Report of Foreign Issuer (6-k)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

November 27, 2014

Commission File Number: 333-130901

MACRO BANK INC.

(Translation of registrant’s name into English)

Sarmiento 447

Buenos Aires C1 1041

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A

BANCO MACRO S.A.

Financial Statements as of September 30, 2014,

together with the limited review report on interim-period financial statement

CONTENTS

Limited review report on interim-period financial statement

Cover

Balance sheets

Statements of income

Statements of changes in shareholders’ equity

Statements of cash flows

Notes to the financial statements

Exhibits A through L, N and O

Consolidated balance sheets

Consolidated statements of income

Consolidated statements of cash flows

Consolidated statements of debtors by situation

Notes to the consolidated financial statements with subsidiaries

LIMITED REVIEW REPORT ON INTERIM-PERIOD FINANCIAL STATEMENTS

Translation into English – Originally issued in Spanish

See note 22 to the stand-alone Financial Statements

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

We have performed a limited review of the accompanying balance sheet of BANCO MACRO S.A. as of September 30, 2014, and the related statements of income, changes in shareholders’ equity and cash flows for the nine-months period then ended. We have also performed a limited review of the accompanying consolidated balance sheet of BANCO MACRO S.A. and its subsidiaries as of September 30, 2014, and the related consolidated statements of income and cash flows for the nine-months period then ended, which are disclosed as supplementary information. These financial statements are the responsibility of the Bank Management.

We conducted our limited review in accordance with the standards of Argentine Federation of Professional Councils in Economic Sciences Technical Resolution No. 7 applicable to a limited review of the interim-period financial statements and the “Minimum external auditing standards” issued by the BCRA (Central Bank of Argentina) applicable to the review of quarterly financial statements. Under such standards, a limited review consists primarily of applying analytical procedures to the accounting information and making inquiries of the persons in charge of accounting and financial matters. A limited review is substantially less in scope than an audit of financial statements, the objective of which is to express an opinion on the financial statements taken as a whole. Therefore, we do not express such an opinion.

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.

As further explained in note 22. 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.

Based on our review, we have not become aware of anything that may lead us to believe that the financial statements mentioned in the first paragraph have not been prepared, in all material respects, in accordance with the accounting standards established by the BCRA and, except for the effect of the issue mentioned in the third paragraph, with the Argentine professional accounting standards effective in the City of Buenos Aires.

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, 2013, and the related statements of income, changes in shareholders’equity and cash flows for the nine-months period ended September 30, 2013, which were presented for comparative purposes, we report that:

On February 19, 2014, we issued an audit report on the financial statements of BANCO MACRO S.A. and the consolidated financial statements of BANCO MACRO S.A. with its subsidiaries as of December 31, 2013, in which we expressed a qualified opinion due to differences between accounting standards established by the BCRA and used by the Bank, 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. We have not audited any financial statements as of any date or for any period subsequent to December 31, 2013.

On November 8, 2013, we issued a limited review report on the financial statements of BANCO MACRO S.A. and the consolidated financial statements of BANCO MACRO S.A. with its subsidiaries as of September 30, 2013, which included qualifications due to differences between accounting standards established by the BCRA and used by the Bank, 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.

In compliance with current legal requirements, we report that:

The financial statements mentioned in the first paragraph have been transcribed into the “Inventory and Financial Statements” book.

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.

As of September 30, 2014, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 34,034,671, none of which was due as of that date.

To the extent limited by our area of competence, we have no findings on the information included in note 16.1 to the accompanying stand-alone financial statements as of September 30, 2014, with regard to the requirements established by the CNV (Argentine Securities Commission) with respect to minimum shareholders’ equity and the liquid assets to cover that amount.

City of Buenos Aires,

November 10, 2014

	PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
	C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13

	NORBERTO M. NACUZZI
	Partner
	Certified Public Accountant (U.B.A.)
	C.P.C.E.C.A.B.A. Vol. 196 – Fo. 142

FINANCIAL STATEMENTS AS OF

SEPTEMBER 30, 2014

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, November 14, 2012, August 2, 2014.

Name of the auditor		Norberto M. Nacuzzi
Professional association		Pistrelli, Henry Martin y Asociados S.R.L.

BALANCE SHEETS

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

		09/30/2014			12/31/2013

ASSETS

A.	CASH
	Cash on hand		2,983,245			2,685,022
	Due from banks and correspondents
	Central Bank of Argentina		6,241,437			8,254,220
	Local Other		9,466			26,247
	Foreign		428,881			270,963
	Other		529			408
			9,663,558			11,236,860

B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings booked at market value		2,409,900			1,203,782
	Government securities under repo transactions with Central Bank of Argentina		84,474			88,928
	Holdings booked at amortized cost		333,661			245,007
	Instruments issued by the Central Bank of Argentina		8,586,432			173,031
	Investments in listed private securities		253,310
			11,667,777			1,710,748

C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		639,444			639,960
	To the financial sector
	Interfinancing (granted call)		133,446			278,023
	Other financing to Argentine Financial Institutions		67,912			55,711
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		312			1,013
	To the non-financial private sector and foreign residents
	Overdrafts		5,033,693			4,383,598
	Documents		4,111,339			4,299,015
	Mortgage loans		2,206,417			2,172,802
	Pledge loans		1,629,569			1,379,732
	Personal loans		12,580,845			11,567,964
	Credit cards		6,874,780			6,347,450
	Other (Note 6.1.)		5,123,026			5,110,770
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		673,692			716,819
	less: Unearned discount		(148,781	)		(183,480	)
	less: Allowances (Exhibit J)		(1,018,405	)		(931,960	)
			37,907,289			35,837,417

Jorge H. Brito

Chairperson

-6-

BALANCE SHEETS

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

		09/30/2014			12/31/2013

D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		663,513			576,879
	Amounts receivable from spot and forward sales pending settlement		405,926			574,866
	Securities and foreign currency receivables from spot and forward purchases pending settlement (Exhibit O)		330,501			45,824
	Unlisted corporate bonds (Exhibits B, C and D)		295,534			189,405
	Receivables from forward transactions without delivery of underlying asset		35,565			167
	Other receivables not covered by debtors classification standards (Note 6.2.)		505,900			697,615
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		125,730			133,057
	Accrued interest receivables covered by debtors classification standards (Exhibit B, C and D)		167			845
	less: Allowances (Exhibit J)		(229,458	)		(230,011	)
			2,133,378			1,988,647

E.	RECEIVABLES FROM FINANCIAL LEASES (Exhibits B, C and D)
	Receivables from financial leases		368,634			392,791
	Accrued interest and adjustments		4,991			5,130
	less: Allowances (Exhibit J)		(4,075	)		(4,945	)
			369,550			392,976

F.	INVESTMENTS IN OTHER COMPANIES (Exhibit E)
	In financial institutions		1,151,924			899,080
	Other		115,564			80,488
	less: Allowances (Exhibit J)		(609	)		(344	)
			1,266,879			979,224

G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		5,190			6,116
	Minimum presumed income tax-credit					3,460
	Other (Note 6.3.)		506,980			390,828
	Accrued interest and adjustments on receivable from sales of assets (Exhibits B, C and D)		227			235
	Other accrued interest and adjustments receivable		23			172
	less: Allowances (Exhibit J)		(7,194	)		(6,742	)
			505,226			394,069

H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		815,557			667,278

I.	OTHER ASSETS (Exhibit F)		655,922			359,631

J.	INTANGIBLE ASSETS (Exhibit G)
	Goodwill		48,249			58,788
	Organization and development costs		319,926			271,759
			368,175			330,547

K.	ITEMS PENDING ALLOCATION		9,193			6,557

TOTAL ASSETS			65,362,504			53,903,954

Jorge H. Brito

Chairperson

-7-

BALANCE SHEETS

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

		09/30/2014		12/31/2013

LIABILITIES

L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector (Note 6.4.)		7,106,512		4,497,156
	From the financial sector		29,184		26,853
	From the non-financial private sector and foreign residents
	Checking accounts		8,926,466		7,523,958
	Savings accounts		8,596,198		7,776,982
	Time deposits		20,136,576		17,520,476
	Investment accounts		173,697		199,003
	Other (Note 6.5.)		1,056,378		828,015
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		373,782		274,761
			46,398,793		38,647,204

M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		18,716		21,802
	Banks and International Institutions (Exhibit I)		208,124		325,664
	Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		900,559		693,483
	Amounts payable for spot and forward purchases pending settlement		323,727		45,271
	Securities and foreign currency to be delivered under spot and forward sales pending settlement (Exhibit O)		511,384		700,620
	Financing received from Argentine financial institutions (Exhibit I)
	Interfinancing (received call)		12,000		70,000
	Other financing received from Argentine financial institutions		21,757		25,159
	Accrued interest payable				96
	Receivables from forward transactions without delivery of underlying asset				27,867
	Other (Note 6.6. and Exhibit I)		2,974,806		2,340,284
	Accrued interest, adjustments, foreign exchange and quoted price differences payable (Exhibit I)		49,026		57,079
			5,020,099		4,307,325

N.	OTHER LIABILITIES
	Fees		534		10,063
	Other (Note 6.7.)		1,584,147		1,201,813
			1,584,681		1,211,876

O.	PROVISIONS (Exhibit J)		135,157		126,130

P.	SUBORDINATED CORPORATE BONDS (Note 10. and Exhibit I)		1,304,719		981,142

Q.	ITEMS PENDING ALLOCATION		2,220		2,846

TOTAL LIABILITIES			54,445,669		45,276,523

SHAREHOLDERS' EQUITY (As per related statement)			10,916,835		8,627,431

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			65,362,504		53,903,954

Jorge H. Brito

Chairperson

-8-

BALANCE SHEETS

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014		12/31/2013

MEMORANDUM ACCOUNTS

DEBIT-BALANCE ACCOUNTS		103,838,132		57,094,195
Contingent		11,715,982		11,668,961
Guarantees received		11,261,757		11,279,107
Other not covered by debtors classification standards		139		167
Contingent debit-balance contra accounts		454,086		389,687
Control		86,952,662		40,341,947
Receivables classified as irrecoverable		1,447,466		1,197,495
Other (Note 6.8.)		84,782,848		38,429,674
Control debit-balance contra accounts		722,348		714,778
Derivatives (Exhibit O)		5,169,488		5,083,287
Notional value of put options taken (Note 11.c))		8,670		6,676
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		2,628,882		2,916,785
Interest rate swap (Note 11.b))		15,000		50,000
Derivatives debit-balance contra accounts		2,516,936		2,109,826

CREDIT-BALANCE ACCOUNTS		103,838,132		57,094,195

Contingent		11,715,982		11,668,961
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		115,947		129,505
Other guarantees provided not covered by debtors classification standards		148,410		151,489
Other covered by debtors classification standards (Exhibits B, C and D)		189,729		108,693
Contingent credit-balance contra accounts		11,261,896		11,279,274
Control		86,952,662		40,341,947
Checks to be credited		722,348		714,778
Control credit-balance contra accounts		86,230,314		39,627,169
Derivatives (Exhibit O)		5,169,488		5,083,287
Notional value of call options sold (Note 11.d))		108,698
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		2,408,238		2,109,826
Derivatives credit-balance contra accounts		2,652,552		2,973,461

The accompanying Notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

-9-

STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

		09/30/2014		09/30/2013

A.	FINANCIAL INCOME
	Interest on cash and due from banks		91		181
	Interest on loans to the financial sector		33,977		29,084
	Interest on overdrafts		1,022,443		736,566
	Interest on documents		701,160		446,762
	Interest on mortgage loans		342,439		224,179
	Interest on pledge loans		188,549		135,054
	Interest on credit card loans		1,249,193		637,933
	Interest on financial leases		59,051		50,312
	Interest on other loans (Note 6.9.)		3,920,509		2,971,625
	Net income from government and private securities (Note 6.10.)		1,493,937		310,206
	Interest on other receivables from financial intermediation		1,543		1,838
	Income from guaranteed loans - Presidential Decree No. 1,387/01		33,252		16,543
	CER (Benchmark Stabilization Coefficient) adjustment		68,086		23,179
	CVS (Salary Variation Coefficient) adjustment		542		489
	Difference in quoted prices of gold and foreign currency		692,766		415,711
	Other (Note 6.11.)		313,565		142,878
			10,121,103		6,142,540

B.	FINANCIAL EXPENSE
	Interest on savings accounts		34,389		29,259
	Interest on time deposits		3,527,779		1,996,825
	Interest on interfinancing received loans (received call)		1,923		3,348
	Interest on other financing from Financial Institutions		16		7
	Interest on other liabilities from financial intermediation		69,539		44,711
	Interest on subordinated bonds		88,886		58,210
	Other interest		2,372		2,513
	CER adjustment		7,732		3,207
	Contribution to Deposit Guarantee Fund		55,418		45,536
	Other (Note 6.12.)		675,377		451,804
			4,463,431		2,635,420

	GROSS INTERMEDIATION MARGIN - GAIN		5,657,672		3,507,120

C.	PROVISION FOR LOAN LOSSES		408,936		353,561

D.	SERVICE-CHARGE INCOME
	Related to lending transactions		59,646		111,135
	Related to deposits		1,929,572		1,398,077
	Other commissions		54,409		36,786
	Other (Note 6.13.)		1,076,260		773,818
			3,119,887		2,319,816

Jorge H. Brito

Chairperson

-10-

STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

		09/30/2014		09/30/2013

E.	SERVICE-CHARGE EXPENSE
	Commissions		190,395		138,502
	Other (Note 6.14.)		606,563		502,271
			796,958		640,773

F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		2,074,446		1,569,233
	Directors' and statutory auditors' fees		127,997		60,323
	Other professional fees		126,066		94,129
	Advertising and publicity		75,516		86,399
	Taxes		214,684		143,606
	Depreciation of equipment		88,538		66,962
	Amortization of organization costs		81,567		58,899
	Other operating expenses (Note 6.15.)		535,682		398,146
	Other		271,506		185,156
			3,596,002		2,662,853

	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		3,975,663		2,169,749

G.	OTHER INCOME
	Income from long-term investments		339,356		172,619
	Penalty interest		46,078		29,965
	Recovered loans and allowances reversed		76,337		78,232
	CER adjustments		86		48
	Other (Note 6.16.)		94,011		62,938
			555,868		343,802

H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		1		21
	Charges for other receivables uncollectibility and other allowances		26,327		37,178
	Depreciation and loss of other assets		1,490		906
	Goodwill amortization		10,539		10,539
	Other (Note 6.17.)		78,625		56,222
			116,982		104,866

	NET INCOME BEFORE INCOME TAX - GAIN		4,414,549		2,408,685

I.	INCOME TAX (Note 4.)		1,510,000		918,500

	NET INCOME FOR THE PERIOD - GAIN		2,904,549		1,490,185

The accompanying Notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

-11-

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014																				09/30/2013 (1)
							Earnings reserved
Changes	Capital stock (2)		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Subordinated Corporate Bonds (3)			Voluntary			Unappropriated earnings			Total			Total

Balances at the beginning of the fiscal year		594,563		398,755		4,511		1,500,169					3,614,033			2,515,400			8,627,431			6,199,101

Distribution of unappropiated earnings, as approved by the Shareholders´ Meeting held on April 29, 2014 and April 11, 2013, respectively
- Legal reserve								488,713								(488,713	)
- Cash dividends													(596,254	)					(596,254	)
- Special reserve for Subordinated Corporate Bonds (3)										95,326						(95,326	)
- Voluntary reserve for future distribution of earnings													1,911,651			(1,911,651	)
- Personal assets tax on share and interests																(19,712	)		(19,712	)		(15,234	)

Reversal of special reserve for Subordinated Corporate Bonds (3)										(92,328	)					92,328

Other changes derived from the legal merger with Banco Privado de Inversiones S.A.				744												77			821

Net income for the period - Gain																2,904,549			2,904,549			1,490,185

Balances at the end of the period		594,563		399,499		4,511		1,988,882		2,998			4,929,430			2,996,952			10,916,835			7,674,052

(1) See Note 3.2.

(2) See Note 9. and Exhibit K.

(3) See Note 3.5.p.2) and Note 10.

The accompanying Notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

-12-

STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014			09/30/2013

CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.6.)
Cash at the beginning of the fiscal year		11,249,840			8,819,683
Cash at the end of the period		9,959,441			8,043,711
Net decrease in cash		(1,290,399	)		(775,972	)

CAUSES OF CHANGES IN CASH

Operating activities
Net collections / (payments):
Government and private securities		(8,775,511	)		(186,896	)
Loans
To the financial sector		167,054			(117,978	)
To the non-financial government sector		100,714			33,379
To the non-financial private sector and foreign residents		4,740,682			159,560
Other receivables from financial intermediation		365,374			(1,169,209	)
Receivables from financial leases		82,409			(3,864	)
Deposits
From the financial sector		2,331			(2,998	)
From the non-financial government sector		2,205,664			(1,393,831	)
From the non-financial private sector and foreign residents		1,924,610			3,664,369
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(60,019	)		(43,400	)
Others (except liabilities included under financing activities)		895,293			49,066
Collections related to service-charge income		3,112,438			2,317,325
Payments related to service-charge expenses		(790,774	)		(628,563	)
Administrative expenses paid		(3,380,520	)		(2,477,277	)
Payment of organization and development costs		(129,734	)		(99,115	)
Net collections from penalty interest		46,077			29,944
Differences from payments related to court orders		(3,540	)		(5,377	)
Collections of dividends from other companies		27,417			3,525
Other collections related to other income and losses		78,721			57,695
Net payments from other operating activities		(1,000,246	)		(501,107	)
Payment of income tax		(1,199,558	)		(616,222	)
Net cash flows used in operating activities		(1,591,118	)		(930,974	)

Jorge H. Brito

Chairperson

-13-

STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014			09/30/2013

Investing activities
Net payments for bank premises and equipment		(189,628	)		(109,606	)
Net payments for other assets		(233,735	)		(71,454	)
Collections from sales of investment in others companies		11,126
Net cash flows used in investing activities		(412,237	)		(181,060	)

Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(73,443	)		(47,483	)
Central Bank of Argentina
Other Other		(4,111	)		(1,137	)
Banks and International Institutions		(126,544	)		(244,091	)
Subordinated corporate bonds		(59,460	)		(39,093	)
Financing received from Argentine financial institutions		(3,418	)		12,349
Payment of dividends		(596,254	)
Net cash flows used in financing activities		(863,230	)		(319,455	)

Financial income and holding gains on cash and cash equivalents		1,576,186			655,517

Net decrease in cash		(1,290,399	)		(775,972	)

The accompanying Notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

-14-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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., Macro Fiducia S.A. and Macro Fondos SGFCI S.A.

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 September 30, 2014 and December 31, 2013, the deposits held by the Misiones Provincial Government with the Bank amounted to 2,285,068 and 1,178,587 (including 64,978 and 62,915 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 Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

On February 22, 2005 and August 22, 2014, extensions to such agreement were agreed upon, making it currently effective through February 28, 2026.

As of September 30, 2014 and December 31, 2013, the deposits held by the Salta Provincial Government with the Bank amounted to 1,423,051 and 1,508,357 (including 258,232 and 200,346 related to court deposits), respectively.

2.3.

Agreement with the Jujuy Provincial Government

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

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

-15-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

As of September 30, 2014 and December 31, 2013, the deposits held by the Jujuy Provincial Government with the Bank amounted to 1,549,139 and 758,639 (including 123,990 and 103,063 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.

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 September 30, 2014 and December 31, 2013, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with Banco del Tucumán S.A. amounted to 2,784,769 and 1,720,895 (including 593,916 and 502,803 related to court deposits), respectively.

2.5.

Uniones Transitorias de Empresas (joint ventures)

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.

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 September 30, 2014 and December 31, 2013, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the equity method amounted to 16,354 and 12,688, respectively.

Also, as of September 30, 2014 and 2013, net income recorded through the method mentioned in the previous paragraph amounted to 25,839 and 18,806, 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 Inversiones S.A entered into a “Preliminary merger agreement", which established the merger 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 common share of Banco Macro S.A. per common share of Banco Privado de Inversiones S.A.. Therefore, after the required authorizations and registrations with the various regulatory agencies involved, Macro Fiducia S.A. and Macro Securities S.A., as minority shareholders of Banco Privado de Inversiones S.A., received 77,860 common Class B shares in Banco Macro S.A. with a face value of pesos 1. Such shares in turn were sold on the market during June of 2014.

-16-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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.).

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., 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 September 30, 2014 and supplementary information, are presented comparatively with those of the prior fiscal year, while the statements of income, changes in shareholders’ equity and cash flows for the nine-month period ended September 30, 2014, are presented comparatively with data for the same period in 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 September 30, 2013, were restated for comparative purposes, and as a result, we consolidated the stand-alone statements of income, changes in shareholders’ equity and cash flows of Banco Macro S.A. and former Banco Privado de Inversiones S.A., as of September 30, 2013. The merger effects were not material.

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 Technical Resolutions (TR) No. 6 and No. 17 issued by FACPCE (Argentine Federation of Professional Councils in Economic Sciences), which were amended by TR No. 39, issued by the mentioned Federation on October 4, 2013 and approved by Professional Council in Economic Sciences of the City of Buenos Aires on April 16, 2014. These standards establish mainly, 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 (Argentine Institute of Statistics and Censuses), as a fact that identifies an inflation context that warrants adjusting the financial statements so that they are stated in constant currency as of the related date.

The Bank’s financial statements recognize the changes in the peso purchasing power until February 28, 2003, when the adjustments to reflect those changes were discontinued, as provided by the professional accounting standards effective in the City of Buenos Aires and as required by Presidential Decree 664/2003, Article N° 268 of General Resolution No. 7/2005 of the Business Association Regulatory Agency, Central Bank Communiqué “A” 3,921 and CNV (Argentine Securities Commission) General Resolution No. 441.

However, the interpretation of the financial statements should consider the fact that, in recent fiscal years, there have been significant changes in the prices for relevant economic variables, such as salary cost, interest and exchange rates, 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.

3.5.

Valuation methods

The main valuation methods used to prepare the accompanying financial statements as of September 30, 2014 and 2013 and December 31, 2013, were as follows:

-17-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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.

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, except what is mentioned in the third paragraph, 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 September 30, 2014 and December 31, 2013, the present value calculated by the Bank for these securities amounted to 205,390 and 147,601, respectively.

As required under Central Bank Communiqué “A” 5506, BAADEs (Argentine saving bonds for the economy development) were valued at acquisition cost increased by the accrued internal rate of return.

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.

b.5)

Private Securities – Investment in listed private securities:

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.

Securities lending

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

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 September 30, 2014 and December 31, 2013, the present value reported by the Central Bank for these securities amounted to 403,169 and 300,386, respectively.

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.

-18-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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.

CER accrual:

Receivables and payables have been indexed by the CER, wherever applicable, as follows:

f.1) Guaranteed loans: as explained in Note 3.5.d).

f.2) Deposits and other assets and liabilities: the CER as of the last respective business day was applied.

Allowance for loan losses and provision for contingent commitments:

These provisions have been calculated based on the estimated uncollectibility risk of the Bank's credit portfolio, which, among other factors, results from the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering Central Bank Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies.

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

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

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

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:

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:

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

ii.

Certificates of participation: they were stated at cost or face value increased as the case may be, by interest accrued until the last respective 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.

-19-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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.

Receivables from financial leases:

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

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

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:

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.

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.

Valuation of derivatives:

l.1)

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.2)

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.

-20-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

l.3)

Put options taken and call option sold: valued at the agreed-upon exercise price.

See also Note 11.

Severance payments:

The Bank charges these payments directly to expenses.

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.

Subordinated corporate bonds:

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 the 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 related statement of income.

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 investments which mature less than 90 days from their date of acquisition. Below is a breakdown of the reconciliation of the “Cash” item on the Statement of cash flows with the related balance sheet accounts:

	09/30/2014		12/31/2013		09/30/2013

Cash		9,663,558		11,236,860		7,996,756

Government and private securities
Instruments issued by the Central Bank		295,883		12,980		46,955
Cash and cash equivalents		9,959,441		11,249,840		8,043,711

-21-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

INCOME TAX AND MINIMUM PRESUMED INCOME TAX

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

In 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. At present, after subsequent extensions, 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 1% over 20% of certain assets as provided by the law for financial institutions. Therefore, the Bank’s tax obligation for each year will be equal to the higher of these taxes. However, if minimum presumed income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs) have been used.

As September 30, 2014 and 2013, the Bank estimated an income tax charge of 1,510,000 and 918,500, respectively; hence, no minimum presumed income tax should be assessed for the nine-month periods ended on such dates.

Additionally, as of September 30, 2014, the Bank made income tax prepayments for 591,534 for the 2014 fiscal year, which will be applied to the tax amount assessed in the 2014 tax return.

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 September 30, 2014 and December 31, 2013 are as follows:

	Adjustments under professional accounting standards
	Stand-alone financial statements									Consolidated financial statements
	to equity						to total income / (loss) (1)			to equity						to total income / (loss) (1)
Item	09/30/2014			12/31/2013			09/30/2014			09/30/2014			12/31/2013			09/30/2014
Government securities and assistance to the government sector (a)
Government securities - Holdings booked at amortized cost		(1,740	)		34,828			(36,568	)		(233	)		35,162			(35,395	)
Instruments issued by the Central Bank and booked at amortized cost		19,820			41			19,779			20,576			41			20,535
Guaranteed loans – Presidential Decree No. 1,387/01		(3,825	)		(13,614	)		9,789			(3,825	)		(13,614	)		9,789

Business combinations (b)

Acquisition of Nuevo Banco Bisel S.A.		(85,402	)		(92,636	)		7,234			(85,402	)		(92,636	)		7,234
Other		(54,535	)		(58,060	)		3,525			(54,535	)		(58,060	)		3,525

Interests in other companies (c)		35,903			25,012			10,891

-22-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

	Adjustments under professional accounting standards
	Stand-alone financial statements									Consolidated financial statements
	to equity						to total income / (loss) (1)			to equity						to total income / (loss) (1)
Item (contd.)	09/30/2014			12/31/2013			09/30/2014			09/30/2014			12/31/2013			09/30/2014
Deferred assets – Income tax (d)		179,332			92,016			87,316			212,972			116,694			96,278
Other assets (e)		61			1,717			(1,656	)		61			1,717			(1,656	)

Liabilities – Provisions (f)		(82,621	)		(67,994	)		(14,627	)		(82,621	)		(67,994	)		(14,627	)

Total		6,993			(78,690	)		85,683			6,993			(78,690	)		85,683

(1)

Additionally, according to the Argentine professional accounting standards effective in the City of Buenos Aires, individual and consolidated income for the nine-month period ended September 30, 2013, would have increased by 158,857.

(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.d). Pursuant to the Argentine professional accounting standards effective in the City of Buenos Aires, the securities, instruments and assistance mentioned in those notes should be stated at their market and/or present values, as the case may be. In addition, current Central Bank regulations establish that financing to the nonfinancial government sector is not subject to loan-loss provisioning, whereas the Argentine professional accounting standards effective in the City of Buenos Aires require that assets in general to be compared with their recoverable value every time financial statements are prepared.

(b)

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

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.

-23-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

(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.

(e)

The Bank recorded interest rate swap agreements under memorandum accounts in conformity with Central Bank accounting standards. 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

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 become 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.

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.

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.

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:

6.1)

Loans - Other

	09/30/2014		12/31/2013

Other loans		4,016,148		4,097,387
Export financing and prefinancing		1,106,878		1,013,383
		5,123,026		5,110,770

-24-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

6.2)

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

	09/30/2014		12/31/2013

Debt securities issued by financial trusts		272,190		423,682
Certificates of participation in financial trusts		233,710		273,933
		505,900		697,615

6.3)

Other receivables – Other

Sundry receivables	235,040	200,714
Security deposits	165,250	134,079
Advanced prepayments	83,702	40,531
Tax prepayments	4,604	2,781
Other	18,384	12,723
	506,980	390,828

6.4)

Deposits - Nonfinancial government sector

Checking accounts	3,274,812	1,898,509
Time deposits	3,155,130	1,425,462
Investment accounts	157,373	187,565
Savings accounts	33,363	385,790
Accrued interest, adjustments and listed price differences payable	34,422	27,973
Other	451,412	571,857
	7,106,512	4,497,156

6.5)

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

Expired time deposits	620,368	497,450
Unemployment fund for workers of the construction industry	202,178	166,772
Attachments	187,154	132,396
Security deposits	2,664	2,040
Other	44,014	29,357
	1,056,378	828,015

6.6)

Other liabilities from financial intermediation - Other

Purchase financing payables	1,006,686	815,696
Other payment orders pending settlement	461,833	411,831
Other withholdings and additional withholdings	461,447	345,333
Collections and other transactions on account and behalf of others	308,788	239,308
Miscellaneous not subject to minimum cash requirements	296,795	254,458
Miscellaneous subject to minimum cash requirements	174,550	101,056
Retirement pension payment orders pending settlement	93,211	29,253
Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred shares of former Nuevo Banco Bisel S.A. (see Note 7.)	90,673	87,186

Other	80,823	56,163
	2,974,806	2,340,284

-25-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

6.7)

Other Liabilities - Other

	09/30/2014		12/31/2013

Taxes payable (net of prepayments)		1,187,730		877,909
Miscellaneous payables		156,607		121,262
Salaries and payroll taxes payable		193,533		159,677
Withholdings on salaries		38,126		38,106
Prepayment for the sale of assets		8,151		4,859
		1,584,147		1,201,813

6.8)

Memorandum accounts – Debit-balance accounts – Control – Other

Checks and securities in custody – ANSES (Argentine social security administration)	68,170,338	29,197,830
Securities in custody – Other	11,713,572	4,708,604
Checks and securities not yet collected	2,972,895	2,989,649
Checks and securities to be debited	1,099,271	836,416
Managed portfolios (see Note 12.)	694,589	603,851
Checks and securities to be collected	132,183	93,324
	84,782,848	38,429,674

6.9)

Financial income – Interest on other loans

	09/30/2014		09/30/2013

Personal loans		3,091,903		2,341,386
Other		828,606		630,239
		3,920,509		2,971,625

6.10)

Financial income – Net income from government and private securities

Government securities	1,346,268	245,654
Financial trusts	87,551	51,625
Other	60,118	12,927
	1,493,937	310,206

6.11)

Financial income – Other

Forward foreign-currency transactions offset	144,751	32,392
Premiums on reverse repurchase agreements with the financial sector	99,139	71,434
Interests on loans for export prefinancing and financing	67,112	39,005
Other	2,563	47
	313,565	142,878

6.12)

Financial expense – Other

Turnover tax and municipal assessments	667,677	443,374
Premiums on repurchase agreements with the financial sector	7,700	8,430
	675,377	451,804

-26-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

6.13)

Service-charge income - Other

	09/30/2014		09/30/2013

Debit and credit card income		755,473		514,708
Rental of safe deposit boxes		59,577		51,221
Service commissions – Joint ventures (see Note 2.5.)		50,656		37,495
Other		210,554		170,394
		1,076,260		773,818

6.14)

Service-charge expense - Other

Debit and credit card expenses	353,244	264,412
Turnover tax and municipal assessments	139,498	104,436
Commissions paid to lending agents	73,505	106,329
Other	40,316	27,094
	606,563	502,271

6.15)

Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	169,429	129,655
Security services	169,207	127,970
Electric power and communications	90,826	66,633
Leases	74,904	50,142
Stationery and office supplies	17,426	12,031
Insurance	13,890	11,715
	535,682	398,146

6.16)

Other income – Other

Other adjustments and interest on other receivables	31,803	11,059
Services provided to Banco del Tucumán S.A.	7,866	6,667
Gain on sale of bank premises and equipment, and other assets	1,201	6,091
Other	53,141	39,121
	94,011	62,938

6.17)

Other expense – Other

Municipal assessment	13,485	7,942
Donations	12,068	16,411
Turnover tax	5,238	3,171
Other	47,834	28,698
	78,625	56,222

RESTRICTED ASSETS

As of September 30, 2014 and December 31, 2013 the following Bank’s assets are restricted:

-27-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

Item	09/30/2014		12/31/2013
Government and private securities
• Federal Government bond in pesos at Badlar Private + 200 basics points, maturing 2017 and Federal Government bond in pesos at Badlar private + 275 basics points, maturing in 2014, used as security in favor of SEDESA (1), respectively.		85,767		89,333
• Federal Government bond in pesos at Badlar private + 250 basics points, maturing in 2019, securing the role of custodian of FGS (sustainability guarantee fund) investments		77,867
• Federal Government bond in pesos at Badlar private + 300 basics points, maturing in 2015 and Federal Government bond in Argentine pesos at Badlar private + 275 basics points, maturing in 2014 securing the role of custodian of FGS (sustainability guarantee fund) investments, respectively.		68,268		80,513
• Federal Government bond in pesos at Badlar private + 300 basics points, maturing in 2015 and Federal Government bond in pesos at Badlar private + 275 basics points, maturing in 2014, for the performance of forward foreign currency trading transactions, respectively.		50,472		55,136
• Secured Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior S.A. (BICE)		37,209		33,775
• Federal Government bond in pesos at Badlar private + 200 basics points, maturing in 2017, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013		13,380
• Other government and private securities		3,472		8,967
Subtotal government and private securities		336,435		267,724

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		55,010		43,263
Subtotal Loans		55,010		43,263

Other receivables from financial intermediation
• Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities		578,739		511,178

• Interests resulting in contributions made in the Bank´s capacity by contributory partner of the following venture funds: (2)
- Risk Fund of Los Grobo SGR, with an original contribution of 20,000 made on December 12, 2012		25,318		21,241
- Risk Fund of Garantizar SGR (mutual guarantee association), with an original contribution of 20,000 made on December 13, 2012		23,562		21,268
- Risk Fund of Intergarantías SGR, with an original contribution of 3,000 made on December 30, 2013		3,000		3,000
Subtotal other receivables from financial intermediation		630,619		556,687

Other receivables
• Security deposits related to credit card transactions		159,987		129,094

• 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.		5,263		4,985
Subtotal other receivables		166,077		134,906

-28-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

Item (cont.)	09/30/2014		12/31/2013
Other assets
· Building related to a call option sold (see Note 11.d))		105,697
Subtotal other assets		105,697

Total		1,293,838		1,002,580

(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.

TRANSACTIONS WITH RELATED PARTIES

The receivables/payables and income (loss) from transactions performed with subsidiaries and affiliates are as follows (see also Note 3. to the consolidated financial statements):

	Banco del Tucumán S.A.		Macro Bank Limited		Macro Securities S.A.		Other subsidiaries and related parties (1)		09/30/2014		12/31/2013

ASSETS

Cash				6,063						6,063		4,762

Loans								168,297		168,297		202,705

Other receivables from financial intermediation						86,351		101,924		188,275		137,606

Receivables from financial lease						9,632		1,294		10,926		10,055

Other receivables		218								218

Items pending allocation		27								27		44

Total assets		245		6,063		95,983		271,515		373,806		355,172

LIABILITIES

Deposits				1,038		40,331		229,491		270,860		117,550

Other liabilities from financial intermediation						121,776		340		122,116		96,878

Total liabilities				1,038		162,107		229,831		392,976		214,428

MEMORANDUM ACCOUNTS

Credit-balance accounts – Contingent						1,770		1,750		3,520		1,953

-29-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

	Banco del Tucumán S.A.			Macro Bank Limited		Macro Securities S.A.			Other subsidiaries and related parties (1)			09/30/2014			09/30/2013

INCOME (EXPENSE)

Financial income		21					724			21,457			22,202			12,687

Financial expense		(3,506	)							(15,953	)		(19,459	)		(10,544	)

Service-charge income		22			2		45			1,843			1,912			3,509

Service-charge expense							(561	)					(561	)		(4	)

Administrative expenses		(9	)										(9	)		(9	)

Other income		8,532											8,532			7,301

Total income / (loss)		5,060			2		208			7,347			12,617			12,940

(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.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of September 30, 2014, amounted to 594,563. Since December 31, 2011, the Bank’s capital stock has changed as follows.

As of December 31, 2011			594,485

Capital stock increase approved by the General Special Shareholders’ Meeting of June 10, 2013 (1)			78

As of September 30, 2014			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, 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. As established by Art. 67 of Law No. 26,831, capital stock will be reduced, by operation of law for an amount equal to the nominal value of proprietary shares held in portfolio, which will be canceled if the three-year term since the acquisition date has passed, and they have not been sold and no shareholders´ meeting resolution has been issued as to their use. As a consequence, the bank´s capital stock will be reduced, by operation of law for an amount and on the relevant dates based on the abovementioned deadline.

10.

CORPORATE BONDS ISSUANCE

The corporate bond liabilities recorded in the accompanying financial statements amount to:

Corporate Bonds	Original value			Residual face value as of 09/30/2014		09/30/2014		12/31/2013
Subordinated – Class 1	USD	150,000,000	(a.1)	USD	150,000,000		1,304,719		981,142
Non-subordinated – Class 2	USD	150,000,000	(a.2)	USD	106,395,000		913,104		718,044
Total							2,217,823		1,699,186

-30-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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 Issuance of Simple Corporate Bonds in a short, medium or long term, either subordinated or non-subordinated, with or without guarantee, in accordance with the provisions of Law No, 23,576, as amended by Law No, 23,962, and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US dollars), or an equal amount in other currencies, under which it 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 established by Communiqué “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 November 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 has 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 20.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 simple corporate bonds at a fixed rate of 8.5% p.a., not convertible into shares, fully amortizable upon maturity (February 1, 2017) for a face value of USD 150,000,000 (one hundred and fifty million US dollars), under the terms and conditions set forth in the price supplement dated January 10, 2007. Interest is paid semiannually on February 1 and August 1 of every year.

Additionally, the Bank has the option to redeem such issuance, either fully or partially, at any time and from time to time. 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.

-31-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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 September 30, 2014 and December 31, 2013 are as follows:

Transaction	09/30/2014			12/31/2013
Net position of repurchase agreements		(285,144	)		(569,919	)
Net debit position of forward transactions without delivery of the underlying asset (a)		220,644			806,959
Interest rate swaps (b)		15,000			50,000
Position of put options taken (c)		8,670			6,676
Position of call options sold (d)		(108,698	)

Net income (loss) resulting from these transactions for the nine-month periods ended September 30, 2014 and 2013, amount to income (loss):

Transaction	09/30/2014			09/30/2013
Premiums on reverse repurchase agreements		99,274			71,434
Premiums on repurchase agreements		(7,700	)		(8,430	)
Interest rate swap		2,428			(47	)
Forward foreign-currency transactions offset		144,751			32,392
Total		238,753			95,349

(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 September 30, 2014 and December 31, 2013, 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 15,000 and 50,000, respectively. In the event that the difference between the rates is negative, the Bank shall be required to pay the difference. The agreements expired on October 31, 2014, without new transactions were perfomed. The purposes of those transactions were to place medium- and long-term loans in accordance with Central Bank Communiqué “A” 4776, as supplemented.

(c)

As of September 30, 2014 and 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 is from September 24, 2015, through September 23, 2016, both dates included.

(d)

As of September 30, 2014, this is related to a call option sold to Transporte Automotor Plaza SACeI on a building received by the Bank as payment of loans granted by it. The initial price was set at 104,135, and will accrue interest at a corrected Badlar rate, re-calculated on a monthly basis, plus 200 basic points and the option’s exercise period is from July 24, 2014, through July 31, 2016, both dates included. As of the date of issuance of these financial statements, the holder has not exercised the option.

12.

PORTFOLIO MANAGEMENT

As of September 30, 2014 and December 31, 2013, the Bank manages the following portfolios:

-32-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

	Managed portfolio as of
Item	09/30/2014	12/31/2013
• 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.	14,030	14,039
• 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.	40,927	42,082
• 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.,	103,380	107,875
• 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”.	73,579	74,069
• 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.	57,985	58,169
• 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.	177,879	183,845
• Other portfolios managed by the Bank.	226,809	123,772
Total	694,589	603,851

13.

MUTUAL FUNDS

As of September 30, 2014, the Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and assets from the following mutual funds:

Fund	Shares of interest		Equity		Assets (1)
Pionero Pesos		375,166,512		767,731		615,080
Pionero Renta Ahorro		676,237,611		1,995,642		2,006,807
Pionero F F		139,249,062		354,352		353,240
Pionero Renta		51,161,863		369,426		370,800
Pionero Acciones		2,040,123		21,715		21,101
Pionero Renta Dólares		6,027		20
Pionero Empresas F.C.I. Abierto PYMES		63,820		82		18
Pionero Consumo		80,081		101		46
Argenfunds Renta Pesos		99,860		72		84
Argenfunds Renta Argentina		199,896,467		251,380		285,929
Argenfunds Ahorro Pesos		352,400,683		551,747		556,892
Argenfunds Renta Privada F.C.I.		350,189,465		544,324		548,434
Argenfunds Abierto Pymes		790,735		951		929

(1)

These amounts reflect the mutual funds’ assets and are recorded under the “Checks and securities in custody” memorandum account.

-33-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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 9.2428% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 10752 of February 18, 2014.

This system shall cover the deposits up to the amount of 120 (350 beginning on November 1, 2014) in Argentine pesos and foreign currency with the participating institutions as checking accounts, savings accounts, certificates of deposit or any other modes determined by the Central Bank, as long as the requirements under Presidential Decree No. 540/1995 and any others established by the enforcement agency, are fulfilled. On the other hand, Central Bank established that the deposits made by other financial institutions, those made by persons related to the Bank, and deposits of securities, among others, must be excluded from the deposit guarantee system.

15.

TRUST ACTIVITIES

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

15.1.

Financial trusts for investment purposes

As of September 30, 2014 and December 31, 2013, 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	09/30/2014		12/31/2013
Certificates of participation:
Frávega Créditos XII (a)		1,428		44,717
Other		8,450		5,384
Subtotal certificates of participation		9,878		50,101

Debt securities:
Underwriting agreements (b)		148,935		281,187
Loma Blanca (c)		81,510		98,412
Other (d)		41,745		44,083
Subtotal debt securities		272,190		423,682
Total		282,068		473,783

(a)

Frávega Créditos XII Trust

On 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 a trust agreement called Fideicomiso Financiero Privado Frávega Créditos XII, whereby the trust issued Class “A” and Class “B” certificates of participation.

The purpose of the trust 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 trust, holders of Class “B” certificates of participation will receive the remaining receivables.

As of September 30, 2014 and December 31, 2013, the Bank was the direct beneficiary of 100% of the Class “A” certificates of participation issued by Fideicomiso Financiero Privado Frávega Créditos XII.

-34-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

(b)

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 (Mila, Garbarino, Accicom and CCF Créditos). The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust securities are placed once the public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities have been placed on the market, the Bank recovers the disbursements made, plus an agreed-upon compensation (“underwriting Price”). If after making the best efforts, such trust securities cannot be placed, the Bank (“Underwriter”) will retain the securities subject to underwriting.

(c)

Loma Blanca Trust

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”.

The purpose of the trust consists in 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.

(d)

Other

It includes, among others, Chubut oil & gas royalties, which 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.

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 7.1. 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 September 30, 2014 and December 31, 2013, 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 amounted to 13,368 and 10,754, respectively.

Additionally, Note 7.2. to the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but created with corpus assets transferred by the Bank’s subsidiaries.

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.

-35-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

As of September 30, 2014 and December 31, 2013, 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) amounted to 482,502 and 750,214, 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 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.

Additionally, Note 7.3. to the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but managed by the Bank’s subsidiaries.

16.

INFORMATION REQUIRED BY THE CNV

16.1

Compliance with requirements to act in the capacity of agents belonging to different categories of agents defined by the CNV

As mentioned in Note 19., on September 5, 2013, the CNV issued General Resolution No. 622. Considering Banco Macro S.A.’s current operations, and according to the different categories of agents established by the abovementioned Resolution, the Bank is registered with this agency as an agent for the custody of collective investment products of mutual funds (AC PIC FCI), and comprehensive clearing and settlement agent and trading agent (ALyC y AN - integral), and is in the process of registering for financial trustee (AF) and non-financial trustee (FNOF) agent categories.

Additionally, the Bank’s shareholders´ equity exceeds the minimum amount required by this regulation, amounting to 24,500, as well as the minimum required offsetting entry of 14,000, which the Bank paid-in at the end of the period and is registered in custody in Caja de Valores (see Note 7.) with available assets in accounts opened with the Central Bank.

16.2

Documentation in custody

As a general policy, the Bank delivers for custody to third parties, the documentary support of its aged accounting and management operations, i.e those whose date is prior to the last fiscal year-end, except for the inventory book, in which aging is deemed to include those with a date prior to the two fiscal years ended. In compliance with CNV General Resolution No. 629 requirements, the Bank has kept (i) the inventory books for fiscal years ended through December 31, 2011, and (ii) certain documentation supporting the economic transactions for fiscal years ended through December 31, 2013, under the custody of the following companies: AdeA Administradora de Archivos SA. (warehouse located at Ruta 36, km 31.5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración de Documentos SA (warehouse located at avenida Circunvalación, between Camino San Carlos and 60 cuadras, Province of Cordoba and avenida Sargento Cayetano Beleira 410, formerly Ruta Km 8 51.2, Pilar, Province of Buenos Aires).

-36-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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 September 2014 are listed below, indicating the balances as of month-end of the related accounts:

Item	09/30/2014
Cash
Amounts in Central Bank accounts		6,241,437
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		578,739
Total		6,820,176

17.2.

Minimum capital requirements:

As the table disclosed, the minimum capital requirements measured on an individual basis, effective for September 2014, along with its computable capital as of the end of that month:

Item	09/30/2014
Minimum capital requirement		4,468,936
Computable capital		9,665,597
Excess amount		5,196,661

18.

TAX AND OTHER CLAIMS

18.1

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:

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 has not been resolved as yet and on which the regulatory agency bases its position is the impossibility of deducting credits that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and the Argentine Supreme Court in similar cases, which have issued resolutions that are favorable to the Bank’s position.

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.

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.).

-37-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

Additionally, there are other appeals filed with the Tax Court, which are not relevant.

18.2 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 ordered to adjust the performance of the agreement, as regards the reimbursement of the funds to the customers from whom the charge had been collected, a resolution which was appealed by the Bank.

On April 24, 2014, the Court of Appeals dismissed the appeals filed and changed what was resolved in First Instance, ordered the Agreement nullity, to continue with the proceeding and to allow the Bank to answer the complaint. Such resolution was appealed by the Bank.

Additionally, there are other claims filed by consumers’ associations against the Bank.

18.3 Finally, the Bank and its directors were notified about the opening of financial and exchange proceedings by the Central Bank and other proceedings filed by the UIF (Financial Information Unit) and CNV. 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 in 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.

19.

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 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. In addition, resolution is currently pending in a claim against the Argentine Government by holders of government securities who did not join the debt restructuring carried out in 2005 and 2010, which has generated consequences in the interest payment service of certain government securities.

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, during the first quarter of 2014, there was a strong appreciation of foreign currency and a rise in interest rates, both deposit and lending rates.

Lastly, on December 27, 2012, a new Capital Markets Law was enforced, as enacted by Presidential 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.

-38-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

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 rate of 4% 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.

As of September 30, 2014 and December 31, 2013, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 18,175 and 14,208 at the stand-alone level, respectively, and a total of 30,617 and 23,301 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.

20.

RESTRICTION ON EARNINGS DISTRIBUTION

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

As established in the issuance conditions for the instruments representing long term debt mentioned in Note 10.a.1), the upcoming Shareholders’ Meeting shall have to create a special reserve for the interest to be paid upon the maturities, taking place in June and December 2015.

Under Law No. 25,063, dividends to be distributed in cash or in kind in excess of taxable income accumulated as of the end of the fiscal year immediately preceding the payment or distribution date shall be subject to a 35% income tax withholding as a single and definitive payment. For this purpose, income to be considered in each year will result from adding dividends or earnings from other corporations not computed in the calculation of those earnings in the same tax period(s) to the earnings determined under application of Income Tax Law, and deducting the tax paid for the tax period(s) in which the earnings, or the related proportional amount, being distributed were generated.

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.

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.

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 shortages 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.

-39-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

21.

FINANCIAL STATEMENTS PUBLICATION

Under Communiqué “A” 760, the Central Bank prior intervention is not required for the publication of these financial statements.

22.

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.

Jorge H. Brito

Chairperson

-40-

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish – See Note 22)

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

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014				12/31/2013		09/30/2014
Name	Market or Present Value		Book balance		Book balance		Position without options (1)		Options	Final position

GOVERNMENT AND PRIVATE SECURITIES

GOVERNMENT SECURITIES

Holdings booked at market value
- Local
Discount bonds denominated in pesos at 5.83% - Maturity: 2033				768,471		25,834		624,560			624,560
Federal government bonds in pesos at Badlar + 2% - Maturity: 2016				485,501				485,501			485,501
Federal government bonds in pesos at Badlar + 2% - Maturity: 03-28-2017				442,264				442,266			442,266
Federal government bonds in pesos at Badlar Private + 3% - Maturity: 2015				200,373		467,411		224,286			224,286
Federal government bonds in US dollars at 7% - Maturity: 2015				201,725		44,126		213,749			213,749
Consolidation bonds in pesos - 7° Serie - Maturity: 01-04-2016				77,201		3,012		77,401			77,401
Secured bonds in pesos under Presidential Decree No. 1579/02 at 2% - Maturity: 02-04-2018				50,317		256,946		50,925			50,925
Consolidation bonds in pesos - 8° Serie				33,075		3,378		34,074			34,074
Consolidation bonds in pesos - 6° Serie at 2%- Maturity: 2024				33,280		17,489		34,640			34,640
Federal government bonds in pesos at Badlar Private + 2.5% - Maturity: 2019				40,584				5,741			5,741
Other				161,583		474,514		96,622			96,622
Subtotal holdings booked at market value				2,494,374		1,292,710		2,289,765			2,289,765

Government securities under repo transactions with Central Bank of Argentina

Holdings booked at amortized cost
- Local
Federal government bonds in pesos at Badlar Private + 2.5% - Maturity: 2019		165,178		166,867				165,178			165,178
Argentine saving bond for the economy development in US dollars at 4% - Maturity: 07-27-2016		126,561		126,582		98,437		126,561			126,561
Province of Entre Ríos Treasury Bills - Maturity: 10-23-2014		15,661		15,661				15,661			15,661
Province of Chaco Treasury Bills - Maturity: 11-21-2014		14,512		14,512				14,512			14,512
Province of Entre Ríos Treasury Bills - Maturity: 12-18-2014		10,039		10,039				10,039			10,039
Province of Buenos Aires Treasury Bills in pesos – Maturity: 05-29-2014						98,759
Province of Neuquén guarantee Treasury Bills Class 1 in US dollars - Maturity: 05-23-2014						37,435
Debt Securities Class 1 - Chubut development and infraestructure bond in US dollars at 4% Maturity: 10-21-2019						10,376
Subtotal Holdings booked at amortized cost				333,661		245,007		331,951			331,951

Jorge H. Brito

Chairperson

-41-

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014			12/31/2013		09/30/2014
Name	Market value or Present Value	Book balance		Book balance		Position without options (1)		Options	Final position

INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA

Central Bank of Argentina Internal Bills at market value - Own portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-12-2014			590,606				590,606			590,606
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-22-2014			519,873				519,873			519,873
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-08-2014			318,775				318,775			318,775
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-15-2014			301,963				301,963			301,963
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-01-2014			201,572				201,572			201,572
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-29-2014			112,159				112,159			112,159
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-02-2014					12,980
Subtotal Central Bank of Argentina Internal Bills at market value - Own Portfolio			2,044,948		12,980		2,044,948			2,044,948

Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-14-2015			33,850
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-31-2014			20,620
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-21-2015			8,757
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-24-2014			6,364
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
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
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions			69,591		85,064

Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-24-2014			1,342,282				1,342,282			1,342,282
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-03-2014			1,063,283				1,063,283			1,063,283
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-26-2014			902,414				902,414			902,414
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-17-2014			743,738				743,738			743,738
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-05-2014			589,653				589,653			589,653
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-19-2014			427,452				427,452			427,452
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-10-2014			395,370				395,370			395,370
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-31-2014			375,199				388,526			388,526
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-07-2015			370,021				370,021			370,021
Central Bank of Argentina Bills in U$S payables in dollars – Maturity: 11-19-2014			52,172				52,172			52,172
Other			210,309				225,953			225,953
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own portfolio			6,471,893				6,500,864			6,500,864

Subtotal Instruments issued by the Central Bank of Argentina			8,586,432		98,044		8,545,812			8,545,812

Jorge H. Brito

Chairperson

-42-

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014			12/31/2013		09/30/2014
Name	Market value or Present Value	Book balance		Book balance		Position without options (1)		Options	Final position

INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			8,586,432		98,044		8,545,812			8,545,812

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
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		0			0
Total Instruments issued by the Central Bank of Argentina			8,586,432		173,031		8,545,812			8,545,812
Total Government securities			11,414,467		1,710,748		11,167,528			11,167,528

Investments in listed private securities
Capital representative
In Argentina
YPF S.A.			133,806				133,806			133,806
Petrolera Pampa S.A.			34,733				34,733			34,733
Telecom Argentina Stet-France Telecom S.A.			34,027				34,027			34,027
Aluar Aluminio Argentino			32,544				32,544			32,544
Petrobras Energía S.A.			18,200				18,200			18,200
Subtotal Capital representative			253,310				253,310			253,310
Total Investments in listed private securities			253,310				253,310			253,310
Total government and private Securities			11,667,777		1,710,748		11,420,838			11,420,838

(1) Position without options as of September 30, 2014, includes “Holdings” plus: “spot and forward purchases pending settlement", less “deposits” and "spot and forward sales pending settlement".

Jorge H. Brito

Chairperson

-43-

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014		12/31/2013

COMMERCIAL

In normal situation		15,866,503		15,697,070
With Senior “A” guarantees and counter-guarantees		1,110,477		1,052,533
With Senior “B” guarantees and counter-guarantees		2,655,766		2,910,554
Without Senior guarantees or counter-guarantees		12,100,260		11,733,983

Subject to special monitoring		99,181		102,511
In observation
With Senior “A” guarantees and counter-guarantees				1,993
With Senior “B” guarantees and counter-guarantees		34,227		35,970
Without Senior guarantees or counter-guarantees		64,954		64,548

Troubled		13,044		22,650
With Senior “B” guarantees and counter-guarantees		5,332		13,060
Without Senior guarantees or counter-guarantees		7,712		9,590

With high risk of insolvency		220,043		222,106
With Senior “A” guarantees and counter-guarantees		1,197
With Senior “B” guarantees and counter-guarantees		135,631		75,006
Without Senior guarantees or counter-guarantees		83,215		147,100

Irrecoverable		1,945		8,385
With Senior “B” guarantees and counter-guarantees				3,729
Without Senior guarantees or counter-guarantees		1,945		4,656

Subtotal Commercial		16,200,716		16,052,722

Jorge H. Brito

Chairperson

-44-

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014		12/31/2013

CONSUMER

Performing		23,005,799		20,972,447
With Senior “A” guarantees and counter-guarantees		482,307		314,530
With Senior “B” guarantees and counter-guarantees		2,053,999		1,633,217
Without Senior guarantees or counter-guarantees		20,469,493		19,024,700

Low risk		304,971		316,744
With Senior “A” guarantees and counter-guarantees		472		1,578
With Senior “B” guarantees and counter-guarantees		15,617		13,948
Without Senior guarantees or counter-guarantees		288,882		301,218

Medium risk		237,752		206,596
With Senior “A” guarantees and counter-guarantees		353		1,063
With Senior “B” guarantees and counter-guarantees		11,223		6,047
Without Senior guarantees or counter-guarantees		226,176		199,486

High risk		188,008		124,120
With Senior “A” guarantees and counter-guarantees		128		576
With Senior “B” guarantees and counter-guarantees		5,355		4,859
Without Senior guarantees or counter-guarantees		182,525		118,685

Irrecoverable		94,259		62,241
With Senior “B” guarantees and counter-guarantees		8,012		9,065
Without Senior guarantees or counter-guarantees		86,247		53,176

Irrecoverable according to Central Bank's rules		338		284
Without Senior guarantees or counter-guarantees		338		284

Subtotal Consumer		23,831,127		21,682,432
Total		40,031,843		37,735,154

Jorge H. Brito

Chairperson

-45-

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014				12/31/2013
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio

10 largest customers		2,758,159		6.89		2,321,319		6.15
50 next largest customers		4,294,591		10.73		3,855,621		10.22
100 next largest customers		2,900,368		7.25		2,724,057		7.22
Other customers		30,078,725		75.13		28,834,157		76.41

Total		40,031,843		100.00		37,735,154		100.00

Jorge H. Brito

Chairperson

-46-

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	Terms remaining to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total

Non-financial government sector		49		54,257		37,884		41,662		83,685		56,008		400,562		674,107
Financial sector		2		141,913		11,058		12,497		34,119		102,883		14,637		317,109
Non-financial private sector and foreign residents		444,099		13,790,381		4,337,463		3,699,978		3,778,606		5,724,683		7,265,417		39,040,627
Total		444,150		13,986,551		4,386,405		3,754,137		3,896,410		5,883,574		7,680,616		40,031,843

Jorge H. Brito

Chairperson

-47-

EXHIBIT E

DETAIL OF INVESTMENT IN OTHER COMPANIES

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

												Information on the issuer
	09/30/2014									12/31/2013		Data from latest financial statements
Name	Class	Unit face value		Votes per share		Number		Amount		Amount		Main business activity	Period / Year-end date		Capital stock		Shareholders' equity		Income (loss) for the period / year

In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Banco del Tucumán S.A.	Common		100		1		395,341		778,671		618,886	Financial institution		09-30-14		43,960		865,844		177,673
Macro Securities S.A.	Common		1		1		12,776,680		86,297		54,676	Brokerage house		09-30-14		12,886		83,641		29,059
Macro Fiducia S.A.	Common		1		1		6,475,143		16,925		12,714	Services		09-30-14		6,567		16,583		3,319
Macro Fondos SGFCI S.A.	Common		1		1		327,183		5,943		4,362	Mutual funds management		09-30-14		1,713		29,444		19,246
Foreign
Macro Bank Limited	Common		1		1		9,816,899		372,090		279,298	Financial institution		09-30-14		9,817		372,090		92,791
Subtotal subsidiaries									1,259,926		969,936

- Non-subsidiaries
In Argentina
Provincanje S.A.	Common		1		1		600,000		603		603	Swap of securities		12-31-13		7,200		7,667		924
Visa Argentina S.A.	Common		1		1		1,141,503		3,554		3,554	Business services		05-31-14		15,000		356,378		295,046
COEL S.A.	Common		1		1		86,236		138		138	Financial Services		12-31-13		1,000		3,281		175
ACH S.A.	Common		1		1		110,500		196		196	Electronic information services		12-31-12		650		266		(105	)
Mercado Abierto Electrónico S.A.	Common		1,200		1		8		121		121	Electronic market		12-31-13		242		24,899		8,677
Argentina Clearing S.A.	Common		2,500		1		30		31		31	Services		07-31-13		10,250		44,699		13,201
Garantizar SGR	Common		1		1		10,000		10		10	Mutual guarantee association		12-31-13		18,578		905,856		24,217
Banelco S.A.											2,500	Network administration		12-31-13		23,599		102,351		39,720
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common		10		1		7,303		667		514	Financial institution		12-31-13		1,824,910		5,592,131		552,420
Banco Latinoamericano de Exportaciones S.A.	Com "E"		1		1		3,729		496		382	Financial institution		12-31-13		1,824,910		5,592,131		552,420
Subtotal non-subsidiaries									5,816		8,049

Total in financial institutions, supplementary and authorized activities									1,265,742		977,985

In other companies
- Non-subsidiaries
In Argentina
Other									1,704		1,551
Foreign
SWIFT S.A.	Common		1		1		5		42		32	Services		12-31-13		2,342,902		2,925,690		186,418
Total in other companies									1,746		1,583
Total (1)									1,267,488		979,568

(1) As of September 30, 2014 and December 31, 2013 the Bank booked allowances for impairment in value amounting to 609 and 344, respectively (see Exhibit J).

Jorge H. Brito

Chairperson

-48-

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	Net book									Depreciation for the period				Net book
Item	value at beginning of fiscal year		Increases		Transfers			Decreases		Years of useful life		Amount		value at end of the period

Bank premises and equipment
Buildings		375,089		43,440		42,081			170		50		13,032		447,408
Furniture and facilities		86,216		23,066							10		10,280		99,002
Machinery and equipment		173,736		120,533							5		54,643		239,626
Vehicles		32,237		8,336					469		5		10,583		29,521

Total		667,278		195,375		42,081			639				88,538		815,557

Other assets
Works in progress		117,785		179,799		(37,022	)								260,562
Works of art		1,170													1,170
Prepayments for the purchase of assets		20,195		41,947		(2,884	)								59,258
Foreclosed assets		8,908		106,234					219		50		506		114,417
Leased buildings		570									50		1		569
Stationery and office supplies		10,066		58,970					44,385						24,651
Other assets		200,937		5,779		(2,175	)		8,291		50		955		195,295

Total		359,631		392,729		(42,081	)		52,895				1,462		655,922

Jorge H. Brito

Chairperson

-49-

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	Net book				Amortization for the period				Net book
Item	value at beginning of fiscal year		Increases		Years of useful life		Amount		value at end of the period

Goodwill (a)		58,788				10		10,539		48,249
Organization and development costs (b)		271,729		129,734		5		81,567		319,926

Total		330,517		129,734				92,106		368,175

(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. acquisitions.

(b)

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

Jorge H. Brito

Chairperson

-50-

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014				12/31/2013
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio

10 largest customers		6,321,384		13.62		3,926,242		10.16
50 next largest customers		4,795,892		10.34		5,256,030		13.60
100 next largest customers		2,615,793		5.64		2,457,322		6.36
Other customers		32,665,724		70.40		27,007,610		69.88

Total		46,398,793		100.00		38,647,204		100.00

Jorge H. Brito

Chairperson

-51-

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	Terms remaining to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total

Deposits		39,458,353		6,117,281		656,559		157,203		8,770		627		46,398,793

Other liabilities from financial intermediation

Central Bank of Argentina		5,459		939		1,442		3,090		6,433		1,353		18,716
Banks and International Institutions		201,344		6,894		3,621								211,859
Non-subordinated corporate bonds						12,545						900,559		913,104
Financing received from Argentine financial institutions		13,424		2,437		3,677		7,436		15,234		24,295		66,503
Other		2,696,096		183,966		2,159		1,756		119		90,710		2,974,806

		2,916,323		194,236		23,444		12,282		21,786		1,016,917		4,184,988

Subordinated corporate bonds				35,074								1,269,645		1,304,719

Total		42,374,676		6,346,591		680,003		169,485		30,556		2,287,189		51,888,500

Jorge H. Brito

Chairperson

-52-

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	Balances at beginning of		Increases		Decreases				Balances at end of the
Breakdown	fiscal year		(1)		Charge off		Reversals		period
ALLOWANCES
Loans
For uncollectibility risk and impairment in value		931,960		458,273		358,996		12,832		1,018,405
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		230,011		2,335		2,884		4		229,458
Receivables from financial leases
For uncollectibility risk		4,945		690		938		622		4,075
Investments in other companies
For impairment in value		344		306				41		609
Other receivables
For uncollectibility risk		6,742		1,185		399		334		7,194

Total allowances		1,174,002		462,789		363,217		13,833		1,259,741

PROVISIONS
Contingent commitments		4,806		63				951		3,918
For other contingencies		107,116		21,552		15,375		229		113,064
Difference from court deposits dollarization		14,208		4,231		33		231		18,175

Total Provisions		126,130		25,846		15,408		1,411		135,157

(1) See notes 3.5.g). and 3.5.n).

Jorge H. Brito

Chairperson

-53-

EXHIBIT K

CAPITAL STRUCTURE

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

Shares					Capital stock
			Votes per		Issued		Own
Class	Stock number		share		Outstanding		Portfolio (1)		Paid in

Registered common stock A		11,235,670		5		11,236				11,236

Registered common stock B		583,327,358		1		573,327		10,000		583,327

Total		594,563,028				584,563		10,000		594,563

(1) See Note 9.

Jorge H. Brito

Chairperson

-54-

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

	09/30/2014																																12/31/2013
	Total Parent company and		Total per currency
Items	Argentine branches		US dollar		Pound sterling		Swiss franc		Danish krone		Canadian dollar		Australian dollar		Neozalen dollar		Yen		Swedish krone		Norwegian krone		Uruguayans peso		Chilean peso		Guarani		Real		Euro		Total

ASSETS
Cash		4,367,625		4,309,768		5,839		1,191		123		443		253		219		440		88		396		1,223		427		611		7,005		39,599		5,245,008
Government and private securities		745,320		745,320																														393,573
Loans		1,986,752		1,986,752																														1,876,819
Other receivables from financial intermediation		501,882		497,393																												4,489		281,830
Receivables from financial leases		9,635		9,635																														7,986
Investments in other companies		373,295		373,295																														280,226
Other receivables		79,611		79,611																														68,964
Items pending allocation		1,328		1,328																														988

Total		8,065,448		8,003,102		5,839		1,191		123		443		253		219		440		88		396		1,223		427		611		7,005		44,088		8,155,394

LIABILITIES
Deposits		2,772,910		2,772,910																														2,461,071
Other liabilities from financial intermediation		1,933,616		1,911,394		311		113				365		17																		21,416		1,785,933
Other liabilities		3,047		3,047																														2,346
Subordinated corporate bonds		1,304,719		1,304,719																														981,142
Items pending allocation		1		1																														77

Total		6,014,293		5,992,071		311		113				365		17																		21,416		5,230,569

MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		1,181,710		1,181,710																														1,015,408
Control		1,246,606		1,185,526																												61,080		923,080
Derivatives		8,670		8,670																														6,676
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		216,535		213,859																												2,676		172,687

Jorge H. Brito

Chairperson

-55-

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

Item	09/30/2014 (1)		12/31/2013 (1)

Loans
Overdrafts		19,087		59,980
Without Senior guarantees or counter-guarantees		19,087		59,980
Documents		35		4,150
With Senior “A” guarantees and counter-guarantees		35		1,776
Without Senior guarantees or counter-guarantees				2,374
Mortgage and pledge		9,269		11,568
With Senior “B” guarantees and counter-guarantees		8,677		10,441
Without Senior guarantees or counter-guarantees		592		1,127
Personal		315		309
Without Senior guarantees or counter-guarantees		315		309
Credit cards		31,407		23,641
Without Senior guarantees or counter-guarantees		31,407		23,641
Other		188,491		64,396
Without Senior guarantees or counter-guarantees		188,491		64,396
Total loans		248,604		164,044

Other receivables from financial intermediation				2,072

Receivables from financial leases and other		11,019		10,514

Contingent Commitments		3,724		1,953

Investments in other companies		1,260,400		970,411
Total		1,523,747		1,148,994

Provisions		3,046		1,910

(1) As of September 30, 2014 and December 31, 2013 all debtors are classified in performing situation.

Jorge H. Brito

Chairperson

-56-

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish - See Note 22)

(Figures stated in thousands of pesos)

Originally

Weighted daily

agreed

Residual

average term

Type of

Purpose of the
transactions

Underlying

Type of

Negotiation environment

weighted
monthly

of
settlement of

contract

performed

asset

settlement

or counter-party

average term

differences

Amount

Options

Intermediation - own account

Other

With delivery of underlying asset

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

117,368

Repo transactions

Intermediation - own account

Federal government securities

With delivery of underlying asset

MAE (over-the-counter electronic market)

409,512

Futures

Intermediation - own account

Foreign currency

Daily settlement of differences

MAE (over-the-counter electronic market)

3,218,755

Forward

Intermediation - own account

Foreign currency

Maturity settlement of differences

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

1,818,365

Swaps

Intermediation - own account

Other

MAE (over-the-counter electronic market)

15,000

Jorge H. Brito

Chairperson

-57-

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2014			12/31/2013
ASSETS

A.	CASH
	Cash on hand		3,667,224			3,232,931
	Due from banks and correspondents
	Central Bank of Argentina		7,042,513			8,937,649
	Local Other		9,838			26,423
	Foreign		1,455,748			663,118
	Other		529			408
			12,175,852			12,860,529

B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
	Holdings booked at market value		3,339,107			1,928,841
	Government securities under repo transactions with Central Bank of Argentina		84,474			88,928
	Holdings booked at amortized cost		338,151			250,513
	Instruments issued by the Central Bank of Argentina		9,420,972			173,031
	Investments in listed private securities		253,310			3
			13,436,014			2,441,316

C.	LOANS
	To the non-financial government sector		639,468			640,158
	To the financial sector
	Interfinancing - (granted call)		333,446			308,023
	Other financing to Argentine financial institutions		67,912			55,711
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		373			1,163
	To the non-financial private sector and foreign residents
	Overdrafts		5,151,987			4,449,988
	Documents		4,144,283			4,320,772
	Mortgage loans		2,361,425			2,308,916
	Pledge loans		1,688,259			1,429,414
	Personal loans		15,040,498			13,873,830
	Credit cards		7,447,447			6,841,356
	Other		5,234,928			5,206,630
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		741,126			779,436
	less: Unearned discount		(150,594	)		(186,547	)
	less: Allowances (Note 4.)		(1,113,818	)		(1,006,495	)
			41,586,740			39,022,355

Jorge H. Brito

Chairperson

-58-

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2014			12/31/2013
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		752,791			648,015
	Amounts receivable from spot and forward sales pending settlement		574,777			774,525
	Securities and foreign currency receivables from spot and forward purchases pending settlement		330,501			208,774
	Unlisted corporate bonds		305,161			270,690
	Receivables from forward transactions without delivery of underlying asset		35,565			167
	Other receivables not covered by debtors classification standards		585,194			763,238
	Other receivables covered by debtors classification standards		306,181			246,284
	Accrued interest receivables covered by debtors classification standards		168			846
	less: Allowances (Note 4.)		(231,369	)		(232,290	)
			2,658,969			2,680,249

E.	RECEIVABLES FROM FINANCIAL LEASES
	Receivables from financial leases		360,577			385,717
	Accrued interest and adjustments		5,027			5,158
	less: Allowances (Note 4.)		(4,078	)		(5,015	)
			361,526			385,860

F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		1,163			893
	Other		11,547			13,883
	less: Allowances (Note 4.)		(1,566	)		(1,330	)
			11,144			13,446

G.	OTHER RECEIVABLES
	Receivables from sale of assets		5,190			6,116
	Minimum presumed income tax-credit					3,460
	Other		547,785			432,289
	Accrued interest and adjustments receivable on from sale of assets		227			235
	Other accrued interest and adjustments receivable		23			172
	less: Allowances (Note 4.)		(7,382	)		(6,929	)
			545,843			435,343

H.	BANK PREMISES AND EQUIPMENT, NET		889,422			735,663

I.	OTHER ASSETS		668,442			364,670

J.	INTANGIBLE ASSETS
	Goodwill		48,249			58,788
	Organization and development costs		337,226			285,191
			385,475			343,979

K.	ITEMS PENDING ALLOCATION		10,946			11,624

TOTAL ASSETS			72,730,373			59,295,034

Jorge H. Brito

Chairperson

-59-

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

LIABILITIES		09/30/2014		12/31/2013

L.	DEPOSITS
	From the non-financial government sector		10,178,885		6,580,041
	From the financial sector		29,205		26,874
	From the non-financial private sector and foreign residents
	Checking accounts		10,419,465		8,602,700
	Savings accounts		9,262,136		8,440,709
	Time deposits		21,574,593		18,416,520
	Investment accounts		173,697		199,003
	Other		1,127,051		878,032
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		386,478		283,139
			53,151,510		43,427,018

M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		18,815		21,994
	Banks and International Institutions		208,124		325,664
	Non-subordinated Corporate Bonds		900,559		693,483
	Amounts payable for spot and forward purchases pending settlement		409,925		241,942
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		607,712		863,570
	Financing received from Argentine financial institutions		12,000
	Other financing received from Argentine financial institutions		21,757		25,159
	Accrued interest payable				96
	Receivables from forward transactions without delivery of underlying asset				27,867
	Other		3,122,480		2,440,877
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		49,026		57,079
			5,350,398		4,697,731

N.	OTHER LIABILITIES
	Fees		1,788		11,224
	Other		1,737,480		1,314,477
			1,739,268		1,325,701

O.	PROVISIONS (Note 4.)		176,060		159,381

P.	SUBORDINATED CORPORATE BONDS		1,304,719		981,142

Q.	ITEMS PENDING ALLOCATION		4,111		7,128

	MINORITY INTERESTS IN SUBSIDIARIES		87,472		69,502

	TOTAL LIABILITIES		61,813,538		50,667,603

	SHAREHOLDERS' EQUITY		10,916,835		8,627,431

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			72,730,373		59,295,034

Jorge H. Brito

Chairperson

-60-

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2014 AND DECEMBER, 31 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2014		12/31/2013
MEMORANDUM ACCOUNTS

DEBIT-BALANCE ACCOUNTS		110,916,157		61,359,882
Contingent		12,110,116		11,983,952
Guarantees received		11,657,522		11,593,922
Other not covered by debtors classification standards		139		167
Contingent debit-balance contra accounts		452,455		389,863

Control		93,203,001		43,775,080
Receivables classified as irrecoverable		1,522,240		1,256,611
Other		90,958,413		41,803,691
Control debit-balance contra accounts		722,348		714,778

Derivatives		5,169,488		5,083,287
Notional value of put options taken		8,670		6,676
Notional value of forward transactions without delivery of underlying asset		2,628,882		2,916,785
Interest rate swap		15,000		50,000
Derivatives debit-balance contra accounts		2,516,936		2,109,826

Trust activity		433,552		517,563
Trust funds		433,552		517,563

CREDIT-BALANCE ACCOUNTS		110,916,157		61,359,882

Contingent		12,110,116		11,983,952
Other guarantees provided covered by debtors classification standards		114,316		129,681
Other guarantees provided not covered by debtors classification standards		148,410		151,489
Other covered by debtors classification standards		189,729		108,693
Contingent credit-balance contra accounts		11,657,661		11,594,089

Control		93,203,001		43,775,080
Checks to be credited		722,348		714,778
Control credit-balance contra accounts		92,480,653		43,060,302

Derivatives		5,169,488		5,083,287
Notional value of call options sold		108,698
Notional value of forward transactions without delivery of underlying asset		2,408,238		2,109,826
Derivatives credit-balance contra account		2,652,552		2,973,461

Trust activity		433,552		517,563
Trust activity credit-balance contra accounts		433,552		517,563

The accompanying Notes 1 through 7 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.

Jorge H. Brito

Chairperson

-61-

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2014		09/30/2013

A.	FINANCIAL INCOME
	Interest on cash and due from banks		92		181
	Interest on loans to the financial sector		51,715		34,816
	Interest on overdrafts		1,044,767		747,047
	Interest on documents		708,220		451,713
	Interest on mortgage loans		359,548		233,931
	Interest on pledge loans		194,549		138,461
	Interest on credit card loans		1,371,829		706,167
	Interest on financial leases		58,569		49,988
	Interest on other loans		4,529,165		3,416,742
	Net income from government and private securities		1,599,279		313,158
	Interest on other receivables from financial intermediation		2,096		2,247
	Income from guaranteed loans - Presidential Decree No. 1,387/01		33,252		16,543
	CER (Benchmark Stabilization Coefficient) adjustment		68,086		23,179
	CVS (Salary Variation Coefficient) adjustment		542		489
	Difference in quoted prices of gold and foreign currency		796,032		465,537
	Other		322,060		165,632
			11,139,801		6,765,831

B.	FINANCIAL EXPENSE
	Interest on checking accounts		486		327
	Interest on savings accounts		35,656		30,873
	Interest on time deposits		3,822,202		2,165,752
	Interest on interfinancing received loans (received call)		319		2,873
	Interest on other financing from financial institutions		16		7
	Interest on other liabilities from financial intermediation		69,539		44,711
	Interest on subordinated bonds		88,886		58,210
	Other interest		2,372		2,513
	CER adjustment		7,732		3,207
	Contribution to Deposit Guarantee Fund		60,776		49,753
	Other		744,441		493,927
			4,832,425		2,852,153

	GROSS INTERMEDIATION MARGIN - GAIN		6,307,376		3,913,678

C.	PROVISION FOR LOAN LOSSES		450,483		381,478

D.	SERVICE-CHARGE INCOME
	Related to lending transactions		63,371		125,975
	Related to deposits		2,051,054		1,482,723
	Other commissions		54,492		36,936
	Other		1,202,939		851,860
			3,371,856		2,497,494

Jorge H. Brito

Chairperson

-62-

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2014			09/30/2013

E.	SERVICE-CHARGE EXPENSE
	Commissions		207,260			150,618
	Other		654,756			540,220
			862,016			690,838

F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		2,260,918			1,710,729
	Directors' and statutory auditors' fees		141,616			70,585
	Other professional fees		134,851			101,808
	Advertising and publicity		79,645			89,392
	Taxes		235,696			158,480
	Depreciation of equipment		95,421			72,173
	Amortization of organization costs		89,027			63,411
	Other operating expenses		587,060			432,725
	Other		309,178			211,257
			3,933,412			2,910,560

	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		4,433,321			2,428,296

G.	OTHER INCOME
	Income from long-term investments		48,132			22,112
	Penalty interest		46,972			30,554
	Recovered loans and allowances reversed		82,938			82,454
	CER adjustments		86			48
	Others		92,727			60,402
			270,855			195,570

H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		1,443			22
	Charges for other receivables uncollectibility and other allowances		34,440			41,483
	Depreciation and loss of other assets		2,345			2,508
	Goodwill amortization		10,539			10,539
	Other		86,331			61,388
			135,098			115,940

	MINORITY INTEREST IN SUBSIDIARIES		(17,963	)		(12,693	)


	NET INCOME BEFORE INCOME TAX - GAIN		4,551,115			2,495,233

I.	INCOME TAX		1,646,566			1,005,048

	NET INCOME FOR THE PERIOD - GAIN		2,904,549			1,490,185

Jorge H. Brito

Chairperson

-63-

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2014			09/30/2013
CHANGES IN CASH AND CASH EQUIVALENTS (Note 1.5.)
Cash at the beginning of the fiscal year		13,512,271			10,526,353
Cash at the end of the period		14,024,523			10,000,371
Net increase (decrease) in cash		512,252			(525,982	)

CAUSES OF CHANGES IN CASH

Operating activities
Net collections / (payments) for:
Government and private securities		(8,925,072	)		(284,209	)
Loans
To the financial sector		14,881			(179,282	)
To the non-financial government sector		100,888			33,441
To the non-financial private sector and foreign residents		5,158,199			92,759
Other receivables from financial intermediation		571,686			(1,501,048	)
Receivables from financial leases		82,835			(3,586	)
Deposits
From the financial sector		2,331			(3,342	)
From the non-financial government sector		3,028,866			(696,884	)
From the non-financial private sector and foreign residents		2,772,777			4,037,515
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		11,585			(43,400	)
Others (except liabilities included under financing activities)		831,869			(6,774	)
Collections related to service-charge income		3,364,405			2,481,198
Payments related to service-charge expenses		(838,977	)		(663,213	)
Administrative expenses paid		(3,697,197	)		(2,721,432	)
Payment of organization and development costs		(141,062	)		(105,823	)
Net collections from penalty interest		46,971			30,533
Differences from payments related to court orders		(3,540	)		(5,377	)
Collections of dividends from other companies		27,597
Other collections related to other income and losses		73,931			54,310
Net payments from other operating activities		(1,163,617	)		(536,089	)
Payment of income tax / minimum presumed income tax		(1,305,425	)		(703,758	)
Net cash flows generated in (used in) operating activities		13,931			(724,461	)

Jorge H. Brito

Chairperson

-64-

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2014			09/30/2013
Investing activities
Net payments for bank premises and equipment		(198,394	)		(122,442	)
Net payments for other assets		(244,822	)		(73,428	)
Collections from sales of investment in others companies		11,126
Other collections for investing activities					3,853
Net cash flows used in investing activities		(432,090	)		(192,017	)

Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(73,443	)		(47,483	)
Central Bank of Argentina:
Other		(4,204	)		(1,071	)
Banks and International Institutions		(126,544	)		(244,091	)
Subordinated corporate bonds		(59,460	)		(39,093	)
Financing received from Argentine financial institutions		(2,694	)		12,349
Payment of dividends		(598,486	)		(19	)
Net cash flows used in financing activities		(864,831	)		(319,408	)

Financial income and holding gains on cash and cash equivalents		1,795,242			709,904

Net increase (decrease) in cash		512,252			(525,982	)

Jorge H. Brito

Chairperson

-65-

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2014		12/31/2013

COMMERCIAL

In normal situation		16,586,224		16,157,610
With Senior “A” guarantees and counter-guarantees		1,114,184		1,054,102
With Senior “B” guarantees and counter-guarantees		2,739,698		2,991,706
Without Senior guarantees or counter-guarantees		12,732,342		12,111,802

Subject to special monitoring		102,516		102,511
In observation
With Senior “A” guarantees and counter-guarantees				1,993
With Senior “B” guarantees and counter-guarantees		37,389		35,970
Without Senior guarantees or counter-guarantees		65,127		64,548

Troubled		13,044		22,650
With Senior “B” guarantees and counter-guarantees		5,332		13,060
Without Senior guarantees or counter-guarantees		7,712		9,590

With high risk of insolvency		220,043		222,106
With Senior “A” guarantees and counter-guarantees		1,197
With Senior “B” guarantees and counter-guarantees		135,631		75,006
Without Senior guarantees or counter-guarantees		83,215		147,100

Irrecoverable		1,945		8,385
With Senior “B” guarantees and counter-guarantees				3,729
Without Senior guarantees or counter-guarantees		1,945		4,656
Subtotal Commercial		16,923,772		16,513,262

Jorge H. Brito

Chairperson

-66-

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2014		12/31/2013

CONSUMER

Performing		26,144,830		23,892,347
With Senior “A” guarantees and counter-guarantees		484,545		315,925
With Senior “B” guarantees and counter-guarantees		2,128,759		1,713,576
Without Senior guarantees or counter-guarantees		23,531,526		21,862,846

Low risk		337,781		341,018
With Senior “A” guarantees and counter-guarantees		472		1,683
With Senior “B” guarantees and counter-guarantees		17,496		16,884
Without Senior guarantees or counter-guarantees		319,813		322,451

Medium risk		264,139		225,864
With Senior “A” guarantees and counter-guarantees		353		1,185
With Senior “B” guarantees and counter-guarantees		12,223		7,137
Without Senior guarantees or counter-guarantees		251,563		217,542

High risk		216,858		144,006
With Senior “A” guarantees and counter-guarantees		128		576
With Senior “B” guarantees and counter-guarantees		6,595		5,013
Without Senior guarantees or counter-guarantees		210,135		138,417

Irrecoverable		99,413		65,486
With Senior “B” guarantees and counter-guarantees		8,560		9,218
Without Senior guarantees or counter-guarantees		90,853		56,268

Irrecoverable according to Central Bank's rules		341		287
Without Senior guarantees or counter-guarantees		341		287

Subtotal Consumer		27,063,362		24,669,008
Total		43,987,134		41,182,270

Jorge H. Brito

Chairperson

-67-

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish –

See Note 22 to the stand alone financial statements)

(Figures stated in thousands of pesos)

SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

1.1.

Valuation and disclosure criteria:

According to the procedures provided by Central Bank rules - Communiqué “A” 2227, as supplemented - and FACPCE TR No. 21, the Bank has consolidated line-by-line (i) its balance sheets as of September 30, 2014 and December 31, 2013 and (ii) the statements of income and cash flows for the nine-month periods ended September 30, 2014 and 2013, with the financial statements as of each respective date, of the subsidiaries listed in Note 1.2.

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 September 30, 2014):

	Banco Macro S.A.’s direct equity interest									Banco Macro S.A.’s direct and indirect equity interest
	Shares			Percentage of						Percentage of
Company	Type	Number		Capital stock			Possible votes			Capital stock			Possible votes

Banco del Tucumán 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. (b) and (c)	Common		12,776,680		99.154	%		99.154	%		99.921	%		99.932	%
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: 2,023).

(c)

Consolidated with Macro Fondos SGFCI S.A. (percentage of capital stock and votes 80.90%).

(d)

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:

Assets and liabilities were converted at the reference exchange rate at the closing of transactions on the last business day of the nine-month period ended September 30, 2014, and the year ended December 31, 2013.

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.

Retained earnings were estimated by the difference between assets, liabilities and owners’ contributions, translated into pesos, as indicated above.

-68-

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish –

See Note 22 to the stand alone financial statements)

(Figures stated in thousands of pesos)

The amounts of the accounts in the statements of income for the nine-month periods ended September 30, 2014 and 2013, 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 period (difference between retained earnings at beginning of fiscal year and retained earnings at period) was recorded in “Other income – Income from long-term investments” and “Financial income – Difference in quoted prices of gold and foreign currency” or “Financial expense – Difference in quoted prices of gold and foreign currency”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

The main figures included in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU) S.A.) as of September 30, 2014, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.

Assets		251,882		2,132,007

Liabilities		207,922		1,759,917

Shareholders’ equity		43,960		372,090

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 September 30, 2014:

	Banco Macro S.A.		Banco del Tucumán S.A.		Macro Bank Limited (1)		Other subsidiaries (2)		Eliminations		Banco Macro S.A. (consolidated)

Assets		65,362,504		6,324,597		2,132,007		413,013		1,501,748		72,730,373

Liabilities		54,445,669		5,458,753		1,759,917		308,815		159,616		61,813,538

Shareholders’ equity		10,916,835		865,844		372,090		104,198		1,342,132		10,916,835

Income		2,904,549		177,673		92,791		35,330		305,794		2,904,549

(1) Figures related to Macro Bank Limited consolidated with Sud Asesores (ROU) S.A.

(2)

Figures related to the subsidiaries Macro Securities S.A., (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A.) and Macro Fiducia S.A.

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish –

See Note 22 to the stand alone financial statements)

(Figures stated in thousands of pesos)

1.5.

Statement of cash flows and cash equivalents

The Bank and its subsidiaries consider “Cash and cash equivalents” to be the Cash account and Government and investments which mature less than 90 days since their date of acquisition/constitution, Below is a breakdown of the reconciliation of the “Cash” item in the consolidated statement of cash flows with the related consolidated balance sheets accounts:

	09/30/2014		12/31/2013		09/30/2013

Cash		12,175,852		12,860,529		9,449,556

Government and private securities
Holdings booked at market value		829,494		638,762		503,860
Instruments issued by the Central Bank		841,377		12,980		46,955
Other receivables for financial intermediation
Term placements		177,800
Cash and cash equivalents		14,024,523		13,512,271		10,000,371

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	09/30/2014		12/31/2013

3.1.	Banco del Tucumán S.A.:

	Government and Private securities

	• Secured bonds in pesos under Presidential Decree N° 1579/2002, maturity 2018, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013		8,388
	Subtotal Government and Private securities		8,388

	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		89,278		71,136
	Subtotal other receivables from financial intermediation		89,278		71,136

	Other receivables
	• Deposits mainly provided in guarantee for the credit card transaction and related to court deposits.		9,362		8,175
	Subtotal other receivables		9,362		8,175

	Total		107,028		79,311

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish –

See Note 22 to the stand alone financial statements)

(Figures stated in thousands of pesos)

	Item	09/30/2014		12/31/2013

3.2.	Macro Securities S.A.:

	Investments in other companies

	• Other		1,453		1,453
	Total		1,453		1,453

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 September 30, 2014 and December 31, 2013, include assets amounted to 27,215 and 80,055, generated by Loans; liabilities amounted to 1,031,595 and 494,816 generated by Deposits; and memorandum accounts amounted to 1,479,598 and 537,998, mainly generated by Items in custody, respectively.

Additionally, as of September 30, 2014 and 2013, net income generated by those transactions amounted to 1,229 and 6,923, respectively.

Lastly, the balances as of those dates for transactions between Macro Group companies amounted to 527 and 472, respectively. Net income from those transactions for the periods ended December 31, 2014 and 2013 amount to 5 and 3, respectively. Both balances and income were eliminated in the consolidation process.

CHANGES IN ALLOWANCES AND PROVISIONS

The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of September 30, 2014:

	Balances at beginning of fiscal				Decreases				Balances at end of the
Breakdown	year		Increases		Charge off		Reversals		period

Allowances

For loans		1,006,495		499,987		379,392		13,272		1,113,818

For other receivables from financial intermediation		232,290		2,960		2,905		976		231,369

For receivables from financial leases		5,015		695		938		694		4,078

For interests in other companies		1,330		319				83		1,566

For other receivables		6,929		1,229		438		338		7,382

Total		1,252,059		505,190		383,673		15,363		1,358,213

For contingent commitments		4,806		63				951		3,918

For other contingencies		131,274		26,276		15,796		229		141,525

For differences from court deposits dollarization		23,301		7,580		33		231		30,617

Total		159,381		33,919		15,829		1,411		176,060

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish –

See Note 22 to the stand alone financial statements)

(Figures stated in thousands of pesos)

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 September 30, 2014 and December 31, 2013:

Type of contract / underlying asset	09/30/2014		12/31/2013

Futures / foreign currency		3,218,755		4,591,016

Repo transactions / Federal Government Securities		505,840		841,502

Forward contracts / foreign currency		1,818,365		435,595

Swaps / Other		15,000		50,000

Options / Other		117,368		6,676

Additionally, positions of transactions effective as of September 30, 2014 and December 31, 2013 are as follows:

Transaction	09/30/2014			12/31/2013

Net position of repurchase agreements		(381,472	)		(515,602	)

Net asset position of forward transactions without delivery of the underlying asset		220,644			806,959

Interest rate swap		15,000			50,000

Position of put options taken		8,670			6,676

Position of call options sold		(108,698	)

PORTFOLIO MANAGEMENT

In addition to what was mentioned in Note 12. to the Bank’s stand-alone financial statements, as of September 30, 2014 and December 31, 2013, Banco del Tucumán S.A. manages the following portfolios:

	Managed portfolio as of
Item	09/30/2014		12/31/2013
• 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.		15,921		16,031

• 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

• Other managed portfolios.		20,703		16,194
Total		36,624		51,679

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 September 30, 2014 and December 31, 2013:

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2014

(Translation of financial statements originally issued in Spanish –

See Note 22 to the stand alone financial statements)

(Figures stated in thousands of pesos)

7.1.

Financial trusts for investment purposes

Financial trust	09/30/2014		12/31/2013

Certificates of participation:

Sat Sapem I		10,654		14,614
Tucumán Personal I				9,191
Subtotal certificates of participation		10,654		23,805

Debt securities:

Megabono				717
Subtotal debt securities				717
Total		10,654		24,522

7.2.

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 September 30, 2014 and December 31, 2013, 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 150 and 19,586, respectively.

7.3.

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 September 30, 2014 and December 31, 2013, 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 389,061 and 392,985, respectively.

Jorge H. Brito

Chairperson

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: November 27, 2014