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 26, 2015

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Sarmiento 447

Buenos Aires C1 1041

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

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

Form 20-F

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, 2015,

together with the review report on interim-period financial statements

CONTENTS

Review report on interim-period financial statements

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

REVIEW REPORT
ON INTERIM-PERIOD FINANCIAL STATEMENTS

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

Report on the financial statements

Introduction

We have reviewed (a) the accompanying interim financial statements of BANCO MACRO S.A. (“the Bank”), (b) the accompanying interim consolidated financial statements of BANCO MACRO S.A. and its subsidiaries, which comprise the related balance sheets as of September 30, 2015, and the statements of income, changes in shareholders’ equity and cash flows and cash equivalents for the nine-month period then ended, and (c) a summary of the significant accounting policies and additional explanatory information.

Responsibility of the Bank’s Management and Board in connection with the financial statements

The Bank’s Management and Board of Directors are responsible for the preparation and fair presentation of these financial statements in accordance with the accounting standards established by the BCRA (Central Bank of Argentina) and are also responsible for performing the internal control procedures that they may deem necessary to allow for the preparation of interim period financial statements that are free from material misstatements, either due to errors or irregularities.

Auditor’s responsibility

Our responsibility is to express a conclusion on the accompanying financial statements based on our review, which was performed in accordance with the standards of the Argentine Federation of Professional Councils in Economic Sciences Technical Resolution No. 37 and with the “Minimum external auditing standards” issued by the BCRA, applicable to the review of interim period financial statements, and in compliance with the ethical requirements relevant to the audit of the Bank’s annual financial statements. A review of interim period financial statements consists of making inquiries, mainly of the persons in charge of accounting and financial matters, as well as applying analytical procedures and other review procedures. A review is substantially less in scope than an audit of financial statements; therefore, we cannot obtain reasonable assurance that we will become aware of all the material issues that may arise in an audit. Therefore, we do not express an audit opinion.

Conclusion

Based on our review, we have not become aware of anything that may lead us to believe that the accompanying financial statements have not been prepared, in all material respects, in accordance with the accounting standards established by the BCRA.

Emphasis on certain issues disclosed in the financial statements

Attention should be paid to note 5. to the accompanying stand-alone financial statements, where valuation differences between the BCRA accounting regulations used in preparing the accompanying financial statements and the Argentine professional accounting standards effective in the City of Buenos Aires are identified and quantified. This issue does not change the conclusion expressed in paragraph 4.

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

II.

Report on other legal and regulatory requirements

In compliance with current legal requirements, we report that:

Based on our review, we have not become aware of anything that may lead us to believe that the financial statements mentioned in paragraph 1. have not been prepared, in all material respects, in conformity with the applicable Argentine General Associations Law provisions, the CNV (Argentine Securities Commission) regulations, and BCRA rules.

The financial statements mentioned in paragraph 1. have been transcribed to the “Inventory and Financial Statements” Book and arise from the accounting books kept, in all formal respects, pursuant to current legal requirements and the applicable BCRA rules.

As of September 30, 2015, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 42,742,720, none of which was due as of that date.

As of September 30, 2015, as stated in note 17.1. to the accompanying individual financial statements, the Bank carries shareholder´s equity and offsetting eligible assets that exceed the minimum amounts required by applicable CNV regulations for these items.

City of Buenos Aires,

November 10, 2015

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, 2015

BUSINESS NAME: Banco Macro SA

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.

BALANCE SHEETS

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

		09/30/2015			12/31/2014
ASSETS

A.	CASH
	Cash on hand		2,923,123			3,829,909
	Due from banks and correspondents
	Central Bank of Argentina		6,532,373			8,701,883
	Local Other		21,781			17,568
	Foreign		504,427			582,887
	Other		589			535
			9,982,293			13,132,782

B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings booked at market value		3,286,613			2,606,409
	Holdings booked at amortized cost		511,829			332,061
	Instruments issued by the Central Bank of Argentina		11,517,646			5,199,976
	Investments in listed private securities		805,697			776,655
			16,121,785			8,915,101

C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		504,205			604,391
	To the financial sector
	Interfinancing (granted call)		180,000
	Other financing to Argentine Financial Institutions		94,450			107,657
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		1,333			1,043
	To the non-financial private sector and foreign residents
	Overdrafts		5,399,752			3,230,037
	Documents		5,711,440			4,598,728
	Mortgage loans		2,725,010			2,290,152
	Pledge loans		2,098,160			1,786,490
	Personal loans		17,925,313			13,457,356
	Credit cards		10,581,901			8,501,522
	Other (Note 7.1.)		6,496,923			5,720,144
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		834,401			749,125
	less: Unearned discount		(214,006	)		(203,744	)
	less: Allowances (Exhibit J)		(1,232,739	)		(1,083,760	)
			51,106,143			39,759,141

Jorge P. Brito

Director and Acting Chairperson

- 1 -

BALANCE SHEETS

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

		09/30/2015			12/31/2014
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		908,230			695,631
	Amounts receivable from spot and forward sales pending settlement		1,711,225			198,564
	Securities and foreign currency receivables from spot and forward purchases pending settlement (Exhibit O)		392,506			299,209
	Unlisted corporate bonds (Exhibits B, C and D)		234,095			448,167
	Receivables from forward transactions without delivery of underlying asset		30,256			136,613
	Other receivables not covered by debtors classification standards (Note 7.2.)		451,029			401,664
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		222,774			163,482
	Accrued interest receivables covered by debtors classification standards (Exhibit B, C and D)		243			668
	less: Allowances (Exhibit J)		(230,152	)		(231,346	)
			3,720,206			2,112,652

E.	RECEIVABLES FROM FINANCIAL LEASES (Exhibits B, C and D)
	Receivables from financial leases		438,262			391,841
	Accrued interest and adjustments		5,899			5,191
	less: Allowances (Exhibit J)		(4,824	)		(4,456	)
			439,337			392,576

F.	INVESTMENTS IN OTHER COMPANIES (Exhibit E)
	In financial institutions		1,465,441			1,205,308
	Other		169,968			125,142
	less: Allowances (Exhibit J)		(727	)		(609	)
			1,634,682			1,329,841

G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		1,491			2,804
	Other (Note 7.3.)		694,419			566,668
	Accrued interest and adjustments on receivable from sales of assets (Exhibits B, C and D)		126			160
	Other accrued interest and adjustments receivable					14
	less: Allowances (Exhibit J)		(4,141	)		(5,180	)
			691,895			564,466

H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		1,041,276			829,804

I.	OTHER ASSETS (Exhibit F)		1,213,847			800,913

J.	INTANGIBLE ASSETS (Exhibit G)
	Goodwill		34,197			44,736
	Organization and development costs		393,238			344,667
			427,435			389,403

K.	ITEMS PENDING ALLOCATION		7,306			12,359

TOTAL ASSETS			86,386,205			68,239,038

Jorge P. Brito

Director and Acting Chairperson

- 2 -

BALANCE SHEETS

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

		09/30/2015		12/31/2014
LIABILITIES

L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector (Note 7.4.)		7,145,800		5,580,418
	From the financial sector		29,560		38,663
	From the non-financial private sector and foreign residents
	Checking accounts		11,613,874		10,380,946
	Savings accounts		12,143,725		10,184,033
	Time deposits		28,137,335		20,424,705
	Investment accounts		375,379		190,503
	Other (Note 7.5.)		1,261,382		1,072,578
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		628,210		342,577
			61,335,265		48,214,423

M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		12,501		16,835
	International Banks and Institutions (Exhibit I)		125,589		87,858
	Non-subordinated Corporate Bonds (Note 11. and Exhibit I)		1,002,156		909,890
	Amounts payable for spot and forward purchases pending settlement		390,633		274,452
	Securities and foreign currency to be delivered under spot and forward sales pending settlement (Exhibit O)		1,750,976		213,090
	Financing received from Argentine financial institutions (Exhibit I)
	Interfinancing (received call)				100,000
	Other financing received from Argentine financial institutions		16,496		20,489
	Accrued interest payable				142
	Other (Note 7.6. and Exhibit I)		3,866,372		3,724,800
	Accrued interest, adjustments, foreign exchange and quoted price differences payable (Exhibit I)		42,581		65,406
			7,207,304		5,412,962

N.	OTHER LIABILITIES
	Dividends Payable		596,254
	Fees		111		10,069
	Other (Note 7.7.)		1,669,597		1,688,295
			2,265,962		1,698,364

O.	PROVISIONS (Exhibit J)		205,995		130,413

P.	SUBORDINATED CORPORATE BONDS (Note 11. and Exhibit I)		1,451,911		1,287,317

Q.	ITEMS PENDING ALLOCATION		10,552		3,742

TOTAL LIABILITIES			72,476,989		56,747,221

SHAREHOLDERS' EQUITY (As per related statement)			13,909,216		11,491,817

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			86,386,205		68,239,038

Jorge P. Brito

Director and Acting Chairperson

- 3 -

BALANCE SHEETS

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

	09/30/2015		12/31/2014
MEMORANDUM ACCOUNTS

DEBIT-BALANCE ACCOUNTS		193,758,253		93,116,336

Contingent		17,366,462		12,956,202
Guarantees received		15,796,133		12,465,903
Other not covered by debtors classification standards		64		126
Contingent debit-balance contra accounts		1,570,265		490,173
Control		174,337,434		75,035,132
Receivables classified as irrecoverable		1,553,695		1,305,187
Other (Note 7.8.)		171,891,043		73,101,887
Control debit-balance contra accounts		892,696		628,058
Derivatives (Exhibit O)		2,054,357		5,125,002
Notional value of put options taken (Note 12.b))		9,135		8,759
Notional value of forward transactions without delivery of underlying asset (Note 12.a))		956,613		2,432,466
Derivatives debit-balance contra accounts		1,088,609		2,683,777

CREDIT-BALANCE ACCOUNTS		193,758,253		93,116,336

Contingent		17,366,462		12,956,202
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		137,251		113,723
Other guarantees provided not covered by debtors classification standards		140,953		145,861
Other covered by debtors classification standards (Exhibits B, C and D)		1,246,229		219,559
Other not covered by debtors classification standards		45,832		11,030
Contingent credit-balance contra accounts		15,796,197		12,466,029
Control		174,337,434		75,035,132
Checks to be credited		892,696		628,058
Control credit-balance contra accounts		173,444,738		74,407,074
Derivatives (Exhibit O)		2,054,357		5,125,002
Notional value of call options sold (Note 12.c))		131,996		114,479
Notional value of forward transactions without delivery of underlying asset (Note 12.a))		956,613		2,569,298
Derivatives credit-balance contra accounts		965,748		2,441,225

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

Jorge P. Brito

Director and Acting Chairperson

- 4 -

STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014

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

(Figures stated in thousands of pesos)

		09/30/2015		09/30/2014

A.	FINANCIAL INCOME
	Interest on cash and due from banks		111		91
	Interest on loans to the financial sector		30,372		33,977
	Interest on overdrafts		981,749		1,022,443
	Interest on documents		785,906		701,160
	Interest on mortgage loans		360,049		342,439
	Interest on pledge loans		272,685		188,549
	Interest on credit card loans		1,743,416		1,249,193
	Interest on financial leases		60,710		59,051
	Interest on other loans (Note 7.9.)		5,414,239		3,920,509
	Net income from government and private securities (Note 7.10.)		2,332,473		1,493,937
	Interest on other receivables from financial intermediation		2,970		1,543
	Income from guaranteed loans - Presidential Decree No. 1387/01		18,506		33,252
	CER (Benchmark Stabilization Coefficient) adjustment		33,633		68,086
	CVS (Salary Variation Coefficient) adjustment		448		542
	Difference in quoted prices of gold and foreign currency		232,594		692,766
	Other (Note 7.11.)		144,177		313,565
			12,414,038		10,121,103

B.	FINANCIAL EXPENSE
	Interest on savings accounts		45,605		34,389
	Interest on time deposits		4,292,147		3,527,779
	Interest on interfinancing received loans (received call)		8,046		1,923
	Interest on other financing from Financial Institutions		1		16
	Interest on other liabilities from financial intermediation		69,565		69,539
	Interest on subordinated bonds		98,409		88,886
	Other interest		1,991		2,372
	CER adjustment		3,746		7,732
	Contribution to Deposit Guarantee Fund		272,822		55,418
	Other (Note 7.12.)		887,641		675,377
			5,679,973		4,463,431

	GROSS INTERMEDIATION MARGIN - GAIN		6,734,065		5,657,672

C.	PROVISION FOR LOAN LOSSES		499,360		408,936

D.	SERVICE-CHARGE INCOME
	Related to lending transactions		78,186		59,646
	Related to deposits		2,401,312		1,929,572
	Other commissions		83,062		54,409
	Other (Note 7.13.)		1,434,887		1,076,260
			3,997,447		3,119,887

Jorge P. Brito

Director and Acting Chairperson

- 5 -

STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014

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

(Figures stated in thousands of pesos)

		09/30/2015		09/30/2014

E.	SERVICE-CHARGE EXPENSE
	Commissions		275,676		190,395
	Other (Note 7.14.)		829,253		606,563
			1,104,929		796,958

F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		2,866,476		2,074,446
	Directors' and statutory auditors' fees		143,677		127,997
	Other professional fees		149,086		126,066
	Advertising and publicity		93,216		75,516
	Taxes		268,435		214,684
	Depreciation of bank premises and equipment		113,822		88,538
	Amortization of organization costs		101,756		81,567
	Other operating expenses (Note 7.15.)		667,001		535,682
	Other		349,938		271,506
			4,753,407		3,596,002

	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		4,373,816		3,975,663

G.	OTHER INCOME
	Income from long-term investments		344,035		339,356
	Penalty interest		56,126		46,078
	Recovered loans and allowances reversed		95,462		76,337
	CER adjustment		25		86
	Other (Note 7.16.)		122,784		94,011
			618,432		555,868

H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		8		1
	Charges for other receivables uncollectibility and other allowances		123,886		26,327
	Depreciation and loss of other assets		2,780		1,490
	Goodwill amortization		10,539		10,539
	Other (Note 7.17.)		185,480		78,625
			322,693		116,982

	NET INCOME BEFORE INCOME TAX - GAIN		4,669,555		4,414,549

I.	INCOME TAX (Note 4.)		1,628,000		1,510,000

	NET INCOME FOR THE PERIOD - GAIN		3,041,555		2,904,549

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

Jorge P. Brito

Director and Acting Chairperson

- 6 -

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014

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

(Figures stated in thousands of pesos)

	09/30/2015																				09/30/2014
							Earnings reserved
Changes	Capital stock (1)		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Subordinated Corporate Bonds (2)			Voluntary			Unappropriated earnings			Total			Total

Balances at the beginning of the fiscal year		584,563		399,499		4,511		1,988,882					4,929,430			3,584,932			11,491,817			8,627,431

Distribution of unappropiated earnings, as approved by the Shareholders´ Meeting held on April 23, 2015 and April 29, 2014, respectively:

- Legal reserve								695,908								(695,908	)
- Cash dividends (3)													(596,254	)					(596,254	)		(596,254	)
- Special reserve for Subordinated Corporate Bonds (2)										125,073						(125,073	)
- Voluntary reserve for future distribution of earnings													2,736,054			(2,736,054	)
- Personal assets tax on share and interests																(27,902	)		(27,902	)		(19,712	)

Reversal of special reserve for Subordinated Corporate Bonds (2)										(102,925	)					102,925


Other changes derived from the legal merger with Banco Privado de Inversiones SA																						821

Net income for the period - Gain																3,041,555			3,041,555			2,904,549

Balances at the end of the period		584,563		399,499		4,511		2,684,790		22,148			7,069,230			3,144,475			13,909,216			10,916,835

(1) See Note 10.

(2) See Notes 3.5.o.2) and 11.

(3) See Note 22.

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

Jorge P. Brito

Director and Acting Chairperson

- 7 -

STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014

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

(Figures stated in thousands of pesos)

	09/30/2015			09/30/2014
CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.6.)
Cash at the beginning of the fiscal year		14,690,022			11,249,840
Cash at the end of the period		11,753,279			9,959,441
Net decrease in cash		(2,936,743	)		(1,290,399	)

CAUSES OF CHANGES IN CASH

Operating activities
Net collections / (payments):
Government and private securities		(3,417,244	)		(8,775,511	)
Loans
To the financial sector		(136,711	)		167,054
To the non-financial government sector		152,079			100,714
To the non-financial private sector and foreign residents		(1,330,728	)		4,740,682
Other receivables from financial intermediation		(1,633,927	)		365,374
Receivables from financial leases		13,615			82,409
Deposits
From the financial sector		(9,103	)		2,331
From the non-financial government sector		1,246,823			2,205,664
From the non-financial private sector and foreign residents		7,271,174			1,924,610
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(108,188	)		(60,019	)
Others (except liabilities included under financing activities)		588,278			895,293
Collections related to service-charge income		4,000,851			3,112,438
Payments related to service-charge expenses		(1,109,929	)		(790,774	)
Administrative expenses paid		(4,478,213	)		(3,380,520	)
Payment of organization and development costs		(150,327	)		(129,734	)
Net collections from penalty interest		56,118			46,077
Differences from payments related to court orders		(4,097	)		(3,540	)
Collections of dividends from other companies		32,213			27,417
Other collections related to other income and losses		40,913			78,721
Net payments from other operating activities		(1,759,299	)		(1,000,246	)
Payment of income tax		(1,685,727	)		(1,199,558	)
Net cash flows used in operating activities		(2,421,429	)		(1,591,118	)

Jorge P. Brito

Director and Acting Chairperson

- 8 -

STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014

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

(Figures stated in thousands of pesos)

	09/30/2015			09/30/2014
Investing activities
Net payments for bank premises and equipment		(288,752	)		(189,628	)
Net payments for other assets		(428,011	)		(233,735	)
Collections for sales of investment in other companies					11,126
Net cash flows used in investing activities		(716,763	)		(412,237	)

Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(80,680	)		(73,443	)
Central Bank of Argentina
Other		(4,978	)		(4,111	)
International Banks and Institutions		34,052			(126,544	)
Subordinated corporate bonds		(66,175	)		(59,460	)
Financing received from Argentine financial institutions		(3,994	)		(3,418	)
Payment of dividends					(596,254	)
Net cash flows used in financing activities		(121,775	)		(863,230	)

Financial income and holding gains on cash and cash equivalents		323,224			1,576,186

Net decrease in cash		(2,936,743	)		(1,290,399	)

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

Jorge P. Brito

Director and Acting Chairperson

- 9 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

BRIEF HISTORY OF THE BANK

Macro Compañía Financiera SA was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate as a commercial bank and it was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA (hereinafter, the Bank).

The Bank´s shares have been publicly listed on the BCBA (Buenos Aires Stock Exchange) since November 1994, as from March 24, 2006, they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015 they were authorized to list on the Mercado Abierto Electrónico SA (MAE).

Since 1994, Banco Macro SA’s market strategy was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial and other banks.

In 2001, 2004, 2006 and 2010, the Bank acquired the control of Banco Bansud SA, Nuevo Banco Suquía SA, Nuevo Banco Bisel SA and Banco Privado de Inversiones SA, respectively. Such entities merged with and into Banco Macro SA in December 2003, October 2007, August 2009 and December 2013, respectively. In addition, during fiscal year 2006, Banco Macro S.A. acquired control over Banco del Tucumán SA.

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

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 five-year term since January 1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

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

As of September 30, 2015 and December 31, 2014, the deposits held by the Misiones Provincial Government with the Bank amounted to 1,971,141 and 2,303,677 (including 80,780 and 63,924 related to court deposits), respectively.

2.2.

Agreement with the Salta Provincial Government

The Bank and the Salta Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since March 1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

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

As of September 30, 2015 and December 31, 2014, the deposits held by the Salta Provincial Government with the Bank amounted to 819,308 and 1,058,824 (including 289,907 and 273,786 related to court deposits), respectively.

2.3.

Agreement with the Jujuy Provincial Government

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

- 10 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

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

As of September 30, 2015 and December 31, 2014, the deposits held by the Jujuy Provincial Government with the Bank amounted to 751,429 and 1,545,710 (including 180,633 and 127,743 related to court deposits), respectively.

2.4.

Banco del Tucumán S.A.

Banco del Tucumán SA 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, 2015 and December 31, 2014, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with Banco del Tucumán SA amounted to 3,144,632 and 2,525,505 (including 716,644 and 608,089 related to court deposits), respectively.

2.5.

Uniones Transitorias de Empresas (joint ventures)

Banco Macro SA - Siemens Itron Business Services SA

On April 7, 1998, the Bank entered into a joint venture agreement with Siemens Itron Business Services SA, 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 SA – Gestiva SA

On May 4, 2010, and August 15, 2012, the Bank and Gestiva SA entered into a joint venture under the name “Banco Macro SA – Gestiva SA – 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, 2015 and December 31, 2014, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the equity method amounted to 31,651 and 19,663, respectively.

Also, as of September 30, 2015 and 2014, net income recorded through the method mentioned in the previous paragraph amounted to 36,055 and 25,839, respectively.

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.

3.1.

Consolidated financial statements

As required under Central Bank rules, the Bank presents consolidated financial statements with its subsidiaries Banco del Tucumán SA, Macro Bank Limited, Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCISA as supplementary information.

3.2.

Comparative information

As required under Central Bank rules, the balance sheet as of September 30, 2015 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 and cash equivalents for the nine-month period ended September 30, 2015, are presented comparatively with data for the same period in the prior fiscal year.

- 11 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

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 apply it arise from requirements contained in Technical Resolutions (TR) No. 6 and No. 17 issued by FACPCE (Argentine Federation of Professional Councils in Economic Sciences), which were amended by provisions of TR No. 39 approved by Professional Council in Economic Sciences of the City of Buenos Aires on April 16, 2014, as supplemented by Interpretation No. 8, both of them issued by the abovementioned Federation in October 2013 and June 2014, respectively.

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 key indicator and essential condition, that identifies an inflationary context that warrants adjusting the financial statements so that they are stated in constant currency as of the related date. Additionally, if the adjustment to the financial statements to reflect the effect of changes in the peso purchasing power had to reinstated after a period of discontinuation, such adjustments shall be applicable from the beginning of the fiscal year when the existence of the characteristics identifying inflationary context are verified, and the changes to be considered shall be ones existing as from the moment the adjustment was discontinued or as from a subsequent date, as applicable to the items to be adjusted.

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” 3921 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, 2015 and 2014 and December 31, 2014, were as follows:

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.

- 12 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

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, 2015 and December 31, 2014, the present value calculated by the Bank for these securities amounted to 377,255 and 194,538, 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.

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, 2015 and December 31, 2014, the present value reported by the Central Bank for these securities amounted to 481,952 and 429,982, 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.

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:

e.1)

Guaranteed loans: as explained in Note 3.5.c).

e.2)

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

- 13 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

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:

g.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.

g.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.

g.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.

g.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.

g.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.

- 14 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

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:

i.1)

In controlled financial institutions, supplementary and authorized activities: they were valued by the equity method.

i.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.

i.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:

k.1)

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.

k.2)

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

See also Note 12.

Severance payments:

The Bank charges these payments directly to expenses.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

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.

Additionally, and as provided by Central Bank Communiqué “A” 5689, includes provisions for summary judgements and sanctions applied by the Central Bank and other regulators, which are equivalent to the relevant amounts not yet paid (see Note 19.).

Subordinated corporate bonds:

Shareholders’ equity accounts:

o.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.

o.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 11.a.1)). This reserve is reversed on a monthly basis as the related interests are recorded in the related statement of income.

Statement-of-income accounts:

p.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.

p.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.

p.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 three months 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:

	09/30/2015		12/31/2014		09/30/2014

Cash		9,982,293		13,132,782		9,663,558

Government and private securities

Holdings booked at market value		2,904
Instruments issued by the Central Bank		1,768,082		1,557,240		295,883

Cash and cash equivalents		11,753,279		14,690,022		9,959,441

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

(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 of September 30, 2015 and 2014, the Bank estimated an income tax charge of 1,628,000 and 1,510,000, respectively; hence, no minimum presumed income tax should be assessed for the nine-month periods ended on such dates.

Additionally, as of September 30, 2015, the Bank made income tax prepayments for 866,573 for the 2015 fiscal year, which will be applied to the tax amount assessed in the 2015 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 aspects, from Central Bank accounting standards.

The main items with differences in valuation matters as of September 30, 2015 and December 31, 2014 are as follows:

	Adjustments under professional accounting standards
	Stand-alone financial statements								Consolidated financial statements
	to equity						to total income (1)		to equity						to total income (1)
Item	09/30/2015			12/31/2014			09/30/2015		09/30/2015			12/31/2014			09/30/2015
Government securities and assistance to the government sector (a)
Government securities - Holdings booked at amortized cost		(555	)		(22,815	)		22,260		736			(21,420	)		22,156
Instruments issued by the Central Bank and booked at amortized cost		22,172			2,443			19,729		24,480			2,381			22,099
Guaranteed loans – Presidential Decree No. 1387/01		21,372			15,155			6,217		21,372			15,155			6,217

Business combinations (b)
Acquisition of Nuevo Banco Bisel SA		(75,961	)		(83,157	)		7,196		(75,961	)		(83,157	)		7,196
Other		(50,010	)		(53,359	)		3,349		(50,010	)		(53,359	)		3,349
Interests in other companies (c)		48,606			35,725			12,881
Deferred assets – Income tax (d)		237,480			209,462			28,018		282,487			243,854			38,633
Liabilities – Provisions (e)		(28,100	)		(81,534	)		53,434		(28,100	)		(81,534	)		53,434

Total		175,004			21,920			153,084		175,004			21,920			153,084

- 17 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

(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, 2014, would have increased by 85,683.

(a)

Holdings of government securities, instruments issued by the Central Bank and credit assistance to the nonfinancial government sector: these holdings and financing are valued based on the specific regulations and standards issued by the Argentine government and the Central Bank, which set forth, among other issues, the use of present values, technical values and offset accounts, as explained in Notes 3.5.b.2), 3.5.b.4) and 3.5.c). Pursuant to the Argentine professional accounting standards effective in the City of Buenos Aires, the securities, instruments and assistance mentioned in those notes should be stated at their market and/or present values, as the case may be. In addition, 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 SA prepares its financial statements in conformity with Central Bank rules which differ from the Argentine professional accounting standards effective in the City of Buenos Aires.

(d)

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

(e)

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. Additionally, as explained in Note 3.5.m), the Bank booked certain provisions that should not have been booked under the Argentine professional accounting standards effective in the City of Buenos Aires, in view of their remote probability of occurrence (see Note 19.).

- 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

IMPLEMENTATION PLAN TOWARDS INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

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

According to such conversion process, on March 27, 2015, the Bank presented to the Central Bank, their own implementation plan together with the appointment of a person in charge, according to Central Bank Communiqué “A” 5635, which were approved by the Board of Directors on March 10, 2015. Additionally, on September 30, 2015, the Bank presented to the Central Bank the implementation plan update.

As of the date of issuance of these financial statements, the Bank is implementing the abovementioned IFRS conversion process.

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:

09/30/2015

12/31/2014

7.1.

Loans - Other


Other loans	5,626,877	4,726,467
Export financing and prefinancing	870,046	993,677
	6,496,923	5,720,144

7.2.

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


Certificates of participation in financial trusts (a)	232,873	235,984
Debt securities issued by financial trusts (See Note 16.)	218,156	165,542
Other		138
	451,029	401,664
(a) As of September 30, 2015 and December 31, 2014, the Bank booked an allowance for impairment for 223,832.

7.3.

Other receivables – Other

Sundry receivables	319,223	288,489
Security deposits	250,191	190,246
Advanced prepayments	97,123	64,642
Other	27,882	23,291
	694,419	566,668

7.4.

Deposits - Nonfinancial government sector


Checking accounts	3,967,308	2,851,908
Time deposits	1,710,155	1,638,321
Savings accounts	263,895	67,205
Investment accounts	112,187	131,697
Accrued interest, adjustments and foreign exchange differences payable	25,782	24,354
Other	1,066,473	866,933
	7,145,800	5,580,418

7.5.

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

Expired time deposits	682,648	592,631
Unemployment fund for workers of the construction industry	273,676	210,347
Attachments	245,281	215,416
Other	59,777	54,184
	1,261,382	1,072,578

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

09/30/2015

12/31/2014

7.6.

Other liabilities from financial intermediation - Other

Purchase financing payables	1,446,525	1,486,838
Other withholdings and additional withholdings	645,954	489,076
Miscellaneous not subject to minimum cash requirements	570,866	434,672
Other payment orders pending settlement	397,735	394,883
Collections and other transactions on account and behalf of others	335,985	442,020
Miscellaneous subject to minimum cash requirements	195,828	193,393
Sociedad Seguro de Depósitos (Sedesa) – Purchase of preferred shares of former Nuevo Banco Bisel SA (see Note 8.)	94,300	90,673
Retirement pension payment orders pending settlement	59,668	81,710
Other	119,511	111,535
	3,866,372	3,724,800

7.7.

Other Liabilities - Other


Taxes payable (net of prepayments)	1,111,146	1,189,860
Salaries and payroll taxes payable	314,321	269,720
Miscellaneous payables	193,924	175,056
Withholdings on salaries	47,965	50,130
Prepayment for the sale of assets	2,241	3,529
	1,669,597	1,688,295

7.8.

Memorandum accounts – Debit-balance accounts – Control – Other

Checks and securities in custody – Anses (Argentine social security administration)	144,950,868	55,081,889
Securities in custody – Other	20,820,397	12,613,366
Checks and securities not yet collected	3,979,160	3,406,076
Checks and securities to be debited	1,140,285	881,869
Managed portfolios (see Note 13.)	840,178	992,159
Checks and securities to be collected	160,155	126,528
	171,891,043	73,101,887

09/30/2015

09/30/2014

7.9.

Financial income – Interest on other loans


Personal loans	4,377,462	3,091,903
Other	1,036,777	828,606
	5,414,239	3,920,509

7.10.

Financial income – Net income from government and private securities


Government and private securities	2,249,523	1,346,268
Financial trusts	39,649	87,551
Other	43,301	60,118
	2,332,473	1,493,937

7.11.

Financial income – Other


Premiums on reverse repurchase agreements with the financial sector	75,542	99,139
Interests on loans for export prefinancing and financing	62,763	67,112
Forward foreign-currency transactions offset	5,872	144,751
Other		2,563
	144,177	313,565

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

09/30/2015

09/30/2014

7.12.

Financial expense – Other


Turnover tax and municipal assessments	879,111	667,677
Premiums on repurchase agreements with the financial sector	8,530	7,700
	887,641	675,377

7.13.

Service-charge income - Other

Debit and credit card income	1,050,190	755,473
Service commissions – Joint ventures (see Note 2.5.)	66,626	50,656
Rental of safe deposit boxes	66,589	59,577
Other	251,482	210,554
	1,434,887	1,076,260

7.14.

Service-charge expense - Other


Debit and credit card expenses	483,164	353,244
Turnover tax and municipal assessments	189,616	139,498
Commissions paid to lending agents	121,115	73,505
Other	35,358	40,316
	829,253	606,563

7.15.

Administrative expenses – Other operating expenses


Maintenance, conservation and repair expenses	217,416	169,429
Security services	208,444	169,207
Electric power and communications	111,081	90,826
Leases	90,530	74,904
Stationery and office supplies	22,526	17,426
Insurance	17,004	13,890
	667,001	535,682

7.16.

Other income – Other


Other adjustments and interest on other receivables	28,857	31,803
Services provided to Banco del Tucumán SA	8,920	7,866
Gain on sale of bank premises and equipment, and other assets	2,761	1,201
Other	82,246	53,141
	122,784	94,011

7.17.

Other expense – Other

Portfolio transactions	80,607
Donations	31,932	12,068
Summary and sanctions (see Note 19.)	14,152
Turnover tax	6,057	5,238
Municipal assessment	4,248	13,485
Other	48,484	47,834
	185,480	78,625

- 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

RESTRICTED ASSETS

As of September 30, 2015 and December 31, 2014 the following Bank’s assets are restricted:

Item	09/30/2015		12/31/2014

Government and private securities

• Federal Government bond in pesos at Badlar Private + 200 basis points, maturing in 2017 used as security in favor of Sedesa (1).		93,188		84,569
• Federal Government bond in pesos at Badlar Private + 250 basis points, maturing in 2019, securing the role of custodian of Sustainability Guarantee Fund investments.		96,530		92,464
• Federal Government bond in pesos at Badlar Private + 200 basis points, maturing in 2017 and Federal Government bond in pesos at Badlar Private + 300 basis points, maturing in 2015 securing the role of custodian of Sustainability Guarantee Fund investments, respectively.		59,550		62,043
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the role of custodian of Sustainability Guarantee Fund investments.		214,170
• Discount bonds regulated by Argentinean legislation, maturing 2033 and Federal Government bond in pesos at Badlar Private + 300 basis points, maturing in 2015 for the performance of forward foreign currency trading transactions, respectively.		9,723		45,274
• Secured Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior SA (Bice).		31,236		36,748
• Federal Government bond in pesos at Badlar Private + 200 basis 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.		15,021		13,991
• Discount securities in pesos regulated by Argentinean legislation, maturing 2033 securing a BID loan of San Juan Provincial Government No. 2763/OC-AR		6,534
• Central Bank of Argentina Internal Bills in pesos, maturity 10-07-2015 securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE.		6,279
• Other government and private securities.		1,353		2,881
Subtotal government and private securities		533,584		337,970

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.		61,212		56,577
Subtotal Loans		61,212		56,577

Other receivables from financial intermediation

• Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities.		908,230		695,631
• 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 (mutual guarantee association), with an original contribution of 30,000 made on December 23, 2014.		30,000		30,000
- Risk Fund of Garantizar SGR, with an original contribution of 20,000 made on December 22, 2014.		20,000		20,000
- Risk Fund of Intergarantías SGR, with an original contribution of 3,000 made on December 30, 2013.		3,000		3,000
- Risk Fund of Intergarantías SGR, with an original contribution of 7,000 made on December 22, 2014.		7,000		7,000
Subtotal other receivables from financial intermediation		968,230		755,631

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

Item (cont.)	09/30/2015		12/31/2014

Other receivables

• Security deposits related to credit card transactions		243,900		185,146
• Sundry receivables includes an item related to the attachment ordered in the context of a claim initiated by the City of Buenos Aires tax authorities on turnover tax differences.		827		827
• Other guarantee security.		6,291		5,100
Subtotal other receivables		251,018		191,073

Other assets

· Building related to a call option sold (see Note 12.(c)).		103,942		105,258

Subtotal other assets		103,942		105,258

Total		1,917,986		1,446,509

(1)

As replacement for the preferred shares of former Nuevo Banco Bisel SA to secure to Sedesa the price payment and the fulfillment of all the obligations assumed in the purchase and sale agreement dated May 28, 2007, maturing on August 11, 2021.

(2)

In order to keep tax benefits related to these contributions, they must be maintained between two and three years from the date they were made.

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 SA		Macro Bank Limited		Macro Securities SA		Other subsidiaries and related parties (1)		09/30/2015		12/31/2014

ASSETS

Cash				6,697						6,697		6,083

Loans								333,832		333,832		269,398

Other receivables from financial intermediation								121,011		121,011		401,646

Receivables from financial lease						8,959		1,594		10,553		10,458

Other receivables		575								575		993

Items pending allocation		31								31		20

Total assets		606		6,697		8,959		456,437		472,699		688,598

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

	Banco del Tucumán SA	Macro Bank Limited		Macro Securities SA		Other subsidiaries and related parties (1)		09/30/2015		12/31/2014
LIABILITIES
Deposits			5		44,471		72,297		116,773		208,121
Other liabilities from financial intermediation							300		300		342,496
Other liabilities			103						103

Total liabilities			108		44,471		72,597		117,176		550,617

MEMORANDUM ACCOUNTS

Credit-balance accounts – Contingent					1,328		101,908		103,236		3,724

Credit-balance accounts – Derivatives											154,555

	Banco del Tucumán SA			Macro Bank Limited		Macro Securities SA			Other subsidiaries and related parties (1)			09/30/2015			09/30/2014
INCOME (EXPENSE)

Financial income		113					1,765			9,935			11,813			22,202

Financial expense		(6,220	)							(8,205	)		(14,425	)		(19,459	)

Service-charge income		20			3		334			1,966			2,323			1,912

Service-charge expense							(218	)					(218	)		(561	)

Administrative expenses		(9	)										(9	)		(9	)

Other income		9,427											9,427			8,532

Total income		3,331			3		1,881			3,696			8,911			12,617

(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.

10.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of September 30, 2015, amounted to 584,563. Since December 31, 2012, the Bank’s capital stock has changed as follows.

As of December 31, 2012	594,485

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

Capital stock decrease as provided by Art. 67 of Law No. 26,831 (2)	(10,000	)

As of September 30, 2015	584,563

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

(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 SA, in the merger process with Banco Macro SA.

(2)

Related to capital stock decrease resulting from the lapse of three years from acquisition from September through December 2011, involving 10,000,000 own registered Class B shares of common stock for a total amount of 92,919. These shares have not been sold and the shareholders’ meeting has issued no resolution as to the application thereof. On June 25, 2015, the capital stock decrease was registered in the Public Registry of Commerce.

11.

CORPORATE BONDS ISSUANCE

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

Corporate Bonds	Original value			Residual face value as of 09/30/2015		09/30/2015		12/31/2014
Subordinated – Class 1	USD	150,000,000	(a.1)	USD	150,000,000		1,451,911		1,287,317
Non-subordinated – Class 2	USD	150,000,000	(a.2)	USD	106,395,000		1,016,117		942,115
Total							2,468,028		2,229,432

On September 1, 2006, June 4, 2007, April 26, 2011 and April 23, 2015 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 SA 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 Articles 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.

- 25 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

In no case, the payment of financial services may exceed net unappropriated retained earnings as per the financial statements for the last fiscal year, with an external auditor’s report, which should be appropriated to a reserve created to such end, as established by Communiqué “A” 4576 (see Note 22.b)).

The Bank used the funds derived from such issuance to grant loans.

a.2)

On January 29, 2007, Banco Macro SA 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).

12.

DERIVATIVE FINANCIAL INSTRUMENTS

The Bank performs transactions that involve derivative financial instruments, as established by Central Bank rules. Such instruments mainly relate to:

Forward transactions involving securities and foreign currency.

Forward transactions without delivery of the underlying asset.

Options.

Interest rate swaps.

Such transactions were valued as explained in Notes 3.5.g.1), 3.5.g.2) and 3.5.k).

Positions of transactions effective as of September 30, 2015 and December 31, 2014 are as follows:

Transaction	09/30/2015			12/31/2014

Net position of repurchase agreements		(1,344,580	)		94,917

Net asset position of forward transactions without delivery of the underlying asset (a)					(136,832	)

Position of put options taken (b)		9,135			8,759

Position of call options sold (c)		(131,996	)		(114,479	)

Net income (loss) resulting from these transactions for the nine-month periods ended September 30, 2015 and 2014, amount to income (loss):

Transaction	09/30/2015			09/30/2014

Premiums on reverse repurchase agreements		75,542			99,274

Premiums on repurchase agreements		(8,530	)		(7,700	)

Interest rate swap					2,428

Forward foreign-currency transactions offset		5,872			144,751

Total		72,884			238,753

(a)

It is related to negotiation transactions of forward foreign currency exchange rates, carried out mainly through 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.

- 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

(b)

It is related to a put option taken with a Bank´s customer of a property received by the Bank as payment of loans granted by it for an amount of USD 969,775 and USD 1,024,250, respectively, and the option’s exercise period is from September 24, 2015, through September 23, 2016, both dates included. As of the date of the issuance of these financial statements, the Bank has not exercised the option.

(c)

It is related to a call option sold to a bank´s customer 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.

13.

PORTFOLIO MANAGEMENT

As of September 30, 2015 and December 31, 2014, the Bank manages the following portfolios:

	Managed portfolio as of
Item	09/30/2015		12/31/2014
• On March 1, 1996, former Banco de Salta SA (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.		13,976		14,026
• On August 11, 1998, former Banco de Jujuy SA (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.		40,623		40,927
• 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 Banco Macro SA.		90,276		110,469
• On June 30, 2006, the Bank and Macro Fiducia SA entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio.		55,211		55,738
• On November 22, 2012 and 2013 and November 26, 2014, the Bank (trustor) and Macro Fiducia SA (trustee), created the financial trusts Fideicomiso Financiero Privado “SECANE I”, “SECANE II” and “SECANE III”, respectively; in the trusts agreement the trustor assumes the role of collection agent, administration and custodian.		354,989		368,358
• On August 19, 2002, ABN AMRO Bank NV Sucursal Argentina, as trustee, the former Scotiabank Quilmes SA, as trustor, Banco Comafi SA, as an agent and collecting manager and the former Banco Bansud SA (currently Banco Macro SA), entered into an “Agreement for the LAVERC financial trust’s collection administration and management”. On May 4, 2015, the Bank incorporated the loan portfolio to its equity.				70,015
• Other portfolios managed by the Bank.		285,103		332,626

Total		840,178		992,159

- 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

14.

MUTUAL FUNDS

As of September 30, 2015, 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		708,502,414		1,661,592		1,392,248
Pionero Renta Ahorro		1,143,642,098		4,257,625		4,295,349
Pionero F F		61,923,668		193,108		194,704
Pionero Renta		54,191,647		453,989		473,571
Pionero Acciones		3,621,954		27,897		27,766
Pionero Renta Dólares		6,027		21
Pionero Empresas FCI Abierto PYMES		73,225,697		112,985		114,403
Pionero Consumo		80,081		116		107
Argenfunds Renta Pesos		260,141,071		328,202		329,059
Argenfunds Renta Argentina		147,043,510		189,319		189,601
Argenfunds Ahorro Pesos		328,422,562		642,286		726,193
Argenfunds Renta Privada FCI		196,460,881		331,243		332,977
Argenfunds Abierto Pymes		37,657		35		48

(1)

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

15.

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 an 8.7559% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 10981 of March 26, 2015.

This system shall cover the deposits up to the amount of 350 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.

16.

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:

16.1

Financial trusts for investment purposes

The Bank holds investment as describe in Note 7.2.

Debt securities include mainly:

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

debt securities related to Loma Blanca Financial Trust.

- 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

According to the latest accounting information available as of the date of issuance of these financial statements, the corpus assets of the 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.

16.2

Trusts created using financial assets transferred by the Bank

The Bank transferred financial assets (loans) to trusts for the purpose of issuing and selling securities for which collection is guaranteed by the cash flow resulting from such assets or group of assets. This way the funds that were originally used to finance the loans are obtained earlier.

As of September 30, 2015 and December 31, 2014, considering the latest available accounting information as of the date of the financial statements, the assets managed through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 28,158 and 20,668, 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.

16.3

Trusts guaranteeing loans granted by the Bank

As it is common in the Argentine banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receive assets in a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed in case of the debtor's noncompliance.

Trusts usually act as conduits to collect cash from the debtor’s flow of operations and send it to the bank for the payment of the debtor’s loans and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.

Additionally, other guarantee trusts manage specific assets, mainly real property.

Provided there is no noncompliance or delays by debtor in the obligations assumed with the beneficiary, the Trustee shall not execute the guaranty and all excess amounts as to the value of the obligations are reimbursed by the Trustee to the debtor.

As of September 30, 2015 and December 31, 2014, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank and Macro Fiducia SA (subsidiary) amounted to 317,809 and 493,078, respectively.

16.4

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.

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

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.

17.

INFORMATION REQUIRED BY THE CNV

17.1

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

As mentioned in Note 21., on September 5, 2013, the CNV issued General Resolution No. 622. Considering Banco Macro SA’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 (FF) Agent category.

Additionally, the Bank’s shareholders´ equity exceeds the minimum amount required by this regulation, amounting to 25,000, as well as the minimum offsetting required of 11,000, which the Bank paid-in at the end of the period with government securities as described in Note 8.

17.2

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, 2012 included, and (ii) certain documentation supporting the economic transactions for fiscal years ended through December 31, 2014, included, under the custody of the following companies: AdeA Administradora de Archivos SA (warehouse located at Ruta 36, km 31.5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración de Documentos SA (warehouse located at avenida Circunvalación, 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).

18.

MINIMUM CASH AND MINIMUM CAPITAL REQUIREMENTS

18.1

Accounts identifying compliance with the minimum cash requirements:

The items computed by the Bank to constitute the minimum cash requirement effective for September 2015 are listed below, indicating the balances as of month-end of the related accounts:

Item	09/30/2015

Cash

Amounts in Central Bank accounts		6,532,373

Other receivables from financial intermediation

Special guarantee accounts with the Central Bank		908,230

Total		7,440,603

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

18.2

Minimum capital requirements:

As the table disclosed, the minimum capital requirements measured on an individual basis, effective for September 2015, along with its computable capital as of the end of that month:

Item	09/30/2015

Minimum capital requirement		6,454,519

Computable capital		12,307,380

Excess amount		5,852,861

19.

SUMMARY JUDGEMENTS AND SANCTIONS APPLIED BY THE CENTRAL BANK AND CERTAIN REGULATORS

The Central Bank Communiqué “A” 5689 requires banks to disclose in their financial statements certain information regarding summaries and sanctions received from certain regulators, regardless of the amounts involved and the final conclusions of each cause. The information required as of September 30, 2015 is disclosed below:

19.1.

Summary Judgements initiated by the Central Bank:

Date & No. of Summary	Reason	Responsible	Status
04/14/2011 Criminal Foreign Exchange Regime Summary No. 4674.	Supposed infraction of article No. 1 incs. e) and f) and No. 2 inc f) of the Criminal Foreign Exchange Law (“CFEL”), in an exchange operation transaction with a suspended customer with no Central Bank authorization.	Banco Macro SA, as the follow-on of Nuevo Banco Bisel SA and Branch Manager. (1)	The Central Bank raised the summary to the Criminal Office of the Federal Court No. 3 of the Judicial Department in Córdoba.
01/07/2014 Criminal Foreign Exchange Regime Summary No. 5645.	Supposed infraction of article No. 1 incs. e) and f) y No. 2 inc f) of the CFEL, for foreign exchange transactions with no Central Bank authorization.	Banco Macro S.A and Responsible for Foreign Trade and Foreign Exchange. (2)	In process at the Central Bank. On 05/22/2015 the summary evidence period was initiated. This probationary period has already concluded.
09/03/2015 Criminal Foreign Exchange Regime Summary No. 6545.	Supposed infraction of article No. 1 incs e) and f) of CFEL and Central Bank Communiqué “A” 5264, as supplemented, for foreign exchange transactions with a customer without the documentation to support the genuineness of the transaction.	Banco Macro S.A and Responsible for Foreign Trade and Foreign Exchange. (3)	In process at the Central Bank.

(1)

Mariano Raúl Misino and Roberto David Luna.

(2)

Susana Lerman, José Luis Vejo, Jorge Francisco Scarinci and Horacio Ricardo Javier Sistac.

(3)

Susana Lerman, José Luis Vejo, Jorge Francisco Scarinci and Horacio Ricardo Javier Sistac, Carlos Daniel Gomez and Oscar Luis Romero.

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

19.2.

Sanctions imposed by the Central Bank:

Date & No. of Summary	Reason	Responsible	Status
04/10/2008 Financial summary No. 1227.	Supposed infraction of Communiqué “A" 2241; CREFI-2; Chapter IV, Section 4, point 4.1. and 4.2., involving two capital contributions to its subsidiary Sudbank and Trust Company Ltd. (currently Macro Bank Limited) with no previous Central Bank authorization. Original sanction amount: 2,625 Current sanction amount: 1,400	Banco Macro SA Directors. (1)	On 11/05/2013 the fine was debited from Banco Macro´s account 00285 at the Central Bank. On 11/20/2013 a direct appeal was filed against Resolution No. 723 issued by SEFyC (Argentine regulatory agency of financial and foreign exchange institutions), on 10/10/2013, representing the Bank and the natural persons subject to the summary proceeding, before the Federal Court of Appeals in Contentious and Administrative Matters in the City of Buenos Aires (CNACAF). As a result of the appeal filed, on 04/14/2015, the Bank was notified about the resolution that reduced the amount of the fine. On 04/29/2015 the Central Bank filed a federal extraordinary appeal to CNACAF.
03/11/2013 Financial Summary No. 1380.	Supposed excess in the assets used for guarantee purpose which should have been used for related statutory operation ratios; failure to fulfill with the limitations of deposits increase, lack of veracity in book records, neglect to present the corresponding accounting disclosure of such excess and failures according to Central Bank requirements. Sanction amount: 2,000	Former Banco Privado de Inversiones SA, Directors, Statutory Audit Committee and Corporate Service Manager. (2)	On 06/12/2015 the Central Bank passed Sentence No. 527, imposing fines to those responsible. On 06/25/2015 the fine was paid. On 07/10/2015 a direct appeal was filed against such resolution to CNACAF. The sanction amount will be recovered by the Entity as a result of the guarantee provided by the sellers at the moment of acquisition of the shares of former BPI SA.
08/01/2013 Financial Summary No. 1394.	Supposed failure of Communiqué “A” 3700. CREFI 2-36, Exhibit, Item I, Sub-item 5.2. For presenting out of term the corresponding documentation regarding the appointment of authorities.	Banco Macro SA and Chairman. (3)	On 12/02/2014 the Central Bank passed Sentence No. 828, imposing the sanction to those responsible. On 02/02/2015 the Bank rejected the resolution and presented an appeal to revoke the sentence at the Central Bank. On 03/27/2015 the Central Bank passed Sentence No. 272, whereby the appeal was dismissed and the sanction was confirmed.

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

Date & No. of
Summary

Reason

Responsible

Status

08/14/2013 Financial Summary No. 1401.

Supposed failure of financing to the non-financial public sector, for temporary overdrafts through checking accounts of the Municipality of Córdoba and Reconquista.

Sanction amount: 2,400

Banco Macro SA and Directors. (4)

On 03/02/2015 the Central Bank passed Resolution No. 183/15 imposing fines to the Bank, which were debited from the Bank´s account 00285 on 03/12/2015. On 03/30/2015 a direct appeal was filed against such resolution to CNACAF. On April 2015 the appeal was presented at the Sala IV of the Federal Contentious Administrative Court of Appeals under No. 19,971/2015. On 06/23/2015 the Court informed BCRA about the appeal presented by Banco Macro.

(1)

Jorge Horacio Brito; Delfín Jorge Ezequiel Carballo; Juan Pablo Brito Devoto; Luis Carlos Cerolini; Carlos Enrique Videla; Fernando Andrés Sansuste, Enrique Jaratz and Jorge Pablo Brito.

(2)

Alejandro Manuel Estrada, Raúl Fernández, Alejandro Carlos Estrada, Eduardo Guillermo Castro, Jorge Norberto Cerrotta, Armando Rogelio Pomar, Carlos Soulé and Baruki Luis Alberto Gonzalez.

(3)

Jorge Horacio Brito.

(4)

Jorge Horacio Brito, Jorge Pablo Brito and Marcos Brito.

19.3.

Sanctions imposed by the Financial Information Unit (UIF).

Date & File No.	Reason	Responsible	Status
01/16/2009 File No. 62/2009	Purchase of foreign currency from April 2006 through August 2007. Sanction amount: 718	Banco Macro SA and those in charge of Anti-money laundering regulation compliance. (1)	UIF passed Resolution No. 72/2011 on 06/09/2011, imposing fines to those responsible. An appeal was presented at CNACAF.
06/09/2011 File No. 62/2009 (extension)	Extension of the summary issued by Resolution 72/2011 for transaction performed from 04/03/2006 through 10/11/2006. Sanction amount: 538	Banco Macro SA and those in charge of Anti-money laundering regulation compliance. (2)	UIF passed Resolution No. 04/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
11/23/2011 File No. 6338/2011	Purchase of foreign currency. Sanction amount: 2,136	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 110/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
11/23/2011 File No. 6420/2011	Purchase of foreign currency. Sanction amount: 822	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 124/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 04/21/2015 the Court rejected the appeal presented and confirmed UIF resolution No. 124/2014. On 05/08/2015, an extraordinary appeal was presented to the Argentine Supreme Court (CSJN). On 06/09/2015 the Court denied the extraordinary appeal presented, with cost. On 06/17/2015 a complaint appeal was presented to CSJN, as denial of extraordinary appeal.

- 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

Date & File No.	Reason	Responsible	Status
11/23/2011 File No. 6406/2011	Purchase of foreign currency. Sanction amount: 677	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 171/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 10/08/2015 the Court admitted the direct appeal presented and annulled the Resolution No. 171/2014, admitting the prescription defense. UIF presented an extraordinary appeal against such CNACAF sentence.
11/23/2011 File No. 6407/2011	Purchase of foreign currency. Sanction amount: 802	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 132/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
12/07/2011 File No. 6405/2011	Purchase of foreign currency. Sanction amount: 1,504	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 26/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 10/08/2015 the Court admitted the direct appeal presented and annulled the Resolution No. 171/2014, admitting the prescription defense. UIF presented an extraordinary appeal against such CNACAF sentence.
12/07/2011 File No. 6491/2011	Banco Suquía SA –Deposits in checking account. Sanction amount: 791	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (4)	UIF passed Resolution No. 118/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 10/08/2015 the Court admitted the direct appeal presented and annulled the Resolution No. 171/2014, admitting the prescription defense. UIF presented an extraordinary appeal against such CNACAF sentence.
12/28/2011 File No. 6612/2011	Purchase of foreign currency. Sanction amount: 688	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 53/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
12/28/2011 File No. 6614/2011	Purchase of foreign currency. Sanction amount: 843	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF passed Resolution No. 6/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
05/10/2012 File No. 160/2012	Purchase of foreign currency. Sanction amount: 376	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (5)	UIF passed Resolution No. 160/2015 imposing fines to those responsible. An appeal was presented at CNACAF.
06/27/2012 File No. 517/2012	Purchase of foreign currency. Sanction amount: 1,857	Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (6)	UIF passed Resolution No. 500/2014 imposing fines to those responsible. An appeal was presented at CNACAF.

(1)

Juan Pablo Brito Devoto and Luis Carlos Cerolini.

- 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

(2)

Fernando Andrés Sansuste.

(3)

Fernando Andrés Sansuste, Juan Pablo Brito Devoto and Luis Carlos Cerolini – as Compliance Officers and Directors – and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley and Constanza Brito –as Directors of Banco Macro SA.

(4)

Juan Pablo Brito Devoto and Luis Carlos Cerolini – as Compliance Officers and Directors- and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Fernando Andrés Sansuste, Jorge Pablo Brito, Roberto Julio Eilbaum, Guillermo Eduardo Stanley and Constanza Brito – as Directors of Banco Macro SA.

(5)

Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Luis Carlos Cerolini, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley and Constanza Brito.

(6)

Luis Carlos Cerolini – as Compliance Officer and Director - and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Fernando Andrés Sansuste, Juan Pablo Brito Devoto, Jorge Pablo Brito, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley and Constanza Brito – as Directors of Banco Macro SA.

Although, sanctions do not involve material amounts, as of the date of issuance of these financial statements, the total amount of monetary sanctions received, pending to be paid for been appealed or about to be appealed, amounted to 11,752, which was recorded according to Communiqué “A” 5689 of Central Bank.

Additionally, there are pending summaries at CNV and UIF, as described below:

Date & Resolution No.

Reason

Responsible

09/26/2014

CNV. Resolution No. 17,529

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

Banco Macro SA, Directors, Statutory Audit Committee members and person in charge of Market relations. (1)

07/30/2014 File No. 248/2014 (UIF note presidency 245/2013 11/26/2013)

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

Banco Macro SA, Directors and those in charge of Anti-money laundering regulation compliance. (2)

(1)

Jorge Horacio Brito; Delfín Jorge Ezequiel Carballo; Juan Pablo Brito Devoto, Jorge Pablo Brito; Luis Carlos Cerolini; Roberto Julio Eilbaum; Alejandro Macfarlane; Carlos Enrique Videla; Guillermo Eduardo Stanley; Constanza Brito, Daniel Hugo Violatti, Ladislao Szekely, Santiago Marcelo Maidana and Herman Fernando Aner.

(2)

Luis Carlos Cerolini (as Compliance Officer and Director) and Jorge Horacio Brito; Delfin Jorge Ezequiel Carballo; Juan Pablo Brito Devoto; Jorge Pablo Brito; Alejandro Macfarlane; Carlos Enrique Videla; Guillermo Eduardo Stanley; Constanza Brito; Emanuel Antonio Alvarez Agis; Marcos Brito and Rafael Magnanini –as Directors of Banco Macro SA.

The Bank Management and its legal advisors consider no further significant accounting effects than could arise from the effect of the above mentioned situations.

20.

TAX AND OTHER CLAIMS

20.1.

The AFIP (Federal Public Revenue Agency) and provincial tax authorities have reviewed the tax returns filed by the Bank related to income tax, minimum presumed income tax and other taxes (mainly turnover tax) for the fiscal years prior to 2005.

The most significant ongoing claims arising from the previous paragraph are detailed below:

Afip challenged the income tax returns filed by the former Banco Bansud SA (for the fiscal years since June 30, 1995, through June 30, 1999, and of the irregular six-month period ended December 31, 1999) and by the former Banco Macro SA (for the fiscal years ended since December 31, 1998, through December 31, 2000).

The matter under discussion that has not been resolved as yet and on which the regulatory agency bases its position is the impossibility of deducting credits that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and 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 SA 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.

- 35 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

City of Buenos Aires tax authorities attributed a turnover tax difference to former Banco Privado de Inversiones SA 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 Aires government filed an action for payment and secured a provisional attachment in the amount of 827 (see also Note 8.).

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

20.2.

Moreover, as a result of a lawsuit filed in 2007 by consumers’ association “ADECUA” claiming about various aspects related to the collection of the “life insurance” charge for products marketed by former Banco Privado de Inversiones SA, 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, which are not relevant.

The Bank’s Management and its tax and legal advisors believe there are no additional significant effects to those already recognized in the books that may result from the final outcome of such claims.

21.

CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE FINANCIAL AND CAPITAL SYSTEM AND THE BANK

The 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 (No. 26,831), as enacted by Presidential Decree No. 1023/2013 dated July 29, 2013, and CNV General Resolution No. 622 dated September 5, 2013. As a result of this new regulation, different agents had to make material, operative and business modifications (see also Note 17.1).

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.

22.

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.

- 36 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

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

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

As established in the issuance conditions for the instruments representing long term debt mentioned in Note 11.a.1), the Shareholders’ Meeting must set a special reserve for the interest to be paid upon the maturities, taking place in June and December.

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, 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 (consolidated text in 2013), 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 to distribute earnings. According to that procedure, earnings may only be distributed with the Central Bank express authorization, provided there are no records of financial assistance from the Central Bank due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies or there are no sanctions imposed by UIF, weighted to be significant, among other previous conditions listed in the abovementioned communiqué.

Therefore, earnings may only be distributed to the extent that income was booked, 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 monetary regulation instruments issued by the Central Bank not valued at market value, among other items.

Lastly, the maximum amount to be distributed cannot exceed the excess payments of the required minimum capital considering, solely for this purpose (i) an 75% incremental adjustment to the total requirements, (ii) 100% of the additional capital requirement, established by Communiqué “A” 5694 for financial institution with domestic systemically important banks (D-SIBs), deducting the abovementioned adjustments, among others.

Among other issues, the Regular Shareholders´ Meeting held on April 23, 2015, decided to distribute cash dividends up to the amount of 596,254. Such distribution is pending approval by Central Bank.

23.

FINANCIAL STATEMENTS PUBLICATION

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

24.

ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These financial statements are presented on the basis of the accounting standards set forth by the Central Bank and, except for the effects of the matters mentioned in Note 5., in accordance with argentine professional accounting standards effective in the City of Buenos Aires. Certain accounting practices applied by the Bank may not conform with accounting principles generally accepted in other countries.

- 37 -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

	09/30/2015				12/31/2014		09/30/2015
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				1,065,563		861,594		807,223			807,223
Federal government bonds in pesos at Badlar + 2% - Maturity: 03-28-2017				465,633		494,833		465,633			465,633
Federal government bonds in pesos at Badlar Private + 2% - Maturity: 2016				427,171		377,042		376,323			376,323
Federal government treasury bonds - Maturity: May 2016				352,887				352,887			352,887
Federal government treasury bonds - Maturity: March 2016				341,376				325,388			325,388
Federal government bonds in US dollars at 2.40 % - Maturity: 2018				99,648		59,796		92,611			92,611
Federal government bonds in US dollars at 8.75% - Maturity: 2024				86,416				87,089			87,089
Federal government bonds in US dollars at 1.75 % - Maturity: 2016				74,380		80,099		73,980			73,980
Secured bonds in pesos under Presidential Decree No. 1579/02 at 2% - Maturity: 02-04-2018				74,217		54,512		51,654			51,654
Consolidation bonds in pesos - 8° Serie				61,246		65,005		61,573			61,573
Other				238,076		613,528		172,894			172,894
Subtotal holdings booked at market value				3,286,613		2,606,409		2,867,255			2,867,255

Holdings booked at amortized cost
- Local
Federal government bonds in pesos at Badlar Private + 2.50% - Maturity: 2019		169,060		169,060		161,937		169,060			169,060
Province of Neuquén guarantee Treasury Bills Class I Series I in pesos - Maturity 03-07-2017		148,958		143,389				148,958			148,958
Argentine saving bond for the economy development in US dollars at 4% - Maturity: 07-27-2016		140,299		140,842		129,184		140,299			140,299
Province of Neuquén guarantee Treasury Bills Class I Series I in pesos - Maturity 05-28-2016		28,642		28,642				28,642			28,642
Province of Entre Ríos Treasury Bills - Maturity: 12-11-2016		26,108		25,488		25,487		26,108			26,108
Province of Mendoza Bills - Maturity: 10-22-2016		4,487		4,408				4,487			4,487
Province of Chaco Treasury Bills - Maturity: 01-22-2015						15,453
Subtotal Holdings booked at amortized cost				511,829		332,061		517,554			517,554

Jorge P. Brito

Director and Acting Chairperson

- 38 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

	09/30/2015			12/31/2014		09/30/2015
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: 11-18-2015			609,368				609,368			609,368
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-02-2015			604,631				604,631			604,631
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-21-2015			591,257				591,257			591,257
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-23-2015			539,280				539,280			539,280
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-07-2015			397,476				397,476			397,476
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-25-2015			390,272				390,272			390,272
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-09-2015			381,840				381,840			381,840
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-16-2015			285,240				285,240			285,240
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-28-2015			275,166				275,166			275,166
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-13-2016			249,797				249,797			249,797
Other			869,202		3,288,286		869,202			869,202
Subtotal Central Bank of Argentina Internal Bills at market value - Own Portfolio			5,193,529		3,288,286		5,193,529			5,193,529

Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-11-2016			1,003,379
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-23-2016			23,911
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-06-2016			23,719
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-04-2016					32,030
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-20-2015					4,077
Other
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions			1,051,009		36,107

Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-03-2016			641,898				641,898			641,898
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-20-2016			518,337				518,337			518,337
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-10-2016			501,952				501,952			501,952
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-06-2016			467,647				467,647			467,647
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-17-2016			363,347				363,347			363,347
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-16-2015			311,422				311,422			311,422
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 10-14-2015			271,977		1,008		271,977			271,977
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 10-21-2015			217,759				217,759			217,759
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 10-28-2015			212,508				212,508			212,508
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 11-04-2015			207,471		2,030		207,471			207,471
Other			1,558,790		1,872,545		1,558,790			1,558,790
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own portfolio			5,273,108		1,875,583		5,273,108			5,273,108

Total Instruments issued by the Central Bank of Argentina			11,517,646		5,199,976		10,466,637			10,466,637
Total Government securities			15,316,088		8,138,446		13,851,446			13,851,446

Jorge P. Brito

Director and Acting Chairperson

- 39 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

	09/30/2015			12/31/2014		09/30/2015
Name	Market value or Present Value	Book balance		Book balance		Position without options (1)		Options	Final position

Investments in listed private securities
Capital Instruments
- Local
YPF SA			167,031		258,458		167,031			167,031
Siderar SAIC			140,743		154,670		140,743			140,743
Petrolera Pampa SA			185,720		99,231		185,720			185,720
Aluar Aluminio Argentino			136,298		124,724		136,298			136,298
Telecom Argentina Stet-France Telecom SA			112,206		87,378		112,201			112,201
Petrobras Energía SA			39,893		30,286		39,893			39,893
Cresud SAIC			9,825		9,169		9,825			9,825
Molinos Rio de la Plata SA			8,856		8,858		8,856			8,856
IRSA Inversiones y Prestaciones SA			3,212		2,886		3,212			3,212
Alto Palermo SA (Apsa)			1,913		995		1,913			1,913
Subtotal Capital Instruments			805,697		776,655		805,692			805,692
Total Investments in listed private securities			805,697		776,655		805,692			805,692
Total government and private Securities			16,121,785		8,915,101		14,657,138			14,657,138

(1) The position without options as of September 30, 2015, results from the following disclosure:

Holdings as of September 30, 2015		16,127,510
Plus: Spot and forward purchase pending settlement		269,965
Less: Deposits of government securities
Less: spot and forward sales pending settlement		1,740,337
		14,657,138

Jorge P. Brito

Director and Acting Chairperson

- 40 -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

	09/30/2015		12/31/2014

COMMERCIAL

In normal situation		20,521,425		15,197,007
With Senior “A” guarantees and counter-guarantees		2,853,613		1,352,637
With Senior “B” guarantees and counter-guarantees		3,730,451		2,839,846
Without Senior guarantees or counter-guarantees		13,937,361		11,004,524

Subject to special monitoring		43,407		67,494
In observation
With Senior “B” guarantees and counter-guarantees		16,578		31,279
Without Senior guarantees or counter-guarantees		26,829		36,215

Troubled		60,341		86,085
With Senior “B” guarantees and counter-guarantees		55,370		26,506
Without Senior guarantees or counter-guarantees		4,971		59,579

With high risk of insolvency		293,126		244,230
With Senior “A” guarantees and counter-guarantees		4,810		1,206
With Senior “B” guarantees and counter-guarantees		148,479		152,521
Without Senior guarantees or counter-guarantees		139,837		90,503

Irrecoverable		126,617
With Senior “B” guarantees and counter-guarantees		100,721
Without Senior guarantees or counter-guarantees		25,896

Subtotal Commercial		21,044,916		15,594,816

Jorge P. Brito

Director and Acting Chairperson

- 41 -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

	09/30/2015		12/31/2014

CONSUMER

Performing		32,741,204		25,765,495
With Senior “A” guarantees and counter-guarantees		567,711		499,578
With Senior “B” guarantees and counter-guarantees		2,206,877		2,110,321
Without Senior guarantees or counter-guarantees		29,966,616		23,155,596

Low risk		342,908		330,910
With Senior “A” guarantees and counter-guarantees		2,969		861
With Senior “B” guarantees and counter-guarantees		15,497		20,298
Without Senior guarantees or counter-guarantees		324,442		309,751

Medium risk		209,478		213,372
With Senior “A” guarantees and counter-guarantees		174
With Senior “B” guarantees and counter-guarantees		9,535		8,581
Without Senior guarantees or counter-guarantees		199,769		204,791

High risk		198,228		186,537
With Senior “A” guarantees and counter-guarantees		2,084		1,595
With Senior “B” guarantees and counter-guarantees		12,422		12,416
Without Senior guarantees or counter-guarantees		183,722		172,526

Irrecoverable		88,181		97,165
With Senior “B” guarantees and counter-guarantees		12,595		7,820
Without Senior guarantees or counter-guarantees		75,586		89,345

Irrecoverable according to Central Bank's rules		337		201
Without Senior guarantees or counter-guarantees		337		201

Subtotal Consumer		33,580,336		26,593,680
Total		54,625,252		42,188,496

Jorge P. Brito

Director and Acting Chairperson

- 42 -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

	09/30/2015				12/31/2014
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio

10 largest customers		4,293,107		7.86		2,051,695		4.86
50 next largest customers		4,473,458		8.19		3,911,770		9.27
100 next largest customers		3,505,384		6.42		2,822,271		6.69
Other customers		42,353,303		77.53		33,402,760		79.18

Total		54,625,252		100.00		42,188,496		100.00

Jorge P. Brito

Director and Acting Chairperson

- 43 -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF SEPTEMBER 30, 2015

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

(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		1		42,228		29,229		4,578		9,128		445,212				530,376

Financial sector		1		193,447		10,379		21,229		111,450		37,278		3,215		376,999

Non-financial private sector and foreign residents		684,598		19,529,079		5,807,251		4,920,948		5,181,926		7,442,528		10,151,547		53,717,877

Total		684,600		19,764,754		5,846,859		4,946,755		5,302,504		7,925,018		10,154,762		54,625,252

Jorge P. Brito

Director and Acting Chairperson

- 44 -

EXHIBIT E

DETAIL OF INVESTMENT IN OTHER COMPANIES

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

												Information on the issuer
	09/30/2015									12/31/2014		Data from latest financial statements
Name	Class	Unit face value		Votes per share		Number		Amount		Amount		Main business activity	Year- end date / Period	Capital stock		Shareholders' equity		Income for the year / Period

In financial institutions, supplementary and authorized activities
- Subsidiaries
Local
Banco del Tucumán SA	Common		100		1		395,341		1,056,096		827,903	Financial institution	09-30-15		43,960		1,174,328		253,740
Macro Securities SA	Common		1		1		12,776,680		135,843		93,423	Brokerage house	09-30-15		12,886		136,964		42,359
Macro Fiducia SA	Common		1		1		6,475,143		16,658		17,812	Services	09-30-15		6,567		15,854		2,382
Macro Fondos SGFCISA	Common		1		1		327,183		10,967		7,488	Mutual funds management	09-30-15		1,713		56,150		45,952
Foreign
Macro Bank Limited	Common		1		1		39,816,899		408,603		376,230	Financial institution	09-30-15		86,501		408,603		32,374
Subtotal subsidiaries									1,628,167		1,322,856

- Non-subsidiaries
Local
Provincanje SA	Common		1		1		600,000		603		603	Processing servicies	12-31-14		7,200		5,813		(1,571	)
Prisma Medio de Pagos (former Visa Argentina SA)	Common		1		1		1,141,503		3,554		3,554	Business services	05-31-15		15,000		432,442		371,110
COEL SA	Common		1		1		86,236		138		138	Financial Services	12-31-14		1,000		3,874		593
ACH SA	Common		1		1		110,500		196		196	Electronic information services	12-31-12		650		266		(105	)
Mercado Abierto Electrónico SA	Common		1,200		1		8		121		121	Electronic market	12-31-14		242		37,385		12,485
Argentina Clearing SA	Common		2,500		1		30		31		31	Services	07-31-14		10,250		96,305		54,025
Garantizar SGR	Common		1		1		10,000		10		10	Mutual guarantee association	12-31-14		19,465		1,439,275		52,204
Foreign
Banco Latinoamericano de Exportaciones SA	Common		10		1		7,303		742		674	Financial institution	12-31-14		2,394,389		7,791,411		914,551
Banco Latinoamericano de Exportaciones SA	Com "E"		1		1						501	Financial institution
Subtotal non-subsidiaries									5,395		5,828

Total in financial institutions, supplementary and authorized activities									1,633,562		1,328,684

In other companies
- Non-subsidiaries
Local
Other									1,801		1,724
Foreign
SWIFT SA	Common		1		1		5		46		42	Services	12-31-14		2,693,104		3,386,078		301,403
Total in other companies									1,847		1,766
Total (1)									1,635,409		1,330,450

(1) As of September 30, 2015 and December 31, 2014 the Bank booked allowances for impairment in value amounting to 727 and 609, respectively (see Exhibit J).

Jorge P. Brito

Director and Acting Chairperson

- 45 -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF SEPTEMBER 30, 2015

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

(Figures stated in thousands of pesos)

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

Bank premises and equipment
Buildings		452,559		138,487		34,424			244		50		16,796		608,430
Furniture and facilities		105,498		42,623		(40	)		30		10		13,672		134,379
Machinery and equipment		245,151		96,940		52			100		5		71,348		270,695
Vehicles		26,596		13,872		251			941		5		12,006		27,772

Total		829,804		291,922		34,687			1,315				113,822		1,041,276

Other assets
Works in progress		364,037		302,685		(27,476	)								639,246
Works of art		1,170		28											1,198
Prepayments for the purchase of assets		74,925		72,317		(263	)								146,979
Foreclosed assets		113,941							1,364		50		1,360		111,217
Stationery and office supplies		24,512		14,592					15,875						23,229
Other assets		222,328		78,149		(6,948	)		358		50		1,193		291,978

Total		800,913		467,771		(34,687	)		17,597				2,553		1,213,847

Jorge P. Brito

Director and Acting Chairperson

- 46 -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 2015

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

(Figures stated in thousands of pesos)

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

Goodwill (a)		44,736						10		10,539		34,197

Organization and development costs (b)		344,667		150,364		37		5		101,756		393,238

Total		389,403		150,364		37				112,295		427,435

(a)

Related to the difference between the total price of the transaction and the value by the equity method of Banco del Tucumán SA, former Nuevo Banco Bisel SA and former Banco Privado de Inversiones SA acquisitions.

(b)

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

Jorge P. Brito

Director and Acting Chairperson

- 47 -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

	09/30/2015				12/31/2014
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio

10 largest customers		8,284,737		13.51		5,099,796		10.58
50 next largest customers		4,707,520		7.68		4,685,951		9.72
100 next largest customers		2,431,089		3.96		2,594,395		5.38
Other customers		45,911,919		74.85		35,834,281		74.32

Total		61,335,265		100.00		48,214,423		100.00

Jorge P. Brito

Director and Acting Chairperson

- 48 -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF SEPTEMBER 30, 2015

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

(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		48,135,710		11,517,631		1,431,390		237,827		10,086		2,621		61,335,265

Other liabilities from financial intermediation

Central Bank of Argentina		5,226		1,062		1,581		3,288		1,239		105		12,501
International Banks and Institutions		17,614		89,965		18,862								126,441
Non-subordinated corporate bonds						13,961				1,002,156				1,016,117
Financing received from Argentine financial institutions		1,572		2,786		4,212		8,546		17,654		9,494		44,264
Other		3,674,131		93,422		1,734		1,296				95,789		3,866,372

		3,698,543		187,235		40,350		13,130		1,021,049		105,388		5,065,695

Subordinated corporate bonds				39,031								1,412,880		1,451,911

Total		51,834,253		11,743,897		1,471,740		250,957		1,031,135		1,520,889		67,852,871

Jorge P. Brito

Director and Acting Chairperson

- 49 -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF SEPTEMBER 30, 2015

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

(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		1,083,760		633,344		475,152		9,213		1,232,739
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		231,346		3,066		3,263		997		230,152
Receivables from financial leases
For uncollectibility risk		4,456		427		34		25		4,824
Investments in other companies
For impairment in value		609		118						727
Other receivables
For uncollectibility risk		5,180		1,754		2,746		47		4,141

Total allowances		1,325,351		638,709		481,195		10,282		1,472,583

PROVISIONS
Contingent commitments		2,264		1,349				13		3,600
For other contingencies		109,786		119,008		58,372		4		170,418
Difference from court deposits dollarization		18,363		1,862						20,225
Administrative, disciplinary and criminal sanctions				14,152		2,400				11,752

Total Provisions		130,413		136,371		60,772		17		205,995

(1) See Notes 3.5.f). and 3.5.m).

Jorge P. Brito

Director and Acting Chairperson

- 50 -

EXHIBIT K

CAPITAL STRUCTURE

AS OF SEPTEMBER 30, 2015

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

(Figures stated in thousands of pesos)

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

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

Registered common stock B		573,327,358	1		573,327		573,327

Total		584,563,028			584,563		584,563

(1) See Note 10.

Jorge P. Brito

Director and Acting Chairperson

- 51 -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

	09/30/2015														12/31/2014
	Total Parent		Total per currency
	company and local				Pound		Swiss
Items	branches		US dollar		sterling		franc		Yen		Euro		Other		Total

ASSETS
Cash		3,561,176		3,505,901		1,419		2,065		616		37,254		13,921		4,731,883
Government and private securities		2,381,321		2,381,321												803,954
Loans		2,398,197		2,398,197												1,873,167
Other receivables from financial intermediation		489,965		482,327		8				786		6,844				259,626
Investments in other companies		409,391		409,391												377,447
Other receivables		98,698		98,698												81,242
Items pending allocation		2,646		2,645										1		3,107

Total		9,341,394		9,278,480		1,427		2,065		1,402		44,098		13,922		8,130,426

LIABILITIES
Deposits		3,109,107		3,109,107												2,998,040
Other liabilities from financial intermediation		1,913,892		1,898,292		117		376		454		14,524		129		1,632,907
Other liabilities		3,391		3,391												3,079
Subordinated corporate bonds		1,451,911		1,451,911												1,287,317
Items pending allocation		9		9												4

Total		6,478,310		6,462,710		117		376		454		14,524		129		5,921,347

MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		1,451,941		1,451,941												1,191,573
Control		77,640,349		77,555,681								84,668				1,483,902
Derivatives		9,135		9,135												8,759
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		1,289,418		1,282,354								7,064				246,643
Control		181		181												130

Jorge P. Brito

Director and Acting Chairperson

- 52 -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

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

(Figures stated in thousands of pesos)

Item	09/30/2015 (1)		12/31/2014 (1)

Loans
Overdrafts		22,799		20,685
Without Senior guarantees or counter-guarantees		22,799		20,685
Documents		62,747
With Senior “A” guarantees and counter-guarantees		30,280
Without Senior guarantees or counter-guarantees		32,467
Mortgage and pledge		5,188		7,588
With Senior “B” guarantees and counter-guarantees		4,976		7,122
Without Senior guarantees or counter-guarantees		212		466
Personal		732		614
Without Senior guarantees or counter-guarantees		732		614
Credit cards		20,257		8,939
Without Senior guarantees or counter-guarantees		20,257		8,939
Other		197,127		199,258
Without Senior guarantees or counter-guarantees		197,127		199,258

Total loans		308,850		237,084

Other receivables from financial intermediation		22,012		12,929

Receivables from financial leases and other		10,560		10,692

Contingent Commitments		103,235		3,724

Investments in other companies		1,628,643		1,323,331

Total		2,073,300		1,587,760

Provisions		3,864		3,057

(1) As of September 30, 2015 and December 31, 2014 all debtors are classified in performing situation.

Jorge P. Brito

Director and Acting Chairperson

- 53 -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF SEPTEMBER 30, 2015

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

(Figures stated in thousands of pesos)

Type of contract

Purpose of the

transactions

performed

Underlying asset

Type of

settlement

Negotiation environment or

counter-party

Originally

agreed

weighted

monthly

average term

Residual

weighted

monthly

average term

Weighted daily

average term

settlement of

differences

Amount

Repo transactions

Intermediation - own account

Federal government securities

With delivery of underlying asset

MAE (over-the-counter electronic market)

1,344,580

Futures

Intermediation - own account

Foreign currency

Daily settlement of differences

MAE (over-the-counter electronic market)

1,042,100

Options

Intermediation - own account

Other

With delivery of underlying asset

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

141,131

Forward

Intermediation - own account

Foreign currency

Maturity settlement of differences

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

871,126

Jorge P. Brito

Director and Acting Chairperson

- 54 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2015			12/31/2014
ASSETS

A.	CASH
	Cash on hand		3,247,626		4,703,574
	Due from banks and correspondents
	Central Bank of Argentina		7,218,195		9,459,016
	Local Other		22,297		17,921
	Foreign		1,223,754		1,253,156
	Other		589		535
			11,712,461		15,434,202

B.	GOVERNMENT AND PRIVATE SECURITIES
	Holdings booked at market value		4,403,160		3,469,616
	Holdings booked at amortized cost		514,499		336,302
	Instruments issued by the Central Bank of Argentina		12,998,551		5,729,925
	Investments in listed private securities		805,697		776,655
			18,721,907		10,312,498

C.	LOANS
	To the non-financial government sector		504,513		604,417
	To the financial sector
	Interfinancing - (granted call)		470,000		105,000
	Other financing to Argentine financial institutions		94,450		107,657
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		1,491		1,210
	To the non-financial private sector and foreign residents
	Overdrafts		5,473,558		3,385,551
	Documents		5,818,028		4,627,375
	Mortgage loans		2,898,246		2,466,073
	Pledge loans		2,172,679		1,857,121
	Personal loans		21,370,796		16,120,921
	Credit cards		11,406,230		9,189,482
	Other		6,732,224		5,835,233
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		940,501		831,683
	less: Unearned discount		(226,755	)	(205,384)
	less: Allowances (Note 4.)		(1,360,222	)	(1,186,044)
			56,295,739		43,740,295

Jorge P. Brito

Director and Acting Chairperson

- 55 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2015			12/31/2014
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		1,039,851			810,922
	Amounts receivable from spot and forward sales pending settlement		2,176,334			275,223
	Securities and foreign currency receivables from spot and forward purchases pending settlement		451,592			50,246
	Unlisted corporate bonds		364,993			463,816
	Receivables from forward transactions without delivery of underlying asset		30,256			136,613
	Other receivables not covered by debtors classification standards		581,344			501,417
	Other receivables covered by debtors classification standards		423,430			345,953
	Accrued interest receivables covered by debtors classification standards		289			673
	less: Allowances (Note 4.)		(237,929	)		(235,755	)
			4,830,160			2,349,108

E.	RECEIVABLES FROM FINANCIAL LEASES
	Receivables from financial leases		430,381			383,668
	Accrued interest and adjustments		5,909			5,202
	less: Allowances (Note 4.)		(4,847	)		(4,459	)
			431,443			384,411

F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		740			1,176
	Other		11,646			11,561
	less: Allowances (Note 4.)		(1,757	)		(1,506	)
			10,629			11,231

G.	OTHER RECEIVABLES
	Receivables from sale of assets		1,491			2,804
	Other		759,561			607,819
	Accrued interest and adjustments receivable on from sale of assets		126			160
	Other accrued interest and adjustments receivable					14
	less: Allowances (Note 4.)		(4,278	)		(5,383	)
			756,900			605,414

H.	BANK PREMISES AND EQUIPMENT, NET		1,148,024			925,427

I.	OTHER ASSETS		1,235,915			808,239

J.	INTANGIBLE ASSETS
	Goodwill		34,197			44,736
	Organization and development costs		419,734			364,414
			453,931			409,150

K.	ITEMS PENDING ALLOCATION		9,384			15,659

TOTAL ASSETS			95,606,493			74,995,634

Jorge P. Brito

Director and Acting Chairperson

- 56 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2015		12/31/2014
LIABILITIES

L.	DEPOSITS
	From the non-financial government sector		10,691,916		8,570,055
	From the financial sector		29,574		38,683
	From the non-financial private sector and foreign residents
	Checking accounts		13,577,957		11,896,322
	Savings accounts		13,150,000		11,013,878
	Time deposits		29,634,562		21,510,754
	Investment accounts		375,671		190,503
	Other		1,340,397		1,137,750
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		658,635		358,609
			69,458,712		54,716,554

M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		12,735		16,959
	International Banks and Institutions		125,589		87,858
	Non-subordinated Corporate Bonds		1,002,156		909,890
	Amounts payable for spot and forward purchases pending settlement		828,818		122,466
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,853,284		235,574
	Financing received from Argentine financial institutions
	Interfinancing (received call)		16,496		20,489
	Other financing received from Argentine financial institutions
	Accrued interest payable
	Other		4,041,483		3,898,070
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		42,581		65,406
			7,923,142		5,356,712

N.	OTHER LIABILITIES
	Dividends Payable		596,254
	Fees		2,403		12,196
	Other		1,877,537		1,859,148
			2,476,194		1,871,344

O.	PROVISIONS (Note 4.)		253,750		171,923

P.	SUBORDINATED CORPORATE BONDS		1,451,911		1,287,317

Q.	ITEMS PENDING ALLOCATION		15,007		6,966

	MINORITY INTERESTS IN SUBSIDIARIES		118,561		93,001

	TOTAL LIABILITIES		81,697,277		63,503,817

	SHAREHOLDERS' EQUITY		13,909,216		11,491,817

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			95,606,493		74,995,634

Jorge P. Brito

Director and Acting Chairperson

- 57 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2015		12/31/2014
MEMORANDUM ACCOUNTS

DEBIT-BALANCE ACCOUNTS		201,186,071		99,719,828

Contingent		17,997,281		13,422,838
Guarantees received		16,428,280		12,934,170
Other not covered by debtors classification standards		64		126
Contingent debit-balance contra accounts		1,568,937		488,542

Control		180,724,481		80,804,064
Receivables classified as irrecoverable		1,652,349		1,386,465
Other		178,179,436		78,789,541
Control debit-balance contra accounts		892,696		628,058

Derivatives		2,054,357		5,125,002
Notional value of put options taken		9,135		8,759
Notional value of forward transactions without delivery of underlying asset		956,613		2,432,466
Derivatives debit-balance contra accounts		1,088,609		2,683,777

Trust activity		409,952		367,924
Trust funds		409,952		367,924

CREDIT-BALANCE ACCOUNTS		201,186,071		99,719,828

Contingent		17,997,281		13,422,838
Other guarantees provided covered by debtors classification standards		135,923		112,092
Other guarantees provided not covered by debtors classification standards		140,953		145,861
Other covered by debtors classification standards		1,246,229		219,559
Other not covered by debtors classification standards		45,832		11,030
Contingent credit-balance contra accounts		16,428,344		12,934,296

Control		180,724,481		80,804,064
Checks to be credited		892,696		628,058
Control credit-balance contra accounts		179,831,785		80,176,006

Derivatives		2,054,357		5,125,002
Notional value of call options sold		131,996		114,479
Notional value of forward transactions without delivery of underlying asset		956,613		2,569,298
Derivatives credit-balance contra account		965,748		2,441,225

Trust activity		409,952		367,924
Trust activity credit-balance contra accounts		409,952		367,924

The accompanying Notes 1 through 7 to the consolidated financial statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco Macro SA and should be read together with them.

Jorge P. Brito

Director and Acting Chairperson

- 58 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2015		09/30/2014

A.	FINANCIAL INCOME
	Interest on cash and due from banks		112		92
	Interest on loans to the financial sector		73,875		51,715
	Interest on overdrafts		1,009,939		1,044,767
	Interest on documents		795,451		708,220
	Interest on mortgage loans		387,155		359,548
	Interest on pledge loans		282,063		194,549
	Interest on credit card loans		1,908,446		1,371,829
	Interest on financial leases		59,119		58,569
	Interest on other loans		6,242,947		4,529,165
	Net income from government and private securities		2,520,715		1,599,279
	Interest on other receivables from financial intermediation		3,649		2,096
	Income from guaranteed loans - Presidential Decree No. 1,387/01		18,506		33,252
	CER (Benchmark Stabilization Coefficient) adjustment		33,633		68,086
	CVS (Salary Variation Coefficient) adjustment		448		542
	Difference in quoted prices of gold and foreign currency		273,924		796,032
	Other		158,025		322,060
			13,768,007		11,139,801

B.	FINANCIAL EXPENSE
	Interest on checking accounts				486
	Interest on savings accounts		47,412		35,656
	Interest on time deposits		4,701,075		3,822,202
	Interest on interfinancing received loans (received call)		5,901		319
	Interest on other financing from financial institutions		1		16
	Interest on other liabilities from financial intermediation		69,565		69,539
	Interest on subordinated bonds		98,409		88,886
	Other interest		1,991		2,372
	CER adjustment		3,746		7,732
	Contribution to Deposit Guarantee Fund		301,333		60,776
	Other		982,992		744,441
			6,212,425		4,832,425

	GROSS INTERMEDIATION MARGIN - GAIN		7,555,582		6,307,376

C.	PROVISION FOR LOAN LOSSES		557,064		450,483

D.	SERVICE-CHARGE INCOME
	Related to lending transactions		81,798		63,371
	Related to deposits		2,569,081		2,051,054
	Other commissions		83,129		54,492
	Other		1,608,506		1,202,939
			4,342,514		3,371,856

Jorge P. Brito

Director and Acting Chairperson

- 59 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2015			09/30/2014

E.	SERVICE-CHARGE EXPENSE
	Commissions		299,305			207,260
	Other		890,679			654,756
			1,189,984			862,016

F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		3,128,708			2,260,918
	Directors' and statutory auditors' fees		161,035			141,616
	Other professional fees		159,248			134,851
	Advertising and publicity		98,362			79,645
	Taxes		298,454			235,696
	Depreciation of bank premises and equipment		125,571			95,421
	Amortization of organization costs		109,968			89,027
	Other operating expenses		734,787			587,060
	Other		406,041			309,178
			5,222,174			3,933,412

	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		4,928,874			4,433,321

G.	OTHER INCOME
	Income from long-term investments		29,270			48,132
	Penalty interest		57,625			46,972
	Recovered loans and allowances reversed		107,112			82,938
	CER adjustment		25			86
	Others		117,837			92,727
			311,869			270,855

H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		33			1,443
	Charges for other receivables uncollectibility and other allowances		133,999			34,440
	Depreciation and loss of other assets		2,789			2,345
	Goodwill amortization		10,539			10,539
	Other		206,738			86,331
			354,098			135,098

	MINORITY INTEREST IN SUBSIDIARIES		(25,615	)		(17,963	)

	NET INCOME BEFORE INCOME TAX - GAIN		4,861,030			4,551,115

I.	INCOME TAX		1,819,475			1,646,566

	NET INCOME FOR THE PERIOD- GAIN		3,041,555			2,904,549

Jorge P. Brito

Director and Acting Chairperson

- 60 -

CONSOLIDATED STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2015			09/30/2014
CHANGES IN CASH AND CASH EQUIVALENTS (Note 1.5.)
Cash at the beginning of the fiscal year		18,193,305			13,512,271
Cash at the end of the period		14,631,533			14,024,523
Net decrease in cash		(3,561,772	)		512,252

CAUSES OF CHANGES IN CASH

Operating activities
Net collections / (payments) for:
Government and private securities		(4,733,178	)		(8,925,072	)
Loans
To the financial sector		(278,199	)		14,881
To the non-financial government sector		151,797			100,888
To the non-financial private sector and foreign residents		(1,337,946	)		5,158,199
Other receivables from financial intermediation		(2,203,822	)		571,686
Receivables from financial leases		11,753			82,835
Deposits
From the financial sector		(9,109	)		2,331
From the non-financial government sector		1,604,749			3,028,866
From the non-financial private sector and foreign residents		8,095,324			2,772,777
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(5,901	)		11,585
Others (except liabilities included under financing activities)		1,214,057			831,869
Collections related to service-charge income		4,345,913			3,364,405
Payments related to service-charge expenses		(1,173,707	)		(838,977	)
Administrative expenses paid		(4,918,688	)		(3,697,197	)
Payment of organization and development costs		(165,288	)		(141,062	)
Net collections from penalty interest		57,617			46,971
Differences from payments related to court orders		(4,097	)		(3,540	)
Collections of dividends from other companies		22,842			27,597
Other collections related to other income and losses		21,210			73,931
Net payments from other operating activities		(1,875,264	)		(1,163,617	)
Payment of income tax		(1,861,288	)		(1,305,425	)

Net cash flows used in operating activities		(3,041,225	)		13,931

Jorge P. Brito

Director and Acting Chairperson

- 61 -

CONSOLIDATED STATEMENTS OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2015			09/30/2014
Investing activities
Net payments for bank premises and equipment		(312,539	)		(198,394	)
Net payments for other assets		(441,746	)		(244,822	)
Collections from sales of investment in others companies					11,126

Net cash flows used in investing activities		(754,285	)		(432,090	)

Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(80,680	)		(73,443	)
Central Bank of Argentina:
Other		(4,868	)		(4,204	)
International Banks and Institutions		34,052			(126,544	)
Subordinated corporate bonds		(66,175	)		(59,460	)
Financing received from Argentine financial institutions		(3,994	)		(2,694	)
Payment of dividends					(598,486	)
Net cash flows used in financing activities		(121,665	)		(864,831	)

Financial income and holding gains on cash and cash equivalents		355,403			1,795,242

Net decrease in cash		(3,561,772	)		512,252

Jorge P. Brito

Director and Acting Chairperson

- 62 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2015		12/31/2014

COMMERCIAL

In normal situation		21,641,301		15,912,318
With Senior “A” guarantees and counter-guarantees		2,866,292		1,356,411
With Senior “B” guarantees and counter-guarantees		3,842,029		2,926,586
Without Senior guarantees or counter-guarantees		14,932,980		11,629,321

Subject to special monitoring		43,407		67,494
In observation
With Senior “B” guarantees and counter-guarantees		16,578		31,279
Without Senior guarantees or counter-guarantees		26,829		36,215

Troubled		71,120		86,085
With Senior “B” guarantees and counter-guarantees		56,155		26,506
Without Senior guarantees or counter-guarantees		14,965		59,579

With high risk of insolvency		293,126		244,230
With Senior “A” guarantees and counter-guarantees		4,810		1,206
With Senior “B” guarantees and counter-guarantees		148,479		152,521
Without Senior guarantees or counter-guarantees		139,837		90,503

Irrecoverable		126,617
With Senior “B” guarantees and counter-guarantees		100,721
Without Senior guarantees or counter-guarantees		25,896

Subtotal Commercial		22,175,571		16,310,127

Jorge P. Brito

Director and Acting Chairperson

- 63 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2015		12/31/2014

CONSUMER

Performing		37,136,678		29,235,948
With Senior “A” guarantees and counter-guarantees		569,548		502,532
With Senior “B” guarantees and counter-guarantees		2,286,183		2,191,291
Without Senior guarantees or counter-guarantees		34,280,947		26,542,125

Low risk		379,252		354,005
With Senior “A” guarantees and counter-guarantees		2,969		861
With Senior “B” guarantees and counter-guarantees		17,962		21,543
Without Senior guarantees or counter-guarantees		358,321		331,601

Medium risk		240,550		241,046
With Senior “A” guarantees and counter-guarantees		174
With Senior “B” guarantees and counter-guarantees		9,676		8,764
Without Senior guarantees or counter-guarantees		230,700		232,282

High risk		236,355		216,629
With Senior “A” guarantees and counter-guarantees		2,084		1,595
With Senior “B” guarantees and counter-guarantees		12,689		13,546
Without Senior guarantees or counter-guarantees		221,582		201,488

Irrecoverable		95,989		102,307
With Senior “B” guarantees and counter-guarantees		15,128		9,218
Without Senior guarantees or counter-guarantees		80,861		93,089

Irrecoverable according to Central Bank's rules		337		204
Without Senior guarantees or counter-guarantees		337		204

Subtotal Consumer		38,089,161		30,150,139

Total		60,264,732		46,460,266

Jorge P. Brito

Director and Acting Chairperson

- 64 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 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, 2015 and December 31, 2014 and (ii) the statements of income and cash flows for the nine-month periods ended September 30, 2015 and 2014, with the financial statements of the subsidiaries listed in Note 1.2., as of each respective date.

The financial statements of the Bank’s subsidiaries have been prepared based on methods similar to those applied by the Bank to prepare its own financial statements, with respect to assets and liabilities valuation and disclosure, income (loss) measurement and restatement procedures, as explained in Note 3. to the Bank’s stand-alone financial statements.

The receivables/payables and transactions between the companies were eliminated in the consolidation process.

1.2.

List of subsidiaries:

The table below shows the equity interests that Banco Macro SA holds in subsidiaries (percentage of equity interest and votes held directly or indirectly as of September 30, 2015):

	Banco Macro SA’s direct equity interest							Banco Macro SA’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 SA	Common	395,341		89.932	%	89.932	%		89.932	%	89.932	%

Macro Bank Limited (a)	Common	39,816,899		99.999	%	99.999	%		99.999	%	100.00	%

Macro Securities SA (b) and (c)	Common	12,776,680		99.154	%	99.154	%		99.921	%	99.932	%

Macro Fiducia SA	Common	6,475,143		98.605	%	98.605	%		98.605	%	98.605	%

Macro Fondos SGFCI SA	Common	327,183		19.100	%	19.100	%		99.936	%	100.00	%

(a)

Consolidated with Sud Asesores (ROU) SA (voting rights: 100%, equity interest: 2,342).

(b)

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

(c)

The indirect equity interest of Banco Macro SA comes from Macro Fiducia SA.

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 as of September 30, 2015 and December 31, 2014.

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.

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 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, 2015 and 2014, were converted into pesos, as described in a). 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) SA) as of September 30, 2015, considering the translation process mentioned above are as follows:

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

Assets		242,002		2,279,470

Liabilities		198,622		1,870,865

Shareholders’ equity		43,380		408,605

1.4.

The table below shows total assets, liabilities, shareholders’ equity and income (loss) of Banco Macro SA and each of its subsidiaries as of September 30, 2015:

	Banco Macro SA		Banco del Tucumán SA		Macro Bank Limited (1)		Other subsidiaries (2)		Eliminations			Banco Macro SA (consolidated)

Assets		86,386,205		8,051,488		2,279,470		583,338		1,694,008			95,606,493

Liabilities		72,476,989		6,877,160		1,870,865		429,439		(42,824	)		81,697,277

Shareholders’ equity		13,909,216		1,174,328		408,605		153,899		1,736,832			13,909,216

Income		3,041,555		253,740		32,375		45,573		331,688			3,041,555

(1)

Figures related to Macro Bank Limited consolidated with Sud Asesores (ROU) SA.

(2)

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

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 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 three months 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:

	09/30/2015		12/31/2014		09/30/2014

Cash		11,712,461		15,434,202		12,175,852

Government and private securities
Holdings booked at market value		652,837		769,679		829,494
Instruments issued by the Central Bank		2,068,338		1,809,774		841,377
Other receivables for financial intermediation
Other covered by debtor classification standards		197,897		179,650		177,800
Cash and cash equivalents		14,631,533		18,193,305		14,024,523

RESTRICTED ASSETS

In addition, to the assets broken down in Note 8. to the stand-alone financial statements, certain assets are restricted as follows:

Item	09/30/2015	12/31/2014
2.1. Banco del Tucumán SA:
Government and Private securities

• Secured bonds in pesos under Presidential Decree No. 1579/2002, maturing in 2018, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013	9,217	8,284

• Central Bank of Argentina Internal Bills in pesos, maturing in 2015 securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE	744
Subtotal Government and Private securities	9,961	8,284

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	131,621	115,291
Subtotal other receivables from financial intermediation	131,621	115,291

Other receivables

• Deposits mainly provided in guarantee for the credit card transaction and related to court deposits and MAEClear transactions	16,723	11,202
Subtotal other receivables	16,723	11,202

Total	158,305	134,777

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

Item	09/30/2015		12/31/2014

2.2. Macro Securities SA:

Other receivables from financial intermediation

· Share of interest of the mutual fund Pionero Renta for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013		8,005		8,446
Subtotal other receivables from financial intermediation		8,005		8,446

Investments in other companies

· Other		1,453		1,453

Subtotal investments in other companies		1,453		1,453

Total		9,458		9,899

2.3. Macro Fiducia SA:

Government and private securities

· Federal secured bonds maturing 2018 for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013		3,226		4,421

Total		3,226		4,421

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 9. to the stand-alone financial statements, the consolidated financial statements as of September 30, 2015 and December 31, 2014, include assets amounted to 103,963 and 28,034, generated by Loans and other receivables from financial intermediation; liabilities amounted to 823,838 and 800,135 generated by Deposits; and memorandum accounts amounted to 113,127 and 1,272,193, mainly generated by Items in custody, respectively.

Additionally, as of September 30, 2015 and 2014, net income generated by those transactions amounted to 182 and 1,229, respectively.

Lastly, the balances as of those dates for transactions between Macro Group companies amounted to 578 and 527, respectively. Net income from those transactions for the nine-month period ended September 30, 2015 and 2014 amount to 3 and 5, respectively. Both balances and income were eliminated in the consolidation process.

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

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, 2015:

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

Allowances

For loans		1,186,044		686,646		501,823		10,645		1,360,222

For other receivables from financial intermediation		235,755		7,585		3,277		2,134		237,929

For receivables from financial leases		4,459		447		34		25		4,847

For interests in other companies		1,506		251						1,757

For other receivables		5,383		1,781		2,746		140		4,278

Total		1,433,147		696,710		507,880		12,944		1,609,033

For contingent commitments		2,264		1,349				13		3,600

For other contingencies		138,604		127,582		59,568		4		206,614

For differences from court deposits dollarization		31,055		3,373				2,644		31,784

For administrative, disciplinary and criminal sanctions				14,152		2,400				11,752

Total		171,923		146,456		61,968		2,661		253,750

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, 2015 and December 31, 2014:

Type of contract / underlying asset	09/30/2015		12/31/2014

Futures / foreign currency		1,042,100		3,107,509

Repo transactions / Federal Government Securities		1,387,802		176,522

Forward contracts / foreign currency		871,126		1,894,255

Options / Other		141,131		123,238

Additionally, positions of transactions effective as of September 30, 2015 and December 31, 2014 are as follows:

Transaction	09/30/2015			12/31/2014

Net position of repurchase agreements		(1,387,802	)		(176,522	)

Net asset position of forward transactions without delivery of the underlying asset					(136,832	)

Position of put options taken		9,135			8,759

Position of call options sold		(131,996	)		(114,479	)

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

PORTFOLIO MANAGEMENT

In addition to what was mentioned in Note 13. to the Bank’s stand-alone financial statements, as of September 30, 2015 and December 31, 2014, Banco del Tucumán SA manages the following portfolios:

	Managed portfolio as of
Item	09/30/2015		12/31/2014
• On December 31, 2008, Banco del Tucumán SA and Macro Fiducia SA entered into a management and custody agreement regarding the “BATUC 1” trust loan portfolio.		15,834		15,910

• Other managed portfolios.		27,880		22,929
Total		43,714		38,839

TRUST AGREEMENTS

In addition to what was mentioned in Note 16. to the Bank’s stand-alone financial statements, the subsidiaries have the following trust agreements as of September 30, 2015 and December 31, 2014:

7.1.

Financial trusts for investment purposes

Financial trust	09/30/2015		12/31/2014

Certificates of participation		4,222		8,981
Debt securities				2,843
Total		4,222		11,824

7.2.

Trusts created using financial assets transferred by the Bank’s subsidiaries.

In addition to what has been mentioned in Note 16.2., to the stand-alone financial statements, which includes the trusts created with financial assets transferred by Banco Macro SA, subsidiary Banco del Tucumán SA 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, 2015 and December 31, 2014, 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 182 and 150, respectively.

7.3.

Trusts in which the Bank’s subsidiaries act as trustees (administration).

As mentioned in Note 16.4. to the stand-alone financial statements, and in addition to those included in that Note, in these trusts the Bank, through Macro Fiducia SA (subsidiary) only carries out administrative duties regarding the corpus assets, in accordance with the agreements.

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CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2015

(Translation of financial statements originally issued in Spanish –

See Note 24 to the stand alone financial statements)

(Figures stated in thousands of pesos)

As of September 30, 2015 and December 31, 2014, considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed through Macro Fiducia SA (subsidiary) of these types of trusts amount to 349,526 and 318,961, respectively.

Jorge P. Brito

Director and Acting 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 26, 2015