subordinated corporate bonds (85,368) (68,650) Financing received from Argentine financial institutions 11,428 (1,789)

Net cash flows used in financing activities (76,445) (195,373)

Financial income and holding gains on cash and cash equivalents 1,212,684 501,157

Net increase in cash 2,430,157 3,860,270

(1) See Note 3.2. The accompanying Notes 1 through 24 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Notes to the Financial Statements As of December 31, 2013

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

(Figures stated in thousands of pesos, except for where indicated) 1. Brief history of the bank Macro Compañía Financiera S.A. 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 S.A. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud S.A.) and since August 2006, Banco Macro S.A. (hereinafter, the Bank).

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

Since 1994, Banco Macro S.A.’s market strategy was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco Macro S.A. 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 S.A., Nuevo Banco Suquía S.A., Nuevo Banco Bisel S.A. and Banco Privado de Inversiones S.A. (see Note 2.6.), respectively. Such entities merged with and into Banco Macro S.A. in December 2003, October 2007, August 2009 and December 2013, respectively. In addition, during fiscal year 2006, Banco Macro S.A. acquired control over Banco del Tucumán S.A.

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

In addition, the Bank performs certain transactions through its subsidiaries, Banco del Tucumán S.A., Macro Bank Limited (an entity organized under the laws of Bahamas), Macro Securities S.A. (former Macro Securities S.A. Sociedad de Bolsa), Macro Fiducia S.A. and Macro Fondos SGFCI S.A.

2. Bank operations 2.1. Agreement with the Misiones Provincial Government The Bank and the Misiones Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a term of five years since January 1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

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

As of December 31, 2013 and 2012, the deposits held by the Misiones Provincial Government with the Bank amounted to 1,178,587 and 1,472,825 (including 62,915 and 39,518 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 term of ten years as from March 1, 1996, as the Pro- vincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

On February 22, 2005, such agreement was extended through March 1, 2016. As of December 31, 2013 and 2012, the deposits held by the Salta Provincial Government with the Bank amounted to 1,508,357 and 1,694,001 (including 200,346 and 177,611 related to court deposits), respectively.

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

On April 29, 2005, such agreement was extended through November 4, 2014.

As of December 31, 2013 and 2012, the deposits held by the Jujuy Provincial Government with the Bank amounted to 758,639 and 717,115 (including 103,063 and 88,244 related to court deposits), respectively.

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

Notes to the Financial Statements As of December 31, 2013

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

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

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

As of December 31, 2013 and 2012, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with Banco del Tucumán S.A. amounted to 1,720,895 and 1,296,416 (including 502,803 and 399,832 related to court deposits), respectively.

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

b) Banco Macro Bansud S.A. - Montamat & Asociados S.R.L. On October 22, 2004, the Bank entered into a UTE (joint venture) agreement with Montamat & Asociados S.R.L under the name “BMB M&A – Unión Transitoria de Empresas”, in which each hold a 50% equity interest. The purpose of such agreement is to render audit services related to oil and gas royalties and fiscal easements in the Province of Salta to optimize tax collection in such province.

Since the purpose for which the joint venture was established no longer exists, the Executive Committee of the UTE resolved to dissolve and liquidate the UTE.

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

As of December 31, 2013 and 2012, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the equity method amounted to 12,688 and 10,686, respectively.

Also, as of December 31, 2013, and 2012, net income recorded through the method mentioned in the previous paragraph amounted to 24,497 and 32,542, respectively.

2.6. Legal merger of Banco Privado de Inversiones S.A. On March 7, 2013, the Boards of Directors of Banco Macro S.A. and Banco Privado de Inver- siones S.A entered into a “Preliminary merger agreement”, which established the merge of the latter with and into Banco Macro S.A. retroactively effective since January 1, 2013, based on the financial statements of the banks as of December 31, 2012.

On June 10, 2013, the special general shareholders’ meetings of Banco Macro S.A. and Banco Privado de Inversiones S.A., approved the preliminary merger agreement, the special purpose consolidated merger balance sheet as of December 31, 2012, the shares exchange relationship and the corresponding increase in capital of the absorbing entity.

The share exchange relationship was agreed at 0.106195 of a common share of Banco Macro S.A. per common share of Banco Privado de Inversiones S.A. Therefore, the minority shareholders of Banco Privado de Inversiones S.A. are entitled to receive 0.106195 shares of Banco Macro S.A. for each common share they hold in Banco Privado de Inversiones S.A.’s capital stock. Consequently, Banco Macro S.A. will issue 77,860 Class B shares of common stock with a face value of Ps 1.

On July 10, 2013, after the term within which the Bank’s creditors could file objections elapsed, the “final merger agreement” was signed.

Finally, on December 23, 2013, the Board of Directors of the Central Bank authorized Banco Privado de Inversiones S.A. to merge with and into Banco Macro S.A. (see also Note 3.2.) and on January 23, 2014, the CNV (Argentine Securities Commission) gave its approval. Additionally, the CNV authorized the public offering of shares to be delivered to the minority shareholders of former Banco Privado de Inversiones S.A.

3. Significant accounting policies These financial statements, which are taken from the Bank’s books of account, are stated in thousands of pesos and have been prepared in accordance with Central Bank rules and the Argentine professional accounting standards effective in the City of Buenos Aires (see Note 5.).

Notes to the Financial Statements As of December 31, 2013

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

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

3.1. Consolidated financial statements As required under Central Bank rules, the Bank presents consolidated financial statements with its subsidiaries Banco del Tucumán S.A., Macro Bank Limited, Macro Securities S.A. (former Macro Securities S.A. Sociedad de Bolsa), Macro Fiducia S.A. and Macro Fondos SGFCI S.A. as supplementary information.

3.2. Comparative information As required under Central Bank rules, the balance sheet as of December 31, 2013 and supplementary information, as well as the statements of income, changes in shareholders’ equity and cash flows for the year then ended, are presented comparatively with data as of the prior fiscal year.

Additionally, as a result of the merger described in Note 2.6., the Bank’s financial statements and supplementary information as of December 31, 2012, were restated for comparative purposes, and as a result, we consolidated: (i) the stand-alone balance sheet as of December 31, 2012, and (ii) the stand-alone statements of income, changes in shareholders’ equity and cash flows for the year then ended of Banco Macro S.A. and former Banco Privado de Inver- siones S.A., eliminating the receivables and payables between both banks and generating:

i) An increase of Banco Macro S.A.’s capital stock as a result of the merger according to the exchange relationship established in the merger agreement between both banks (see Note 2.6).

ii) A difference between the face value of minority shares of former Banco Privado de Inver- siones S.A. and the value of such shares valued by the equity method, which was recorded in stock issuance premium.

iii) A decrease in shareholders’ equity by the related amount of the shares issued mentioned in i) valued by the equity method, in proportion to the direct and indirect shareholding of Banco Macro S.A. over minority shareholders of Banco Privado de Inversiones S.A. (Macro Fiducia S.A. and Macro Securities S.A.), because as Banco Macro S.A. controls such minority shareholders, the fact that such shares are held by subsidiaries is essentially the same as if the parent had its own treasury stock and, therefore, as provided in FACPCE (Argentina Federa- tion of Professional Councils in Economic Sciences) Technical Resolution (TR) No. 21, Section 1.2.i), the parent is required to book the accounting valuation thereof as a shareholders’ equity reduction.

Additionally, due to the modification of certain disclosure methods defined for certain items in the balance sheet, which did not materially affect the shareholders’ equity of the Bank, the financial statements as of December 31, 2012 were modified for the sole purpose of compar- ing them with the financial statements as of December 31, 2013.

3.3. Unit of measurement Argentine professional accounting standards effective in the City of Buenos Aires establish that the financial statements should be stated in constant pesos. The adjustment methodology and the need to make those adjustments are required by TR No. 6 and TR No. 17, which were amended by TR No. 39 dated October 4, 2013, (pending approval by the Professional Council in Economic Sciences of the City of Buenos Aires), all of them issued by the FACPCE. This regulation is mainly characterized by the fact that it identifies an inflation context that warrants adjusting the financial statements so that they are stated in constant currency as of the related date, the existence of an inflation rate accumulated over a three-year period reaching or exceeding 100%, considering the domestic wholesale price index of the INDEC (Ar- gentine Institute of Statistics and Censuses).

The Bank’s financial statements recognize the changes in the peso purchasing power until February 28, 2003, when the adjustments to reflect those changes were discontinued, as provided by the professional accounting standards effective in the City of Buenos Aires and as required by Presidential Decree 664/2003, IGJ (Argentine business associations regulatory agency) General Resolution No. 4/2003, Central Bank Communiqué “A” 3,921 and CNV General Resolution No. 441. However, the interpretation of the financial statements should consider the fact that, in recent fiscal years, there have been significant changes in the prices for relevant economic variables, such as salary cost, the loan rate and the exchange rate, which do not require such adjustments according to the abovementioned regulations.

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

Notes to the Financial Statements As of December 31, 2013

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

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

3.5. Valuation methods The main valuation methods used to prepare the accompanying financial statements as of December 31, 2013 and 2012, were as follows:

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

b) Government and private securities: b.1) Government securities - Holdings booked at market value: They were valued at the quoted prices or present values reported by the Central Bank, as the case may be. Differences in quoted prices and present values were recorded in the related statements of income.

b.2) Government securities - Holdings booked at amortized cost: As set forth in Central Bank Communiqué “A” 5180, as supplemented, they were valued at acquisition cost increased by the accrued internal rate of return, net of the related offset account, also compared with the present values calculated by the Bank. The acquisition value previously mentioned is related to the present value of each security at acquisition date.

As of December 31, 2013 and 2012, the present value calculated by the Bank for these securities amounts to 254,767 and 352,521, respectively.

b.3) Listed Instruments issued by the Central Bank – Holdings booked at market value: They were valued at the quoted price as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.

b.4) Instruments issued by the Central Bank – Holdings booked at amortized cost: Holdings with no volatility published by the Central Bank were valued at acquisition cost plus accrued interest, exponentially applying the internal rate of return as per their issuance terms and conditions. The accruals of the internal rate of return mentioned above were recorded in the related statements of income.

c) Guaranteed loans – Presidential Decree No. 1387/2001: As set forth in Central Bank Communiqués “A” 4898, “A” 5180, as supplemented, the guaranteed loans issued by the Argentine Government under Presidential Decree No. 1387/01 were valued at the specific acquisition value of each security, increased by accrued income including the benchmark stabilization coefficient (CER), net of the related offset account, compared in turn with the present values reported by the Central Bank.

As of December 31, 2013 and 2012, the present value reported by the Central Bank for these securities amounted to 300,386 and 272,589, respectively. d) Interest accrual: Interest has been accrued according to a compound interest formula in the period in which it was generated, except interest on transactions in foreign currency and those whose maturity does not exceed 92 days, on which interest has been accrued according to a simple interest formula.

The Bank suspends the interest accrual whenever loan payments are not settled (generally, after 90 days) or when the recoverability of the collection of principal or interest accrued is doubtful. Accrued interest is considered part of the loan balance when determining the allowances for loan losses. Afterwards, interest is only recognized on a cash basis. e) CER accrual: Receivables and payables have been indexed by the CER, wherever applicable, as follows: e.1) Guaranteed loans: as explained in Note 3.5.c).

e.2) Deposits and other assets and liabilities: The CER as of the last respective business day was applied. f) Allowance for loan losses and provision for contingent commitments: These provisions have been calculated based on the estimated uncollectibility risk of the Bank’s credit portfolio, which, among other factors, results from the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering Central Bank Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies.

Notes to the Financial Statements As of December 31, 2013

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

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

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

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

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

g) Loans of Government securities: They were valued at the quoted price as of the last respective business day, plus the related accrued interest. Differences in quoted prices and accrued interest were recorded in the related statements of income.

h) Other receivables from financial intermediation and Other liabilities from financial intermediation: h.1) Amounts receivable from spot and forward sales pending settlement and amounts payable for spot and forward purchases pending settlement: They were valued based on the prices agreed upon for each transaction, plus related premiums accrued.

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

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

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

h.3) Debt securities and certificates of participation in financial trusts: i. Debt securities: they were valued as provided by the Central Bank Communiqué “A” 4414, at their cost value, increased exponentially by their internal rate of return, translated into pesos according to the method described in Note 3.5.a), as the case may be.

ii. Certificates of participation in TST & AF Trust: as of December 31, 2012, they were valued by the equity method, considering the residual value of the goodwill arising from the excess of the investment cost over its book value.

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

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

h.4) Unlisted corporate bonds purchased: They were valued by the accrual method based on their internal rate of return, as provided by Central Bank Communiqué “A” 4414 and supplementary regulations. Such accruals were recorded in the related statements of income.

h.5) Non subordinated corporate bonds issued: They were valued at the amount due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were recorded in the related statements of income. i) Receivables from financial leases: In accordance with Central Bank Communiqué “A” 5047, as supplemented, they were valued according to the discounted value of the sum of minimum installments pending collection (excluding any contingent installments), from the previously agreed residual value and the purchase options, for the financial lease agreements in which the Bank acts as lessor. The discounted value is calculated by applying the imputed interest rate of each lease agreement.

The effective financial lease agreements do not represent significant amounts with respect to the total financing granted by the Bank. Additionally, their characteristics are among the usual ones for this kind of transactions, and there are no differentiating issues of any kind

Notes to the Financial Statements As of December 31, 2013

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

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

compared with the transactions agreed on the Argentine financial market. These transactions are distributed among the Bank’s customers, and there are no pre-established contingent installments or automatic renewal clauses.

j) Investments in other companies: j.1) In controlled financial institutions, supplementary and authorized activities: they were valued by the equity method.

j.2) In non-controlled financial institutions, supplementary and authorized activities: i. In pesos: they were valued at acquisition cost, plus the nominal value of share-dividends received, restated as explained in Note 3.3., as the case may be.

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

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

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

k) Bank premises and equipment, other assets and intangible assets: They were valued at their acquisition cost, restated as explained in Note 3.3., less the related accumulated depreciation and amortization, calculated based on their estimated useful life using the straight line method.

l) Valuation of derivatives: l.1) Put options sold on BODEN 2013 coupons: as of December 31, 2012 such options were valued at the exchange value of the bonds plus interest and the CER adjustment accrued on the last respective business day.

l.2) Interest rate swap: this included the equivalent in pesos of the notional value in relation to which the Bank agreed to charge or pay a spread between fixed and variable rates.

l.3) Forward transactions without delivery of underlying asset: they were valued at the quoted price of the underlying assets upon maturity, as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.

l.4) Put options taken: valued at the agreed-upon exercise price. See also Note 11. m) Severance payments: The Bank charges these payments directly to expenses. n) Provisions included in liabilities: The Bank carries certain contingent liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations. Liabilities are recorded when it is probable that future costs will be incurred and whenever such costs may be reasonably estimated. o) Subordinated corporate bonds: They were valued at the amount due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were recorded in the related statements of income. p) Shareholders’ equity accounts: p.1) They are restated as explained in Note 3.3., except for the “Capital stock” account which has been kept at its original value. The adjustment resulting from its restatement as explained in such note was included in the “Adjustments to shareholders’ equity” account.

p.2) Special reserve for subordinated corporate bonds: related to the reserve created for paying the financial services of subordinated corporate bonds issued by the Bank (see Note 10.a.1)). This reserve is reversed on a monthly basis as the related interest is recorded in the statements of income.

Notes to the Financial Statements As of December 31, 2013

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

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

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

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

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

3.6. Statement of cash flows and cash equivalents The Bank considers “cash and cash equivalents” to include the following accounts: Cash and Gov- ernment and private securities which mature less than 90 days since their date of acquisition. Below is a breakdown of the reconciliation of the “Cash” item on the Statement of cash flows with the related balance sheet accounts:

12/31/2013 12/31/2012

Cash 11,236,860 8,728,840 Government and private securities Instruments issued by the Central Bank 12,980 90,843

Cash and cash equivalents 11,249,840 8,819,683

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

In 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. At present, after subsequent extensions, such tax is effective through December 30, 2019. This tax is supplementary to income tax, while the latter is levied on the taxable income for the year, minimum presumed income tax is a minimum levy assessment by applying the 1% over the 20% of certain assets as provided by the law for financial institutions. Therefore, the Bank’s tax obligation for each year will be equal to the higher of these taxes. However, if minimum presumed income tax exceeds income tax in a given tax year, such excess may be

computed as a payment on account of any income tax in excess of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs) have been used.

As of December 31, 2013 and 2012, the Bank estimated an income tax charge of 1,213,000 and 760,000, respectively; hence, no minimum presumed income tax should be assessed for fiscal years ended on such dates.

Additionally, as of December 31, 2013, the Bank made income tax prepayments for 554,200 for the 2013 fiscal year, which will be applied to the tax amount assessed in the 2013 tax return.

Finally, and as a result of the merger of former Banco Privado de Inversiones S.A. with and into the Bank, the Bank carries 3,460 in “Other receivables” in connection with a minimum presumed income tax credit and prepayments for 132, which will be used by the Bank to pay income tax for fiscal 2013.

5. Differences between Central Bank rules and the argentine professional accounting standards effective in the City of Buenos Aires Argentine professional accounting standards effective in the City of Buenos Aires differ, in certain valuation and disclosure aspects, from Central Bank accounting standards. The differences between those standards, which the Bank identified and deemed material to these financial statements, are as follows:

5.1. Valuation standards The main items with differences in valuation matters as of December 31, 2013 and 2012 are as follows:

Notes to the Financial Statements As of December 31, 2013

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

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

Adjustments under professional accounting standards Stand-alone financial statements Consolidated financial statements to total to total income / income / to equity (loss)(1) to equity (loss)(1) Item 12/31/2013 12/31/2012 12/31/2013 12/31/2013 12/31/2012 12/31/2013 Government securities and assistance to the government sector (a) Government securities - Holdings booked at amortized cost 34,828 6,299 28,529 35,162 6,582 28,580 Instruments issued by the Central Bank and booked at amortized cost 41 63 (22) 41 63 (22) Guaranteed loans – Presidential Decree No. 1,387/01 (13,614) (16,350) 2,736 (13,614) (16,350) 2,736 Business combinations (b) Acquisition of Nuevo Banco Bisel S.A. (92,636) (102,276) 9,640 (92,636) (102,276) 9,640 Other (58,060) (62,762) 4,702 (58,060) (62,762) 4,702 Interests in other companies (c) 25,012 16,719 8,293 Deferred assets – Income tax (d) 92,016 67,950 24,066 116,694 84,386 32,308 Other assets (e) 1,717 (477) 2,194 1,717 (477) 2,194 Liabilities – Provisions (f) (67,994) (59,351) (8,643) (67,994) (59,351) (8,643)

Total (78,690) (150,185) 71,495 (78,690) (150,185) 71,495

(1) Additionally, according to the Argentine professional accounting standards effective in the City of Buenos Aires, individual and consolidated income for the year ended December 31, 2012, would have increased by 109,990.

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

(b) Business combinations: under the standards set forth by Central Bank, business acquisi- tions are recorded according to the book values of the acquired company and, if the purchase price exceeds the book value, the excess amount is recorded in the acquiring company´s books as a positive goodwill. On the other hand, if the purchase price is lower than book value, the

difference is recorded in the acquiring company´s books as a negative goodwill. If the goodwill is positive, Central Bank standards establish that such goodwill should be amortized under the straight-line method based on an estimated useful life of ten years. If the goodwill is negative, Central Bank Communiqué “A” 3984 establishes specific amortization methods; the maximum amortization allowed per annum is 20%.

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

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

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

Notes to the Financial Statements As of December 31, 2013

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

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

(e) The Bank recorded interest rate swap agreements in conformity with the Central Bank accounting standards under memorandum accounts. According to the Argentine professional accounting standards effective in the City of Buenos Aires, the measurement of derivative financial instruments should be made at their net realizable value if they have quoted prices, or lacking this, using mathematical models that are appropriate in relation to the instrument’s characteristics and using variables that can be verified.

(f) The Bank books the effects of the Argentine Supreme Court rulings dated December 27, 2006, and August 28, 2007, upon payment of such precautionary measures, in conformity with Central Bank indications in the notice dated August 4, 2008. According to the Argentine professional accounting standards effective in the City of Buenos Aires, the Bank should have recorded a liability related to this item.

5.2. Disclosure standards a) The Bank did not classify its assets and liabilities as current or noncurrent based on the time they are expected to be turned into cash or cash equivalents or on the time when the latter be- come due and payable, as required by the Argentine professional accounting standards effective in the City of Buenos Aires.

b) There are differences between the cash flow information disclosed and the requirements established by the Argentine professional accounting standard effective in the City of Buenos Aires such as the lack of segregation of the interest earned and paid by the Bank, considering that this statement is prepared according to specific standards applicable to financial institutions.

c) There are differences between the disclosure required by the Argentine professional accounting standards in the City of Buenos Aires and the disclosure made by the Bank regarding its income statement items, as this statement is prepared according to specific standards applicable to financial institutions.

d) The supplementary information presented by the Bank, is the information specifically required by Central Bank regulations. This regulation does not contemplate all disclosure requirements of the Argentine professional accounting standards in the City of Buenos Aires, such as the disclosure of due dates for all receivables and payables together with their interest rates or adjustments, certain information about transactions with related parties, the exchange rate applicable to different foreign currencies assets and liabilities at the end of the period, etc.

6. Breakdown of the items included in “other” and main subaccounts The breakdown of the “Other” account in the balance sheet and statement of income is as follows:

12/31/2013 12/31/2012

6.1) Loans - Other Other loans 4,097,387 3,724,632 Export financing and prefinancing 1,013,383 990,352 5,110,770 4,714,984

6.2) Other receivables from financial intermediation - Other receivables not covered by debtor classification standards Debt securities issued by financial trusts 423,682 421,755 Certificates of participation in financial trusts 273,933 335,703 Other 32 697,615 757,490

6.3) Other receivables – Other Sundry receivables 200,714 229,066 Security deposits 134,079 51,953 Advanced prepayments 40,531 36,631 Tax prepayments 2,781 6,325 Other 12,723 10,850 390,828 334,825

6.4) Deposits - Nonfinancial government sector Checking accounts 1,898,509 2,016,288 Time deposits 1,425,462 3,430,988 Savings accounts 385,790 594,561 Investment accounts 187,565 224,876 Accrued interest, adjustments and listed price differences payable 27,973 47,781 Other 571,857 456,774 4,497,156 6,771,268

6.5) Deposits - From the non-financial private sector and foreign residents - Other Expired time deposits 497,450 441,603 Unemployment fund for workers of the construction industry 166,772 145,572 Attachments 132,396 87,496 Security deposits 2,040 1,606 Other 29,357 18,799 828,015 695,076

Notas a los Estados Contables Al 31 de diciembre de 2013

(Cifras expresadas en miles de pesos)

12/31/2013 12/31/2012

6.6) Other liabilities from financial intermediation - Other Purchase financing payables 815,696 602,147 Other payment orders pending settlement 411,831 152,063 Other withholdings and additional withholdings 345,333 279,894 Miscellaneous not subject to minimum cash requirements 254,458 461,905 Collections and other transactions on account and behalf of others 239,308 130,115 Miscellaneous subject to minimum cash requirements 101,056 25,216 Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred shares of former Nuevo Banco Bisel S.A. (see Note 7.) 87,186 83,832 Retirement pension payment orders pending settlement 29,253 41,208 Other 56,163 36,803 2,340,284 1,813,183

6.7) Other Liabilities - Other Taxes payable (net of prepayments) 877,909 461,941 Salaries and payroll taxes payable 159,677 103,195 Miscellaneous payables 121,262 94,588 Withholdings on salaries 38,106 29,884 Prepayment for the sale of assets 4,859 4,575 1,201,813 694,183

6.8) Memorandum accounts – Debit-balance accounts – Control – Other Checks and securities in custody – ANSES (Argentine social security administration) 29,197,830 15,843,687 Securities in custody – Other 4,708,604 4,425,801 Checks and securities not yet collected 2,989,649 2,238,872 Checks and securities to be debited 836,416 627,706 Managed portfolios (see Note 12.) 603,851 458,591 Checks and securities to be collected 93,324 124,320 38,429,674 23,718,977

6.9) Financial income – Interest on other loans Personal loans 3,266,791 2,369,223 Other 884,018 687,114 4,150,809 3,056,337

6.10) Financial income – Net income from government and private securities Government securities 281,174 288,211 Financial trusts 79,150 44,928 Other 32,904 6,856 393,228 339,995

6.11) Financial income – Other Premiums on reverse repurchase agreements with the financial sector 105,510 180,476 Forward foreign-currency transactions offset 100,442 14,547 Interests on loans for export prefinancing and financing 54,095 55,792 Other 450 2,010 260,497 252,825

6.12) Financial expense – Other Turnover tax and municipal assessments 623,042 377,060 Premiums on repurchase agreements with the financial sector 10,639 3,151 Other 2,041 633,681 382,252

12/31/2013 12/31/2012

6.13) Service-charge income - Other Debit and credit card income 726,376 508,697 Rental of safe deposit boxes 68,446 62,492 Service commissions – Joint ventures (see Note 2.5.) 50,078 64,073 Other 233,585 170,600 1,078,485 805,862

6.14) Service-charge expense - Other Debit and credit card expenses 342,517 307,597 Turnover tax and municipal assessments 146,073 90,116 Commissions paid to lending agents 132,297 70,486 Other 37,773 23,678 658,660 491,877

6.15) Administrative expenses – Other operating expenses Security services 178,737 117,513 Maintenance, conservation and repair expenses 173,334 117,456 Electric power and communications 91,942 76,514 Leases 71,942 54,129 Stationery and office supplies 17,444 13,526 Insurance 16,037 12,978 549,436 392,116

6.16) Other income – Other Other adjustments and interest on other receivables 19,401 12,674 Services provided to Banco del Tucumán S.A. 8,917 8,729 Gain on sale of bank premises and equipment, and other assets 6,876 10,013 Other 46,764 36,428 81,958 67,844

6.17) Other expense – Other Donations 16,635 12,296 Turnover tax 4,585 3,157 Other 47,717 17,748 68,937 33,201

Notes to the Financial Statements As of December 31, 2013

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

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

7. Restricted assets As of December 31, 2013 and 2012 the following Bank’s assets are restricted:

Item 12/31/2013 12/31/2012

Government and private securities Argentine Government bond in Argentine pesos at private Badlar + 275 basics points, maturing in 2014, used as security in favor of SEDESA (1) 89,333 88,984 Argentine government bond in Argentine pesos at private Badlar + 275 basics points, maturing in 2014, securing the role of custodian of FGS (sustainability guarantee fund) investments 80,513 35,768 Argentine Government bond in Argentine pesos at private Badlar + 275 basics points, maturing in 2014, for the performance of forward foreign currency trading transactions 55,136 5,322 Secured Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior S.A. (BICE) 33,775 35,906 Other government and private securities 8,967 13,830 Subtotal government and private securities 267,724 179,810

Loans Guaranteed Loans under Presidential Decree No. 1387/01 – Global 17 at a variable rate provided as guarantee in favor of the Central Bank in relation to the auctions of advances intended for the production sector under the Bicentennial Production Financing Program 43,263 37,664 Subtotal Loans Loans 43,263 37,664

Other receivables from financial intermediation Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities 511,178 461,630 Interests resulting in contributions made in the Bank´s capacity by contributory partner of the following venture funds: (2) - Risk Fund of Garantizar SGR (mutual guarantee association), with an original contribution of 20,000 made on December 13, 2012 21,268 20,000 - Risk Fund of Los Grobo SGR, with an original contribution of 20,000 made on December 12, 2012 21,241 20,000 - Risk Fund of Intergarantías SGR, with an original contribution of 3,000 made on December 30, 2013 3,000 - Risk Fund of Compañía General de Avales SGR, formerly Macroaval SGR, with an original contribution of 5,000 5,460 made on December 28, 2011 Subtotal other receivables from financial intermediation 556,687 507,090

Other receivables Security deposits related to credit card transactions 129,094 46,080 Sundry receivables includes an item related to the attachment ordered in the context of a claim initiated by Buenos Aires City tax authorities on turnover tax differences. 827 827 Other guarantee security. 4,985 5,873 Subtotal other receivables 134,906 52,780

Total 1,002,580 777,344

(1) As replacement for the preferred shares of former Nuevo Banco Bisel S.A. 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.

8. Transactions with related parties The receivables/payables and income (loss) from transactions performed with subsidiaries and affiliates are as follows (see also Note 4. to the consolidated financial statements):

Other subsidiaries Banco del Macro Bank Macro and related Tucumán S.A. Limited Securities S.A. parties (1) 12/31/2013 12/31/2012

Assets Cash 4.762 4.762 3.692 Loans 202.705 202.705 136.358 Other receivables from financial intermediation 40.029 97.577 137.606 54.419 Receivables from financial leases 7.982 2.073 10.055 8.479 Items pending allocation 44 44 39 Total assets 44 4.762 48.011 302.355 355.172 202.987

Liabilities Deposits 1.040 20.201 96.309 117.550 102.256 Other liabilities from financial intermediation 70.000 26.878 96.878 1.959 Total liabilities 70.000 1.040 47.079 96.309 214.428 104.215

Memorandum Accounts Debit-balance accounts –Contingent 64.596 Debit-balance accounts –Control 11.270 Credit-balance accounts – Contingent 923 1.030 1.953 3.136 Credit-balance accounts – Derivatives 2.060

Income (Expense) Financial income 710 17.481 18.191 15.970 Financial expense (7.282) (8.090) (15.372) (12.144) Service-charge income 30 2 1.654 2.597 4.283 4.732 Service-charge expense (6) (6) Administrative expenses (11) (11) (12) Other income 9.765 9.765 9.729 Total income / (loss) 2.502 2 2.358 11.988 16.850 18.275

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

Notes to the Financial Statements As of December 31, 2013

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

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

9. Capital stock The Bank’s subscribed and paid-in capital as of December 31, 2013, amounted to 594,563. Since December 31, 2010, the Bank’s capital stock has changed as follows.

As of December 31, 2010 594,485

Capital stock increase approved by the General Special Shareholders’ Meeting of June 10, 2013 (1) 78

As of December 31, 2013 594,563

(1) Related to the capital increase in the amount of 77,860 Class B shares of common stock with a face value of Ps 1, each one entitled to one vote, to be issued and delivered to the minority shareholders of former Banco Privado de Inversiones S.A., in the merger process with Banco Macro S.A. (see also Note 2.6.).

Moreover, during fiscal year 2011, the Bank acquired a total of 10,000,000 proprietary registered Class B shares of common stock for a total amount of 92,919.

10. Corporate bonds issuance The corporate bond liabilities recorded in the accompanying financial statements amount to:

Residual value as Corporate Bonds Original value of 12/31/2013 12/31/2013 12/31/2012

Subordinated – Class 1 U$S 150,000,000 (a.1) U$S 150,000,000 981,142 740,192 Non-subordinated – Class 2 U$S 150,000,000 (a.2) U$S 106,395,000 718,044 541,705

Total 1,699,186 1,281,897

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

a.1) On December 18, 2006, under the abovementioned Global Program, Banco Macro S.A. issued the 1st series of Class 1 subordinated Notes for a face value of USD 150,000,000

(US dollars one hundred and fifty million). The main characteristics of this issuance are: − Computable to the Bank’s required minimum capital (computable equity), as established by Communiqué “A” 4576. − The Notes fall due within a 30-year term, with full amortization upon maturity (December 18, 2036), with full redemption option in 10 years since the issuance date. Interest payments will be made with a semiannual frequency (June 18 and December 18, every year). − During the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one for the remaining years (six-month LIBOR, plus 7.11%). As establish by Com- muniqué “A” 4576, the interest rate payable can be increased only once over the life of the instrument and subsequent to the 10-year term since their issuance. They do not include covenants that change the subordination order. − No interest on the Notes will neither fall due and payable if: (i) payments of such interest is the distributable amount, as defined in the pricing supplement dated No- vember 23, 2006; (ii) there is a general prohibition by the Central Bank; (iii) the Bank is subject to the provisions of sections 34 or 35 bis, Financial Institutions Law; (iv) the Bank is receiving financial assistance from Central Bank for illiquidity under Article 17 of Central Bank Charter; (v) the Bank is not in compliance with or have failed to comply in a timely basis with reporting obligations to the Central Bank; and/or (vi) the Bank is not in compliance with minimum capital requirements (both on an individual and consolidated basis levels) or with minimum cash reserves (on average). − Unpaid interest is not cumulative. − They have authorizations both for their public offering and their listing on domestic or foreign stock exchanges or markets. − In no case, the payment of financial services may exceed net unappropriated retained earnings as per the financial statements for the last fiscal year, with an external auditor’s report, which should be appropriated to a reserve created to such end, as established by Communiqué “A” 4576 (see Note 22.b)).

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

Notes to the Financial Statements As of December 31, 2013

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

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

Additionally, the Bank has the option to redeem such issuance, either fully or partially, at any time and periodically, The Bank used the funds derived from such issuance to grant loans. On August 16, 2007, the Securities and Exchange Commission (SEC) authorized the abovementioned exchange offers mentioned in a.1) and a.2).

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

Forward transactions involving securities and foreign currency. Forward transactions without delivery of the underlying asset. Options. Interest rate swaps.

Such transactions were valued as explained in Notes 3.5.h.1), 3.5.h.2) and 3.5.l). Positions of transactions effective as of December 31, 2013 and 2012 are as follows:

Transaction 12/31/2013 12/31/2012

Net position of repurchase agreements (569,919) (324,454) Net asset position of forward transactions without delivery of the underlying asset (a) 806,959 25,253 Interest rate swaps (b) 50,000 85,000 Position of put options sold on BODEN 2013 coupons (c) 14,713 Position of put options taken (d) 6,676 56,045

Los resultados netos generados por estas operaciones por los ejercicios terminados el 31 de diciembre de 2013 y 2012 ascienden a ganancias/(pérdidas):

Transaction 12/31/2013 12/31/2012

Premiums on reverse repurchase agreements 105,510 180,528 Premiums on repurchase agreements (10,639) (3,151) Interest rate swap 450 (83) Forward foreign-currency transactions offset 100,442 14,547

Total 195,763 191,841

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

(b) As of December 31, 2013 and 2012, this is related to swap agreements entered into with the Central Bank entitling the Bank to collect on a monthly basis the positive difference between the Badlar interest rate in Argentine pesos and interest rates ranging from 15% to 16.50% nominal interest rate p.a., applied on a total of notional values of 50,000 and 85,000, respectively. In the event that the difference between the rates is negative, the Bank shall be required to pay the difference. The agreements will expire between April 30, 2014, and October 31, 2014. The purpose of these transactions is to place medium- and long-term loans in accordance with Central Bank Communiqué “A” 4776, as supplemented.

(c) Related to put options on the BODEN 2013 coupons provided in Presidential Decrees No. 905/2002 and No. 1,836/2002, as supplemented, which were received by the holders of rescheduled deposits through the exchanges implemented by the Argentine Government.

(d) Related to the following options: d.1) As of December 31, 2013, this includes a put option taken with Carpoint S.A. of a property received by the Bank as payment of loans granted by it. The price was set at USD 1,024,250, and the option’s exercise period between September 24, 2015, and September 23, 2016, both dates inclusive.

d.2) As of December 31, 2012, this was related to a put option taken of trust securities to be issued by the financial trust Best Consumer Finance Series XXVI and, could be received by the Bank as payment of the assignment value established in the agreement executed on November 28, 2012, with Banco de Servicios y Transacciones S.A. The initial price was set at 55,000, which will accrue a minimum applicable rate of 21%, compounded on a monthly basis. The option could be exercised within 180 days as from issuance, delivery and registration of the transacted securities under Banco Macro S.A.’s name. As of the date of issuance of these financials statements, the deadline to exercise the option has been met, without the Bank having exercised that right.

Notes to the Financial Statements As of December 31, 2013

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

(Figures stated in thousands of pesos, except for where indicated) 12. Portfolio management

As of December 31, 2013 and 2012, the Bank manages the following portfolios:

Managed portfolio as of Item 12/31/2013 12/31/2012

On March 1, 1996, former Banco de Salta S.A. (which was absorbed by the Bank) and the Salta provincial Government entered into an Agreement to Manage the Loan Portfolio of Banco Provincial de Salta (in liquidation) related to the nonfinancial private sector. 14,039 14,053

On August 11, 1998, former Banco de Jujuy S.A. (which was absorbed by the Bank) and the Jujuy provincial Government entered into an agreement to manage the loan portfolio of the former Banco de la Provincia de Jujuy and to provide a monthly report on the tasks performed. 42,082 42,274

On April 6, 2001, through Provincial Decree No. 806, the Ministry of the Treasury of the Province of Salta approved an extension to the “Contract for the service of collecting, processing and arranging information, managing the loan portfolio and performing collection procedures related to the receivables of the IPDUV (Provincial Institute of Urban and Housing Development)” entered into on March 27, 2001, between such agency and the former Banco Macro S.A. 107,875 89,477

On August 19, 2002, ABN AMRO Bank N.V. Sucursal Argentina, as trustee, the former Scotiabank Quilmes S.A., as trustor, Banco Comafi S.A., as collecting agent and manager and the former Banco Bansud S.A. (currently Banco Macro S.A.), entered into an “Agreement for the LAVERC financial trust’s collection administration and management”. 74,069 77,767

On June 30, 2006, the Bank and Macro Fiducia S.A. entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio. 58,169 58,085

On November 22, 2012 and 2013, the Bank (trustor) and Macro Fiducia S.A. (trustee), created the financial trusts Fideicomiso Financiero Privado “SECANE I” and “SECANE II”, respectively; in the trusts agreement the trustor assumes the role of collection agent, administration and custodian. 183,845 93,566

Other portfolios managed by the Bank. 123,772 83,369

Total 603,851 458,591

13. Mutual funds

As of December 31, 2013, the Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and assets from the following mutual funds:

Shares Fund of interest Equity Assets (1)

Pionero Pesos 325,239,111 596,082 394,664 Pionero Renta Ahorro 55,852,029 137,610 135,079 Pionero F F 150,008,757 324,632 251,165 Pionero Renta 45,501,617 240,446 236,487 Pionero Acciones 1,109,351 5,419 5,244 Pionero Renta Dólares 6,027 17 Pionero Empresas FCI Abierto PYMES 100,000 116 115 Pionero Consumo 100,000 112 110 Argenfunds Ahorro Pesos 141,397,744 184,347 184,739 Argenfunds Renta Privada 192,786,558 251,993 256,148 Argenfunds AB PYMES 5,966,486 6,207 6,207

(1) These amounts reflect the mutual funds’ assets and are recorded under the “Checks and securities in custody” memorandum account. 14. Bank deposit guarantee insurance system Law No. 24,485, and Presidential Decree No, 540/1995, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited, mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided for the organization of SEDESA to manage the Deposit Guarantee Fund. Such company was organized in August 1995. The Bank holds a 9.8289% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 10539 of February 28, 2013.

This system shall cover the deposits (up to the amount of 120) in Argentine pesos and foreign currency with the participating institutions as checking accounts, savings accounts, certificates of deposit or any other modes determined by the Central Bank, as long as the requirements under Presidential Decree No. 540/1995 and any others established by the enforcement agency, are met. On the other hand, Central Bank established that the deposits made by other financial institutions, those made by persons related to the Bank, and deposits of securities, among others, must be excluded from the deposit guarantee system.

Notes to the Financial Statements As of December 31, 2013

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

(Figures stated in thousands of pesos, except for where indicated) 15. Trust activities The Bank is related to different types of trusts. Below the different trust agreements are disclosed, according to the Bank’s business purpose:

15.1. Financial trusts for investment purposes As of December 31, 2013 and 2012, the amounts recorded in the Bank’s financial statements for holdings of certificates of participation (net of allowances for 223,832 as of both dates) and debt securities in financial trusts under “Other receivables from financial intermediation - Other not covered by debtor classification standards” were as follows:

Financial trust 12/31/2013 12/31/2012

Certificates of participation: Frávega Créditos I, II and XII (a) 44,717 50,977 TST & AF (b) 57,731 Other 5,384 3,163 Subtotal certificates of participation 50,101 111,871

Debt securities: Underwriting agreements (c) 281,187 238,182 Loma Blanca (d) 98,412 76,350 Other (e) 44,083 107,223 Subtotal debt securities 423,682 421,755

Total 473,783 533,626

(a) Frávega Créditos I, II and XII Trust On June 28, December 20, 2012, and November 29, 2013, Frávega SACI e I, as trustor, collection agent and beneficiary, Macro Fiducia S.A. as trustee and Banco Sáenz S.A. as the loan portfolio manager, entered into three trust agreements called Fideicomiso Financiero Privado Frávega Créditos I, Fideicomiso Financiero Privado Frávega Créditos II and Fideicomiso Financiero Privado Frávega Créditos XII, respectively, whereby each trust issued Class “A” and Class “B” certificates of participation.

The purpose of the trusts is to pay the certificates of participation in full once the receivables and promissory notes transferred by the trustor have been collected. Upon expiration of the trusts, the holders of Class “B” certificates of participation will receive the remaining receivables.

On August 15, 2013, Fideicomiso Financiero Privado Frávega Créditos I settled 100% of the Class “A” certificates of participation held by the Bank.

As of December 31, 2013, the Bank is the direct beneficiary of 100% of the Class “A” certificates of participation issued by Fideicomiso Financiero Privado Frávega Créditos II and Fideicomiso Financiero Privado Frávega Créditos XII.

(b) TST & AF Trust On July 14, 1999, Austral Financial LLC, in its capacity as trustor, and First Trust of New York National Association, in its capacity as trustee, entered into a trust agreement known as TST & AF Financial Trust. On November 29, 2005, the trustor, the trustee and the beneficiaries (Austral Financial LLC, Proa del Puerto S.A. and Macro Bank Limited) agreed to replace the trustee by Macro Fiducia S.A.

The purpose of the trust is to develop a real estate project in Puerto Madero and subsequent sale thereof to settle the certificates of participation. Therefore, it will terminate 30 years after its execution date and/or the date in which the project is paid in full, sold or otherwise fully disposed of. In addition, as of December 31, 2012, the Bank was the direct beneficiary of 53.34% of the certificates of participation issued by the TST & AF Trust (see also Note 8.1.a) to the consolidated financial statements).

On May 15, 2013, the Trust redeemed the certificates of participation held by the Bank, which received property and cash as payment. This transaction did not materially impact in the income statement.

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

(d) Fideicomiso Loma Blanca On December 6, 2011, Isolux Ingeniería S.A. and Isolux Corsán Argentina S.A. (trustors) and Nación Fideicomisos S.A. (trustee), entered into the trust called “Fideicomiso Financiero Loma Blanca Serie I”.

Notes to the Financial Statements As of December 31, 2013

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

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

The purpose of the trust consists on the set-up, start-up, operation and maintenance of all four awarded wind farms, located in the Municipality of Trelew, Province of Chubut.

As of the date of issuance of these financial statements, the Class A debt securities acquired by the Bank account for 14% of the total trust issues. The final amortization of such debt securities will operate on March 16, 2016.

(e) Other It includes, among others, the following trusts:

i) Chubut oil & gas royalties Trust The trust manages assigned receivables and rights on oil & gas royalties for the purpose of financing production projects, infrastructure works in the Province of Chubut and financial investments aimed at increasing the state’s interest in the energy sector.

ii) TATSA (formerly SAETA) It manages the credit transferred by the trustor, resulting from the sale agreement of passenger transport units with the purpose of financing their manufacturing. As of September 30, 2013, the Bank is a direct beneficiary of 100% of the debt securities and certificates of participation included in “Others”, issued by the trust.

iii) Trust created by Presidential Decree 976/2001 As of December 31, 2012, the trust managed the collection of certain taxes for the purpose of developing infrastructure projects.

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

Additionally, Note 8.1. to the consolidated financial statements, includes a list of the holdings for investment held by the Bank´s subsidiaries.

15.2. 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 the collection of which 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 December 31, 2013 and 2012, considering the latest available accounting information as of the date of the financial statements, the assets managed through Macro Fiducia S.A. (subsidiary) of this type of trusts total 10,754 and 7,158, respectively.

Additionally, Note 8.2. to the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but created with corpus assets transferred by the Bank’s subsidiaries.

15.3. 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 December 31, 2013 and 2012, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank, Macro Fiducia S.A. and Banco del Tucumán S.A. (subsidiaries) amount to 750,214 and 667,866, respectively.

15.4. Trusts in which the Bank acts as trustee (administration) The Bank performs management duties of the corpus assets directly according to the agreements, performing only trustee duties and has no other interests in the trust.

In no case shall the Trustee be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee will not encumber the corpus assets or dispose of them beyond the limits established

Notes to the Financial Statements As of December 31, 2013

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

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

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 December 31, 2013 and 2012, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank amount to 510,516 and 400,026, respectively.

Additionally, Note 8.3. to the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but managed by the Bank’s subsidiaries.

16. Compliance with requirements to act in the capacity of agents belonging to different categories of agents defined by the cnv On September 5, 2013, the CNV issued General Resolution No. 622, as mentioned in Note 21. Considering Banco Macro S.A.’s current operations, and according to the different categories of agents established by the abovementioned Resolution, the Bank is in the process of registering with this agency for in the following agent categories: custody of collective investment products (AC PIC FCI), placement and distribution of mutual funds (Acyd FCI), financial trustees (FF) and nonfinancial trustees (FNOF), and clearing and settlement and integral trading agent (ALyC and AN - integral).

The Bank’s shareholder´s equity exceeds the minimum amount required by this regulation, amounting to 24,125, as the required minimum liquid assets of 14,000, which are made up of available assets in accounts with the Central Bank.

17. Minimum cash and minimum capital requirements 17.1. Accounts identifying compliance with the minimum cash requirements: The items computed by the Bank to constitute the minimum cash requirement effective for De- cember 2013 are listed below, indicating the balances as of month-end of the related accounts:

Item 12/31/2013

Cash Amounts in Central Bank accounts 8,254,220 Other receivables from financial intermediation Special guarantee accounts with the Central Bank 511,178

Total 8,765,398

17.2. Minimum capital requirements: As the table disclosed, the minimum capital requirements measured on an individual basis, effective for December 2013, along with its computable capital as of the end of that month:

Item 12/31/2013

Minimum capital requirement 3.871.260 Computable capital 7.708.266

Excess amount 3.837.006

18. Risk management policies Within the framework of the Corporate Governance policy, the Board of Directors of the Bank approved the creation of a Risk Management Committee, the duties of which include ensuring that an independent risk management be established, coordinating the management of the various types of risks and the respective persons in charge.

In this regard, the coordination of the Committee includes the heads of financial risk, credit risk and operational risk, which are in charge of implementing the guidelines contained in the Risk Management framework policy.

The Risk Management framework policy establishes the environment for the risk management process under the notions of risk identification, measurement, monitoring and mitigation. In addition, it lays out the duties of each organizational level in the process.

Notes to the Financial Statements As of December 31, 2013

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

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

The risk management process includes the establishment of the exposure limits for each risk by the Board of Directors, a follow-up on the exposure to each limit by the persons in charge, the preparation of regular reports for the Risk Management Committee, a follow-up on the alerts and the implementation of action plans regarding the alerts. The process also includes the guidelines for developing stress tests, which began to be performed in current fiscal year based on an Action Plan approved by the Risk Management Committee.

Additionally, the system is supplemented with policies and procedures specific to each risk (financial, credit, operational, counterparty credit, country risk, securitization, reputational, compliance, strategic risks, among others).

Stress tests The development of the Stress Test Program was established and planned. The process includes documenting and formalizing the program, including the persons in charge of carrying it out, the frequency of testing and the validation of the system. It also contemplates the Contingency Plan based on the test results. The Risk Management Committee leads and coordinates this application.

Economic capital estimate In 2013, the Bank started with the capital self-assessment process.

Economic capital is the estimated amount of unexpected losses identified for each one of the individual risks (market, liquidity, interest rate, credit, counterparty credit, concentration, operational, securitization, strategic and reputational) determined for the Bank on a consolidated basis. The methods used for subsidiaries are exactly the same.

Economic capital was first quantified based on the amounts as of December 31, 2013, in compliance with the provisions of Central Bank Communiqués “A” 5394 and “A” 5398. Start- ing January 2014, it was implemented as a formal procedure to be calculated on a monthly basis, both currently and prospectively, and is a tool used in the day-to-day management of risks, in preparing the Business Plan and the Stress Tests.

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

The most significant risks managed by the Bank are disclosed as follows:

Financial risk Financial risk is understood to be the group comprising Liquidity, Market and Interest Rate risks, which, independently or in an interrelated manner, can affect the Bank’s liquidity and solvency.

Definitions Liquidity Risk is mainly understood to be the funding liquidity risk, defined as that in which Grupo Macro is unable to efficiently meet cash flows that are both expected and unexpected, current and noncurrent and with guarantees, without hindering daily operations or the financial situation. Market Liquidity Risk is understood to be the risk that the Bank may not be able to offset or unwind a position at market price.

Market Risk is defined as the possibility of incurring losses in on-and off-balance sheet positions as a result of adverse fluctuations in the market price for various assets.

Interest Rate Risk is defined as the possibility that there may be changes in the Bank’s financial situation as a result of fluctuations in the interest rates, which may have adverse effects on the Bank’s net financial income and financial value.

Process The Bank has strategies, policies and limits defined for each exposure which have been approved by the Board of Directors within the framework of Market, Liquidity and Interest Rate Risk management. These are also applicable to the subsidiaries in a consolidated framework. This process is reviewed periodically by the Risk Management Committee in accordance with the guidelines set forth by Central Bank Communiqué “A” 5203 and the adjustments or amendments approved by the Board of Directors.

The purpose of the Financial Risk Policy is to ensure that the Risk Management Committee and Senior Management have the proper procedures, tools and information enabling them to measure, manage and control the applicable risks.

The Risk heads will report to the Assets and Liabilities (CAP) and the Risk Management Committees on a monthly basis on the financial risk exposure and the effects that may be caused in the Bank’s financial margin. A set of predetermined reports is prepared enabling a clear comparison between the existing exposure and the policy on limits. The CAP is in charge of setting out the Bank’s financial strategy, analyzing the markets and establishing the policies on assets and liabilities, management of market, liquidity, interest rate and currency risks.

Notes to the Financial Statements As of December 31, 2013

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

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

The Financial Risk area uses the following instruments in preparing its reports: sensitivity analysis, stress tests, index curves and other simulations. The adoption of measures regarding the detected departures based on the information provided is left to Senior Management’s discretion, for which it must take into consideration several factors such as the market conditions or the complexity and variety of transactions, considering the defined action plans. The Risk Management Committee learns about these situations and the plans implemented, analyzing the impact on risk exposure. As a result, it may require an explanation about the case from Senior Management or, based on its survey, recommend adjustments to the policies, procedures and limits to the Board of Directors.

The goal set by the Board of Directors is to maintain an adequate degree of liquidity through the prudent management of assets and liabilities, in regard to both the cash flow as well as the concentration thereof.

The administration of liquidity is supported by an adequate planning process that considers the current and future cash needs, as well as possible changes in economic, political, regulatory and other conditions.

This makes it necessary to identify forecast and possible cash outflows, as well as alternative strategies to handle assets and liabilities in critical situations.

The reports prepared contemplate the following aspects: changes in yield curves; a mismatch of assets and liabilities in relation to currency, rates, terms and based on their volatility and speed of realization; changes, rates and volatility of term deposits, and the participation of institutional investors; liquidity and interest rate risk; established limits and issuance of warnings.

The Bank evaluates the Liquidity Risk situation through different tools, some of which include:

• liquidity test: this is used to define the amount of funding required in a predetermined series of future dates assuming normal market circumstances and without there being any significant changes in the business; • stress tests: used to quantify the impact of individual or systemic illiquidity scenarios; • mismatch control: the Risk Management Committee defines the amount of the accumulated mismatch that is acceptable for each one of the tranches or gaps in the liquidity test, both in the normal and stress scenarios;

• assets and liabilities assumptions: in the process of constructing the liquidity mismatches, whether in normal market or stress situations, assumptions are to be included for the assets and liabilities of the balance sheet, taking into account the stability, diversification, and historical renovation percentages.

Market Risk is measured by computing the VAR (value at risk), which consists in the maximum expected loss for a trading portfolio over a certain period of time and with a 99% confidence level.

The tool used for the interest rate risk is the computation of income at risk, which is used for measuring the risk of portfolios that accrue interest, measuring the impact of an adverse change in interest rates on income.

There are Contingency Plans which are assessed and reviewed on a regular basis by the Risk Management Committee.

Credit risk Credit risk results from the possibility of loss derived from customers or counter-parties from fully or partially breaching financial obligations they have undertaken with the Bank. The Bank has counter-party and credit risk policies and strategies the purpose of which is to ensure that risks fall within a risk tolerance level decided by the Board of Directors and Central Bank and other oversight agency regulations.

The Credit Risk Department is in charge of managing credit risk, which involves identifying, evaluating, monitoring, controlling and mitigating it in all the stages of the credit cycle, from the analysis prior to granting credit through maturity or even during the credit recovery phase.

It has the proper structure, procedures and different tools (information systems, rating and monitoring systems, measurement models, recovery policies) which enable it to handle risk effectively.

Specialized risk analysts in the Business Risk and Credit Risk Departments evaluate the risk of the different customer segments, providing technical support for the credit decisions made at all levels of the organization.

The Retail Banking area has assessment policies in place to evaluate the customer depending on the segment he belongs to (Payroll services – Public or Private and Retired Pensioner or Open Market). In order to streamline the processes, the requested assistance is entered into

Notes to the Financial Statements As of December 31, 2013

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

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

the related evaluation system, which produces an approval or a rejection and, if applicable, determines the maximum financing amount. There is also a widespread use of scores (im- posing a minimum limit of admission related to an acceptable arrears level), credit prequali- fication models to evaluate potential clients (which reduce processing times and standardize analyses) and the permanent rating for consumer customers (which allows branches to provide assistance within the margins set out on a centralized basis).

In Corporate Banking, approval by Credit Committees is required, and specific risk reports are prepared by customer or group of companies. To streamline this process of approving pre-defined products and smaller amounts, there are decentralized assessment methods in place for Agro businesses and MSMEs. There is an individual and joint powers system in place for managers and business officers which is applied exclusively to short term transactions involving small amounts or which have self-liquidating collateral.

Once the credit limits have been approved, the Credit Administration and Transactions Department controls the formalities and settlement of the transactions and every month it reviews the classification of debtors and the debtors’ guarantees, assessing the sufficiency of the provisions according to the standards established by the Central Bank.

During 2013, the Credit Risk Management Department was created, which is in charge of designing the company rating and individuals scoring models, the calculation of expected losses and economic capital and stress tests. It is also involved in designing the decision en- gines to approve the credit ratings on a mass scale and/or in a decentralized manner, and in generating the credit risk monitoring indicators.

The Bank bases its management information system on an automated tool calculating key performance indicators, defined by the Board of Directors according to the desired risk ap- petite. Limits and alerts are set forth for each one. The results produced by this tool are included in a report on the credit risk tolerance limits, which is submitted to the Risk Manage- ment Committee for its consideration and to adopt corrective measures where necessary.

One of the credit risk management tools used includes the evaluation or score models (for admission, behavior and collections), which are used at different stages of the credit cycle, attributing an internal risk rating to customers, according to which the assigned credit limits are managed and according to which the portfolio is monitored. The Bank is also developing models to use in relation to expected losses, forecasts and capital adequacy assessments, which are currently at different stages of progress and form part of the Action Plan to adjust to local

regulations (Communiqués “A” 5394 and “A” 5398), the Basel principles and best practices for risk management.

Recovery efforts involving nonperforming loans are included with the other risk instances, which increases the efficiency of collection processes (both in the pre-legal and litigation stages), at the same time providing information of the recovery action outcomes, which allows the Bank to adjust the origination and expected loss models.

Securitization risk The Bank and its subsidiaries do not assume any significant risks involving securitization activities. This operation consists mainly in financing, such as prepayments of prices and underwriting in the placement of debt securities of Corporate Banking customers, loans to trusts which are given the same treatment as legal entities and potentially securitizing the proprietary portfolio.

Holding debt securities or certificates of participation in trust generally creates exposure related mainly to credit risk and interest rate risk, just as in a traditional credit transaction. Therefore, they are included in the assessment and administration of each one of the risks involved.

Operational risk The Bank adopted the definition of Operational risk under the Basel II Accord and the definition established by the Central Bank through its Communiqué “A” 5398, which consists in the risk of suffering losses due to the lack of adjustment or defects in the internal processes, systems or persons, or due to external events.

This definition includes legal risk but excludes strategic and reputation risk.

The Bank has policies, procedures and structures, appointing a Head of Operational Risk. The Operational Risk Committee’s main mission is to secure an Operational Risk Manage- ment plan which includes policies, programs, measurements and competencies for identifying, assessing and managing risks, with the purpose of assisting Area Managers and the Bank’s Board of Directors, in an environment of rapidly changing and significant risks.

In this context, the Evolutionary Comprehensive Operational Risk Management Model was developed, which involves the identification, measurement, management and monitoring of operational risks. A training plan was designed to begin conveying the concepts inherent to

Notes to the Financial Statements As of December 31, 2013

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

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

Operational Risk and the cultural change that this generates, and an implementation plan of the model was put into practice to achieve full implementation of all of its stages.

A quantitative approach is used to measure operational risk and technological risk, which includes the following:

• assessing all relevant processes; • integrating the operational and technological risk assessment models; • applying risk impact and frequency evaluation matrices for the assessment of processes and subprocesses; • the quantitative assessment of the risks, identifying action plans and proposals for improving the critical processes, all in full compliance with the objectives set forth; • the procedure to gather information on events and losses, the purpose of which is to reduce incidents and loss amounts, thus incorporating a quantitative assessment into the risk management model, by registering risk events and losses in a centralized database; • the IT tool put into practice to manage operational risk, used to manage identified risks and calculate the different indicators so as to have an information system providing an overall view of the results of the different practices and tools involved in operational risk management; and • the methodology through which the IT areas identify, assess and control the risks related to the Bank’s information assets and to specific events, creating information that is later taken into account in decision-making processes.

As regards Risk Management related to the IT and information systems, the Bank has contingency and business continuity plans in place to minimize the risks that could affect the Bank’s continuity of operations.

The Bank has an incentives system to manage operational risk in such a way that it would encourage involvement and risk assessment. The risk assessment policy has also been rein- forced for new products and in modifications to existing products.

In addition, the implementation of improvements on the different functions of the risk management system also continued.

19. Corporate governance transparency policy As a financial institution, Banco Macro S.A.’s business activity is governed by Financial Institutions Law No. 21.526, as supplemented, and the regulations issued by the Central Bank. Moreover, the Bank adheres to the good banking practices laid out in Central Bank

Communiqué “A” 5201 (Guidelines for Corporate Governance in Financial Institutions) as supplemented.

The Bank publicly trades its shares on the BCBA and, thus, it is subject to the regulations issued by the CNV.

Through Resolution No. 606/12, the CNV approved the minimum contents of the Corporate Governance Code, adding notions of a good corporate governance to corporate management as guidelines or recommendations that seek to provide transparency thereto. The CNV does not require that the recommendations be implemented, although it does require that the Bank explain the reasons why it decided not to adopt the good practices described in such resolution by publishing a document called Information Report on Corporate Governance together with the letter to the shareholders for the fiscal year; the report is available on the website and that of such enforcement agency.

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

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

The main guidelines under Communiqué ”A” 5293 as supplemented are as follows:

• Board of Directors, Senior Management and Committees The Bank’s Board of Directors is made up of thirteen members. Members are renewed by thirds and the appointed Directors remain in office for three fiscal years. Directors are appointed by the Shareholders’ Meeting.

Five directors are independent, according to the guidelines set by CNV and the Central Bank regulations.

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

Notes to the Financial Statements As of December 31, 2013

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

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

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

In this regard, through its CREFI (Creation, Operation and Expansion of Financial Institu- tions) circulars, the Central Bank establishes the assessment criteria used for granting the authorization to the directors appointed by the Shareholders’ Meeting.

The Board of Directors delegates the usual affairs related to management and corporate activities to an Executive Committee with the assignment of specific duties as defined in the Bank’s bylaws.

In relation to Senior Management and Committees, see next paragraph Organizational structure

• Ownership structure As of December 31, 2013, the Bank’s shareholders are:

Percentage of Percentage Full name / Corporate name capital stock of votes

Brito Jorge Horacio 19.87 21.82 Carballo Delfín Jorge Ezequiel 18.79 20.53 ANSES FGS (Sustainability Guarantee Fund) under Law No. 26.425 30.97 28.79 Grouped shareholders (Argentine stock exchanges) 8.74 8.75 Grouped shareholders (foreign stock exchanges) 21.63 20.11

• Organizational structure Senior management Two deputy general managers report to the Executive Committee; one is in charge of the commercial areas and the other is in charge of the operating areas. Fourteen first-line managers report to them. Additionally, the Bank has 10 staff areas reporting directly to the Executive Committee.

Committees The bylaws establish that the Board of Directors may create the committees it may deem convenient for the Bank’s activities and appoint its members. The following committees currently operate in the Bank:

Committee Roles

Audit Committee They are established in Capital Markets Law as supplemented.

Internal Audit Committee Overseeing the proper operation of the internal control systems defined at the Bank through a periodic assessment thereof and contributing to improving the effectiveness of internal controls.

Risk Management Committee The Risk Management Committee is in charge of monitoring Senior Man- agement’s activities involving the management of credit, market, liquidity, operational, compliance and reputation risks, among others. It advises the Board of Directors on the Bank’s risks.

Assets and Liabilities Setting out the Bank’s financial strategy, analyzing the markets and estab- Committee lishing the policies on assets and liabilities, management of market, liquidity, interest rate and currency risks.

IT Committee Overseeing the proper operation of the information technology environment and contributing to improving the effectiveness thereof.

Receivables Committee Approving credit transactions based on credit capacity.

Legal Recovery Incumbent in defining payment arrangements exceeding the predeter- department mined parameters, as well as reclassifying portfolio to be subject to legal proceedings or accounting retirements.

Personnel Incentives Ensuring the financial incentives for personnel system is consistent with the Committee culture, the objectives, the business in the long term, the strategy and the control environment of the Bank.

Ethics and Compliance Ensuring the Bank has the proper means with which to promote correct Committee decision-making and compliance with internal and external regulations.

Corporate Governance and The Committee’s duties include those related to the process of renewing Appointments Committee and replacing Senior Management members and the succession plans. It is also in charge of applying the Corporate Governance Code at the Bank and at its subsidiaries.

Anti-money Laundering Planning and coordinating compliance with the policies established by the Committee Board of Directors on the matter.

Branches The Bank has a broad network of branches (401) throughout Argentina.

Subsidiaries The Bank carries out certain transactions through its subsidiaries, which are identified in Note 1.2. to the Bank’s consolidated financial statements (see also Notes 8. and 4. to the stand-alone and consolidated financial statements, respectively).

Notes to the Financial Statements As of December 31, 2013

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

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

Business lines The Bank’s business lines and transactions with trusts are mentioned in Notes 1 and 15, respectively.

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

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

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

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

The following aspects are taken into consideration: • the complexity of the positions, their contribution to the organization’s strategy and the professional development attained by the employee; • employees with enhanced performance in achieving their objectives and assuming greater responsibilities; and • levels of remuneration that are competitive in comparison to market levels. • Codes of ethics and conduct

The Bank adheres to the best practices and requires that all its employees act according to the highest standards of personal and professional integrity in all aspects of their activities. In addition, compliance with its Code of Conduct and other policies and procedures govern- ing employee conduct is considered to be essential. Moreover, the Code of Ethics for directors and officers is supplemental to the Bank’s Code of Conduct.

• Role of financial agent The Bank is a financial agent for the Provinces of Misiones, Salta and Jujuy. In addition, the subsidiary Banco del Tucumán S.A. is a financial agent for the Province of Tucumán and the Municipality of San Miguel de Tucumán. See also Notes 2.1. through 2.4.

• Transactions with related parties – Policy on conflict of interest As an authorized financial institution, Banco Macro S.A. complies with the provisions and reporting requirements established in Financial and Foreign Exchange Institutions Law No. 21.526 and the regulations issued by the regulatory agency (Central Bank).

As established by the legislation (Argentine Business Associations Law No. 19.550), specific applicable regulations (Capital Markets Law as supplemented), professional accounting standards (TR No. 21) and best practice recommendations, the Bank reports on the transactions with related parties in notes to the financial statements. Such transactions are carried out under usual market conditions. See also notes 8. and 4. to the stand-alone and consolidated financial statements, respectively.

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

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

Notes to the Financial Statements As of December 31, 2013

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

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

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

• Public information The information related to corporate governance at the Bank is included within the transparency policy contained in such precepts and, hence, is available to interested members of the public on the website www.macro.com.ar (“Información institucional” - Institutional information - and “Inversores” - Investors) and, additionally, some guidelines are disclosed in other notes and exhibits to these financial statements. Moreover, the Bank’s public information is disclosed on the websites of the Central Bank (www.bcra.gob.ar) and the CNV (www.cnv. gob.ar).

20. Tax and other claims

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

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

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

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

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

c) City of Buenos Aires tax authorities attributed a turnover tax difference to former Banco Privado de Inversiones for fiscal periods 2002 and 2003. In February 2009, a complaint was filed to challenge the assessment with the Federal Administrative Tax Court, which is pending proceedings. City of Buenos Aries government filed an action for payment and secured a provisional attachment in the amount of 827 (see also Note 7.).

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

20.2. Moreover, as a result of a lawsuit filed in 2007 by consumers’ association “ADECUA” claiming about various aspects related to the collection of the “life insurance” charge for products marketed by former Banco Privado de Inversiones S.A., on November 29, 2010, the parties reached a settlement agreement, approved by the Federal Commercial Court in and for the City of Buenos Aires No. 3, clerk’s office No. 5, and complied with by the Bank.

However, on March 22, 2013, the judge hearing the case orders to adjust the performance of the agreement, as regards the reimbursement of the funds to the clients from whom the charge had been collected, a resolution which was appealed by the Bank.

Additionally, there are other claims initiated by consumers’ associations.

20.3. Finally, the Bank and its directors were notified about the opening of financials and exchange proceedings by the Central Bank and other filed by the UIF (Financial Information Unit). According to the above mentioned agencies position, they are mainly related to regulatory breaches over transactions conducted by Bank customers. These proceedings were or will be challenged or appealed in the administrative field and / or court, as the case may be. The Bank’s Management and its tax and legal advisors believe there are no additional significant effects to those already recognized in the books that may result from the final outcome of such claims.

21. Changes in the argentine macroeconomic environment, and the situations of the financial and capital system and the bank The financial and capital markets The international and local macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of the contractions in growth levels, the volatility of financial assets and the foreign exchange market, among other issues, which has been observed with various degrees of intensity over the last few years. In addition, at a local level, there was an increase in the volatility of government and private securities and in interest rates, as well

Notes to the Financial Statements As of December 31, 2013

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

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

as somewhat significant changes in the prices for other relevant economic variables, such as salary costs, the prices of the main raw materials and the exchange rate.

Specifically in connection with the Argentine foreign exchange market, as from October 2011, the Federal Government imposed certain restrictions to access to the MUyLC (single and free foreign exchange market). Moreover, subsequently to December 31, 2013, there was a strong appreciation of foreign currency and a rise in interest rates, both deposit and lending rates. Exhibit L “Amounts in foreign currency” to the accompanying financial statements discloses a breakdown of the assets and liabilities in foreign currency which, as a result of the abovementioned situation, will give rise to foreign exchange differences that will be included in the next fiscal year’s income (loss).

Lastly, on December 27, 2012, a new Capital Markets Law was enforced, as enacted by Presi- dential Decree No. 1023/2013 dated July 29, 2013, and CNV General Resolution No. 622 dated September 5, 2013. At present, although the regulations provide for a transition period, the law is undergoing a process of gradual implementation and analysis by the various market agents. In addition, several filings and requests for clarification have been filed with the agency, which has issued various interpretations and extensions.

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

Legal actions The Argentine economic and financial situation worsened in late 2001, when the Argentine government suspended payments on the sovereign debt and imposed severe restrictions on cash withdrawals from financial institutions.

The measures adopted by the Federal Executive Government with respect to the public emergency in political, economic, financial and foreign exchange matters triggered a number of legal actions (known as recursos de amparo – constitutional rights protection actions), brought by individuals and companies against the Federal Government, the Central Bank and the financial institutions for considering that Public Emergency Law and its supplementary regulations are unconstitutional.

In the specific case of deposits denominated in foreign currency, in some cases, the courts ordered the reimbursement of such deposits, either in foreign currency or at free foreign exchange rate at the time of reimbursement until a final judgment is issued with respect to the constitutionality of the conversion into pesos.

Some of these claims were treated by the Argentine Supreme Court, which issued resolutions on lower-court decisions for each particular case and in different manners.

On December 27, 2006, the Argentine Supreme Court revoked prior instance judgments that ordered the reimbursement of deposits in US dollars and decided that depositors are entitled to reimbursement of their deposits switched to pesos at the Ps, 1.40-to-USD 1 exchange rate, adjusted by the CER through the payment date, and interest should be applied to such amount at a 4% rate p.a., which may not be compounded through the payment date.

As regards courts deposit in US dollars, on March 20, 2007, the Argentine Supreme Court ruled that principal should be reimbursed with no deterioration in value whatsoever, and that the sums should be kept in their original currency.

Additionally, as of December 31, 2013 and 2012, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 14,208 and 10,719 at the stand-alone level, respectively, and a total of 23,301 and 17,112 at consolidated level, respectively. The Bank´s Management believes that there would be no additional significant effects, other than those recognized in accounts that could derive from the final outcome of such actions.

22. Restriction on earnings distribution a) According to Central Bank provisions, 20% of income for the year plus/minus prior-year adjustments and less accumulated losses as of the prior year-end, if any, should be allocated to the legal reserve. Consequently, upcoming Shareholders’ Meeting shall apply 488,713 out of “Unappropriated retained earnings” to increase such legal reserve. b) As established in the issuance conditions for the 1st series of Class 1 subordinated Cor- porate Bonds mentioned in Note 10.a.1), the upcoming Shareholders’ Meeting shall apply 95,326 out of “Unappropriated retained earnings” to set a special reserve for the interest services to be paid upon the maturities taking place in June and December 2014.

Notes to the Financial Statements As of December 31, 2013

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

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

c) Under Law No. 25,063, dividends to be distributed in cash or in kind in excess of taxable income accumulated as of the end of the fiscal year immediately preceding the payment or distribution date shall be subject to a 35% income tax withholding as 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 being distributed were generated or the related proportional amount.

Additionally, from the amendments introduced by Law No. 26,893, with effect from September 23, 2013, distributions of dividends (except for shares) to individuals of the country or foreign individuals or legal entities shall be subject to a 10% income tax.

d) As established by CNV General Resolution No. 593, the Shareholders’ Meeting considering financial statements with retained earnings should specifically decide how they will be used.

e) Through Communiqué “A” 5485 as supplemented, the Central Bank establishes the general procedure for distributing earnings. According to that procedure, earnings may only be distributed upon express authorization by the Central Bank, provided there are no records of the Bank having received financial aid from the Central Bank due to illiquidity or short- ages in payments of minimum capital, and there are no penalties imposed by UIF, weighted to be significant, among other previous conditions listed in the abovementioned communiqué.

Therefore, earnings may only be distributed as long as the Bank has income after deducting, on a nonaccounting basis, from unappropriated retained earnings and the voluntary reserve for future distribution of earnings, the amounts of the legal and statutory reserves which are mandatory, the positive net difference between the book value and market value or present value reported by the Central Bank, as the case may be, of government debt securities and/ or instruments issued by the Central Bank not valued at market price, among other items. Lastly, the maximum amount to be distributed cannot exceed the excess payments of the required capital minimum considering, for this purpose only, an increasing adjustment of 75% of the required amount.

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

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

Detail of government and private securities Exhibit A As of December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

12/31/2013 Market or Present Book Name Value balance

Government and private securities

Government securities

Holdings booked at market value - Local Federal government bonds in pesos at Badlar Private + 3% - Maturity: 2015 467,411 Secured bonds in pesos under Presidential Decree No. 1579/02 at 2% 256,946 Federal government bonds in pesos at Badlar Private + 2.75% - Maturity: 2014 253,560 Federal government bonds in US dollars at 7% - Maturity: 2017 68,904 Federal government bonds in US dollars at 7% - Maturity: 2015 44,126 Debt Securities of the Province of Neuquén Series 1 Class I in US dollars - Maturity: 06-12-2016 26,970 Discount bonds denominated in pesos at 5.83% - Maturity: 2033 25,834 Consolidation bonds in pesos - 6° serie - Maturity: 2024 at 2% 17,489 GDP - Related Securities in pesos - Maturity: 2035 15,076 Par bonds denominated in Us dollars - Maturity 2038 (Reg. by NY law) 13,020 Other 14,446 Subtotal holdings booked at market value 1,203,782

Government securities under repo transactions with Central Bank of Argentina - Local Federal government bonds in US dollars at 7% - Maturity: 2017 88,928 Subtotal government securities under repo transactiones with Central Bank of Argentina 88,928

Holdings booked at amortized cost - Local Province of Buenos Aires Treasury Bills in pesos – Maturity: 05-29-2014 98,759 98,759 Argentine saving bond for the economy development in US dollars at 4% - Maturity 07-27-2016 107,166 98,437 Secured Province of Neuquén Treasury Bills Class 1 in US dollars – Maturity: 05-23-2014 39,038 37,435 Debt Securities Class 1 - Chubut development and infraestructure bond in US dollars at 4% - Maturity: 10-21-2019 9,804 10,376 Province of Buenos Aires Treasury Bills in pesos – Maturity: 01-31-2013 Province of Buenos Aires Treasury Bills in pesos – Maturity: 06-06-2013 Debt Securities of the Province of Entre Ríos Series II in pesos Class A - Maturity: 03-26-2013 Debt securities Series II Fixed rate for 360-day term secured in US dollars – Maturity: 11-14-2013 Province of Chubut Treasury Bills Series III in pesos – Maturity: 05-24-2013 Province of Chaco Treasury Bills in US dollars - Maturity: 03-14-2013 Debt Securities of the Province of Entre Ríos Series II in pesos Class A - Maturity: 02-26-2013 Subtotal Holdings booked at amortized cost 245,007

(1) See Note 3.2.

12/31/2012(1) 12/31/2013 Position Book without Final Name balance options (2) Options position

Government and private securities

Government securities

Holdings booked at market value - Local Federal government bonds in pesos at Badlar Private + 3% - Maturity: 2015 119,993 419,951 419,951 Secured bonds in pesos under Presidential Decree No. 1579/02 at 2% 69,678 89,457 89,457 Federal government bonds in pesos at Badlar Private + 2.75% - Maturity: 2014 566,583 212,898 212,898 Federal government bonds in US dollars at 7% - Maturity: 2017 2,998 Federal government bonds in US dollars at 7% - Maturity: 2015 10,470 (18) (18) Debt Securities of the Province of Neuquén Series 1 Class I in US dollars - Maturity: 06-12-2016 26,970 26,970 Discount bonds denominated in pesos at 5.83% - Maturity: 2033 62,879 (5,846) (5,846) Consolidation bonds in pesos - 6° serie - Maturity: 2024 at 2% 38,653 7,927 7,927 GDP - Related Securities in pesos - Maturity: 2035 3,042 68 68 Par bonds denominated in Us dollars - Maturity 2038 (Reg. by NY law) Other 81,775 11,307 11,307 Subtotal holdings booked at market value 956,071 762,714 762,714

Government securities under repo transactions with Central Bank of Argentina - Local Federal government bonds in US dollars at 7% - Maturity: 2017 Subtotal government securities under repo transactiones with Central Bank of Argentina

Holdings booked at amortized cost - Local Province of Buenos Aires Treasury Bills in pesos – Maturity: 05-29-2014 98,759 98,759 Argentine saving bond for the economy development in US dollars at 4% - Maturity 07-27-2016 107,166 107,166 Secured Province of Neuquén Treasury Bills Class 1 in US dollars – Maturity: 05-23-2014 146,341 39,038 39,038 Debt Securities Class 1 - Chubut development and infraestructure bond in US dollars at 4% - Maturity: 10-21-2019 9,804 9,804 Province of Buenos Aires Treasury Bills in pesos – Maturity: 01-31-2013 51,819 Province of Buenos Aires Treasury Bills in pesos – Maturity: 06-06-2013 51,525 Debt Securities of the Province of Entre Ríos Series II in pesos Class A - Maturity: 03-26-2013 25,757 Debt securities Series II Fixed rate for 360-day term secured in US dollars – Maturity: 11-14-2013 25,010 Province of Chubut Treasury Bills Series III in pesos – Maturity: 05-24-2013 20,396 Province of Chaco Treasury Bills in US dollars - Maturity: 03-14-2013 19,526 Debt Securities of the Province of Entre Ríos Series II in pesos Class A - Maturity: 02-26-2013 5,053 Subtotal Holdings booked at amortized cost 345,427 254,767 254,767

Detail of government and private securities Exhibit A As of December 31, 2013 and 2012 (Continued)

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

(Figures stated in thousands of pesos)

12/31/2013 Market value or Book Name Present Value balance

Instruments issued by the Central Bank Of Argentina

Central Bank of Argentina Internal Bills at market value - Own portfolio Central Bank of Argentina Internal Bills in pesos – Maturity: 01-02-2014 12,980 Central Bank of Argentina Internal Bills in pesos – Maturity: 03-27-2013 Subtotal Central Bank of Argentina Internal Bills at market value - Own Portfolio 12,980

Central Bank of Argentina Internal Bills - Under Repo Transactions Central Bank of Argentina Internal Bills in pesos – Maturity: 03-19-2014 21,817 Central Bank of Argentina Internal Bills in pesos – Maturity: 02-05-2014 21,330 Central Bank of Argentina Internal Bills in pesos – Maturity: 01-29-2014 12,750 12,750 Central Bank of Argentina Internal Bills in pesos – Maturity: 06-11-2014 12,591 Central Bank of Argentina Internal Bills in pesos – Maturity: 10-15-2014 11,902 Central Bank of Argentina Internal Bills in pesos – Maturity: 11-26-2014 4,674 Central Bank of Argentina Internal Bills in pesos – Maturity: 09-25-2013 Central Bank of Argentina Internal Bills in pesos – Maturity: 01-30-2013 Central Bank of Argentina Internal Bills in pesos – Maturity: 03-06-2013 Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions 85,064

Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio Central Bank of Argentina Internal Bills in pesos – Maturity: 02-06-2013 Central Bank of Argentina Internal Bills in pesos – Maturity: 02-27-2013 Central Bank of Argentina Internal Bills in pesos – Maturity: 02-20-2013 Central Bank of Argentina Internal Bills in pesos – Maturity: 03-20-2013 Subtotal Central Bank of Argentina Notes at amortized cost - Own portfolio

Central Bank of Argentina notes at market value - Own portfolio Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 05-15-2013 Subtotal Central Bank of Argentina Notes at market value - Own portfolio Subtotal Instruments issued by the Central Bank of Argentina 98,044

(1) See Note 3.2.

12/31/2012(1) 12/31/2013 Position Book without Final Name balance options (2) Options position

Instruments issued by the Central Bank Of Argentina

Central Bank of Argentina Internal Bills at market value - Own portfolio Central Bank of Argentina Internal Bills in pesos – Maturity: 01-02-2014 12,980 12,980 Central Bank of Argentina Internal Bills in pesos – Maturity: 03-27-2013 8,720 Subtotal Central Bank of Argentina Internal Bills at market value - Own Portfolio 8,720 12,980 12,980

Central Bank of Argentina Internal Bills - Under Repo Transactions Central Bank of Argentina Internal Bills in pesos – Maturity: 03-19-2014 Central Bank of Argentina Internal Bills in pesos – Maturity: 02-05-2014 Central Bank of Argentina Internal Bills in pesos – Maturity: 01-29-2014 Central Bank of Argentina Internal Bills in pesos – Maturity: 06-11-2014 Central Bank of Argentina Internal Bills in pesos – Maturity: 10-15-2014 Central Bank of Argentina Internal Bills in pesos – Maturity: 11-26-2014 Central Bank of Argentina Internal Bills in pesos – Maturity: 09-25-2013 48,942 Central Bank of Argentina Internal Bills in pesos – Maturity: 01-30-2013 43,529 Central Bank of Argentina Internal Bills in pesos – Maturity: 03-06-2013 38,972 Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions 131,443

Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio Central Bank of Argentina Internal Bills in pesos – Maturity: 02-06-2013 49,384 Central Bank of Argentina Internal Bills in pesos – Maturity: 02-27-2013 20,847 Central Bank of Argentina Internal Bills in pesos – Maturity: 02-20-2013 15,746 Central Bank of Argentina Internal Bills in pesos – Maturity: 03-20-2013 4,866 Subtotal Central Bank of Argentina Notes at amortized cost - Own portfolio 90,843

Central Bank of Argentina notes at market value - Own portfolio Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 05-15-2013 26,320 Subtotal Central Bank of Argentina Notes at market value - Own portfolio 26,320 Subtotal Instruments issued by the Central Bank of Argentina 257,326 12,980 12,980

Detail of government and private securities Exhibit A As of December 31, 2013 and 2012 (Continued)

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

(Figures stated in thousands of pesos)

12/31/2013 Market value or Present Book Name Value balance

Instruments issued by the Central Bank Of Argentina (Continued) 98,044

Central Bank of Argentina Notes - Under Repo Transactions Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 04-23-2014 39,340 Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 01-23-2013 Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 05-15-2013 Subtotal Central Bank of Argentina Notes - Under repo Transactions 39,340

Central Bank of Argentina Notes at amortized cost - Own portfolio Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% – Maturity: 04-23-2014 35,647 Subtotal Central Bank of Argentina Notes at amortized cost - Own portfolio 35,647 Total Instruments issued by the Central Bank of Argentina 173,031 Total Government securities 1,710,748

Total government and private Securities 1,710,748

(1) See Note 3.2. (2) Position without options as of December 31, 2013, includes “Holdings” plus: “loans” and “spot and forward purchases pending settlement”, less “deposits” and “spot and forward sales pending settlement”.

12/31/2012(1) 12/31/2013 Position Book without Final Name balance options (2) Options position

Instruments issued by the Central Bank Of Argentina (Continued) 257,326 12,980 12,980

Central Bank of Argentina Notes - Under Repo Transactions Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 04-23-2014 Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 01-23-2013 139,698 Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 05-15-2013 33,120 Subtotal Central Bank of Argentina Notes - Under repo Transactions 172,818

Central Bank of Argentina Notes at amortized cost - Own portfolio Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% – Maturity: 04-23-2014 35,647 35,647 Subtotal Central Bank of Argentina Notes at amortized cost - Own portfolio 35,647 35,647 Total Instruments issued by the Central Bank of Argentina 430,144 48,627 48,627 Total Government securities 1,731,642 1,066,108 1,066,108

Total government and private Securities 1,731,642 1,066,108 1,066,108

Financing-facilities classification Exhibit B by situation and guarantees received As of December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

Commercial 12/31/2013 12/31/2012(1)

In normal situation 15,697,070 13,267,897 With Senior “A” guarantees and counter-guarantees 1,052,533 598,104 With Senior “B” guarantees and counter-guarantees 2,910,554 1,987,574 Without Senior guarantees or counter-guarantees 11,733,983 10,682,219 Subject to special monitoring 102,511 142,630 In observation With Senior “A” guarantees and counter-guarantees 1,993 With Senior “B” guarantees and counter-guarantees 35,970 25,625 Without Senior guarantees or counter-guarantees 64,548 117,005

Troubled 22,650 19,854 With Senior “B” guarantees and counter-guarantees 13,060 11,516 Without Senior guarantees or counter-guarantees 9,590 8,338

With high risk of insolvency 222,106 71,126 With Senior “B” guarantees and counter-guarantees 75,006 22,723 Without Senior guarantees or counter-guarantees 147,100 48,403

Irrecoverable 8,385 91,931 With Senior “B” guarantees and counter-guarantees 3,729 1,642 Without Senior guarantees or counter-guarantees 4,656 90,289

Subtotal Commercial 16,052,722 13,593,438

(1) See Note 3.2.

Exhibit B (Continued)

Consumer 12/31/2013 12/31/2012(1)

Performing 20,972,447 16,203,898 With Senior “A” guarantees and counter-guarantees 314,530 46,170 With Senior “B” guarantees and counter-guarantees 1,633,217 1,226,121 Without Senior guarantees or counter-guarantees 19,024,700 14,931,607

Low risk 316,744 265,584 With Senior “A” guarantees and counter-guarantees 1,578 157 With Senior “B” guarantees and counter-guarantees 13,948 12,499 Without Senior guarantees or counter-guarantees 301,218 252,928

Medium risk 206,596 169,675 With Senior “A” guarantees and counter-guarantees 1,063 9 With Senior “B” guarantees and counter-guarantees 6,047 4,520 Without Senior guarantees or counter-guarantees 199,486 165,146

High risk 124,120 108,676 With Senior “A” guarantees and counter-guarantees 576 69 With Senior “B” guarantees and counter-guarantees 4,859 4,407 Without Senior guarantees or counter-guarantees 118,685 104,200

Irrecoverable 62,241 88,172 With Senior “B” guarantees and counter-guarantees 9,065 7,063 Without Senior guarantees or counter-guarantees 53,176 81,109

Irrecoverable according to Central Bank’s rules 284 134 Without Senior guarantees or counter-guarantees 284 134 Subtotal Consumer 21,682,432 16,836,139

Total 37,735,154 30,429,577

(1) See Note 3.2.

Financing-Facilities Concentrationas Exhibit C As of December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

12/31/2013 12/31/2012(1) Outstanding % of total Outstanding % of total Number of customers balance portfolio balance portfolio

10 largest customers 2,321,319 6.15 2,684,306 8.82 50 next largest customers 3,855,621 10.22 3,821,749 12.56 100 next largest customers 2,724,057 7.22 2,179,952 7.16 Other customers 28,834,157 76.41 21,743,570 71.46

Total 37,735,154 100.00 30,429,577 100.00

(1) Ver Nota 3.2.

Breakdown by financing terms Exhibit D As of December 31, 2013

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

(Figures stated in thousands of pesos)

Terms remaining to maturity Over 1 Over 3 Over 6 Over 12 month and months months months Up to up to 3 and up to and up to and up to Over 24 Item Matured 1 month months 6 months 12 months 24 months months Total

Non-financial government sector 34 30,375 12,855 41,663 83,331 167,590 329,715 665,563 Financial sector 282,429 63,610 16,315 17,487 9,685 389,526 Non-financial private sector and foreign residents 389,377 11,554,504 4,884,970 3,658,508 3,702,638 4,971,106 7,518,962 36,680,065

Total 389,411 11,867,308 4,961,435 3,716,486 3,803,456 5,148,381 7,848,677 37,735,154

Detail of investments in other companies Exhibit E As of December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

12/31/2013

Unit face Votes Name Class value per share Number Amount

In financial institutions, supplementary and authorized activities - Subsidiaries

In Argentina Banco del Tucumán S.A. Common 100 1 395.341 618.886 Macro Securities S.A. (Former Macro Securities S.A. Sociedad de Bolsa) Common 1 1 12.776.680 54.676 Macro Fiducia S.A. Common 1 1 6.475.143 12.714 Macro Fondos SGFCI S.A. Common 1 1 327.183 4.362

Foreign Macro Bank Limited Common 1 1 9.816.899 279.298 Subtotal subsidiaries 969.936

- Non-subsidiaries

In Argentina Banelco S.A. Common 1 1 1.071.716 2.500 Provincanje S.A. Common 1 1 600.000 603 Visa Argentina S.A. Common 1 1 1.141.503 3.554 COEL S.A. Common 1 1 86.236 138 ACH S.A. Common 1 1 110.500 196 Mercado Abierto Electrónico S.A. Common 1,200 1 8 121 Argentina Clearing S.A. Common 2,500 1 30 31 Garantizar SGR Common 1 1 10.000 10 Foreign Banco Latinoamericano de Exportaciones S.A. Common 10 1 7.303 514 Banco Latinoamericano de Exportaciones S.A. Com. “E” 1 1 3.729 382 Subtotal non-subsidiaries 8.049

Total in financial institutions, supplementary and authorized activities 977.985

In other companies - Non-subsidiaries

In Argentina Other 1.551 Foreign SWIFT S.A. Common 1 1 5 32 Total in other companies 1.583

Total (2) 979.568

(1) See Note 3.2. (2) As of December 31, 2013 and 2012 the Bank booked allowances for impairment in value amounting for 344 and 311, respectively (see Exhibit J).

12/31/2012(1) Information on the issuer. Data from latest financial statements

Year-end Capital Shareholders’ Income (loss) Name Amount Main business activity date stock equity for the year

In financial institutions, supplementary and authorized activities - Subsidiaries

In Argentina Banco del Tucumán S.A. 456,898 Financial institution 31-12-13 43.960 688,171 180,123 Macro Securities S.A. (Former Macro Securities S.A. Sociedad de Bolsa) 38,954 Brokerage house 31-12-13 12.886 54,582 15,343 Macro Fiducia S.A. 12,142 Services 31-12-13 6.567 13,263 2,068 Macro Fondos SGFCI S.A. 4,321 Mutual funds management 31-12-13 1.713 21,882 11,694

Foreign Macro Bank Limited 219,002 Financial institution 31-12-13 9.817 279,299 60,297 Subtotal subsidiaries 731,317

- Non-subsidiaries

In Argentina Banelco S.A. 2,500 Network administration 31-12-12 23.599 62,631 25,777 Provincanje S.A. 603 Swap of securities 31-12-12 7.200 6,743 (962) Visa Argentina S.A. 2,086 Business services 31-05-13 15.000 265,120 203,787 COEL S.A. 124 Financial Services 31-12-12 1.000 3,106 500 ACH S.A. 196 Electronic information services 31-12-12 650 266 (105) Mercado Abierto Electrónico S.A. 121 Electronic market 31-12-12 242 16,222 280 Argentina Clearing S.A. 31 Services 31-07-13 10.250 44,699 13,201 Garantizar SGR 10 Mutual guarantee association 31-12-12 13.419 562,680 4,079 Foreign Banco Latinoamericano de Exportaciones S.A. 388 Financial institution 31-12-12 1.376.746 4,064,026 457,466 Banco Latinoamericano de Exportaciones S.A. 288 Financial institution 31-12-12 1.376.746 4,064,026 457,466 Subtotal non-subsidiaries 6,347

Total in financial institutions, supplementary and authorized activities 737,664

In other companies - Non-subsidiaries

In Argentina Other 1,424 Foreign SWIFT S.A. 24 Services 31-12-12 973.323 1,638,274 90,222 Total in other companies 1,448

Total (2) 739,112

Movement of bank premises and equipment and other assets Exhibit F As of December 31, 2013

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

(Figures stated in thousands of pesos)

Net book value Depreciation for the year Net book at beginning Years of value at end Item of fiscal year (1) Increases Transfers Decreases useful life Amount of fiscal year

Bank premises and equipment Buildings 349,286 38,998 2,013 220 50 14,988 375,089 Furniture and facilities 79,971 18,336 10 12,091 86,216 Machinery and equipment 130,892 94,199 114 5 51,469 173,736 Vehicles 36,396 9,944 1,293 5 12,810 32,237 Total 596,545 161,477 2,127 1,513 91,358 667,278

Other assets Works in progress 53,393 65,549 (1,157) 117,785 Works of art 1,177 7 1,170 Prepayments for the purchase of assets 13,256 7,909 (970) 20,195 Foreclosed assets 5,195 4,420 626 50 81 8,908 Leased buildings 572 50 2 570 Stationery and office supplies 9,265 43,066 42,265 10,066 Other assets 180,515 46,582 25,008 50 1,152 200,937

Total 263,373 167,526 (2,127) 67,906 1,235 359,631

(1) See Note 3.2.

Detail of intangible assets Exhibit G As of December 31, 2013

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

(Figures stated in thousands of pesos)

Net book Amortization for the year Net book value at value at end beginning Years of of Increases Item of fiscal year Increases useful life Amount fiscal year

Goodwill (a) 72,841 10 14,053 58,788 Organization and development costs (b) 206,088 5 82,592 271,759 148,263 Total 278,929 148,263 96,645 330,547

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

Deposit concentration Exhibit H As of December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

12/31/2013 12/31/2012(1) Outstanding % of total Outstanding % of total Number of customers balance portfolio balance portfolio

10 largest customers 3,926,242 10.16 5,962,115 18.35 50 next largest customers 5,256,030 13.60 3,563,116 10.97 100 next largest customers 2,457,322 6.36 1,804,974 5.55 Other customers 27,007,610 69.88 21,164,037 65.13

Total 38,647,204 100.00 32,494,242 100.00

(1) See Note 3.2.

Breakdown of deposits, other liabilities from financial intermediation Exhibit I and subordinated corporate bonds As of December 31, 2013

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

(Figures stated in thousands of pesos) Terms remaining to maturity Over Over 6 Over 12 Over 1 3 months months and months and Up to 1 month and up and up to 6 up to 12 up to 24 Over 24 Item month to 3 months months months months months Total

Deposits 31,747,200 5,486,315 1,199,115 209,420 3,891 1,263 38,647,204

Other liabilities from financial intermediation Central Bank of Argentina 4,741 881 1,333 2,529 6,082 6,236 21,802 Banks and International Institutions 15,539 68,061 47,159 195,736 326,495 Non-subordinated corporate bonds 24,561 693,483 718,044 Financing received from Argentine financial institutions 71,033 1,694 3,056 6,190 12,731 32,238 126,942 Other 1,860,283 385,901 4,259 1,680 975 87,186 2,340,284 1,951,596 481,098 55,807 206,135 19,788 819,143 3,533,567

Subordinated corporate bonds 3,442 977,700 981,142

Total 33,698,796 5,967,413 1,258,364 415,555 23,679 1,798,106 43,161,913

Changes in allowances and provisions Exhibit J As of December 31, 2013

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

(Figures stated in thousands of pesos)

Balances at Decreases Balances at beginning of end of the Breakdown fiscal year(1) Increases (2) Charge off Reversals fiscal year

Allowances Loans For uncollectibility risk and impairment in value 829.003 668.440 541.248 24.235 931.960

Other receivables from financial intermediation For uncollectibility risk and impairment in value 228.023 5.185 3.197 230.011

Receivables from financial leases For uncollectibility risk 6.585 851 2.486 5 4.945

Investments in other companies For impairment in value 311 41 8 344

Other receivables For uncollectibility risk 9.071 1.509 2.944 894 6.742 Total allowances 1.072.993 676.026 549.875 25.142 1.174.002

Provisions Contingent commitments 5 4.804 3 4.806 For other contingencies 92.870 34.001 19.199 556 107.116 Difference from court deposits dollarization 10.719 3.489 14.208

Total Provisions 103.594 42.294 19.199 559 126.130

(1) See Note 3.2. (2) See notes 3.5.f). and 3.5.n).

Capital Structure Exhibit K As of December 31, 2013

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

(Figures stated in thousands of pesos)

Shares Capital stock Votes Issued Own Class Number per share Outstanding Portfolio(1) Outstanding (1) Paid in

Registered common stock A 11,235,670 5 11,236 11,236 Registered common stock B 583,327,358 1 573,249 10,000 78 583,327

Total 594,563,028 584,485 10,000 78 594,563

(1) See Note 9.

Foreign currency balances Exhibit L As of December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

12/31/2013 Total Parent Total per currency company and Argentine Pound Swiss Danish Canadian Australian Items branches US dollar sterling franc krone dollar dollar

Assets Cash 5,245,008 5,216,489 2,124 876 103 1,292 124 Government and private securities 393,573 393,573 Loans 1,876,819 1,876,819 Other receivables from financial intermediation 281,830 280,031 Receivables from financial leases 7,986 7,986 Investments in other companies 280,226 280,226 Other receivables 68,964 68,964 Items pending allocation 988 987 1 Total 8,155,394 8,125,075 2,125 876 103 1,292 124

Liabilities Deposits 2,461,071 2,461,071 Other liabilities from financial intermediation 1,785,933 1,779,026 72 96 49 Other liabilities 2,346 2,346 Subordinated corporate bonds 981,142 981,142 Items pending allocation 77 76 1 Total 5,230,569 5,223,661 73 96 49

Memorandum accounts Debit-balance accounts (except contra debit-balance accounts) Contingent 1,015,408 1,015,394 Control 923,080 869,475 Derivatives 6,676 6,676 Credit-balance accounts (except contra credit-balance accounts) Contingent 172,687 172,313 Control 130 130

(1) See Note 3.2.

12/31/2013 12/31/2012(1) Total per currency

Neozalen Swedish Norwegian Uruguayans Chilean Items dollar Yen krone krone peso peso Guarani Real Euro Total

Assets Cash 177 808 34 327 864 723 607 5,415 15,045 2,899,691 Government and private securities 213,179 Loans 2,430,839 Other receivables from financial intermediation 1,799 170,176 Receivables from financial leases 38,029 Investments in other companies 219,702 Other receivables 119,688 Items pending allocation 1,025 Total 177 808 34 327 864 723 607 5,415 16,844 6,092,329

Liabilities Deposits 2,273,803 Other liabilities from financial intermediation 6,690 1,048,945 Other liabilities 2,315 Subordinated corporate bonds 740,192 Items pending allocation 43 Total 6,690 4,065,298

Memorandum accounts Debit-balance accounts (except contra debit-balance accounts) Contingent 14 1,292,471 Control 53,605 959,391 Derivatives Credit-balance accounts (except contra credit-balance accounts) Contingent 247 127 177,724 Control

Credit assistance to related parties Exhibit N As of December 31, 2013 and 2012

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

(Figures stated in thousands of pesos)

Item 12/31/2013(1) 12/31/2012(1) y (2)

Loans Overdrafts 59,980 33,561 Without Senior guarantees or counter-guarantees 59,980 33,561 Documents 4,150 With Senior “A” guarantees and counter-guarantees 1,776 Without Senior guarantees or counter-guarantees 2,374 Mortgage and pledge 11,568 6,283 With Senior “B” guarantees and counter-guarantees 10,441 6,283 Without Senior guarantees or counter-guarantees 1,127 Personal 309 307 Without Senior guarantees or counter-guarantees 309 307 Credit cards 23,641 14,960 Without Senior guarantees or counter-guarantees 23,641 14,960 Other 64,396 33,933 Without Senior guarantees or counter-guarantees 64,396 33,933 Total loans 164,044 89,044

Other receivables from financial intermediation 2,072 451

Receivables from financial leases 10,514 8,602

Contingent Commitments 1,953 4,522

Investments in other companies 970,411 731,796

Total 1,148,994 834,415

Allowances / Provisions 1,910 1,133

(1) As of December 31, 2013 and 2012 all debtors are classified in performing situation. (2) See Note 3.2.

Derivative financial instruments Exhibit O As of December 31, 2013

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

(Figures stated in thousands of pesos)

Originally Weighted agreed Residual daily average Purpose of the weighted weighted term of Type of transactions Underlying Type of Negotiation environment monthly monthly settlement of contract performed asset settlement or counter-party average term average term differences Amount

Options Intermediation Other With delivery Over The Counter - - own account of underlying Residents in Argentina - 36 33 6,676 asset Non-financial sector

Repo Intermediation Argentine With delivery MAE (over-the-counter transactions - own account government of underlying electronic market) 1 1 569,919 securities asset

Futures Intermediation Foreign Daily settle- MAE (over-the-counter - own account currency ment of electronic market) 5 3 1 4,591,016 differences

Forward Intermediation Foreign Maturity Over The Counter - - own account currency settlement Residents in Argentina - 4 1 30 435,595 of differences Non-financial sector

Swaps Intermediation Other Other MAE (over-the-counter - own account electronic market) 60 8 30 50,000

Consolidated Balance Sheets (Section 33, Law No. 19,550) As of December 31, 2013 and 2012

(Translation of financial statements originally issued in Spanish - See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Assets 12/31/2013 12/31/2012

A. Cash Cash on hand 3,232,931 2,794,916 Due from banks and correspondents Central Bank of Argentina 8,937,649 6,543,996 Local Other 26,423 13,628 Foreign 663,118 694,200 Other 408 308 12,860,529 10,047,048

B. Government and private securities (Exhibit I) Holdings booked at market value 1,928,841 1,357,022 Government securities under repo transactions with Central Bank of Argentina 88,928 Holdings booked at amortized cost 250,513 353,174 Instruments issued by the Central Bank of Argentina 173,031 612,889 Investments in listed private securities 3 19,993 2,441,316 2,343,078

C. Loans To the non-financial government sector 640,158 586,557 To the financial sector Interfinancing - (granted call) 308,023 166,546 Other financing to Argentine financial institutions 55,711 130,612 Accrued interest, adjustments, foreign exchange and quoted price differences receivables 1,163 2,092 To the non-financial private sector and foreign residents Overdrafts 4,449,988 4,280,640 Documents 4,320,772 3,651,390 Mortgage loans 2,308,916 1,508,463 Pledge loans 1,429,414 928,693 Personal loans 13,873,830 10,826,601 Credit cards 6,841,356 4,725,177 Other 5,206,630 4,808,641 Accrued interest, adjustments, foreign exchange and quoted price differences receivables 779,436 570,281 less: Unearned discount (186,547) (95,940) less: Allowances (Note 5.) (1,006,495) (887,156) 39,022,355 31,202,597

12/31/2013 12/31/2012

D. Other receivables from financial intermediation Central Bank of Argentina 648,015 517,360 Amounts receivable from spot and forward sales pending settlement 774,525 697,854 Securities and foreign currency receivable from spot and forward purchases pending settlement 208,774 216,144 Unlisted corporate bonds 270,690 141,560 Receivables from forward transactions without delivery of underlying asset 167 12 Other receivables not covered by debtors classification standards 763,238 863,436 Other receivables covered by debtors classification standards 246,284 176,483 Accrued interest receivables covered by debtors classification standards 846 515 less: Allowances (Note 5.) (232,290) (233,123) 2,680,249 2,380,241

E. Receivables from financial leases Receivables from financial leases 385,717 323,077 Accrued interest and adjustments 5,158 5,069 less: Allowances (Note 5.) (5,015) (6,599) 385,860 321,547

F. Investments in other companies In financial institutions 893 676 Other 13,883 12,267 less: Allowances (Note 5.) (1,330) (1,379) 13,446 11,564

G. Other receivables Receivables from sale of assets 6,116 6,195 Minimum presumed income tax-credit 3,460 Other 432,289 372,966 Accrued interest and adjustments receivable on from sale of assets 235 332 Other accrued interest and adjustments receivables 172 35 less: Allowances (Note 5.) (6,929) (9,282) 435,343 370,246

H. Bank premises and equipment, net 735,663 654,002

I. Other assets 364,670 268,445

J. Intangible assets Goodwill 58,788 72,841 Organization and development costs 285,191 215,690 343,979 288,531

K. Items pending allocation 11,624 6,766

Total assets 59,295,034 47,894,065

Consolidated Balance Sheets (Section 33, Law No. 19,550) As of December 31, 2013 and 2012

(Translation of financial statements originally issued in Spanish - See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Liabilities 12/31/2013 12/31/2012

L. Deposits From the non-financial government sector 6,580,041 8,318,383 From the financial sector 26,874 24,222 From the non-financial private sector and foreign residents Checking accounts 8,602,700 6,716,911 Savings accounts 8,440,709 6,467,624 Time deposits 18,416,520 13,596,225 Investment accounts 199,003 149,325 Other 878,032 737,414 Accrued interest, adjustments, foreign exchange and quoted price differences payables 283,139 178,568 43,427,018 36,188,672

M. OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION Central Bank of Argentina Other 21,994 21,725 Banks and International Institutions 325,664 273,968 Non-subordinated Corporate Bonds 693,483 523,176 Amounts payable for spot and forward purchases pending settlement 241,942 202,313 Securities and foreign currency to be delivered under spot and forward sales pending settlement 863,570 739,730 Financing received from Argentine financial institutions Interfinancing (received call) 40,000 Other financing received from Argentine financial institutions 25,159 13,724 Accrued interest payables 96 52 Receivables from forward transactions without delivery of underlying asset 27,867 Other 2,440,877 1,917,712 Accrued interest, adjustments, foreign exchange and quoted price differences payables 57,079 52,724 4,697,731 3,785,124

N. Other liabilities Fees 11,224 7,470 Other 1,314,477 783,066 1,325,701 790,536

O. Provisions (Note 5.) 159,381 131,683

Subordinated corporate bonds 981,142 740,192

Items pending allocation 7,128 7,408

Minority interests in subsidiaries 69,502 51,355

Total liabilities 50,667,603 41,694,970

Shareholders’ equity 8,627,431 6,199,095

Total liabilities and shareholders’ equity 59,295,034 47,894,065

Memorandum accounts 12/31/2013 12/31/2012

Debit-balance accounts 61,359,882 37,863,919

Contingent 11,983,952 9,176,324 Guarantees received 11,593,922 8,776,152 Other not covered by debtors classification standards 167 165 Contingent debit-balance contra accounts 389,863 400,007

Control 43,775,080 27,487,838 Receivables classified as irrecoverable 1,256,611 995,622 Other 41,803,691 25,994,575 Control debit-balance contra accounts 714,778 497,641

Derivatives 5,083,287 386,341 Notional value of put options taken 6,676 56,045 Notional value of forward transactions without delivery of underlying asset 2,916,785 127,918 Interest rate swap 50,000 85,000 Derivatives debit-balance contra accounts 2,109,826 117,378

Trust activity 517,563 813,416 Trust funds 517,563 813,416

Credit-balance accounts 61,359,882 37,863,919

Contingent 11,983,952 9,176,324 Credit lines granted (unused portion) covered by debtors classification standards 19,669 Other guarantees provided covered by debtors classification standards 129,681 129,140 Other guarantees provided not covered by debtors classification standards 151,489 153,762 Other covered by debtors classification standards 108,693 97,436 Contingent credit-balance contra accounts 11,594,089 8,776,317

Control 43,775,080 27,487,838 Checks to be credited 714,778 497,641 Control credit-balance contra accounts 43,060,302 26,990,197

Derivatives 5,083,287 386,341 Notional value of put options sold 14,713 Notional value of forward transactions without delivery of underlying asset 2,109,826 102,665 Derivatives credit-balance contra account 2,973,461 268,963

Trust activity 517,563 813,416 Trust activity credit-balance contra accounts 517,563 813,416

The accompanying Notes 1 through 8 to the consolidated financial statements and Exhibit I are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

Consolidated Statements of Income For the years ended December 31, 2013 and 2012

(Translation of financial statements originally issued in Spanish - See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

12/31/2013 12/31/2012

A. Financial income Interest on cash and due from banks 241 185 Interest on loans to the financial sector 51,468 46,084 Interest on overdrafts 1,074,900 721,000 Interest on documents 654,111 414,815 Interest on mortgage loans 333,854 198,809 Interest on pledge loans 197,135 126,822 Interest on credit card loans 1,022,177 740,670 Interest on financial leases 68,435 60,037 Interest on other loans 4,782,671 3,537,074 Net income from government and private securities 409,054 361,538 Interest on other receivables from financial intermediation 3,101 1,040 Income from guaranteed loans - Presidential Decree No. 1,387/01 26,026 17,017 CER (Benchmark Stabilization Coefficient) adjustment 35,155 22,947 CVS (Salary Variation Coefficient) adjustment 606 512 Difference in quoted prices of gold and foreign currency 808,143 386,989 Other 286,454 268,831 9,753,531 6,904,370

B. Financial expense Interest on checking accounts 497 317 Interest on savings accounts 41,060 33,972 Interest on time deposits 3,065,823 2,167,614 Interest on interfinancing received loans (received call) 2,883 4,283 Interest on other financing from financial institutions 7 12 Interest on other liabilities from financial intermediation 61,674 62,529 Interest on subordinated bonds 80,953 66,897 Other interest 3,369 3,033 CER adjustment 4,295 4,405 Contribution to Deposit Guarantee Fund 67,808 55,937 Other 693,171 428,591 4,021,540 2,827,590

Gross intermediation margin - gain 5,731,991 4,076,780

C. Provision for loan losses 540,032 600,424

D. Service-charge income Related to lending transactions 164,097 141,048 Related to deposits 2,022,656 1,571,838 Other commissions 50,236 42,078 Other 1,189,335 889,767 3,426,324 2,644,731

12/31/2013 12/31/2012

E. Service-charge expense Commissions 205,176 153,194 Other 712,631 532,198 917,807 685,392

F. Administrative expenses Personnel expenses 2,351,921 1,844,336 Directors’ and statutory auditors’ fees 117,077 75,005 Other professional fees 138,212 109,906 Advertising and publicity 103,437 92,526 Taxes 218,491 169,306 Depreciation of equipment 98,666 85,037 Amortization of organization costs 89,019 72,721 Other operating expenses 598,402 429,752 Other 300,131 236,796 4,015,356 3,115,385

Net income from financial intermediation - Gain 3,685,120 2,320,310

G. Other income Income from long-term investments 25,132 13,299 Penalty interest 40,972 39,592 Recovered loans and allowances reversed 109,449 78,901 CER adjustments 63 76 Others 77,598 64,794 253,214 196,662

H. Other expense Penalty interest and charges payable to the Central Bank of Argentina 30 22 Charges for other receivables uncollectibility and other allowances 50,624 43,046 Amortization of differences related to court orders 59,828 Depreciation and loss of other assets 3,051 2,065 Goodwill amortization 14,052 14,052 Other 75,931 37,076 143,688 156,089

Minority interest in subsidiaries (18,173) (13,790)

Net income before Income Tax - Gain 3,776,473 2,347,093

I. Income Tax 1,332,909 853,475

Net income for the fiscal year - Gain 2,443,564 1,493,618

Consolidated Statements of Cash Flows For the years ended December 31, 2013 and 2012

(Translation of financial statements originally issued in Spanish - See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

12/31/2013 12/31/2012

Changes in cash and cash equivalents (Note 1.5.) Cash at the beginning of the fiscal year 10,526,353 6,172,446 Cash at the end of the fiscal year 13,512,271 10,526,353 Net increase in cash 2,985,918 4,353,907

Causes of changes in cash Operating activities Net collections / (payments) for: Government and private securities 451,488 (48,420) Loans To the financial sector (152,924) 291,597 To the non-financial government sector 6,051 (211,154) To the non-financial private sector and foreign residents (256,172) (1,547,040) Other receivables from financial intermediation 20,890 2,546,616 Receivables from financial leases 1,836 63,862 Deposits From the financial sector 2,652 6,490 From the non-financial government sector (2,246,827) 2,186,276 From the non-financial private sector and foreign residents 6,305,546 2,837,330 Other liabilities from financial intermediation Financing facilities from the financial sector (received calls) 95,906 (165,661) Others (except liabilities included under financing activities) 724,159 513,117 Collections related to service-charge income 3,400,939 2,626,865 Payments related to service-charge expenses (889,886) (668,688) Administrative expenses paid (3,748,636) (2,947,585) Payment of organization and development costs (158,508) (106,956) Net collections from penalty interest 40,945 39,312 Differences from payments related to court orders (7,687) (8,644) Collections of dividends from other companies 100 300 Other collections related to other income and losses 81,950 59,346 Net payments from other operating activities (735,780) (404,327) Payment of income tax / minimum presumed income tax (906,557) (851,953)

Net cash flows generated by operating activities 2,029,485 4,210,683

12/31/2013 12/31/2012

Investing activities Net payments for bank premises and equipment (174,960) (136,649) Net payments for other assets (100,661) (67,766) Other collections for investing activities 39 (2,050) Net cash flows used in investing activities (275,582) (206,465)

Financing activities Net collections / (payments) for: Non-subordinated corporate bonds (47,455) (248,003) Central Bank of Argentina: Other (1,334) 11,381 Banks and International Institutions 46,396 111,656 Subordinated corporate bonds (85,368) (68,650) Financing received from Argentine financial institutions 11,428 (2,246) Dividends paid (19) (19)

Net cash flows used in financing activities (76,352) (195,881)

Financial income and holding gains on cash and cash equivalents 1,308,367 545,570

Net increase in cash 2,985,918 4,353,907

Consolidated Statements of Debtors by situation As of December 31, 2013 and 2012

(Translation of financial statements originally issued in Spanish - See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

12/31/2013 12/31/2012

Commercial In normal situation 16,157,610 13,636,481 With Senior “A” guarantees and counter-guarantees 1,054,102 599,868 With Senior “B” guarantees and counter-guarantees 2,991,706 2,017,671 Without Senior guarantees or counter-guarantees 12,111,802 11,018,942

Subject to special monitoring 102,511 142,630 In observation With Senior “A” guarantees and counter-guarantees 1,993 With Senior “B” guarantees and counter-guarantees 35,970 25,625 Without Senior guarantees or counter-guarantees 64,548 117,005

Troubled 22,650 19,854 With Senior “B” guarantees and counter-guarantees 13,060 11,516 Without Senior guarantees or counter-guarantees 9,590 8,338

With high risk of insolvency 222,106 71,126 With Senior “B” guarantees and counter-guarantees 75,006 22,723 Without Senior guarantees or counter-guarantees 147,100 48,403

Irrecoverable 8,385 91,931 With Senior “B” guarantees and counter-guarantees 3,729 1,642 Without Senior guarantees or counter-guarantees 4,656 90,289

Subtotal Commercial 16,513,262 13,962,022

12/31/2013 12/31/2012

Consumer Performing 23,892,347 18,342,839 With Senior “A” guarantees and counter-guarantees 315,925 50,594 With Senior “B” guarantees and counter-guarantees 1,713,576 1,283,516 Without Senior guarantees or counter-guarantees 21,862,846 17,008,729

Low risk 341,018 281,551 With Senior “A” guarantees and counter-guarantees 1,683 157 With Senior “B” guarantees and counter-guarantees 16,884 12,760 Without Senior guarantees or counter-guarantees 322,451 268,634

Medium risk 225,864 185,635 With Senior “A” guarantees and counter-guarantees 1,185 9 With Senior “B” guarantees and counter-guarantees 7,137 5,401 Without Senior guarantees or counter-guarantees 217,542 180,225

High risk 144,006 122,980 With Senior “A” guarantees and counter-guarantees 576 69 With Senior “B” guarantees and counter-guarantees 5,013 4,888 Without Senior guarantees or counter-guarantees 138,417 118,023

Irrecoverable 65,486 94,066 With Senior “B” guarantees and counter-guarantees 9,218 8,086 Without Senior guarantees or counter-guarantees 56,268 85,980

Irrecoverable according to Central Bank’s rules 287 136 Without Senior guarantees or counter-guarantees 287 136

Subtotal Consumer 24,669,008 19,027,207

Total 41,182,270 32,989,229

Consolidated Balance Sheets (Section 33, Law No. 19,550) - Notes to the financial statements as of December 31, 2013

(Translation of financial statements originally issued in Spanish – See Note 24 to the stand-alone financial statements)

(Cifras expresadas en miles de pesos) 1. SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES 1.1. Valuation and disclosure criteria: According to the procedures provided by Central Bank rules - Communiqué “A” 2227, as supplemented - and FACPCE TR No. 21, the Bank has consolidated line-by-line its balance sheets and the statements of income and cash flows as of December 31, 2013 and 2012, with the financial statements of the subsidiaries listed in Note 1.2. as of each respective date.

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

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

1.2. List of subsidiaries: The table below shows the treatment given to the equity interests that Banco Macro S.A. holds in subsidiaries (percentage of equity interest and votes held directly or indirectly as of December 31, 2013): Banco Macro S.A.’s direct Banco Macro S.A.’s direct equity interest and indirect equity interest Shares Percentage of Percentage of Capital Possible Capital Possible Company Type Number stock votes stock votes

Banco del Tucumán S.A. Common 395,341 89.932% 89.932% 89.932% 89.932%

Macro Bank Limited (a) Common 9,816,899 99.999% 99.999% 99.999% 100.00%

Macro Securities S.A. Common 12,776,680 99.154% 99.154% 99.921% 99.932% (former Macro Securities S.A. Sociedad de Bolsa) (b) and (c)

Macro Fiducia S.A. Common 6,475,143 98.605% 98.605% 98.605% 98.605%

Macro Fondos SGFCI S.A. Common 327,183 19.100% 19.100% 99.936% 100.00%

(a) Consolidated with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 857). (b) Consolidated with Macro Fondos SGFCI S.A. (percentage of capital stock and votes 80.90%). (c) The indirect equity interest of Banco Macro S.A. comes from Macro Fiducia S.A.

1.3. Methods of incorporating foreign subsidiaries: The financial statements of Macro Bank Limited were adapted to Central Bank rules. Also, as they are originally stated in US dollars, they were translated into pesos following the procedures indicated below: a) Assets and liabilities were converted at the reference exchange rate at the closing of transactions on the last business day of the fiscal years December 31, 2013, and 2012.

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

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

d) The amounts of the accounts in the statements of income for the fiscal years De- cember 31, 2013, and 2012, were converted into pesos, as described in (a) above, In both cases, the difference between the sum of the amounts thus obtained and lump-sum income (loss) for each fiscal year (difference between retained earnings at beginning of fiscal year and retained earnings at year end) was recorded in “Other income – Income from long-term investments” and “Financial income – Difference in quoted prices of gold and foreign currency” or “Financial expense – Difference in quoted prices of gold and foreign currency”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

The main figures included in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU) S.A.) as of December 31, 2013, considering the translation process mentioned above are as follows:

Macro Bank Limited In thousands In thousands of USD of Ps,

Assets 256,416 1,671,322 Liabilities 213,566 1,392,023

Shareholders’ equity 42,850 279,299

Consolidated Balance Sheets (Section 33, Law No. 19,550) - Notes to the financial statements as of December 31, 2013

(Translation of financial statements originally issued in Spanish – See Note 24 to the stand-alone financial statements)

(Cifras expresadas en miles de pesos)

1.4. The table below shows total assets, liabilities, shareholders’ equity and income (loss) of Banco Macro S.A. and each of its subsidiaries as of December 31, 2013: Banco Banco Banco del Macro Bank Other Macro S,A, Macro S,A, Tucumán S,A, Limited (1) subsidiaries (2) Eliminations (consolidated)

Assets 53,903,954 4,696,693 1,671,322 139,488 1,116,423 59,295,034 Liabilities 45,276,523 4,008,522 1,392,023 71,449 80,914 50,667,603 Shareholders’ equity 8,627,431 688,171 279,299 68,039 1,035,509 8,627,431 Income 2,443,564 180,123 60,297 17,760 258,180 2,443,564

(1) Figures related to Macro Bank Limited consolidated with Sud Asesores (ROU) S.A. (2) Figures related to the subsidiaries Macro Securities S.A. (former Macro Securities S.A. Sociedad de Bolsa), (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A.) and Macro Fiducia S.A.

1.5. Statement of cash flows and cash equivalents The Bank and its subsidiaries consider “Cash and cash equivalents” to be the Cash account and Government and private securities which mature less than 90 days since their date of acquisition, Below is a breakdown of the reconciliation of the “Cash” item in the consolidated statement of cash flows with the related consolidated balance sheets accounts:

12/31/2013 12/31/2012

Cash 12,860,529 10,047,048 Government and private securities Holdings booked at market value 638,762 388,462 Instruments issued by the Central Bank 12,980 90,843

Cash and cash equivalents 13,512,271 10,526,353

2. Income tax and minimum presumed income tax In addition to what was mentioned in Note 4 to the Bank´s stand alone financial statements, the following shows the situation of the main subsidiaries.

As of December 31, 2013 and 2012, subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 110,200 and 85,200, respectively; hence, no minimum presumed income tax should be assessed.

In addition, as of December 31, 2013, the Bank made income tax prepayments for 62,878 for the 2013 tax year, which will be applied to the tax amount assessed in the 2013 tax return.

3. Restricted assets In addition to the assets broken down in Note 7. to the stand-alone financial statements, certain assets are restricted as follows:

Item 12/31/2013 12/31/2012

3.1. Banco del Tucumán S.A.: Other receivables from financial intermediation Special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar entities 71,136 55,730 Subtotal other receivables from financial intermediation 71,136 55,730

Other receivables Deposits mainly provided in guarantee for the credit card transaction and related to court deposits. 8,175 7,268 Subtotal other receivables 8,175 7,268 Total 79,311 62,998

3.2. Macro Securities S.A. Sociedad de Bolsa: Investments in other companies Other 1,453 1,453 Total 1,453 1,453

4. Transactions with related parties In relation to the transactions performed by the Bank’s subsidiaries with parties related to Macro Group, as part of the ordinary course of business, and in addition to those described in Note 8. to the stand-alone financial statements, the consolidated financial statements as of December 31, 2013 and 2012, include assets amounted to 80,055 and 58,205, (mainly from Other receivables from financial intermediation), liabilities amounted to 494,816 and 394,952 (mainly from Deposits), and memorandum accounts amounted to 537,998 and 278,727( mainly Items in custody), respectively.

Additionally, as of December 31, 2013 and 2012, net income generated by those transactions amounted to 15,254 and 7,684, respectively.

Lastly, the balances as of those dates for transactions between Macro Group companies amounted to 472 and 360, respectively. Net income from those transactions for the years ended in the above mentioned dates amount to 4 and 7, respectively. Both balances and income were eliminated in the consolidation process.

Consolidated Balance Sheets (Section 33, Law No. 19,550) - Notes to the financial statements as of December 31, 2013

(Translation of financial statements originally issued in Spanish – See Note 24 to the stand-alone financial statements)

(Cifras expresadas en miles de pesos) 5. Changes in allowances and provisions The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of December 31, 2013:

Balances at Decreases Balances beginning at end of Breakdown of fiscal year Increases Charge off Reversals fiscal year

Allowances For loans 887,156 707,370 563,425 24,606 1,006,495 For other receivables from financial intermediation 233,123 5,236 3,238 2,831 232,290 For receivables from financial leases 6,599 912 2,486 10 5,015 For interests in other companies 1,379 76 125 1,330 For other receivables 9,282 1,722 3,181 894 6,929 Total 1,137,539 715,316 572,330 28,466 1,252,059

Provisions For contingent commitments 5 4,804 3 4,806 For other contingencies 114,566 38,364 21,100 556 131,274 For differences from court deposits dollarization 17,112 6,632 443 23,301 Total 131,683 49,800 21,543 559 159,381

6. Derivative financial instruments Below is a breakdown of the volumes, in absolute values, by type of derivative financial instrument involved in the transactions between the Bank and its subsidiaries, which are effective as of December 31, 2013 and 2012:

Type of contract / underlying asset 12/31/2013 12/31/2012

Futures / foreign currency 4,591,016 228,530 Repo transactions / Federal Government Securities 841,502 882,661 Forward contracts / foreign currency 435,595 2,053 Options / BODEN coupons 14,713 Swaps / Other 50,000 85,000 Options / Other 6,676 56,045

Additionally, positions of transactions effective as of December 31, 2013 and 2012 are as follows:

Transaction 12/31/2013 12/31/2012

Net position of repurchase agreements (515,602) (507,199)

Net asset position of forward transactions without delivery of the underlying asset 806,959 25,253

Interest rate swap 50,000 85,000

Position of put options sold on BODEN 2013 coupons 14,713

Position of put options taken 6,676 56,045

7. Portfolio management In addition to what was mentioned in Note 12 to the Bank’s stand-alone financial statements, as of December 31, 2013 and 2012, Banco del Tucumán S.A., manages the following portfolios:

Managed portfolio as of Item 12/31/2013 12/31/2012

On October 30, 2012, Banco del Tucumán S.A., Banco de Valores S.A. and Banco Macro S.A. entered into a management and custody agreement regarding the “Fideicomiso Financiero Tucumán Personal I” financial trust loan portfolio. 19,454 86,332

On December 31, 2008, the Bank and Macro Fiducia S.A. entered into a management and custody agreement regarding the “BATUC 1” trust loan portfolio. 16,031 16,163

Other managed portfolios. 16,194 12,717

Total 51,679 115,212

8. Trust agreements In addition to what was mentioned in Note 15. to the Bank’s stand-alone financial statements, the subsidiaries have the following trust agreements as of December 31, 2013 and 2012:

Consolidated Balance Sheets (Section 33, Law No. 19,550) - Notes to the financial statements as of December 31, 2013

(Translation of financial statements originally issued in Spanish – See Note 24 to the stand-alone financial statements)

(Cifras expresadas en miles de pesos)

8.1. Financial trusts for investment purposes

Financial trust 12/31/2013 12/31/2012

Certificates of participation: TST & AF (a) 52,845 Other 23,805 24,989 Subtotal certificates of participation 23,805 77,834

Debt securities: Agroaval XIX 3,917 Other 717 600 Subtotal debt securities 717 4,517 Total 24,522 82,351

(a) TST & AF trust As of December 31, 2012, Macro Bank Limited was the beneficiary of 46.66% of the certificates of participation issued by TST & AF. On May 17, 2013, the Bank sold the abovementioned participation.

8.2. Trusts created using financial assets transferred by the Bank’s subsidiaries. In addition to what has been mentioned in Note 15.2., to the stand-alone financial statements, which includes the trusts created with financial assets transferred by Banco Macro S.A., subsidiary Banco del Tucumán S.A. transferred financial assets (loans) to trusts for the purpose of issuing and selling securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way, the funds originally used to finance loans are recovered earlier, increasing the entities lending capacity.

As of December 31, 2013 and 2012, considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed by the trustors of these types of trusts amount to 19,586 and 86,565, respectively.

8.3. Trusts in which the Bank’s subsidiaries act as trustees (administration). As mentioned in Note 15.3. to the stand-alone financial statements, and in addition to those included in that note, in these trusts the Bank, through Macro Fiducia S.A. (subsidiary) only carries out administrative duties regarding the corpus assets, in accordance with the agreements.

As of December 31, 2013 and 2012, considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed through Macro Fiducia S.A. (subsidiary) of these types of trusts amount to 392,985 and 727,596, respectively.

Consolidated detail of government and private securities Exhibit I As of December 31, 2013 and 2012

(Translation of financial statements originally issued in Spanish - See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

12/31/2013 12/31/2012 Market or Present Book Book Name Value balance balance

Government and private securities Government securities Government securities at market value - Local Federal government bonds in pesos at Badlar Private + 3% - Maturity: 2015 471,066 124,044 Secured bonds in pesos under Presidential Decree No. 1579/02 at 2%- Maturity 02-04-2018 308,235 71,649 Federal government bonds in pesos at Badlar Private + 2.75% - Maturity: 2014 256,305 566,873 Federal government bonds in US dollars at 7% - Maturity: 2017 70,889 2,998 Debt Securities of the Province of Neuquén Series 1 Class I in US dollars - Maturity: 06-12-2016 50,566 Federal government bonds in US dollars at 7% - Maturity: 2015 44,193 10,484 Discount bonds denominated in pesos at 5.83% - Maturity: 2033 26,176 62,879 Consolidation bonds in pesos - 6° Serie - Maturity: 2024 at 2% 17,663 38,789 GDP - Related Securities in pesos - Maturity: 2035 15,076 3,734 Par bonds denominated in Us dollars - Maturity 2038 (Reg. by NY law) 13,020 Other 16,890 87,110 Subtotal holdings booked at market value - Local 1,290,079 968,560

- Foreign Treasury Bill - Maturity 01-16-14 560,546 Treasury Bill - Maturity 01-09-14 78,216 Treasury Bill - Maturity 01-10-13 314,705 Treasury Bill - Maturity 01-24-13 49,172 Treasury Bill - Maturity 03-14-13 24,585 Subtotal holdings booked at market value - Foreign 638,762 388,462 Subtotal holdings booked at market value 1,928,841 1,357,022

Government securities at amortized cost - Local Province of Buenos Aires Treasury Bills in pesos – Maturity: 05-29-2014 98,759 98,759 Argentine saving bond for the economy development in US dollars at 4% - Maturity 07-27-2016 107,166 98,437 Secured Province of Neuquén Treasury Bills Class 1 in US dollars – Maturity: 05-23-2014 39,038 37,435 146,341 Debt Securities Class 1 - Chubut development and infraestructure bond in US dollars at 4% - Maturity: 10-21-2019 9,804 10,376 Province of Tucumán bonds - First series in pesos - Maturity: 2018 4,529 4,225 2,775 Province of Tucumán bonds - Second series in dollars at 9.45% - Maturity: 2015 1,349 1,281 4,972 Province of Buenos Aires Treasury Bills in pesos – Maturity: 01-31-2013 51,819 Province of Buenos Aires Treasury Bills in pesos – Maturity: 06-06-2013 51,525 Debt Securities of the Province of Entre Ríos Series II in pesos Class A - Maturity: 03-26-2013 25,757 Debt securities Series II Fixed rate for 360-day term secured in US dollars – Maturity: 11-14-2013 25,010 Province of Chubut Treasury Bills Series III in pesos – Maturity: 05-24-2013 20,396 Province of Chaco Treasury Bills in US dollars - Maturity: 03-14-2013 19,526 Debt Securities of the Province of Entre Ríos Series II in pesos Class A - Maturity: 02-26-2013 5,053 Subtotal government securities at amortized cost 250,513 353,174

Consolidated detail of government and private securities Exhibit I As of December 31, 2013 and 2012 (Continued)

(Translation of financial statements originally issued in Spanish - See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

12/31/2013 12/31/2012 Market or Present Book Book Name Value balance balance

Instruments issued by the Central Bank of Argentina Central Bank of Argentina Internal Bills at market value – Own Portfolio Central Bank of Argentina Internal Bills in pesos – Maturity: 01-02-2014 12,980 Central Bank of Argentina Internal Bills in pesos – Maturity: 03-27-2013 8,720 Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio 12,980 8,720

Central Bank of Argentina Internal Bills - Under Repo Transactions Central Bank of Argentina Internal Bills in pesos – Maturity: 03-19-2014 21,817 Central Bank of Argentina Internal Bills in pesos – Maturity: 02-05-2014 21,330 Central Bank of Argentina Internal Bills in pesos – Maturity: 01-29-2014 12,750 12,750 Central Bank of Argentina Internal Bills in pesos – Maturity: 06-11-2014 12,591 Central Bank of Argentina Internal Bills in pesos – Maturity: 10-15-2014 11,902 Central Bank of Argentina Internal Bills in pesos – Maturity: 11-26-2014 4,674 Central Bank of Argentina Internal Bills in pesos – Maturity: 04-10-2013 182,745 Central Bank of Argentina Internal Bills in pesos – Maturity: 09-25-2013 48,942 Central Bank of Argentina Internal Bills in pesos – Maturity: 01-30-2013 43,529 Central Bank of Argentina Internal Bills in pesos – Maturity: 03-06-2013 38,972 Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions 85,064 314,188

Central Bank of Argentina notes at market value - Own portfolio Central Bank of Argentina Internal Notes in pesos with variable coupon 26,320 (Badlar rate) + 2.5% - Maturity: 05-15-2013 Subtotal Central Bank of Argentina notes at market value - Own portfolio 26,320 Subtotal instruments issued by the Central Bank of Argentina 98,044 440,071

12/31/2013 12/31/2012 Market or Present Book Book Name Value balance balance

Instruments issued by the Central Bank of Argentina (Continued) 98,044 440,071 Central Bank of Argentina Notes - Under Repo Transactions Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity 04-23-2014 39,340 Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity 05-15-2013 33,120 Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity 01-23-2013 139,698 Subtotal Central Bank of Argentina Notes - Under repo Transactions 39,340 172,818

Central Bank of Argentina internal notes at amortized cost - Own portfolio Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity 04-23-2014 35,647 Subtotal Central Bank of Argentina internal notes at amortized cost - Own portfolio 35,647 Total Instruments issued by the Central Bank of Argentina 173,031 612,889 Total Government securities 2,441,313 2,323,085

Investments in listed private securities Tenaris S.A. 2 1 Siderar S.A. 1 Petroleo Brasileiro S.A. - Petrobras 11,194 Grupo Financiero Galícia S.A. 8,414 IRSA Inversiones y Representaciones S.A. 384 Total investment in listed private securities 3 19,993

Total government and private securities 2,441,316 2,343,078

Earnings distribution proposal For the fiscal year ended December 31, 2013

(Translation of financial statements originally issued in Spanish - See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Unappropriated retained earnings (1) 6,129,221 To legal reserve (20% of 2,443,564) (488,713)

Subtotal 1 5,640,508 To the reserve under Central Bank rules - Special for subordinated corporate bonds (2) (95,326)

Subtotal 2 5,545,182

Distributable amount (3) 1,311,464

(1) Includes voluntary reserve for future distribution of earings amounted to 3,613,821. (2) See Note 22.b). (3) Relates to the lower amount between SUBTOTAL 2 and that arising from calculating the excess of computable capital over required minimum capital as of December 31, 2013, also considering the restrictions further described in Note 22. as established by Central Bank rules regarding “Distribution of earnings”. The Board of Directors has decided to postpone untill the meeting considering the Annual Report for the fiscal year ended December 31, 2013, the retained earnings distribution proposal that will be submitted to the Shareholders’ Meeting consideration.

Report from the Auditing Commission

To the Shareholders BANCO MACRO S.A. Sarmiento 447 Autonomous City of Buenos Aires

1. In compliance with legal, regulatory and statutory dispositions in force, we have received BANCO MACRO S.A.’s financial statements through 31 December 2013, its corresponding income statements, evolution of shareholders’ equity, cash flow and equivalents for the year ending on such date and attached annexes to be revised. We have also received BANCO MACRO S.A’s consolidated financial statements for the year ending on such date, with the controlled companies, exhibited as complementary information. The Company’s Board of Directors is responsible for those documents. We are liable for reporting about such documents on the grounds of the following paragraph.

2. Our revision was carried out according to the receivership in force in the Autonomous City of Buenos Aires. Said rules require the revision to be made according to current auditing regulations, and to verify that the documents are consistent with the information on the company’s decisions stated in the minutes and to establish that such decisions were made according to law and by-laws, as regards formal and documentary aspects. To carry out such task we took into account the audit information provided by the external auditors Pistrelli, Henry Martin y Asociados SRL, who issued their report on 19 February 2014, signed by the partner together with the signature of the Certified Accountant Claudio N. Nogueiras, under the audit regulations in force in the Autonomous City of Buenos Aires. As trustees are not responsible for Management Control, the revision was not made on the corporate criteria and decisions of the different areas; they are exclusively the Board of Directors’ responsibility. We think our job gives us reasonable grounds to prepare our report.

3. Individual and consolidated financial statements were made by the company according to the accounting regulations set by the Central Bank of the Argentine Republic (B.C.R.A.), which are different from the professional regulations in force in the Autonomous City of Buenos Aires, Argentine Republic, as regards valuation and exhibition aspects described in point 5 of the attached financial statements.

4. In our opinion, BANCO MACRO S.A.’s financial statements in Schedule 1 reasonably and significantly present the information about the company’s equity and financial statements consolidated with controlled societies through 31 December 2013. They also put forward the respective results of operations and cash flows and equivalents for the year ended on such date,

under the regulations set by the B.C.R.A. and, except for the effect of issues contained in paragraph 3, under the professional accounting regulations in force in the Autonomous City of Buenos Aires.

5. Also in compliance with legal and regulatory dispositions in force, we inform that: a) the Board’s annual report and the report of the Corporate Governance Code are underway. This auditing committee will timely issue the corresponding information, b) we have verified the consistency with section 294 of Act No 19.550, which we deem necessary in these circunstances, including the control on the issuance and survival of the directors’ guarantee, with no observations to be made thereto, c) BANCO MACRO S.A.’s financial statements are based on accounting registries formally kept under the legal and regulatory dispositions in force of the B.C.R.A., d) no significant observations are to be made in our field about the information presented by item 16, about the individual financial statements through 31 December 2013 attached hereto, according to the requirements of the National Securities Commission on Minimum Net Assets and a balancing entry, and e) according to the requirements of General Resolution No 622 of the National Securi- ties Commission, about the independence of external auditors and about the quality of auditing policies applied to them and of the company’s accounting policies, the report of the external auditors mentioned before sets that the auditing rules in force have been applied; they refer to the independence requirements and do not contain any false statement as regards the application of such rules, except for the contents of paragraph four of that report on the application of the regulations issued by the B.C.R.A. that rule over the professional accounting regulations.

Autonomous City of Buenos Aires, 19 February 2014.

By the Auditing Commission

Alejandro Almarza Permanent Trustee Certified Accountant – University of Buenos Aires C.P.C.E.(Professional Council of Economic Sciences) C.A.B.A (Autonomous City of Buenos Aires) Book 120 - Page 210

 Banco Macro

Annual Report and Balance Sheet 2013 Graphic design: Tholön kunst, comunicación visual

Memoria y Balance Memoria y Balance 2013 2013 Banco Macro S.A.

www.macro.com.ar

21 mm Laca brillante