Investor Relations January 2018 COMPANY REPRESENTATIVES

Jorge Scarinci, CFA Nicolás Torres

Chief Financial Officer Investor Relations

DICLAIMER

The information contained in this presentation is confidential and has been prepared solely for informational purposes. This presentation contains forward-looking statements which are based largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; competition in banking, ; deterioration in regional and national business and economic conditions in ; and fluctuations in the exchange rate of the peso. Banco Macro financial results presented as of September 30, 2017 are stated in accordance with Rules.

2 AGENDA

01. Section I - BMA Business Overview

02. Section II - BMA Strenghts and Opportunities

03. Section III - BMA Financial Performance

04. Section IV - Financial System & Argentine Economy

05. Section V - Appendix

3 SECTION I BMA Business Overview MACRO IN A NUTSHELL

01 A Leading Private Sector Bank in Argentina

02 Presence in Fast Growing Segments

03 Strong Profitability & Returns

04 Diversified Loan Portfolio & Prudent Risk Management

05 Robust Liquidity & Capital Ratios

5

5 A SUCCESSFUL BUSINESS MODEL & STRATEGIC FOCUS

Banco Macro Strategy Jujuy

Misiones » Enhanced business model to increase efficiency and Salta Formosa Tucuman Chaco Santiago cross-selling capabilities Catamarca Del Estero Corrientes La Santa » Continue gaining market share in low-to-mid income Rioja Fé San Cordoba individuals and rapidly grow our high-end customer Juan Entre base through our revamped product suite (“Selecta”) Rios San Luis » Further increase payroll services to our large SME CABA Mendonza customer base La Pampa » Expand commercial offering beyond working capital, Neuquén

extending loan duration and offering local and foreign Río Negro Growth by increasing currency products focused on export-oriented market share businesses (e.g. agri-business, energy, etc.) Chubut Potential for acquisitions » Continue expanding our branch network by opening Market opportunities new branches and / or through acquisitions, with through geography Santa and segment particular focus in solidifying our presence in the BA Cruz Operational and metro area commercial efficiency by reducing costs and increase cross selling Tierra Develop a sustainable business, Del Fuego Aggressive growth focus by cross selling making life easier for our customers. products

6 A SUCCESSFUL BUSINESS MODEL & STRATEGIC FOCUS

Business Model

7 A SUCCESSFUL GROWTH STORY

38 years of experience in the Argentine Financial System

Banco Privado de Inversiones Merger Nuevo Banco Bisel

Banco de Tucumán / NYSE IPO / Nuevo Banco Bisel

Banco Empresario de Tucumán Nuevo Banco Suquía

Banco Bansud / 35% of Scotiabank Argentina

Branches of Banco Mayo, Almafuerte, Mendoza and Israelita Banco Jujuy Banco Salta / Banco del Noroeste / Banco Misiones First Wholesale Bank to Issue Equity / First Branch in Salta / Strategic Decision to Move into Retail First Wholesale Bank to Issue Debentures Banco Macro Emerges as a Leading Wholesale Bank in Argentina License

Macro (Financial Company) Anglia Opens Brokerage House Anglia (Over the Counter Agent) Initial Stages Regional Bank Wholesale Bank

Note: 1- As of September, 2017. 8 A UNIQUE BRANCH NETWORK

Largest private sector branch network in Argentina and exclusive financial agent in 4 provinces

Strongest presence outside Buenos Aires² Branches Macro 80% 13% 7% 448 Nationwide Nacion 60% 30% 10% 630 Presence¹ Supervielle 39% 38% 23% 173

448 Branches throughout the country Patagonia 47% 27% 26% 187 1438 ATMs 273 910 TAS Credicoop 42% 39% 19% 32 Service points HSBC 32% 23% 45% 168 8,721 Employees 3,464,565 Retail Customers Santander Rio 34% 38% 28% 486 96,672 Corporate Customers BBVA Frances 31% 32% 37% 270

ICBC 32% 36% 32% 111 Financial Agency Agreements Galicia 28% 39% 33% 367 Provinces with Branches 0% 20% 40% 60% 80% 100% Financial Agency Agreements Interior of Argentina BA Province BA City Cross Selling Branch Market Agreement Provinces Population Large Share expires Provincial Customer Base » Employees and relatives Government’s Bank » Salta » 1.2 m » 50% » 2026 Low - Cost » Companies with government Funding contracts » Misiones » 1,1 m » 52% » 2019 Public Employees Payroll Accounts » Companies operating in regional » Jujuy » 0.7 m » 45% » 2024 Fee Income economies » Tucumán » 1.5 m » 43% » 2021

Source: BCRA Note 1- As of September, 2017. Bank´s with 100 branches or more. Galicia includes CFA and excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively. Note 2 – As of June, 2017. 9 AN INCREASING BRANCH NETWORK IN BUENOS AIRES

Keep increasing our market share in Buenos Aires

Rest of Buenos Aires Province1 Metropolitan Area & Great Buenos Aires1 Market Market Bank (total branches) Total Bank (total branches) Total Share Share 1 Provincia de Bs As 227 29% 1 Santander Rio 222 14% 2 Nación 149 17% 2 Galicia 192 13% 3 BBVA Francés 147 10% 3 Santander Río 99 11% 4 Provincia de Bs As 111 7% 4 Galicia 71 8% 5 Nación 108 7% 5 Credicoop 69 8% 6 HSBC 95 6% 6 Macro 44 5% 7 Credicoop 89 6% 7 BBVA Francés 39 4% 8 Supervielle 81 5% 8 Patagonia 30 3% 9 Itaú 68 4% 10 Patagonia 64 4% 9 Supervielle 26 3% 11 Ciudad de Bs As 62 4% 10 HSBC 19 2% 12 ICBC 58 4% Other 98 11% 13 Macro 55 4% Financial System 871 100% 14 Comafi 46 3% Other 134 9% Financial System 1,532 100%

Source: BCRA Note:1- As of June, 2017. Galicia includes CFA and excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively. 10 A LEADING PRIVATE SECTOR BANK IN ARGENTINA

Assets (Ps Billion - % Market Share) Equity (Ps Billion - % Market Share) 100%

100% 342,241

2,923,188

27% 26% 27% 21% 89,782 91,715 9% 9% 8% 6% 6% 4% 3% 3% 3% 774,900 11% 7% 7% 5% 4% 4% 3% 3% 3% 628.450 37,061 275,473 275,306 221,389 24,127 23,146 187,255 176,265 103,056 95,673 91,574 93,847 17,843 15,260 13,570 10,266 10,125 9,346

Loans (Ps Billion - % Market Share) 100% Deposits (Ps Billion - % Market Share) 100% 1,318,512 2,062,452

26% 23% 23% 347,694 13% 10% 11% 9% 8% 7% 4% 483,783 10% 10% 8% 6% 6% 4% 4% 3% 3% 473,356 4% 4% 4% 172,088 146,082 132,635 122,105 105,710 92,814 208,962 203,297 158,630 54,056 49,382 48,767 47,179 125,660 122,001 83,006 77,286 70,601 55,870

Source: BCRA. Note:1- As of June, 2017. Galicia includes CFA and excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively. 11 SECTION II BMA Financial Performance BMA’S EARNINGS CONSISTENT GROWTH

Quarterly Net Profit (Ps Million)

2,598

2,015

1,967

1,805

1,764

1,695

1,633

1,408

1,186

1,114

1,105

986

953

823

733

575

572

460

458

426

412

346

332

324

314

274

268

258 258

246

242

222

191

184

169

163 163

161

156

152

123

115 88

13 BANCO MACRO HIGHLIGHTS’ X PEERS

Banco Macro Banco Galicia BBVA Frances Santander Rio Profitability

Net Interest Margin1 17.30% 12.93% 10.70% N/A Efficiency Ratio² 43.30% 57.18% 57.00% 52.90% ROAE 28.70% 32.04% 21.70% 16.60% ROAA 4.90% 3.09% 2.50% 1.80%

Liquidity

Loans / Deposits 89.50% 109% 67.50% 75.00%

Capital

Total Equity / Total Assets 19.40% 9.17% 12.31% 9.50% Tier 1 Capital Ratio 21.30% 9.03% 14.06% 8.99% Total Regulatory Capital Ratio 25.80% 11.20% 14.80% 10.98%

Asset Quality

Allowances / Loans 2.00% 3.33% 2.08% 2.48% NPLs/ Loans 1.00% 3.27% 0.84% 2.25% Allowances / NPLs 199.20% 102% 248.32% 110.3%

Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 3Q17. Calculations may vary from bank to bank. Accumulated Annualized Ratios Note: 1 – Net interest income / average interest earning assets (annualized). 2 – Administrative expenses / Net fee income + Net financial income 14 SUPERIOR AND CONSISTENT PERFORMANCE RELATIVE TO PEERS

ROAA¹ ROAE¹ 32.04% 4.90% 28.70% 23.45% 21.70% 3.09% 2.50% 16.60% 2.46% 1.80%

Banco Macro Galicia BBVA Santander Peers Francés Rio Avarage Banco Macro Galicia BBVA Santander Peers Francés Rio Avarage

Net interest Margin² Efficiency Ratio³ 17.30%

11,82% 12.93% 57.18% 57.00% 52.90% 55.69% 10.70% 43.30%

Banco Macro Galicia BBVA Francés Peers Avarage Banco Macro Galicia BBVA Santander Peers Francés Rio Avarage

Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 3Q17. Calculations may vary from bank to bank. Note: 1 – Accumulated Annualized Ratios. 2 – Net interest margen/ average interest earning assets(annualized). 3 – Administrative expenses / Net fee income + Net financial income. Peers Average calculated as average of Banco Macro, Galicia, BBVA Francés y Santander Rio, except Net Interest Margin which excludes Santander Rio. 15 FINANCIAL SUMMARY

Balance Sheet Breakdown - Assets (Ps Billion) Balance Sheet Breakdown – Liabilities (Ps Billion)

4% 4% 4% 4% 4% 4% 4% 4% 3% 2% 2% 1% 1% 1% 2% 1% 3% 0% 3% 3% 3% 4% 1% 3% 2% 3% 0% 5% 5% 3% 3% 4% 4% 2% 2% 2% 2% 2% 3% 4% 11% 11% 2% 2% 4% 58% 59% 56% 58% 65% 66% 56% 8% 8% 7% 7% 6% 11% 10% 14% 14% 88% 48% 59% 87% 86% 86% 86% 82% 81% 80% 81%

21% 20% 17% 14% 15% 16% 4% 11% 5% 21% 22% 21% 18% 19% 18% 16% 15% 16%

2010 2011 2012 2013 2014 2015 2016 2Q17 3Q17 2010 2011 2012 2013 2014 2015 2016 2Q17 3Q17 Cash Non-subordinated Corporate Bonds Goverment & Privater Securities Other Liabilities Loans Subordanated Corporate Bonds Other Receivables Other Liabilities from financial Institutions Other Assets Deposits

16 FINANCIAL SUMMARY

Income Statements Highlights Ps Million 2011 2012 2013 2014 2015 2016 1Q17 2Q17 3Q17 Financial Income 4,699 6,904 9,754 14,683 20,109 28,935 7,600 8,354 9,576 Financial Expense (1,719) (2,828) (4,022) (6,583) (8,843) (13,300) (2,960) (3,109) (3,549) Net Financial Income 2,980 4,077 5,732 8,100 11,266 15,634 4,640 5,244 6,026 Provision for loan losses (273) (600) (540) (665) (877) (1,073) (361) (469) (342)

Fee Income 1,969 2,645 3,426 4,656 6,115 1,532 2,401 2,575 2,747 Fee Expense (428) (685) (918) (1,216) (1,715) (2,603) (734) (775) (872) Net Fee Income 1,541 1,959 2,509 3,440 4,401 5,365 1,667 1,800 1,874 Administrative Expenses (2,489) (3,115) (4.015) (5,499) (7,226) (9,971) (2,963) (3,044) (3,195) Minority Interest in Subsidiaries (10) (14) (18) (24) (35) (55) (16) (19) (19) Net Other Income 85 41 110 89 (35) 117 0.8 (189) (92) Earnings Berfore Income Tax 1,834 2,347 3,776 5,442 7,494 10,018 2,965 3,323 4,252 Income Tax (658) (854) (1,333) (1,962) (2,486) (3,477) (1,201) (1,308) (1,654) Net Income 1,176 1,494 2,444 3,480 5,008 6,541 1,764 2,015 2,597 16 Earnings per Outstanding ADS (PS)¹ 13.74 14 12

10

) 8 (PS 6 4 2 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Note 1 – Annualized. 17 FINANCIAL SUMMARY

ACCUMULATED ANNUALIZED RATIOS 2011 2012 2013 2014 2015 2016 3Q17 Profitability & Performance Net interest margin 10.9% 11.9% 13.7% 15.7% 18.0% 18.2% 17.3% Net interest margin adjusted (1) 10.7% 12.4% 13.9% 14.9% 15.7% 15.3% 16.2% Net fee income ratio 34.1% 32.5% 30.4% 29.8% 28.1% 25.5% 25.1% Efficiency ratio 55.0% 51.6% 48.7% 47.7% 46.1% 47.5% 43.3% Net fee income as a percentage of adm expenses 61.9% 62.9% 62.5% 62.6% 60.9% 53.8% 58.0% Return on average assets 3.4% 3.3% 4.6% 5.1% 5.8% 5.2% 4.9% Return on average equity 26.7% 27.1% 33.3% 33.4% 37.2% 34.1% 28.7% Liquidity Loans as a percentage of total deposits 85.4% 88.7% 92.2% 82.1% 83.4% 80.2% 89.5% Liquid assets as a percentage of total deposits 34.7% 31.7% 33.3% 40.6% 38.4% 47.6% 50.7% Capital Total equity as a percentage of total assets 11.4% 12.8% 14.6% 15.3% 15.1% 14.3% 19.4% Regulatory capital as % of APR n/a n/a 14.6% 16.1% 14.6% 22.1% 25.8% Asset Quality Allowances over total loans 2.4% 2.8% 2.5% 2.6% 2.3% 2.0% 2.0% Non-performing loans as a percentage of total loans 1.5% 1.8% 1.7% 1.9% 1.5% 1.1% 1.0% Allowances as a percentage of non-performing loans 159.2% 155.4% 149.1% 135.3% 151.0% 176.5% 199.2%

ACCUMULATED ANNUALIZED BALANCE SHEET 2011 2012 2013 2014 2015 2016 3Q17 Assets 41,179.2 47,894.1 59,295.0 74,995.6 104,952.0 154,999.0 206,345.0 Loans 24,318.3 31,202.6 39,022.4 43,740.3 62,332.4 87,973,0 119,762.0 Other assets 16,860.9 16,691.5 20,272.6 31,255.3 42,619.6 67,026.0 86,583.0 Liabilities 36,459.6 41,695.0 50,667.6 63,503.8 89,075.9 132.893,1 166,226.0 Deposits 29,167.1 36,188.7 43,427.0 54,716.6 76,521.6 111,939.7 136,613.0 Other liabilities 7,292.5 5,506.3 7,240.6 8,787.2 12,554.3 20,953.4 29,613,0 Shareholders Equity 4,719.6 6,199.1 8,627.4 11,491.8 15,876.1 22,105.9 40,119.0

Note: 1 Net interest margin excluding difference in quote in foreign currency. 2 Net interest margin (excluding difference in quote in foreign currency) except income from government & private securities and guaranteed loans. 18 TOTAL LOANS & DEPOSITS BREAKDOWN

Loans Pledged Mortgage Deposits Low-Cost Loans Loans 3% Deposits 5%

Others Overdrafts 6% 11% . 16% of Loan Book in Personal dollars. Documents² Loans Time 37% 12% . 22% of deposits in 46% Sight dollars. 48% Others³ 13% Credit Cards 19%

Publ & Fin Publ & Fin 4% 12% Cross Selling allows us to increase growth, Corporate while controlling risk. 24%

Corporate 35% Consumer 61% Cross Selling Opportunities for Retail depositors (especially payroll 64% customers and SMEs) to utilize other products (such as credit cards, mortgages, long-term loans).

Note: 1 As of September, 2017. 2 Factoring, check cashing advances and promissory notes. 3 Mostly structured loans (medium- and long-term). 19 DEPOSITS AND TOTAL FINANCING MATURITY

Total Financing¹ Total Deposits¹

More than 24 months 6 Months 7% 6%

More than Up to 1 24 Month¹ months 29% 25% 3 Months 14%

12 to 24 months 13% 1 to 3 1 Month months 77% 12% 6 to 12 3 to 6 months months 11% 10%

Note 1 – As of September ,2017. Includes 1% of matured total financing. 20 ORGANIC, INORGANIC AND FEE INCOME GROWTH

Market Share Evolution1 10,000.0 Fee Income Growth 2 3% 2% 10% I II III IIV V 8.2% 8,000.0 32% 8%

6,000.0 7.1%

5% (Million Ps.) (Million 4,000.0

63%

3% 2,000.0

0% 0.0

Other Credit-related fees Debit and income Fee charges on deposit accounts

Source: BCRA Notes: 1-As of September, 2017. 2 - As of September, 2017, annualized. 21 ASSET QUALITY

NPLs as a % of Total Lending1

Banco Macro Financial System¹ 3.2 4.5

2.6 3.5 3.2 3.1 2.0 2.1 2.0 1.8 1.7 1.6 1.5 1.5 2.1 2.0 1.7 1.7 1.7 1.8 1.7 1.1 1.0 1.4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q17 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q17

Allowances as a % of NPLs¹

Banco Macro Financial System¹ 176 199 150 150 176 148 144 142 140 140 158 156 147 155 149 151 117.0 142 138 135 108 115 115 116

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q17 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q17

Source: BCRA Note: 1 – NPLs defined as non-performing financing (Situation 3,4,5 and 6 from the “Situación de Deudores” as defined by BCRA). 22 FUNDING & LIQUIDITY MANAGEMENT

Large share of demand deposits Appropriate liquidity complemented by low-cost available to take advantage of deposits from provinces expected credit expansion

Deposit Base Liquidity Management

110,000 6% (Million Ps) 3Q16 3Q17 54% 90,000 low-cost Cash + cash collateral + call 24,932.2 41,854.8 funding

48% Repos 577.3 877 70,000 Central Bank Notes 20,050.4 26,149.6 (Million (Million Ps.) (Lebacs / Nobacs) 50,000 Liquid Assets 45,559.4 69,294.4

30,000 Liquid Assets / Total Assets 33.3% 33.5% 46% 10,000 Liquid Assets / Deposits 44.70% 50.70%

-10,000

Time deposits Sight deposits Other

23 LOWER EXPOSURE TO PUBLIC SECTOR AN SOLID CAPITALIZATION AND SOLVENCY

Exposure to the Public Sector1 Excess of Capital

24 30,000 40

25,000 18

30

(%)

20,000

25.8

Capitalization Capitalization Ratio (%) Assets

/Total /Total 12 21.3 15,000 20

9.6

Exposure

Public

10,000 Excess of Capital (Million Ps.) (Million ofCapital Excess Net 6 10

2.5 5,000

0 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q17 Banco Macro Financial System Excess Capital Capitalization Ratio Regulatory Capital BIII

Source: BCRA. Notes 1-Net of LEBACs and NOBACs as of 3Q17. 24 LARGEST LISTED LATAM BANKS BENCHMARK

Net Interest Margin Efficiency Ratio Fee Income/ATA

12%

10% 7% 6% 6% 6% 6% 6% 58% 60% 5% 45% 46% 46% 46% 48% 4% 44% 4% 3% 36% 3% 2% 2%

2% 1% 1% Operating

Gross Loans/Deposits NPLs/Gross Loans Loan Loss Reserves/NPLs

139% 130% 130% 123% 109% 102% 97% 89% 80% 6% 5% 221% 220% 4% 202% 180% 3% 3% 3% 154% 145% 2% 114% 102% 93%

1% 1%

Leverage / assetLeverage quality /

ROAE ROAA Total Capital Ratio¹²

5%

28% 27% 3% 26% 22% 19% 19% 19% 19% 18% 2% 2% 18% 18% 16% 16% 2% 2% 14% 13% 13% 1% 11%

9% 1% 1% Profitability/ capitalization Profitability/

Source: J.P. Morgan Company filings as of September, 2017 Note: Santander stands for Santander Brasil and Bancolombia for Grupo Bancolombia Notes: 1 Reported capital ratio under Basel III regulatory requirements; 2 Peru hasn’t adopted Basel III, but Credicorp calculated an estimated ratio 25

SECTION III BMA STRENGHTS AND OPPORTUNITIES

26 A STRONG POSITION IN CORE BANKING ACTIVITY

Market Share / Group of Banks1

Loans to the Private Sector Private Sector Deposits

Macro Macro 27% 23%

Private Banks Public Banks Private Banks Public Banks (Local) 35% (Local) 31% 32% 35%

Private Banks Private Banks (Foreign) (Foreign) 33% 34%

Source: BCRA. Note: 1- As of September, 2017. Excluding interests. 27 STRONG WELL DIVERSIFIED LOAN BOOK

Private Loans – Banco Macro vs. System

Banco Macro (Ps. 115.6 Billion)¹ System (Ps. 1,403.8 Billion)1

Others 5% Overdrafts Overdraft Credit Cards 9% Others³ 11% 19% 13%

Documents² 12% Credit Cards 19% Mortgage Loans Documents 5% 32% Personal Loans 22%

Pledged Loans Personal Loans 3% 37%

Mortgage Loans Pledged Loans 7% 6%

Source: BCRA. Note: 1- As of September, 2017. Loans before Provisions. Interest excluded. 2 - Factoring, checks, cashing advances and promisory notes. 3 - Mostly structured loans (medium and long term). 28 STRONG WELL DIVERSIFIED LOAN BOOK

Breakdown of Loans by Economic Activity¹

Agricultural livestock - Forestry - Fishing - Mining - Hunting Transportation, storage and 10% communications. 2% Other services Foodstuff and beverages 3% 5%

Hotels and restaurants 0% Manufacturing and wholesale 3%

Chemicals 3%

Others 6%

Electricity, oil, water 1%

Construction 3%

Retail and consumer products Retail loans 9% 47% Governmental services 3%

Financial services Real estate, business and leases 3% 2% Souce: BCRA. Note: 1- As of September, 2017. Loans before Provisions. Interest excluded. 29 STRONG PRESENCE IN FAST GROWING SEGMENTS

» As of September 2017, credit cards comprise 19% of Volume (Ps. Millions) Breakdown¹ 18.852 outstanding loans, up 32% YoY. » We have grown our credit cards business at 44% CAGR since 2007 through our point-of-sale promotion strategy Retirees and discounts and fixed installments for our customers. 22% Open

Cards Market » Continue growing our business currently at 8% market 36% share as of September 2017. Private » Recently upgraded “Selecta” program, directed to high- Sector Payroll Public Credit income customers. 722 26% Sector » Only 36% of credit card loans derived from open market Payroll 16% customers. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Ranked #1 in terms of personal loans with ~14% Breakdown¹ » Personal Loans Growth market share as of September 2017. 30,000 (Ps. Millions) Open Market » Rapidly growing at 55% YoY, with core focus on cross- 20,000 selling products to payroll and pension customers. Retirees 7% 25% Loans » Opportunity to expand portfolio as demand for longer- 10,000 term loans increases (i.e. mortgages). Public » Collateralized loans, including Retirees, Public Payroll 0 Sector Private Payroll & Private Payroll, represents 93% of total personal Sector 47% loans. Payroll Personal Personal 21% » Only 7% of personal loans derived from open market MACRO PROVINCIA NACIÓN customers. SANTANDER GALICIA

Corporate Customers Breakdown¹ » Corporate loans growth driven by documents YoY growth of 53% and Overdrafts YoY growth of 36%. Corporate Medium 1% 3%

» Diversified SME customer base with ~80K small & Overdraft Loans

Agro 26% micro, ~17k agro, ~3k medium clients. 17% Others² » Opportunity to expand product offering beyond 35% Small Credit working capital and short-term pre-export financing 21% Cards with longer-term local and foreign currency loans. Micro 1% Documents³ 28% 59% Pledged Mortgage Loans Loans Corporate 8% 4%

Source: BCRA. Notes: 1 – Open market includes prof & bus. 2 – Mostly structured loans (medium and long term). 3 – Factoring, check cashing advances and promissory notes. Companies Classification: Small and Micro companies: Up to Ps.200 million in sales per year; Medium-sized companies: more than Ps.200 million and less than Ps.800 million in sales per year; Corporate companies: more than Ps.800 million in sales per year; Agro companies: includes 30 individuals and companies who operate in agriculture or in the commerce of agricultural products. SECTION IV FINANCIAL SYSTEM & ARGENTINE ECONOMY

31 PRIVATE SECTOR LOANS GROWTH

80% Loans Growth Rates (YoY) Private Sector Loans/GDP¹

20%

60%

42.5% 40% 40.6% 15% 38.8%

20%

12%

0% 10%

-20%

-40% 05%

Total Individuals Corporations

Source: BCRA/BMA As of June, 2017. Note 1 : As of September, 2016. 32 PRIVATE SECTOR DEPOSITS GROWTH

Deposits Growth Rates (YoY) Private Sector Deposits/GDP¹

100% 25%

80%

20% 19% 60%

49.3%

40% 38,7% 15% 15% 21.8% 20%

0% 10%

-20%

5% -40%

-60% 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Dep SF ($+u$s) Priv S. Dep Total Individuals Corporations

Source: BCRA/BMA As of June, 2017. Note 1 : As of September, 2016. 33 PRIVATE SECTOR LOANS AND DEPOSITS GROWTH

Deposits and Loans with Private Sector Consistent Growth

47% 47% 43% 41% 43% 38% 38% 36% 31% 30% 31% 32% 30% 28% 26% 25% 27% 25% 21% 22% 21% 20% 20%

11% 8% 10%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Loans Deposits

Low Penetration Compared to Selected Peers

Loans to GDP (Dec 2015) Deposits to GDP (Dec 2015)

88% 72%

Average = 38% 55% Average = 44% 42% 38% 43% 42% 35%

23% 25% 18% 14%

Chile Brazil Colombia Peru Mexico Argentina Chile Colombia Peru Brazil Mexico Argentina

Sources: BCRA, Countries Central Banks, INDEC, INERGI, INEI and BCR, Superintendencia Financiera de Colombia, DANE. 34 ARGENTINE MACROECONOMIC FUNDAMENTALS HIGHLIGHTS

Historical and Projected Trade Balance 80

40 11.0

0 4.0

USD Billions USD

USD Billions) USD

( ( -40 -3.0 -7.0 -7.6 -7.1 -7.7 -7.9 -80 -10.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021* 2022*

Exports Imports Balance

Historical and Projected Debt to GDP Historical and Projected GDP Growth

61% 10.1% 9.0% 56% 53% 53% 53% 53% 50% 50% 49% 48% 6.0% 43% 42% 38% 4.1% 3.8% 35% 37% 37% 3.0% 3.5% 3.3% 3.6% 3.3% 2.4% 2.5% Average = 3%

-1.0% -1.6% -2.5%

-5.9%

Source: BCRA and Econviews Note: *Econviews Estimates 35 ARGENTINE MACROECONOMIC FUNDAMENTALS HIGHLIGHTS

Historical and Projected Tax Balance 30% 4%

20% 2%

10% 16.9% 17.8% 18.3% 19.6% 19.2% 17.9% 19.8% 19.7% 19.7% 20.0% 20.3% 20.3% 19.7% 19.2% 18.9% 18.7% 18.5% 0% Total Income/GDP (left axis)

0% -2% Total Expenses/ GDP (left axis) -14.1%- 15.4% -10% -16.2%- 19.4%- 19.5% -18.6% -19.6% -19.5% -4% Primary Result/ GDP (right axis) -21.0%- 22.1% -23.2%- 25.0% -24.5% -24.4%- 22.9% -21.4% -20.0% Fiscal Result/ GDP (right axis) -20% -6%

-30% -8% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021* 2022*

Historical and Projected Exchange Rate (USD/PS) Historical and Projected Inflation

28.4 27.0 41% 25.3 22.9 38% 20.5 18.8 15.9 28% 24% 25% 11.4 22% 23% 8.6 19% 19% 6.3 4.9 4.3 13% 11% 8% 6% 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021* 2022* 2010 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021* 2022*

Source: BCRA and Econviews Note: *Econviews Estimates 36 A LONG TERM INVESTMENT OPPORTUNITY

Corporate Bond penetration % of GDP -2015 132%

109% Potential Growth 94% 83% 76% USD 90 billion 72% 62% 62% 64% 56% 45% 45% 46% 41% 37% 39% 30% 31% 25% 28% 28% 21%

5%

Market Capitalization % of GDP-2015

79%

Potential Value creation USD 72 billion

29% 31% 24% 26%

8%

Argentina Peru Brazil Colombia Mexico Chile

Source: Bloomberg, MSCI (Morgan Stanley capital International) As of December 31, 2016 37 PRIMARY DEFICIT & IPC TARGETS

Primary Deficit and Targets (%of IPC forecast and targets (%change GDP) OYA)

6% Target 80% Annualized¹

Primary Deficit 67% Target 70% 5% Expectations (Dec-17) 4.8% 60% 4% 50%

3% 40% 5.4%

4.6% 30% 22% 2% 4.2% Dec-18 3.2% 20% 17.4% Dec-19 17% 11.6% 2.2% 1% 12% 15% 2 months lag 10% 1.2% 10% 1.0% 1.0%

0% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019

Source: Ministerio de Hacienda and BCRA. Note 1: Average of City of Buenos Aires and Province of San Luis CPI indices util April -16, officel INDEC CPI from May-16 onwards. 38 2016/2017 COULD BE THE LARGEST HARVEST IN HISTORY

Agriculture Production (Million tons)

14.0 13.9 15.2 18.4 15.0 13.9 11.3 15.9 9.2 8.0 Others 33.8 39.8 41.0 33.1 Wheat 32.1 Corn Soy

61.5 58.8 55.7 49.3 53.4

2012/13 2013/14 2014/15 2015/16 2016/17F

Source: Ministerio de Agricultura, Ministerio de Hacienda 39 SECTION V APPENDIX

40 OWNERSHIP STRUCTURE1 | DEBT & EQUITY INFORMATION

Dividends paid to the Dividends per Payout Major Anses Fiscal Year Payment shares share Ratio Shareholders 28% (In thousands Ps.) (Ps) 33% 2005 May/06 68,395 0.1 26.03% 2006 May/07 102,591 0.15 24.18% 2007 May/08 170,995 0.25 34.53% 2008 Sep/09 148,334 0.25 22.47% 2009 Jun/10 208,070 0.35 27.67% 2010 May/11 505,312 0.85 50.01% Others 2011 - 0,000 0.00 0.00% 5% 2012 - 0,000 0.00 0.00% ADS´s 2013 Jul/14 596,254 1.02 24.40% 34% 2014 Mar/16 227,708 0.39 6.54% Float 39% 2015 Aug/16 643,018 1.1 12.84% 2016 Jun/17 701,475 1.20 10.70%

TOTAL Class A: 11,235,670 669,663,021

Amount (USD) Ratings Denomination Maturity Call Option Coupon Original Oustanding Moodys Fitch Subordinated (Class A ) 400 400 2026 2021 Bullet 6.75% Caa1(hyb) B-/RR6 Peso Linked (Class B) 300 300 2022 - Bullet 17.50% Baa1 / B3 B/RR4

Note: 1-As of September, 2017. 41 STOCK PERFORMANCE

Banco Macro's Share Performance x Merval Index 5000.00 (100 points as of Jan, 2, 2006)

4500.00 4,504.72 4,291.83 4000.00

3500.00

3000.00

2500.00

2,276.37 2000.00

1500.00 1,743.01

1000.00

500.00

0.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Banco Macro Galicia BBVA Francés MERVAL Index

Source: Bloomberg As of November 13, 2017. 42