Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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

August 10, 2023

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Av. Eduardo Madero 1182

Buenos Aires C1106ACY

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

BANCO MACRO SA

Condensed interim financial statements as of March 31, 2023 together with the reports on review of interim financial statements

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF MARCH 31, 2023

CONTENT

Cover sheet

Condensed Consolidated Interim Financial Statements

Condensed consolidated interim statement of financial position

Condensed consolidated interim statement of income

Condensed consolidated interim statement of other comprehensive income

Condensed consolidated interim statement of changes in shareholders’ equity

Condensed consolidated interim statement of cash flows

Notes to the condensed consolidated interim Financial Statements

Note 1: Corporate information

Note 2: Operations of the Bank

Note 3: Basis for the preparation of these Financial Statements and applicable accounting standards

Note 4: Contingent transactions

Note 5: Debt securities at fair value through profit or loss

Note 6: Other financial assets

Note 7: Loans and other financing

Note 8: Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss

Note 9: Other debt securities

Note 10: Equity instruments at fair value through profit or loss – Prisma Medios de Pago SA

Note 11: Fair value quantitative and qualitative disclosures

Note 12: Business combinations

Note 13: Investment in associates and joint arrangements

Note 14: Other non-financial assets

Note 15: Related parties

Note 16: Deposits

Note 17: Other financial liabilities

Note 18: Provisions

Note 19: Other non-financial liabilities

Note 20: Analysis of financial assets to be recovered and financial liabilities to be settled

Note 21: Disclosures by operating segment

Note 22: Income tax

Note 23: Commissions income

Note 24: Differences in quoted prices of gold and foreign currency

Note 25: Other operating income

Note 26: Employee benefits

Note 27: Administrative expenses

Note 28: Other operating expenses

Note 29: Additional disclosures in the statement of cash flows

Note 30: Capital stock

Note 31: Earnings per share – Dividends

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF MARCH 31, 2023

CONTENT (contd.)

Notes to the condensed consolidated interim Financial Statements (contd.)

Note 32: Deposit guarantee insurance

Note 33: Restricted assets

Note 34: Trust activities

Note 35: Compliance with CNV regulations

Note 36: Accounting items that identify the compliance with minimum cash requirements

Note 37: Penalties applied to the entity and summary proceedings initiated by the BCRA

Note 38: Corporate bonds issuance

Note 39: Off balance sheet transactions

Note 40: Tax and other claims

Note 41: Restriction on dividends distribution

Note 42: Capital management, corporate governance transparency policy and risk management

Note 43: Changes in the Argentine macroeconomic environment and financial and capital markets

Note 44: Events after reporting period

Note 45: Accounting principles – explanation added for translation into English

Condensed consolidated exhibits

Exhibit B: Classification of loans and other financing by situation and collateral received

Exhibit C: Concentration of loans and financing facilities

Exhibit D: Breakdown of loans and other financing by terms

Exhibit F: Change of property, plant and equipment

Exhibit G: Change in intangible assets

Exhibit H: Deposit concentration

Exhibit I: Breakdown of financial liabilities for residual terms

Exhibit J: Changes in provisions

Exhibit L: Foreign currency amounts

Exhibit Q: Breakdown of statement of income

Exhibit R: Value adjustment for credit losses – Allowances for uncollectibility risk

Condensed separate interim Financial Statements

Condensed separate interim Financial Statements

Notes to the condensed separate interim Financial Statements

Condensed separate exhibits

BANCO MACRO SA

Corporate name: Banco Macro SA

Registered office: Avenida Eduardo Madero 1182 – Autonomous City of Buenos Aires

Corporate purpose and main activity: Commercial bank

Central Bank of Argentina: Authorized as “Argentine private bank” under No. 285

Registration with the public Registry of Commerce: Under No. 1154 - By-laws Book No. 2, Folio 75 dated March 8, 1967

By-Laws expiry date: March 8, 2066

Registration with the IGJ (Superintendency of Corporations): Under No. 9777 – Corporations Book No. 119 Volume A of Sociedades Anónimas, dated October 8, 1996

Personal tax identification number: 30-50001008-4

Registration dates of amendments to by-laws:

August 18, 1972, August 10, 1973, July 15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999, June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009, November 14, 2012, August 2, 2014, July 15, 2019.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes	Exhibits	03/31/2023		12/31/2022
ASSETS
Cash and Deposits in Banks	11			297,608,616		304,439,346
Cash				35,190,191		33,613,487
Central Bank of Argentina				181,264,323		174,718,240
Other Local and Foreign Entities				81,140,535		96,092,867
Other				13,567		14,752
Debt Securities at fair value through profit or loss	5 and 11			286,961,214		256,921,146
Derivative Financial Instruments	11			455		52,222
Repo transactions	11			39,118,052		75,388,016
Other Financial Assets	6, 8 and 11	R		82,488,854		70,537,234
Loans and other financing	7, 8 and 11	B, C, D and R		697,785,970		728,691,136
Non-financial Public Sector				1,409,863		2,686,553
Other Financial Entities				1,856,903		1,128,790
Non-financial Private Sector and Foreign Residents				694,519,204		724,875,793
Other Debt Securities	8, 9 and 11	R		813,991,293		897,783,471
Financial Assets delivered as guarantee	11 and 33			37,498,405		37,274,786
Equity Instruments at fair value through profit or loss	10 and 11			1,072,672		1,021,892
Investment in associates and joint arrangements	13			1,491,722		1,389,695
Property, plant and equipment		F		124,426,006		124,001,126
Intangible Assets		G		21,808,325		21,229,833
Deferred Income Tax Assets	22			89,016		89,557
Other Non-financial Assets	14			15,257,843		15,159,173
Non-current Assets held for sale				10,530,398		10,780,918
TOTAL ASSETS				2,430,128,841		2,544,759,551

Carlos A. Giovanelli
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes	Exhibits	03/31/2023			12/31/2022
LIABILITIES
Deposits	11 and 16	H and I		1,464,338,267			1,576,914,944
Non-financial Public Sector				111,059,915			133,847,469
Financial Sector				1,910,914			2,012,780
Non-financial Private Sector and Foreign Residents				1,351,367,438			1,441,054,695
Liabilities at fair value through profit or loss	11	I		2,476,842			640,345
Derivative Financial Instruments	11	I		100,398			2,886
Repo Transactions	11	I		4,486,445
Other Financial Liabilities	11 and 17	I		153,007,216			164,449,843
Financing received from the Central Bank of Argentina and other financial institutions	11	I		4,507,195			2,981,642
Issued Corporate Bonds	11 and 38	I		3,286,431			3,305,711
Current Income Tax Liabilities	22			11,384,081			13,207,278
Subordinated Corporate Bonds	11 and 38	I		86,393,588			87,805,350
Provisions	18	J and R		3,165,946			3,302,694
Deferred Income Tax Liabilities	22			16,551,510			16,163,865
Other Non-financial Liabilities	19			47,613,336			52,112,752
TOTAL LIABILITIES				1,797,311,255			1,920,887,310
SHAREHOLDERS’ EQUITY
Capital Stock	30			639,413			639,413
Non-capital contributions				12,429,781			12,429,781
Adjustments to Shareholders’ Equity				213,790,374			213,790,374
Earnings Reserved				344,313,270			344,313,270
Unappropriated Retained Earnings				52,558,097			166,294
Accumulated Other Comprehensive Income				(793,074	)		38,208
Net Income of the period / for the fiscal year				9,763,227			52,391,803
Net Shareholders’ Equity attributable to controlling interest				632,701,088			623,769,143
Net Shareholders’ Equity attributable to non-controlling interests				116,498			103,098
TOTAL SHAREHOLDERS’ EQUITY				632,817,586			623,872,241
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				2,430,128,841			2,544,759,551

The notes 1 to 45 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

Carlos A. Giovanelli
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes	Exhibits	Quarter ended 03/31/2023			Quarter ended 03/31/2022
Interest income		Q		228,617,933			140,653,070
Interest expense		Q		(130,955,878	)		(54,994,658	)
Net Interest Income				97,662,055			85,658,412

Commissions income	23	Q		24,292,411			23,029,529
Commissions expense		Q		(2,260,494	)		(2,159,834	)
Net Commissions Income				22,031,917			20,869,695
Subtotal (Net Interest income plus Net Commissions income)				119,693,972			106,528,107

Net gain from measurement of financial instruments at fair value through profit or loss		Q		9,194,886			13,029,203
Profit from sold or derecognized assets at amortized cost				60
Differences in quoted prices of gold and foreign currency	24			36,673,135			6,303,048
Other operating income	25			5,715,846			6,772,473
Allowance for loan losses				(3,478,584	)		(1,521,901	)
Net Operating Income				167,799,315			131,110,930

Employee benefits	26			(23,468,111	)		(20,044,264	)
Administrative expenses	27			(11,650,473	)		(11,264,734	)
Depreciation and amortization of fixed assets		F and G		(4,893,735	)		(4,478,094	)
Other operating expenses	28			(23,836,393	)		(20,680,243	)
Operating Income				103,950,603			74,643,595

Loss from associates and joint arrangements	13			(219,703	)		(73,470	)
Loss on net monetary position				(88,386,677	)		(59,076,917	)
Income before tax on continuing operations				15,344,223			15,493,208

Income tax on continuing operations	22.c)			(5,567,596	)		(3,219,320	)
Net Income from continuing operations				9,776,627			12,273,888
Net Income of the period				9,776,627			12,273,888
Net Income of the period attributable to controlling interest				9,763,227			12,298,038
Net Income / (Loss) of the period attributable to non-controlling interest				13,400			(24,150	)

Carlos A. Giovanelli
Vice Chairperson

CONSOLIDATED EARNINGS PER SHARE

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Quarter ended 03/31/2023		Quarter ended 03/31/2022
Net Profit attributable to Parent’s shareholders		9,763,227		12,298,038
Plus: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		9,763,227		12,298,038
Weighted average of outstanding common shares of the period		639,413		639,413
Plus: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares of the period adjusted as per dilution effect		639,413		639,413
Basic earnings per share (in pesos)		15.2690		19.2333

Carlos A. Giovanelli
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes	Exhibits	Quarter ended 03/31/2023			Quarter ended 03/31/2022
Net Income of the period				9,776,627			12,273,888
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion				(211,961	)		(527,321	)
Foreign currency translation differences of the period				(211,961	)		(527,321	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))				(619,321	)		(693,261	)
Profit or loss of the period from financial instruments at fair value through other comprehensive income (FVOCI)		Q		(1,880,529	)		(3,312,595	)
Adjustment for reclassification of period				908,177			2,277,253
Income tax	22.c)			353,031			342,081
Total Other Comprehensive Loss that will be reclassified to profit or loss				(831,282	)		(1,220,582	)
Total Other Comprehensive Loss				(831,282	)		(1,220,582	)
Total Comprehensive Income of the period				8,945,345			11,053,306
Total Comprehensive Income attributable to controlling interest				8,931,945			11,077,456
Total Comprehensive Income / (Loss) attributable to non-controlling interest				13,400			(24,150	)

The notes 1 to 45 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

Carlos A. Giovanelli
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Capital stock	Non-capital Contributions		Other Comprehensive Income				Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital	Adjustments to Shareholders’ Equity	Accumulated foreign currency translation difference in Financial Statements conversion		Other		Legal	Other	Unappropriated Retained Earnings	Total controlling interests		Total Non- controlling interests	Total Equity
Restated amount at the beginning of the fiscal year		639,413	12,429,781	213,790,374	547,873		(509,665	)	123,492,083	220,821,187	52,558,097	623,769,143		103,098	623,872,241
Total comprehensive income of the period
- Net income of the period											9,763,227	9,763,227		13,400	9,776,627
- Other comprehensive loss of the period					(211,961	)	(619,321	)				(831,282	)		(831,282	)
Amount at the end of the period		639,413	12,429,781	213,790,374	335,912		(1,128,986	)	123,492,083	220,821,187	62,321,324	632,701,088		116,498	632,817,586

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Capital stock	Non-capital Contributions		Other Comprehensive Income				Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital	Adjustments to Shareholders’ Equity	Accumulated foreign currency translation difference in Financial Statements conversion		Other		Legal	Other	Unappropriated Retained Earnings	Total controlling interests		Total Non- controlling interests		Total Equity
Restated amount at the beginning of the fiscal year		639,413	12,429,781	213,790,374	1,423,115		5,382,088		114,859,656	174,022,226	43,162,129	565,708,782		89,823		565,798,605
Total comprehensive income of the period
- Net income of the period											12,298,038	12,298,038		(24,150	)	12,273,888
- Other comprehensive Loss of the period					(527,321	)	(693,261	)				(1,220,582	)			(1,220,582	)
Amount at the end of the period		639,413	12,429,781	213,790,374	895,794		4,688,827		114,859,656	174,022,226	55,460,167	576,786,238		65,673		576,851,911

The notes 1 to 45 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

Carlos A. Giovanelli
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes	03/31/2023			03/31/2022
Cash flows from operating activities
Income of the period before income tax			15,344,223			15,493,208
Adjustment for the total monetary effect of the period			88,386,677			59,076,917
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			4,893,735			4,478,094
Allowance for loan losses			3,478,584			1,521,901
Difference in quoted prices of foreign currency			(26,112,178	)		(14,458,059	)
Other adjustments			66,926,946			28,994,474
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit or loss			(30,040,068	)		11,141,430
Derivative Financial Instruments			51,767			3,073
Repo transactions			36,269,964			74,471,421
Loans and other financing
Non-financial Public Sector			1,276,690			1,364,087
Other Financial Entities			(728,113	)		2,133,014
Non-financial Private Sector and Foreign Residents			26,844,834			66,496,873
Other debt securities			133,255,593			(73,163,137	)
Financial Assets delivered as guarantee			(223,619	)		(22,874,762	)
Equity instruments at fair value through profit or loss			(50,780	)		4,194,814
Other assets			(11,717,089	)		31,893,538
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial Public Sector			(22,787,554	)		27,351,323
Financial Sector			(101,866	)		(167,275	)
Non-financial Private Sector and Foreign Residents			(89,687,257	)		(39,303,833	)
Liabilities at fair value through profit or loss			1,836,497			(2,917,457	)
Derivative Financial Instruments			97,512			9,221
Repo transactions			4,486,445			24,216,929
Other liabilities			(16,439,378	)		(45,783,685	)
Income Tax Payments			(3,189,682	)		(66,508	)
Total cash from operating activities (A)			182,071,883			154,105,601

Carlos A. Giovanelli
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes	03/31/2023			03/31/2022
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets			(5,216,939	)		(3,127,918	)
Total cash used in investing activities (B)			(5,216,939	)		(3,127,918	)
Cash flows from financing activities
Payments:
Non-subordinated corporate bonds			(12,551	)
Subordinated Corporate Bonds			(52,758	)		(42,375	)
Other payments related to financing activities			(420,073	)		(260,638	)
Collections / Incomes:
Non subordinated corporate bonds			76,678
Financing to local financial entities			1,611,392			3,092,132
Total cash used in financing activities (C)			1,202,688			2,789,119
Effect of exchange rate fluctuations (D)			41,460,710			21,884,133
Monetary effect on cash and cash equivalents (E)			(176,918,828	)		(112,920,711	)
Net increase in cash and cash equivalents (A+B+C+D+E)			42,599,514			62,730,224
Restated cash and cash equivalents at the beginning of the period	29		912,904,561			734,930,146
Cash and cash equivalents at the end of the period	29		955,504,075			797,660,370

The notes 1 to 45 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

Carlos A. Giovanelli
Vice Chairperson

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

CORPORATE INFORMATION

Banco Macro SA (hereinafter, the Bank) is a stock corporation (sociedad anónima), organized in the Argentine Republic that offers traditional banking products and services to companies, including those companies operating in regional economies as well as to individuals, thus strengthening its goal to be a multiservice bank. In addition, through its subsidiaries, the Bank performs transactions as a trustee agent, manager and administrator of mutual funds and renders stock exchange services, electronic payments services and granting of guarantees.

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 was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA.

The Bank’s shares have been publicly listed on Bolsas y Mercados Argentinos (BYMA) since November 1994; and as from March 24, 2006 they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015, they were authorized to be listed on the Mercado Abierto Electrónico SA (MAE).

Since 1994, Banco Macro SA’s market strategy has mainly focused on the regional areas outside the Autonomous City of Buenos Aires (CABA, for its acronym in Spanish). 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.

During 2022, 2021 and 2020, the Bank made contributions in the company Play Digital SA for a total amount of 629,854 (not restated). On October 4, 2022, the Bank sold 22,112,340 shares for an amount of 61,889. In addition, on October 27, 2022, the Bank subscribed 178,911,312 shares for a face value of ARS 1 related to the abovementioned irrevocable capital contributions. As a consequence, the Bank’s new interest in this company is 9.6984%. Additionally, on February 23, 2023, the Bank made a new irrevocable capital contribution for an amount of 347,371 (not restated). The company’s purpose is to develop and market a payment solution linked to bank accounts held by financial system users in order to bring significant improvement to their payment experience.

On May 17, 2023, the Board of Directors approved the issuance of these condensed consolidated interim Financial Statements.

OPERATIONS OF THE BANK

2.1.

Agreement with the Misiones Provincial Government

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

On November 25, 1999, December 28, 2006 and October 1, 2018, extensions to such agreement were agreed upon, making it currently effective through December 31, 2029.

As of March 31, 2023 and December 31, 2022, the deposits held by the Misiones Provincial Government with the Bank amounted to 22,059,230 and 25,930,415 (including 1,943,607 and 1,966,939, 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 March 31, 2023 and December 31, 2022, the deposits held by the Salta Provincial Government with the Bank amounted to 33,915,196 and 42,010,557 (including 4,216,984 and 4,208,077, related to court deposits), respectively.

- 9 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

2.3.

Agreement with the Jujuy Provincial Government

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

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

As of March 31, 2023 and December 31, 2022, the deposits held by the Jujuy Provincial Government with the Bank amounted to 10,851,697 and 9,466,963 (including 2,653,042 and 2,707,938, related to court deposits), respectively.

2.4.

Agreement with the Tucumán Provincial Government

The Bank acts as an exclusive financial agent and as revenue collection and obligation payment agent of the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena. The services agreements with the Provincial and Municipal Governments are effective through years 2031, 2028 and 2025, respectively. As established in the original agreement, the service agreement with the Municipality of San Miguel de Tucumán was extended until 2028.

As of March 31, 2023 and December 31, 2022, the deposits held by the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena with the Bank amounted to 30,349,699 and 42,221,773 (including 10,564,103 and 11,276,132, related to court deposits), respectively.

Additionally, the Bank granted loans to the Tucumán Provincial Government and the Municipality of Yerba Buena as of March 31, 2023 for an amount of 121,239, as well as to the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena as of December 31, 2022 for an amount of 638,244.

BASIS FOR THE PREPARATION OF THESE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS

Presentation basis

Applicable Accounting Standards

These condensed consolidated interim Financial Statements of the Bank were prepared in accordance with the accounting framework established by the Central Bank of Argentina (BCRA, for its acronym in Spanish) in its Communiqué “A” 6114 as supplemented. Except for the exceptions established by the BCRA, which are explained in the following paragraph, such framework is based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCE, for its acronym in Spanish). The abovementioned international standards include the IFRS, the International Accounting Standards (IAS) and the interpretations developed by the IFRS Interpretations Committee (IFRIC) or former IFRIC (SIC).

The transitory exceptions and regulatory guidelines established by BCRA to the application of effective IFRS, that affect the preparation of these condensed consolidated interim Financial Statements are as follows:

According to Communiqué “A” 6114, as supplemented, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on or after January 1, 2020, financial institutions defined as “Group A” by BCRA rules, in which the Bank is included, begin to apply section 5.5 “Impairment” of the IFRS 9 “Financial Instruments” (sections B5.5.1 to B5.5.55), except for the temporary exclusion for the debt securities of the non-financial public sector established by BCRA Communiqué “A” 6847. As of the date of issuance of these condensed consolidated interim Financial Statements, the Bank is in the process of quantifying the effect of the full application of the abovementioned standard.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

In March 2022, the Bank’s holdings in Prisma Medios de Pago SA (Prisma) were transferred. That company was measured according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement at fair value of such holding. If, for the fair value measurement purpose previously mentioned, IFRS had been applied, the profit or loss for the three-month period ended March 31, 2022, should have been modified. However, this situation did not generate differences in the shareholders’ equity as of March 31, 2022.

Through Communiqué “A” 7014 dated May 14, 2020, the BCRA established for financial institutions that received debt securities of the public sector in a swap transaction, they must be initially recognized at their carrying amount as of the date of the swap transaction, without assessing if they qualify or not for derecognition under IFRS 9 standards and as a consequence, do not eventually recognize the new instruments at the market value as provided by such IFRS (see also notes 9 and 43 to the condensed consolidated interim Financial Statements).

If IFRS 9 had applied, and according an estimation calculated by the Bank, the Statement of income for the period ended March 31, 2023, would have recorded a decrease in “other operating income” for an amount of 353,926 and an increase in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 734,550, and as a counterpart a decrease in “Other comprehensive income” of that period. These changes would not have resulted into modifications to the total shareholder equity as of that date nor the total comprehensive income for the three-month period ended March 31, 2023.

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed consolidated interim Financial Statements in accordance with the IFRS as adopted by the BCRA through Communiqué “A” 7642. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Basis for the preparation and consolidation

These condensed consolidated interim financial statements as of March 31, 2023, have been prepared in accordance with the accounting Framework established by the BCRA as mentioned in the previous section “Applicable accounting standards” which, particularly for condensed consolidated interim financial statements, is based on IAS 34 “Interim Financial Reporting”.

For the preparation of these condensed consolidated interim financial statements, in addition to section “measuring unit” of this note, the Bank has applied the basis for the preparation and consolidation, the accounting policies and the material accounting judgements, estimates and assumptions described in the consolidated financial statements for the fiscal year ended on December 31, 2022, already issued.

These condensed consolidated interim financial statements include all the necessary information for an appropriate understanding, by the users thereof, of the basis for the preparation and disclosure used therein as well as the relevant events and transactions occurred after the issuance of the last annual consolidated financial statements for the fiscal year ended on December 31, 2022, already issued. Nevertheless, the present condensed consolidated interim financial statements do not include all the information or all the disclosures required for the annual consolidated financial statements prepared in accordance with the IAS 1 “Presentation of Financial Statements”. Therefore, these condensed consolidated interim financial statements must be read together with the annual consolidated financial statements for the fiscal year ended December 31, 2022, already issued.

As of March 31, 2023 and December 31, 2022, the Bank has consolidated into its Financial Statements the Financial Statements of the following companies:

Subsidiaries	Principal Place of Business	Country	Main Activity
Macro Securities SAU (1)	Ave. Eduardo Madero 1182 – CABA	Argentina	Stock exchange services
Macro Fiducia SAU	Ave. Eduardo Madero 1182 – 2nd floor. CABA	Argentina	Services

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Subsidiaries	Principal Place of Business	Country	Main Activity
Macro Fondos SGFCISA	Ave. Eduardo Madero 1182 – 24th floor, Office B–. CABA	Argentina	Management and administration of mutual funds
Macro Bank Limited (2)	Caves Village, Building 8 Office 1 – West Bay St., Nassau	Bahamas	Banking entity
Argenpay SAU	Ave. Eduardo Madero 1182 – CABA	Argentina	Electronic payment services
Fintech SGR (Structured entity)	San Martín 140- 2nd floor –CABA	Argentina	Granting of guarantees

	(1)	Consolidated with Macro Fondos SGFCISA (80.90% equity interest and voting rights).
	(2)	Consolidated with Sud Asesores (ROU) SA (100% voting rights – Equity interest: 27,066).

As of March 31, 2023 and December 31, 2022, the Bank’s equity interest and voting rights in the companies it consolidates is as follows:

	Shares			Bank’s interest						Non-controlling interest
Subsidiaries	Type	Number		Total capital stock			Voting Rights			Total capital stock			Voting rights
Macro Securities SAU	Common		12,885,683		100.00	%		100.00	%
Macro Fiducia SAU	Common		47,387,236		100.00	%		100.00	%
Macro Fondos SGFCISA	Common		327,183		100.00	%		100.00	%
Macro Bank Limited	Common		39,816,899		100.00	%		100.00	%
Argenpay SAU (1)	Common		341,200,000		100.00	%		100.00	%
Fintech SGR (Structured entity)	Common		119,993		24.999	%		24.999	%		75.001	%		75.001	%

(1)

On January 30, the Bank made an irrevocable capital contribution in this company for an amount of 330,000 (not restated). Additionally, on March 15, 2023, the Bank made a new irrevocable capital contribution for 330,000.

Total assets, liabilities and Shareholders’ equity of the Bank and all its subsidiaries as of March 31, 2023 and December 31, 2022 are as follows:

Balances as of 03/31/2023	Banco Macro SA		Macro Bank Limited		Macro Securities SAU		Macro Fiducia SAU		Argenpay SAU		Fintech SGR		Eliminations			Consolidated
Assets		2,376,493,731		22,740,899		54,801,620		230,661		3,288,282		4,984,788		(32,411,140	)		2,430,128,841
Liabilities		1,743,792,643		16,688,913		40,385,818		4,783		1,797,482		4,829,452		(10,187,836	)		1,797,311,255
Equity attributable to the owners of the Bank		632,701,088		6,051,986		13,647,494		225,878		1,490,800		155,336		(21,571,494	)		632,701,088
Equity attributable to non-controlling interests						768,308								(651,810	)		116,498

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Balances as of 12/31/2022	Banco Macro SA		Macro Bank Limited		Macro Securities SAU		Macro Fiducia SAU		Argenpay SAU		Fintech SGR		Eliminations			Consolidated
Assets		2,505,113,050		19,545,742		41,292,621		240,654		3,085,823		6,465,533		(30,983,872	)		2,544,759,551
Liabilities		1,881,343,907		13,508,420		28,513,359		5,997		1,945,362		6,328,069		(10,757,804	)		1,920,887,310
Equity attributable to the owners of the Bank		623,769,143		6,037,322		12,162,689		234,657		1,140,461		137,464		(19,712,593	)		623,769,143
Equity attributable to non-controlling interests						616,573								(513,475	)		103,098

Going concern

The Bank’s management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt on the Bank’s ability to continue as a going concern. Therefore, these condensed consolidated interim Financial Statements continue to be prepared on the going concern basis.

Transcription into books

As of the date of issuance of these condensed consolidated interim Financial Statements, they are in the process of being transcribed into the Financial Statements (“Libro Balances”) of Banco Macro SA.

Figures expressed in thousands of pesos

These condensed consolidated interim Financial Statements disclose figures expressed in thousands of Argentine pesos in terms of purchasing power as of March 31, 2023, and are rounded up to the nearest amount in thousands of pesos, except as otherwise indicated (see section “Measuring unit” of this note).

Comparative information

The condensed consolidated interim statement of financial position as of March 31, 2023, is presented comparatively with year-end data of the immediately preceding fiscal year, while the statement of income, the statement of other comprehensive income, the statement of changes in shareholders’ equity and the statement of cash flows and cash equivalents for the three-month period ended on that date, are presented comparatively with data as of the same periods of the immediately preceding fiscal year.

The figures related to comparative information have been restated to consider the changes in the general purchasing power of the functional currency and, as a result, are stated in terms of the current measuring unit at the end of the reporting period (see the following section “Measuring unit”).

Measuring unit

These condensed consolidated interim Financial Statements have been restated for the changes in the general purchasing power of the functional currency (Argentine pesos) of the Bank, as of March 31, 2023, as established by IAS 29 “Financial Reporting in Hyperinflationary Economies” and considering, in addition, specific rules established by BCRA through Communiqués “A” 6651, 6849, as amended, which established the obligation to apply this method, for fiscal years beginning on or after January 1, 2020, and determined as the transition date December 31, 2018.

According to IFRS, the restatement of Financial Statements is needed when the functional currency is the currency of a hyperinflationary economy. To achieve consistency in identifying an economic environment of that nature, IAS 29 establishes (i) certain nonexclusive qualitative indicators, consisting in analyzing the general population behavior, prices, interest rates and wages with changes in price indexes and the loss of purchasing power, and (ii) as quantitative characteristic, which is the most used condition in practice, to test if a three-year cumulative inflation rate is around 100% or more. Due to miscellaneous macroeconomic factors, the three-year inflation rate exceeded that figure and the Argentine government goals and other available estimates also indicate that this trend will not be reversed in the short term.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

The restatement was applied as if the economy had always been hyperinflationary, using a general price index that reflects changes in general purchasing power. To apply the restatement, a series of indexes were used, as prepared and published on a monthly basis by the Argentine Federation of Professional Councils of Economic Sciences (FACPCE, for its acronym in Spanish), which combines the consumer price index (CPI) on a monthly basis published by the Argentine Institute of Statistics and Censuses (INDEC, for its acronym in Spanish) since January 2017 (baseline month: December 2016) with the wholesale prices indexes published by the INDEC until that date. For the months of November and December 2015, for which the INDEC did not publish the wholesale price index (WPI) variation, the CPI variation for CABA was used.

Considering the abovementioned indexes, the inflation rate was 21.73% and 16.07% for the three-month periods ended March 31, 2023 and 2022, respectively, and 94.79% for the fiscal year ended on December 31, 2022.

Below is a description of the restatement mechanism provided by IAS 29 “Financial Reporting in Hyperinflationary Economies” and the restatement process for Financial Statements established by BCRA Communiqué “A” 6849, as supplemented:

Description of the main aspects of the restatement process for statements of financial position:

(i)

Monetary items (the ones that are already stated in terms of the current measuring unit) are not restated because they are already expressed in terms of the monetary unit current at the end of the reporting period. In an inflationary period, an entity holding monetary assets generates purchasing power loss and holding monetary liabilities generates purchasing power gain, provided that the assets and liabilities are not linked to an adjustment mechanism that offsets to some extent such effects. The net gain or loss on a monetary basis is included in profit or loss of the period.

(ii)

Assets and liabilities subject to adjustments based on specific agreements are adjusted in accordance with such agreements.

(iii)

Non-monetary items stated at current cost at the end of the reporting period, are not restated for presentation purposes in the statement of financial position, but the adjustment process must be completed to determine, in terms of constant measurement unit, the income or loss produced by holding these non-monetary items.

(iv)

Non-monetary items carried at historical cost or at current cost at some earlier date before the reporting date, are restated by an index that reflects the general level of price variation from the acquisition or revaluation date to the closing date, proceeding then to compare the restated amounts of those assets with their recoverable amounts. Income or loss of the period related to depreciation of property, plant and equipment and amortization of Intangible Assets and other non-monetary assets cost are determined over the new restated amounts.

(v)

When an entity capitalizes borrowing cost in the non-monetary assets, the part of the borrowing cost that compensates for the inflation during the same period is not capitalized.

(vi)

The restatement of non-monetary assets in terms of a current measurement unit at the end of the reporting period, without an equivalent adjustment for tax purposes generates a taxable temporary difference and a deferred income tax liability is recognized and the contra account is recognized as profit or loss of the period. When, beyond the restatement, there is a revaluation of non-monetary assets, the deferred tax related to the restatement is recognized in profit or loss of the period and deferred tax related to the revaluation is recognized in other comprehensive income of the period.

Description of the main aspects of the restatement process for statements of income and other comprehensive income:

(i)

Income and expenses are restated from the date the items were recorded, except for those income or loss items that reflect or include, in their determination, the consumption of assets measured at the currency purchasing power from a date prior to that which the consumption was recorded, which is restated using as a basis the acquisition date of the assets related to the item, except for income or losses arising from comparing the two measurements at currency purchasing power of different dates, for which it requires to identify the compared amounts, to restate them separately and to repeat the comparison, with the restated amounts.

(ii)

The gain or loss from monetary position will be classified based on the item that generated it and will be separately disclosed reflecting the inflationary effects over such items.

- 14 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Description of the main aspects of the restatement process for the statements of changes in shareholders’ equity:

(i)

As the transition date (December 31, 2018), the Bank has applied the following procedures:

(a)

The components of equity, except the ones mentioned below, were restated from the dates the components were contributed or otherwise arose according to BCRA Communiqué “A” 6849, for each item.

(b)

Earnings reserved, including the special reserve for the first-time application of IFRS, were stated at nominal value at the transition date (legal amount not restated).

(c)

The unappropriated retained earnings were determined as a difference between the restated net asset at the transition date and the other components of equity, restated as disclosed in the abovementioned paragraphs.

(d)

The accumulated balances of other comprehensive income were recalculated in terms of measuring unit current at the transition date.

(ii)

After the restatement on the abovementioned transition date in (i) above, all equity components are restated by applying a general price index as mentioned before from the beginning of the fiscal year and each variation of those components is restated from the contribution date or from the moment it was produced in any other way, and the accumulated OCI balances are redetermined according to the items that give rise to it.

Description of the main aspects of the restatement process for the statement of cash flows:

(i)

All items are restated in terms of the measuring unit current at the end of the reporting period.

(ii)

The monetary gain or losses generated by cash and cash equivalents are separately disclosed in the statement of cash flows after the cash flow from operating investment activities and financing activities, in a separate and independent line, under the description “Monetary effect on cash and cash equivalents”.

Accounting judgments, estimates and assumptions

The preparation of these condensed consolidated interim Financial Statements requires the Bank’s Management to consider significant accounting judgments, estimates and assumptions that impact on the reported assets and liabilities, income, revenues and expenses, as well as the assessment and disclosure of contingent assets and liabilities, as of the end of the period. The Bank’s reported amounts are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the uncertainties associated with the estimates and assumptions made by the Bank’s Management may give rise in the future to final amounts that may differ from those estimates and may require material adjustments to the reported amounts of the affected assets and liabilities.

The Bank applies the same accounting judgments, estimates and assumptions described in note 3 section “accounting judgments, estimates and assumptions” to the consolidated Financial Statements as of December 31, 2022, already issued.

New standards adopted in the fiscal year

For the fiscal year beginning on January 1, 2023, the following amendments to IFRS are effective and they did not have a material impact on these condensed consolidated interim Financial Statements:

Amendments to IAS 1 “Presentation of Financial Statements” and IFRS Practice Statement 2 – Disclosures to accounting policies:

The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. They also explain how an entity can identify material accounting policy information and give examples of when accounting policy information is likely to be material. Therefore, a guidance with explanations and examples denominated “four-step materiality process” was as described in the Practice Statement 2.

This amendment did not have a material impact on the disclosures of these condensed consolidated interim financial statements or the annual consolidated Financial Statements.

- 15 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Amendments to IAS 8 “Accounting policies, changes in accounting estimates and Errors” – Definition of Accounting Estimates:

The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amended standard clarifies that the effects on an accounting estimate of a change in an input or a change in a measurement technique are changes in accounting estimates if they do not result from the correction of prior period errors. The previous definition of a change in accounting estimate specified that changes in accounting estimates may result from new information or new developments. Therefore, such changes are not corrections of errors. This amendment is applicable as of January 1, 2023.

This amendment would be applicable if the Bank performs a change in an accounting estimate, but it is not expected to have a material impact on the Financial Statements.

Amendments to IAS 12 “Income Tax” – Deferred Tax related to Assets and Liabilities arising from a Single Transaction:

The IASB issued amendments to IAS 12, which narrow the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences. The amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of professional judgment (having considered the applicable tax law) whether such deductions are attributable for tax purposes to the liability recognized in the Financial Statements (and interest expense) or to the related asset component (and interest expense). Professional judgment is important in determining whether any temporary differences exist on initial recognition of the asset and liability.

This amendment did not have a material impact on the Financial Statements.

New pronouncements

Pursuant to Communiqué “A” 6114 of the BCRA, as new IFRS are approved and existing IFRS are amended or revoked and, once these changes are approved through the notices of approval issued by the FACPCE, the BCRA shall issue a statement on the approval thereof for financial entities. Generally, financial institutions shall not apply any IFRS in advance, except as specifically authorized at the time of the adoption thereof.

The new and amended standards and interpretation that are issued, but not yet effective, up to the date of issuance of these condensed consolidated interim Financial Statements are disclosed below. The Bank intends to adopt these standards, if applicable, when they become effective.

Amendments to IFRS 16 “Leases” – Sale and Leaseback: the amendment to IFRS 16 specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendment does not prescribe specific measurement requirements for lease liabilities arising from a leaseback. The initial measurement of the lease liability arising from a leaseback may result in a seller-lessee determining ‘lease payments’ that are different from the general definition of lease payments. The seller lessee will need to develop and apply an accounting policy that results in information that is relevant and reliable in accordance with IAS 8. This amendment is applicable as of January 1, 2024. The Bank does not expect this standard to have a material impact on the Financial Statements.

CONTINGENT TRANSACTIONS

In order to meet specific financial needs of customers, the Bank’s credit policy also includes, among others, the granting of guarantees, securities, bonds, letters of credit and documentary credits. The Bank is also exposed to overdrafts and unused agreed credits on credit cards of the Bank. Since they imply a contingent obligation for the Bank, they expose the Bank to credit risks other than those recognized in the statement of financial position and, therefore, they are an integral part of the total risk of the Bank.

As of March 31, 2023 and December 31, 2022, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

- 16 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Composition	03/31/2023			12/31/2022
Undrawn commitments of credit cards and checking accounts		693,868,495			814,281,350
Guarantees granted (1)		10,606,360			8,775,469
Overdraft and unused agreed commitments (1)		2,373,837			746,577
Subtotal		706,848,692			823,803,396
Less: Allowance for Expected Credit Losses (ECL)		(821,300	)		(848,191	)
Total		706,027,392			822,955,205

(1)

Includes transactions not covered by BCRA debtor classification standard. The guarantees granted include an amount of 31,303 and 44,933 as of March 31, 2023 and December 31, 2022, respectively. The Overdraft and unused agreed commitments include an amount of 159,684 and 552,065 as of March 31, 2023 and December 31, 2022, respectively.

Risks related to the abovementioned contingent transactions have been assessed and are controlled within the framework of the Bank’s credit risk policy, as described in note 45 to the consolidated Financial Statements as of December 31, 2022, already issued.

Disclosures related to the allowance for ECL are detailed in item 8.5 of note 8 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The composition of debt securities at fair value through profit or loss as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
Government securities (1)		278,158,758		249,348,304
Private securities		8,802,456		7,572,842
Total		286,961,214		256,921,146

(1)

During March 2023, the Bank decided to enter into a voluntary debt swap in terms of Article 11 of Decree No. 331/2022 of the Argentine Ministry of Economy. The instruments that entered into that swap are as follows:

Letters of National Estate in pesos adjusted by CER – Maturity: 05-19-2023 (X19Y3) for a nominal amount of 1,145,882,575.

Letters of National Estate in pesos at discount – Maturity: 05-31-2023 (S31Y3) for a nominal amount of 295,000,000.

Letters of National Estate in pesos at discount – Maturity: 04-28-2023 (S28A3) for a nominal amount of 210,000,000.

Letters of National Estate in pesos at discount – Maturity: 03-31-2023 (S31M3) for a nominal amount of 200,000,000.

Letters of National Estate in pesos adjusted by CER – Maturity: 06-16-2023 (X16J3) for a nominal amount of 159,305,395.

In addition, with almost all the instruments received, the Bank purchased put options with the BCRA. These options provide to the Bank with the opportunity to sell (put options) the underlying asset at a value established by the BCRA’s rules. In this transaction, the options could be exercised up to one day before the maturity of the underlying instrument. As of March 31, 2023, the notional value amounted to 75,638,514 (see Exhibits A and O to the condensed separate interim Financial Statements).

- 17 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

OTHER FINANCIAL ASSETS

The composition of the other financial assets as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023			12/31/2022
Sundry debtors (see note 10)		30,919,713			32,143,140
Receivables from other spot sales pending settlement		24,370,199			12,472,529
Receivables from spot sales of foreign currency pending settlement		21,026,477			19,483,787
Private securities		5,406,381			5,488,019
Receivables from spot sales of government securities pending settlement		469,531			594,779
Other		407,315			465,806
Subtotal		82,599,616			70,648,060
Less: Allowances for ECL		(110,762	)		(110,826	)
Total		82,488,854			70,537,234

Disclosures related to allowance for ECL are detailed in item 8.4 of note 8 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

LOANS AND OTHER FINANCING

The composition of loans and other financing as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023			12/31/2022
Non-financial Public Sector (1)		1,409,863			2,686,553
Other Financial Entities		1,856,903			1,128,790
Other Financial Entities		1,869,278			1,138,700
Less: allowance for ECL		(12,375	)		(9,910	)
Non-financial Private Sector and Foreign Residents		694,519,204			724,875,793
Overdrafts		53,795,511			59,953,253
Documents		100,434,421			99,545,123
Mortgage loans		71,414,283			75,359,519
Pledge loans		10,968,997			11,663,515
Personal loans		160,793,464			173,504,702
Credit cards		216,178,489			232,239,948
Financial leases		1,345,129			1,688,186
Other		93,597,984			84,305,044
Less: allowance for ECL		(14,009,074	)		(13,383,497	)
Total		697,785,970			728,691,136

(1) As explained in note 3, ECL are not calculated to public sector exposures.

- 18 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

LOSS ALLOWANCE FOR EXPECTED CREDIT LOSSES ON CREDIT EXPOSURES NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

The Bank recognizes a loss allowance for expected credit losses on all credit exposures not measured at fair value through profit or loss, like debt instruments measured at amortized cost, debt instruments measured at fair value through other comprehensive income, loan commitments and financial guarantee contracts (not measured at fair value through profit or loss), contract assets and lease receivables.

Note 11 discloses financial assets measured at fair value on a recurring basis and financial assets not recognized at fair value. This classification is made pursuant to what was detailed in note 3 “Basis for the preparation of these Financial Statements and applicable accounting standards”, to the consolidated Financial Statements as of December 31, 2022, already issued. In addition, the note 11 explains the information related to the valuation process.

Moreover, considering the temporary exclusion established by BCRA mentioned in note 3 “Applicable accounting standards” the Bank applies the impairment requirements for the recognition and measurement of a loss allowance for financial assets measured at amortized cost or at fair value through other comprehensive income, except for public sector exposures. In addition, the Bank applies the impairment requirements for guarantees granted, undrawn commitments of credit cards and checking accounts, letter of credits, which are not recognized in the consolidated statement of financial position.

For the purpose of assessing the Bank’s credit risk exposure and identifying material credit risk concentration, disclosures regarding credit risk of financial assets and items not recognized in the statement of financial position are as follows:

8.1 Loans and other financing measured at amortized cost

According to the nature of the information to be disclosed and the loan characteristics, the Bank groups them as follows:

Composition	03/31/2023			12/31/2022
Loans and other financing		711,807,419			742,084,543
Individual assessment		128,085,568			132,607,889
Collective assessment		583,721,851			609,476,654
Less: Allowance for ECL (1)		(14,021,449	)		(13,393,407	)
Total		697,785,970			728,691,136

(1) As explained in note 3, ECL are not calculated to public sector exposures.

As explained in note 45.1.3 “Additional Forward-looking allowances based on expert credit judgment”, section “Adjustment for uncertainty about conditions of accessing loans to MIPYMES”, to the consolidated Financial Statements as of December 31, 2022, already issued, the Bank decided to record an adjustment on a forward-looking basis, resulting from an estimate of the incremental effect of the allowances for ECL aimed at covering an uncertainty scenario about small and medium-sized companies credit access conditions. As of March 31, 2023 and December 31, 2022, the estimated amounts were 1,399,000 and 1,843,028, respectively.

The following table shows the credit quality and the carrying amount of credit risk, based on the Bank’s credit risk rating system, the probability of default (PD) and the year-end stage classification, taking into account what was mentioned in the previous paragraph. The amounts are presented gross of the impairment allowances.

- 19 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

		03/31/2023
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		669,896,896	18,526,986		688,423,882	96.72
High grade	0.00% - 3.50%	619,187,412	3,594,544		622,781,956	87.50
Standard grade	3.51% - 7.00%	31,564,962	3,132,122		34,697,084	4.87
Sub-standard grade	7.01% - 33.00%	19,144,522	11,800,320		30,944,842	4.35
Past due but not impaired (1)	33.01% - 99.99%	5,152,777	10,722,809		15,875,586	2.23
Impaired	100%			7,507,951	7,507,951	1.05
	Total	675,049,673	29,249,795	7,507,951	711,807,419	100
	%	94.84	4.11	1.05	100

		12/31/2022
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		706,844,418	15,321,248		722,165,666	97.32
High grade	0.00% - 3.50%	657,479,908	3,002,585		660,482,493	89.00
Standard grade	3.51% - 7.00%	29,157,764	3,708,423		32,866,187	4.43
Sub-standard grade	7.01% - 33.00%	20,206,746	8,610,240		28,816,986	3.89
Past due but not impaired (1)	33.01% - 99.99%	4,610,193	9,207,264		13,817,457	1.86
Impaired	100%			6,101,420	6,101,420	0.82
Total		711,454,611	24,528,512	6,101,420	742,084,543	100
%		95.87	3.31	0.82	100

(1)

It also includes transactions, under collective assessment, which are more than 5 days past due independently of the PD range assigned.

8.1.1 Loans on an individual assessment

The table below shows the credit quality and the debt balance to credit risk of commercial loans by grade on the Bank’s internal credit rating system, PD range and year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 45, “Credit risk” section, to the consolidated Financial Statements as of December 31, 2022, already issued.

			03/31/2023
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				123,468,086		3,001,393				126,469,479	98.74
High grade		0.00% - 3.50%		112,642,750		1,464,120				114,106,870	89.08
Standard grade		3.51% - 7.00%		4,172,450		740,759				4,913,209	3.84
Sub-standard grade		7.01% - 33.00%		6,652,886		796,514				7,449,400	5.82
Past due but not impaired		33.01% - 99.99%
Impaired		100%						1,616,089		1,616,089	1.26
Total				123,468,086		3,001,393		1,616,089		128,085,568	100
%				96.40		2.34		1.26		100

- 20 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

			12/31/2022
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				127,805,250		3,128,751				130,934,001	98.74
High grade		0.00% - 3.50%		119,430,793		1,510,630				120,941,423	91.20
Standard grade		3.51% - 7.00%		4,434,926		762,988				5,197,914	3.92
Sub-standard grade		7.01% - 33.00%		3,939,531		855,133				4,794,664	3.62
Past due but not impaired		33.01% - 99.99%
Impaired		100%						1,673,888		1,673,888	1.26
Total				127,805,250		3,128,751		1,673,888		132,607,889	100
%				96.38		2.36		1.26		100

8.1.2 Loans on a collective assessment

The table below shows the credit quality and the debt balance to credit risk of loans portfolio under collective assessment, by grade of credit risk classification based on the Bank’s internal credit rating system, PD range and year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 45, “Credit risk” section to the consolidated Financial Statements as of December 31, 2022, already issued.

			03/31/2023
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				546,428,810		15,525,593				561,954,403	96.27
High grade		0.00% - 3.50%		506,544,662		2,130,424				508,675,086	87.14
Standard grade		3.51% - 7.00%		27,392,512		2,391,363				29,783,875	5.10
Sub-standard grade		7.01% - 33.00%		12,491,636		11,003,806				23,495,442	4.03
Past due but not impaired (1)		33.01% - 99.99%		5,152,777		10,722,809				15,875,586	2.72
Impaired		100%						5,891,862		5,891,862	1.01
Total				551,581,587		26,248,402		5,891,862		583,721,851	100
%				94.49		4.50		1.01		100

- 21 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

			12/31/2022
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				579,039,168		12,192,497				591,231,665	97.01
High grade		0.00% - 3.50%		538,049,115		1,491,955				539,541,070	88.53
Standard grade		3.51% - 7.00%		24,722,838		2,945,435				27,668,273	4.54
Sub-standard grade		7.01% - 33.00%		16,267,215		7,755,107				24,022,322	3.94
Past due but not impaired (1)		33.01% - 99.99%		4,610,193		9,207,264				13,817,457	2.27
Impaired		100%						4,427,532		4,427,532	0.72
Total				583,649,361		21,399,761		4,427,532		609,476,654	100
%				95.76		3.51		0.73		100

(1)

It also includes transactions which are more than 5 days past due independently of the PD range assigned.

8.2 Other debt securities at amortized cost

For purchased corporate bonds, PD and LGD parameters calculated for loan exposures of those issuers were used. The corporate bonds’ EAD is considered equal to the debt balance.

For financial trusts at amortized cost, the criteria that was used in the calculation of ECL is based on credit risk ratings given by a credit rating agency for each type of debt securities that compose each financial trust. That is, the factor to be used will vary in relation to the holding debt securities class (A or B). It is assumed that the EAD is equal to the debt balance.

The table below shows the exposures gross of impairment allowances by stage:

	03/31/2023
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		1,225,436				1,225,436	78.88
Financial trust		328,133				328,133	21.12
Total		1,553,569				1,553,569	100
%		100				100

	12/31/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		1,264,809				1,264,809	77.11
Financial trust		375,379				375,379	22.89
Total		1,640,188				1,640,188	100
%		100				100

The related ECL for corporate bonds as of March 31, 2023 and December 31, 2022 amounted to 1,617 and 675, respectively. The ECL related to financial trusts as of March 31, 2023 and December 31, 2022 amounted to 192 and 294, respectively.

- 22 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

8.3 Government securities at amortized cost or fair value through OCI

This group includes federal government securities, provincial or BCRA instruments measured at amortized cost or fair value through OCI. For these assets, an individual assessment of the related parameters was performed. However, under domestic standards and according to Communiqué “A” 6847, no ECL was calculated for these instruments.

A breakdown of these investments and their characteristics is disclosed in note 9.

8.4 Other financial assets

The table below shows the exposures gross of impairment allowances by stage:

	03/31/2023
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		77,193,235				77,193,235		100
Total		77,193,235				77,193,235		100
%		100				100

	12/31/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		65,160,042				65,160,042		100
Total		65,160,042				65,160,042		100
%		100				100

The ECL related to these types of instruments amounted to 110,762 and 110,826 as of March 31, 2023 and December 31, 2022, respectively, including the ECL related to the payments to be collected for the transaction mentioned in note 10.

8.5 Loans commitment

The table below shows the exposures gross of impairment allowances by stage:

	03/31/2023
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		680,011,094		13,855,762		1,639		693,868,495		98.19
Guarantees granted		10,575,057						10,575,057		1.50
Overdraft and unused agreed commitments		2,214,153						2,214,153		0.31
Total		692,800,304		13,855,762		1,639		706,657,705		100
%		98.04		1.96				100

- 23 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	12/31/2022
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		801,135,914		13,143,609		1,828		814,281,351		98.92
Guarantees granted		8,730,536						8,730,536		1.06
Overdraft and unused agreed commitments		194,512						194,512		0.02
Total		810,060,962		13,143,609		1,828		823,206,399		100
%		98.40		1.60				100

The related ECL for undrawn commitments of credit cards and checking accounts as of March 31, 2023 and December 31, 2022 amounted to 756,550 and 792,778, respectively. The ECL related to guarantees granted as of March 31, 2023 and December 31, 2022 amounted to 53,997 and 55,324, respectively. The ECL related to overdraft and unused agreed commitments as of March 31, 2023 and December 31, 2022 amounted to 10,753 and 89, respectively.

In exhibit R “Value adjustment for credit losses – Allowance for uncollectibility risk”, the ECL movements by portfolio and products are also disclosed.

OTHER DEBT SECURITIES

The composition of other debt securities as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
At fair value through OCI
Government securities		75,867,434		158,837,208
Government securities – Foreign		12,951,078		9,046,311
Total at fair value through OCI (1)		88,818,512		167,883,519
At amortized cost
Central Bank of Argentina Bills		665,672,546		652,929,895
Government securities		57,948,475		60,594,002
Private securities		1,551,760		1,639,219
Central Bank of Argentina Notes				14,736,836
Total at amortized cost		725,172,781		729,899,952
Total		813,991,293		897,783,471

(1)

During January 2023, the Bank decided to enter into a voluntary debt swap in terms of Article 11 of Decree No. 331/2022 of the Argentine Ministry of Economy. The instruments that entered into that swap are as follows:

Letters of National Estate in pesos adjusted by CER – Maturity: 02-17-2023 (X17F3) for a nominal amount of 20,900,000,000.

Letters of National Estate in pesos at discount – Maturity: 02-28-2023 (S28F3) for a nominal amount of 12,893,000,000.

Letters of National Estate in pesos adjusted by CER – Maturity: 01-20-2023 for a nominal amount of 290,000,000.

As mentioned in note 5, during March 2023, the following instruments entered into the swap:

Letters of National treasury in pesos at discount – Maturity: 06-30-2023 (S3OJ3) for a nominal amount of 26,640,975,851.

- 24 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Letters of National Estate in pesos adjusted by CER – Maturity: 06-16-2023 (X16J3) for a nominal amount of 4,516,000,000.

Letters of National Estate in pesos adjusted by CER – Maturity: 05-19-2023 (X19Y3) for a nominal amount of 1,759,369,713.

In addition, with almost all the instruments received, the Bank purchased put options with the BCRA that could be exercised up to one day before the maturity of the underlying instrument (see also note 5).

10.

EQUITY INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS – PRISMA MEDIOS DE PAGO SA

On January 21, 2019, the Bank, together with the other shareholders of Prisma, accepted a purchase offer made by AI ZENITH (Netherlands) B.V. (a company related to Advent International Corporation) for the acquisition of 1,933,051 common shares of par value ARS 1 each and entitled to one vote, representing 4.6775 % of its share capital, equivalent to 51% of the Bank’s capital stock in such company.

On February 1, 2019, the Bank completed the transfer of such shares for a total purchase price of (in thousands) USD 64,542 out of which the Bank received on the date hereof (in thousands) USD 38,311 and the payment of the balance for an amount of (in thousands) USD 26,231 shall be deferred for 5 years as follows: (i) 30% of such amount in pesos adjusted by Unit of Purchasing Power (UVA, for its acronym in Spanish) at a 15% nominal annual rate; and (ii) 70% in US Dollars at a 10% nominal annual rate. The purchase price is guaranteed by the issuance of notes in favor of the Bank and pledges of the transferred shares.

During July 2019, the process to determine the final selling price of the shares of Prisma was completed and the final price was (in thousands) USD 63,456. The difference arising from a final price lower than the estimated price was deducted from the price balance, therefore there was no need for the Bank to return any amounts received. All other payment conditions were not modified and remain in full force and effect under the terms described in this note.

On October 1, 2021, the Bank, together with the other class B Shareholders of Prisma, gave notice with respect to the exercise of the existing put option and therefore started the procedure to sell the remaining 49% of the capital stock of Prisma.

As of December 31, 2021, the holding of the Bank in Prisma (equivalent to 49%), was recorded in “Equity instruments at fair value through profit or loss” determined from valuations performed by independent experts, which was adjusted in less, according to Memorandums issued by the BCRA on March 12 and 22, 2021.

On March 18, 2022, the Bank completed the transfer of all remaining shares held in Prisma in favor of AI ZENITH (Netherlands) BV, representing 4.4941% of Prisma’s capital stock.

The price of such shares is (in thousands) USD 33,018 and shall be paid as follows: (i) 30% in pesos at UVA plus a nominal annual rate of 15% that shall be paid 50% on March 18, 2027 and the remaining on March 18, 2028, and (ii) 70% in US Dollars at a nominal annual rate of 10% that shall be paid 50% on March 18, 2027 and the remaining on March 18, 2028. The profit generated for the sale of those shares is recorded in the statement of income under “Net gain from measurement of financial instruments at fair value through profit or loss”.

On the other hand, the parties agreed that: (i) the 40% of the outstanding balance of the sale of 51% mentioned in the first paragraph of this note was paid on March 30, 2022 and (ii) the remaining balance shall be paid in two installments, on January 31, 2026 and January 31, 2027, respectively.

Finally, sellers retained the usufruct (dividends) of the shares sold to be declared by Prisma for the year ended December 31, 2018, which were collected on April 26, 2019. Besides the proportion applicable to the buyer of the dividends to be reported for the following fiscal years –with the buyer’s commitment to voting in favor of the distribution of certain minimum percentages– will be used to create a guarantee trust to repay the deferred price amount through the concession by the buyer and Prisma of a usufruct over the economic rights of the shares in favor of such trust. On March 18, 2022, the agreement was amended to include 100% of the shares.

- 25 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

11.

FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

The fair value is the amount at which an asset can be exchanged, or at which a liability can be settled, in mutual independent terms and conditions between participants of the principal market (or the most advantageous market) who are duly informed and willing to transact in an orderly and current transaction, at the measurement date under the current market conditions whether the price is directly observable or estimated using a valuation technique under the assumption that the Bank is an ongoing business.

When a financial instrument is quoted in a liquid and active market, its price in the market in a real transaction provides the most reliable evidence of its fair value. Nevertheless, when there is no quoted price in the market or it cannot be evidence of the fair value of such instrument, in order to determine such fair value, the entities may use the market value of another instrument with similar characteristics, the analysis of discounted cash flows or other applicable techniques, which shall be significantly affected by the assumptions used.

Notwithstanding the above, the Bank’s Management has used its best judgment to estimate the fair values of its financial instruments; any technique to perform such estimate implies certain inherent fragility level.

Fair value hierarchy

The Bank uses the following hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:

Level 1: quoted prices (unadjusted) observable in active markets that the Bank accesses to at the measurement day for identical assets or liabilities. The Bank considers markets as active only if there are sufficient trading activities with respect to the volume and liquidity of the identical assets or liabilities and when there are binding and exercisable price quotes available at each reporting period.

Level 2: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are observable for the asset or liability, either directly or indirectly. Such inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in inactive markets and observable inputs other than quoted prices, such as interest rates and yield curves, implied volatilities, and credit spreads. In addition, adjustments to level 2 inputs may be required for the condition or location of the asset or the extent to which it relates to items that are comparable to the valued instrument. However, if such adjustments are based on unobservable inputs that are significant to the entire measurement, the Bank will classify the instruments as Level 3.

Level 3: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are not based on observable market information.

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement on a recurring basis, as of March 31, 2023 and December 31, 2022:

- 26 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	Financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2023
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		286,961,214		282,288,604		4,016,021		656,589
Derivatives financial instruments		455		234		221
Other financial assets		5,406,381		5,351,239				55,142
Financial assets delivered as guarantee		1,791,980		1,791,980
Equity instruments at fair value through profit or loss		1,072,672		190,455				882,217

At fair value through OCI
Other debt Securities		88,818,512		88,818,512
Financial assets delivered as guarantee		3,319,457		3,319,457
Total		387,370,671		381,760,481		4,016,242		1,593,948

Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		2,476,842		2,476,842
Derivatives financial instruments		100,398		100,079		319
Total		2,577,240		2,576,921		319

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2022
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		256,921,146		251,450,243		4,214,791		1,256,112
Derivatives financial instruments		52,222		23,364		28,858
Other financial assets		5,488,018		5,427,864				60,154
Equity instruments at fair value through profit or loss		1,021,892		188,046				833,846

At fair value through OCI
Other debt Securities		167,883,519		167,883,519

Total		431,366,797		424,973,036		4,243,649		2,150,112
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		640,345		640,345
Derivatives financial instruments		2,886				2,886

Total		643,231		640,345		2,886

- 27 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Description of the valuation process

The fair value of instruments categorized as Level 1 was assessed by using quoted prices effective at the end of each period or fiscal year, as applicable, in active markets for identical assets or liabilities, if representative. Currently, for most of the government and private securities, there are two principal markets in which the Bank operates: BYMA and MAE. Additionally, in the case of derivatives, both MAE and Mercado a Término de Rosario SA (ROFEX) are deemed active markets.

On the other hand, for certain assets and liabilities that do not have an active market, categorized as Level 2, the Bank used valuation techniques that included the use of market transactions performed under mutual independent terms and conditions, between interested and duly informed parties, provided that they are available as well as references to the current fair value of another instrument being substantially similar, or otherwise the analysis of cash flows discounted at rates built from market information of similar instruments.

In addition, certain assets and liabilities included in this category were valued using price quotes of identical instruments in “less active markets”.

Finally, the Bank has categorized as level 3 those assets and liabilities for which there are no identical or similar transactions in the market. To determine the market value of these instruments the Bank used valuation techniques based on own assumptions and independent appraisers’ valuations. For this approach, the Bank mainly used the cash flow discount model.

As of March 31, 2023 and December 31, 2022, the Bank has neither changed the techniques nor the assumptions used to estimate the fair value of the financial instruments.

Below is the reconciliation between the amounts at the beginning and at the end of the period or fiscal year, as applicable, of the financial assets recognized at fair value categorized as level 3:

	As of March 31, 2023
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		1,256,112			60,154			833,846
Transfers to Level 3
Transfers from Level 3
Profit and loss		195,593			(3,287	)		197,303
Recognition and derecognition		(570,178	)		10,094
Monetary effects		(224,938	)		(11,819	)		(148,932	)
Amount at the end of the period		656,589			55,142			882,217

	As of December 31, 2022
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		2,648,116			73,559			5,008,120
Transfers to Level 3
Transfers from Level 3
Profit and loss		890,158			6,164			4,377
Recognition and derecognition		(976,251	)		25,638			(3,053,093	)
Monetary effects		(1,305,911	)		(45,207	)		(1,125,558	)
Amount at the end of the fiscal year		1,256,112			60,154			833,846

- 28 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Quantitative information about Level 3 fair value measurements

The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of Level 3 principal assets measured at fair value on a recurring basis for which the Bank uses an internal model.

Range of inputs

Fair value of

Significant

03/31/2023

Level 3 Assets

Valuation

unobservable

Range of inputs

Composition

03/31/2023

technique

inputs

Low

High

Unit

Provisional Debt Securities of Financial Trusts

207,616

Income approach (discounted cash flow)

Discount rate in pesos

69.68

84.06

Corporate bonds

444,326

Income approach (discounted cash flow)

Discount rate in pesos

147.66

147.96

Range of inputs

Fair value of

Significant

12/31/2022

Level 3 Assets

Valuation

unobservable

Range of inputs

Composition

12/31/2022

technique

inputs

Low

High

Unit

Provisional Debt Securities of Financial Trusts

722,019

Income approach (discounted cash flow)

Discount rate in pesos

69.99

83.83

Corporate bonds

529,144

Income approach (discounted cash flow)

Discount rate in pesos

76.98

86.47

The table below describes the effect of changing the significant unobservable inputs to reasonably possible alternatives. Sensitivity data were calculated using a number of techniques including analyzing price dispersion of different price sources, adjusting model inputs to analyze changes within the fair value methodology.

	03/31/2023			12/31/2022
	Favorable changes	Unfavorable changes		Favorable changes	Unfavorable changes
Provisional Debt Securities of Financial Trusts	433	(416	)	1,489	(1,432	)
Corporate bonds	105	(105	)	3,191	(3,088	)

Changes in fair value levels

The Bank monitors the availability of information in the market to evaluate the classification of financial instruments into the fair value hierarchy as well as the resulting determination of transfers between levels 1, 2 and 3 at each period end.

As of March 31, 2023 and December 31, 2022, the Bank has not recognized any transfers between levels 1, 2 and 3.

Financial assets and liabilities not measured at fair value

Next follows a description of the main methods and assumptions used to determine the fair values of financial instruments not recognized at their fair value in these condensed consolidated interim Financial Statements:

- 29 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Instruments with fair value similar to the carrying amount: financial assets and liabilities that are liquid or have short-term maturities (less than three months) were deemed to have a fair value similar to the carrying amount.

Fixed and variable rate of financial instruments: the fair value of financial assets was recognized discounting future cash flows at current market rates for each period or fiscal year, as applicable, for financial instruments of similar characteristics. The estimated fair value of fixed-interest rate deposits and liabilities was assessed discounting future cash flows by using estimated interest rates for deposits or placings with similar maturities to those of the Bank’s portfolio.

For public listed assets and liabilities, or those for which the prices are reported by certain renowned pricing providers, the fair value was determined based on such prices.

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of March 31, 2023 and December 31, 2022:

	03/31/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		297,608,616		297,608,616						297,608,616
Repo transactions		39,118,052		39,118,052						39,118,052
Other financial assets		77,082,473		77,082,473						77,082,473
Loans and other financing		697,785,970						631,734,848		631,734,848
Other debt securities		725,172,781		618,271,886		81,591,491		24,657,989		724,521,366
Financial assets delivered as guarantee		32,386,968		32,386,968						32,386,968
Total		1,869,154,860		1,064,467,995		81,591,491		656,392,837		1,802,452,323

Financial liabilities
Deposits	1,464,338,267	658,383,630		804,246,861	1,462,630,491
Repo transactions	4,486,445	4,486,445			4,486,445
Other financial liabilities	153,007,216	147,932,609	5,126,960		153,059,569
Financing received from the BCRA and other financial institutions	4,507,195	4,417,755	52,551		4,470,306
Issued corporate bonds	3,286,431		3,230,273		3,230,273
Subordinated corporate bonds	86,393,588		68,977,510		68,977,510
Total	1,716,019,142	815,220,439	77,387,294	804,246,861	1,696,854,594

	12/31/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		304,439,346		304,439,346						304,439,346
Repo transactions		75,388,016		75,388,016						75,388,016
Other financial assets		65,049,216		65,049,216						65,049,216
Loans and other financing		728,691,136						635,369,471		635,369,471
Other debt securities		729,899,952		622,932,157		100,635,729		117,233		723,685,119
Financial assets delivered as guarantee		37,274,786		37,274,786						37,274,786
Total		1,940,742,452		1,105,083,521		100,635,729		635,486,704		1,841,205,954

- 30 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	12/31/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial liabilities
Deposits		1,576,914,944		790,135,906				785,491,913		1,575,627,819
Other financial liabilities		164,449,843		159,203,357		5,322,022				164,525,379
Financing received from the BCRA and other financial institutions		2,981,642		2,899,849		63,256				2,963,105
Issued corporate bonds		3,305,711				3,211,970				3,211,970
Subordinated corporate bonds		87,805,350				71,597,413				71,597,413
Total		1,835,457,490		952,239,112		80,194,661		785,491,913		1,817,925,686

12.

BUSINESS COMBINATIONS

On October 1, 2021, the Bank exercised a call option to reach 24.99% of the equity interest in Fintech SGR, being this a structured entity in which the Bank has control.

Assets acquired and liabilities assumed

The fair value of the identifiable assets and liabilities of Fintech SGR and the risk fund (“Fondo de Riesgo”), as of the date of acquisition, were as follows:

	Fair value recognized on acquisition
Composition	SGR		Risk fund
Assets		140,760		2,036,951
Cash and deposits in Banks		593		220,006
Debt Securities at fair value through profit or loss				1,475,338
Other financial assets		93,833		340,656
Property, plant and equipment		1,349
Deferred tax assets		9,402
Other non-financial assets		35,583		951
Liabilities		119,026		2,036,951
Other financial liabilities				2,018,941
Other non-financial liabilities		119,026		18,010

Net assets acquired at fair value		21,734

The goodwill generated by the acquisition of Fintech SGR amounted to 54,122.

The total consideration transferred amounted to 33,488 (not restated) and it was performed through an irrevocable capital contribution made by the Bank in order to increase the capital stock of Fintech SGR, which was approved by the Fintech SGR’s Ordinary and Special Shareholders’ Meeting involving class “A” and class “B”, held on October 18, 2021.

- 31 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

13.

INVESTMENT IN ASSOCIATES AND JOINT ARRANGEMENTS

13.1 Associates

Macro Warrants SA

The Bank holds an investment in the associate Macro Warrants SA. The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of the associate. In order to measure this investment, the Bank used accounting information of Macro Warrants SA as of December 31, 2022. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between January 1, 2023 and March 31, 2023.

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

Summarized statement of financial position	03/31/2023			12/31/2022
Total assets		138,960			154,900
Total liabilities		13,315			19,435
Shareholders’ equity		125,645			135,465
Proportional Bank’s interest		5	%		5	%
Investment carrying amount		6,282			6,773

As of March 31, 2023 and 2022, the investment carrying amount in the net income of the periods amounted to (491) and (2,210), respectively.

Play Digital SA

As explained in note 1, the Bank holds an investment in the associate Play Digital SA. The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of the associate. In order to measure this investment, the Bank used accounting information of Play Digital SA as of December 31, 2022. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between January 1, 2023 and March 31, 2023.

The following table presents the summarized financial information on the Bank’s interest in the associate:

Summarized statement of financial position	03/31/2023			12/31/2022
Total assets		4,312,277			5,260,153
Total liabilities		1,463,342			543,828
Shareholders’ equity		2,848,935			4,716,325
Effects of the irrevocable capital contributions made during 2022 pending capitalization (see note 1)					(5,595,404	)
Adjusted Shareholders’ equity		2,848,935			(879,079	)
Proportional Bank’s interest (see note 1)		9.6984	%		8.9927	%
Equity interest		276,301			(79,053	)
Irrevocable capital contribution made during 2023 and 2022 (see note 1)		347,371			593,931
Investment carrying amount		623,672			514,878

As of March 31, 2023 and 2022, the investment carrying amount in the net income of the periods amounted to (265,238) and (171,374), respectively.

- 32 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

13.2 Joint ventures

The Bank participates in the following joint ventures:

Banco Macro SA – Wordline Argentina SA Unión transitoria

On April 7, 1998, the Bank executed an agreement with Siemens Itron Services SA to organize a joint venture (UTE, for its acronym in Spanish) controlled on a joint basis through a 50% interest, the purpose of which is to facilitate a data processing center for the tax administration, to modernize the systems and tax collection processes of the Province of Salta and manage and recover municipal taxes and fees.

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

Summarized statement of financial position	03/31/2023			12/31/2022
Total assets		1,858,217			1,888,446
Total liabilities		296,647			323,594
Shareholders’ equity		1,561,570			1,564,852
Proportional Bank’s interest		50	%		50	%
Investment carrying amount		780,785			782,426

As of March 31, 2023 and 2022, the investment carrying amount in the net income of the periods amounted to 50,661 and 105,826, respectively.

Finova SA

On October 1, 2021, the Bank acquired the 50% of Finova SA. The Bank has common control over this company, as the decisions about the relevant activities require unanimous consent.

The following table presents the summarized financial information on the Bank in this company, which as explained in note 3, section 3.5 “Investment in associates and joint arrangements” to the consolidated Financial Statements as of December 31, 2022, already issued, is measured at equity method plus goodwill:

Summarized statement of financial position	03/31/2023			12/31/2022
Total assets		50,945			62,015
Total liabilities		8,287			10,088
Shareholders’ equity		42,658			51,927
Proportional Bank’s interest		50	%		50	%
Equity interest		21,329			25,964
Goodwill		59,654			59,654
Investment carrying amount		80,983			85,618

As of March 31, 2023 and 2022, the investment carrying amount in the net income of the periods amounted to (4,635) and (5,712), respectively.

14.

OTHER NON-FINANCIAL ASSETS

The composition of the other non-financial assets as of March 31, 2023 and December 31, 2022 is as follows:

- 33 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Composition	03/31/2023		12/31/2022
Investment property (see Exhibit F)		11,013,156		10,578,476
Advanced prepayments		3,244,533		2,857,808
Tax advances		666,309		1,497,483
Other		333,845		225,406
Total		15,257,843		15,159,173

15.

RELATED PARTIES

A related party is a person or entity that is related to the Bank:

	-	has control or joint control of the Bank;
	-	has significant influence over the Bank;
	-	is a member of the key management personnel of the Bank or of the parent of the Bank;
	-	members of the same group;
	-	one entity is an associate (or an associate of a member of a group of which the other entity is a member).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly. The Bank considers as key management personnel, for the purposes of IAS 24, the members of the Board of Directors and the senior management members of the Risk Management Committee, the Assets and Liabilities Committee and the Senior Credit Committee.

As of March 31, 2023 and December 31, 2022, amounts balances related to transactions generated with related parties are as follows:

	As of March 31, 2023
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SAU		Macro Fondos SGFCISA	Argenpay SAU	Fintech SGR		Associates	Key management personnel (2)		Other related parties		Total
Assets
Cash and deposits in banks		1,675													1,675
Other financial assets								2,793,910			229,199		964,632		3,987,741
Loans and other financing (3)
Documents													36,176		36,176
Overdraft											2,043		1,426,681		1,428,724
Credit cards											154,002		35,258		189,260
Lease													64,406		64,406
Personal loans											1,069				1,069
Mortgage loans											613,118				613,118
Other loans (4)				2,113,739							238,766		2,656,490		5,008,995
Guarantee granted													3,150,008		3,150,008
Total assets		1,675		2,113,739				2,793,910			1,238,197		8,333,651		14,481,172

- 34 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	As of March 31, 2023
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates		Key management personnel (2)		Other related parties		Total
Liabilities
Deposits			3,224,547		78,343		150,282		84		95,220		4,602,221		2,192,810		10,343,507
Liabilities at fair value through profit or loss															208,218		208,218
Other financial liabilities													57,366		33,368		90,734
Issued corporate bonds			49,202		211,259												260,461
Subordinated corporate bonds									205,673								205,673
Other non-financial liabilities													9,134		25,655		34,789
Total liabilities			3,273,749		289,602		150,282		205,757		95,220		4,668,721		2,460,051		11,143,382

	(1)	These transactions are eliminated during the consolidation process.
	(2)	Includes close family members of the key management personnel.
	(3)	The maximum financing amount for loans and other financing as of March 31, 2023 for Macro Securities SAU, key management personnel and other related parties amounted to 4,903,418, 1,291,187 and 9,890,238, respectively.
	(4)	It is related to Loans and other financing not disclosed in other items, mainly other loans, financing of foreign exchange transactions and loans with government securities.

	As of December 31, 2022
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SAU		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates		Key management personnel (2)		Other related parties		Total
Assets
Cash and deposits in banks		1,727																1,727
Other financial assets										3,672,708				283,068		23		3,955,799
Loans and other financing (3)
Overdraft														68,496		512,384		580,880
Credit cards														230,946		60,647		291,593
Lease																81,178		81,178
Personal loans														1,415				1,415
Mortgage loans														660,498				660,498
Other loans (4)				2,572,659										184,849		1,704,400		4,461,908
Other non-financial assets																1,874,704		1,874,704
Total assets		1,727		2,572,659						3,672,708				1,429,272		4,233,336		11,909,702

Liabilities
Deposits				3,574,433		79,556		70,773		141		103,119		5,066,181		2,799,040		11,693,243
Liabilities at fair value through profit or loss																200,378		200,378
Other financial liabilities														62,923		14,642		77,565
Issued corporate bonds				133,023		217,788												350,811
Subordinated corporate bonds										175,963								175,963
Other non-financial liabilities																24,609		24,609
Total liabilities				3,707,456		297,344		70,773		176,104		103,119		5,129,104		3,038,669		12,522,569

- 35 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

(1)

These transactions are eliminated during the consolidation process.

(2)

Includes close family members of the key management personnel.

(3)

The maximum financing amount for loans and other financing as of December 31, 2022 for Macro Securities SAU, Fintech SGR, key management personnel and other related parties amounted to 5,512,558, 3,086,490, 1,606,103 and 20,499,932, respectively.

(4)

It is related to Loans and other financing not disclosed in other items, mainly other loans, financing of foreign exchange transactions and loans with government securities.

Profit or loss related to transactions generated during the three-month periods ended March 31, 2023 and 2022 with related parties are as follows:

	As of March 31, 2023
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR			Associates			Key management personnel (2)			Other related parties			Total
Income / (loss)
Interest income			819												108,398			395,330		504,547
Interest expense												(8,177	)		(28,917	)		(20,142	)	(57,236	)
Commissions income			11,491		50				292			232			48			119,043		131,156
Commissions expense									(4,879	)					(12	)		(10,180	)	(15,071	)
Other operating income			26,066				13		422,414									18		448,511
Administrative expense																		(270,783	)	(270,783	)
Other operating expense																		(17,504	)	(17,504	)
Total Income / (loss)			38,376		50		13		417,827			(7,945	)		79,517			195,782		723,620

(1)

These transactions are eliminated during the consolidation process.

(2)

Includes close family members of the key management personnel.

	As of March 31, 2022
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates			Key management personnel (2)			Other related parties			Total
Income / (loss)
Interest income			1,851											107,082			483,347		592,280
Interest expense											(5,199	)		(30,740	)		(2,421	)	(38,360	)
Commissions income			782		51				304		72			8			24,914		26,131
Commissions expense														(10	)		(1,389	)	(1,399	)
Other operating income	2		2,374				31										16		2,423
Administrative expense																	(140,599	)	(140,599	)
Other operating expense																	(26,981	)	(26,981	)
Total Income / (loss)	2		5,007		51		31		304		(5,127	)		76,340			336,887		413,495

(1)

These transactions are eliminated during the consolidation process.

(2)

Includes close family members of the key management personnel.

Transactions generated by the Bank with its related parties for transactions arranged within the course of the usual and ordinary course of business were performed in normal market conditions, both as to interest rates and prices and as to the required guarantees.

The Bank does not have loans granted to directors and other key management personnel secured with shares.

- 36 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Total remunerations received as salary and bonus by the key management personnel as of March 31, 2023 and 2022, totaled 278,170 and 253,600, respectively.

In addition, fees received by the Directors as of March 31, 2023 and 2022 amounted to 1,004,370 and 1,004,988, respectively.

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

Composition	03/31/2023		12/31/2022
Board of Directors		21		22
Senior managers of the key management personnel		12		12
Total		33		34

16.

DEPOSITS

The composition of deposits as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
Non-financial Public Sector		111,059,915		133,847,469
Financial sector		1,910,914		2,012,780
Non-financial Private Sector and Foreign Residents		1,351,367,438		1,441,054,695
Checking accounts		167,488,304		193,705,106
Saving accounts		423,068,911		510,959,453
Time deposits		739,869,262		692,683,866
Investment accounts		1,746,973		24,936,192
Other		19,193,988		18,770,078
Total		1,464,338,267		1,576,914,944

17.

OTHER FINANCIAL LIABILITIES

The composition of the other financial liabilities as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
Credit and debit card settlement - due to merchants		76,292,074		89,487,253
Amounts payable for other spot purchases pending settlement		31,956,085		17,937,785
Amounts payable for spot purchases of foreign currency pending settlement		20,985,949		19,538,557
Payment orders pending to foreign exchange settlement		7,383,806		6,930,002
Collections and other transactions on account and behalf of others		4,528,815		3,415,738
Finance leases liabilities		2,770,865		2,392,355
Amounts payable for spot purchases of government securities pending settlement		983,717		11,906,025
Other		8,105,905		12,842,128
Total		153,007,216		164,449,843

- 37 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

18.

PROVISIONS

This item includes the amounts estimated to face a liability of probable occurrence, which if occurring, would originate a loss for the Bank.

Exhibit J “Changes in Provisions” presents the changes in provisions as of March 31, 2023 and December 31, 2022.

The expected terms to settle these obligations are as follows:

	03/31/2023
Composition	Within 12 months		Over 12 months		03/31/2023		12/31/2022
For administrative, disciplinary and criminal penalties				500		500		609
Letters of credits, guarantees and other commitments (1)		821,300				821,300		848,191
Commercial claims in progress (2)		442,804		190,198		633,002		602,100
Labor lawsuits		331,098		94,614		425,712		324,254
Pension funds - reimbursement		294,663		254,934		549,597		631,170
Other		11,861		723,974		735,835		896,370
Total		1,901,726		1,264,220		3,165,946		3,302,694

(1)

These amounts correspond to the ECL calculated for contingent transactions, which are mentioned in note 4.

(2)

See also note 40.2.

In the opinion of the Bank’s Management and its legal counsel, there are no other significant effects other than those disclosed in these condensed consolidated interim Financial Statements, the amounts and settlement terms of which have been recognized based on the current value of such estimates, considering the probable settlement date thereof.

19.

OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
Withholdings		17,089,112		19,312,503
Salaries, bonuses and payroll taxes payables		12,820,232		13,352,502
Taxes payables		9,123,373		9,387,288
Miscellaneous payables		4,159,381		3,596,632
Retirement pension payment orders pending settlement		1,140,458		1,369,362
Fees payable		289,493		835,154
Other		2,991,287		4,259,311
Total		47,613,336		52,112,752

- 38 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

20.

ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED

The following tables show the analysis of financial assets and liabilities the Bank expects to recover and settle as of March 31, 2023 and December 31, 2022:

03/31/2023	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		297,608,616
Debt securities at fair value through profit or loss				273,612,403		13,348,811
Derivative financial instruments				455
Repo transactions				39,118,052
Other financial assets		13,501,970		55,022,852		13,964,032
Loans and other financing (1)		1,531,184		502,142,109		194,112,677
Other debt securities				731,578,534		82,412,759
Financial assets delivered as guarantee		32,386,968		5,111,437
Equity instruments at fair value through profit or loss		1,072,672
Total assets		346,101,410		1,606,585,842		303,838,279

Liabilities
Deposits		647,418,860		816,887,366		32,041
Financial liabilities at fair value through profit or loss				2,476,842
Derivative financial instruments				100,398
Repo transactions				4,486,445
Other financial liabilities				149,291,036		3,716,180
Financing received from the BCRA and other financial institutions				4,507,195
Issued corporate bonds				7,585		3,278,846
Subordinated corporate bonds				2,996,807		83,396,781
Total liabilities		647,418,860		980,753,674		90,423,848

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

12/31/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		304,439,346
Debt securities at fair value through profit or loss				232,111,893		24,809,253
Derivative financial instruments				52,222
Repo transactions				75,388,016
Other financial assets		13,938,819		42,285,434		14,312,981
Loans and other financing (1)		1,772,911		522,425,531		204,492,694
Other debt securities				834,635,715		63,147,756
Financial assets delivered as guarantee		37,274,786
Equity instruments at fair value through profit or loss		1,021,892
Total assets		358,447,754		1,706,898,811		306,762,684

- 39 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

12/31/2022	Without due date		Total up to 12 months		Total over 12 months
Liabilities
Deposits		779,469,627		797,420,145		25,172
Liabilities at fair value through profit or loss				640,345
Derivative financial instruments				2,886
Other financial liabilities				160,597,154		3,852,689
Financing received from the BCRA and other financial institutions				2,981,642
Issued corporate bonds				7,898		3,297,813
Subordinated corporate bonds				1,728,867		86,076,483
Total liabilities		779,469,627		963,378,937		93,252,157

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

21.

DISCLOSURES BY OPERATING SEGMENT

For management purposes, the Bank’s Management has determined that it has only one operating segment related to the banking business. In this sense, the Bank supervises the operating segment income (loss) for the fiscal year in order to make decisions about resources to be allocated to the segment and assess its performance, which is measured on a consistent basis with the profit or loss in the Financial Statements.

22.

INCOME TAX

Inflation adjustment on income tax

Tax Reform Law 27430, amended by Laws 27468 and 27541, established the following, regarding inflation adjustment on income tax for the fiscal years beginning on January 1, 2018:

Such adjustment will be applicable in the fiscal year in which the variation of the CPI is higher than 100% for the thirty-six months before the end of the tax period.

ii)

Regarding the first, second and third fiscal year after its effective date, this procedure will be applicable if the variation of the abovementioned index, calculated from the beginning until the end of each of those fiscal years exceeds 55%, 30% and 15% for the first, second and third fiscal years of application, respectively.

iii)

The positive or negative inflation adjustment, as the case may be, corresponding to the first, second and third fiscal years beginning on January 1, 2018, shall be allocated one third in the fiscal year for which the adjustment is calculated and the remaining two thirds in equal parts in the following two immediate fiscal years.

iv)

The positive or negative inflation adjustment, corresponding to the first and second fiscal years beginning on January 1, 2019, shall be allocated one sixth to the fiscal year in which the adjustment is determined and the remaining five sixth in the following immediate fiscal years.

For fiscal years beginning on January 1, 2021, 100% of the adjustment may be deducted in the year in which it is determined.

As of March 31, 2023 and December 31, 2022, all the conditions established by the income tax Law to practice the inflation adjustment are met and the current and deferred income tax was recognized, including the effects of the application of the inflation adjustment on income taxes established by Law (see section “Fiscal years 2019 and 2020” and “Fiscal year 2021” of this note).

Income tax rate

On June 16, 2021, through Decree No. 387/2021, Law No. 27630 was issued. This law established for fiscal years beginning on or after January 1, 2021, a progressive tax rates scheme of 25%, 30% and 35% which will be applied, on a progressively basis, to the taxable accumulated net profit at the end of each fiscal year.

- 40 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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

Description	03/31/2023			03/31/2022
Current income tax expense		4,782,208			1,076,359
Loss for deferred income taxes		388,185			1,974,417
Monetary effects		397,203			168,544
Income tax loss recorded in the statement of income		5,567,596			3,219,320
Income tax gain recorded in other comprehensive income		(353,031	)		(342,081	)
Total		5,214,565			2,877,239

Fiscal years 2019 and 2020

As decided by the Board of Directors in the meeting held on May 11, 2020, considering certain case law on the matter assessed by its legal counsel and tax advisors, on May 26 of that year, the Bank filed with the Administración Federal de Ingresos Públicos (AFIP, for its acronym in Spanish) its annual income tax return considering the total effect of the inflation adjustment on income tax (see section a) iv) of this note). As a result, the current income tax determined by Banco Macro SA for fiscal year 2019 amounted to 7,002,124 (not restated). The same criterion was applied to determine the annual income tax report for 2020, which generated accrued income tax for Banco Macro SA for such fiscal year that amounted to 9,933,210 (not restated).

In addition, on July 23, 2021, the Bank filed a reimbursement action with the AFIP requesting that 254,305 (not restated) paid as income tax for the 2020 tax period be reimbursed.

As to the tax periods mentioned in previous paragraphs, on November 1, 2021, the AFIP notified the beginning of an income tax audit, which is in progress.

Along with the filings mentioned in the first paragraph of this section, on December 28, 2021, the Bank filed petitions for declaratory judgment with the Federal Administrative Contentious Court for the periods under analysis. The file 22274/2021, for the fiscal year 2019, is in process in Court No. 12 and the file 22278/2021, for the fiscal year 2020, is in process in Court No. 1.

Fiscal year 2021

On October 17, 2022, Banco Macro SA filed a reimbursement action with the AFIP requesting that 382,189 paid as income tax for the 2021 tax period be reimbursed.

On January 3, 2023, the AFIP notified the beginning of an income tax audit related to the abovementioned fiscal year, which is in progress.

Reimbursement actions – Fiscal years 2013 to 2017 and 2018

On October 24, 2019, Banco Macro SA filed with the AFIP-DGI (Argentine tax authorities) two reimbursement actions under the terms established by the first paragraph of section 81, Law No. 11683 requesting the reimbursement of 4,782,766 and 5,015,451 (not restated amounts) paid to tax authorities as income tax during tax periods 2013 through 2017 and 2018, respectively, arising from the impossibility to apply the adjustment for inflation and other adjustment mechanisms set forth by Income Tax Law (prior to the amendments introduced by Laws No. 27430 and 27468 for periods 2013 through 2017, and as revised in 2019 and amended for the 2018 tax period), plus the related compensatory interest (SIGEA [case and file management system] files No. 19144-14224/2019 and 19144-14222/2019). Since tax authorities have not yet issued a resolution with respect to the abovementioned claims, on August 7, 2020, the Bank filed both reimbursement requests under the terms of section 81, Law No. 11683 with the Federal Contentious and Administrative Trial Courts, which are pending in Courts No. 8 and 2 of such jurisdiction, respectively (cases No. 11285/2020 and 11296/2020). Currently, in connection with the file for the fiscal year 2018, the evidence stage is closed and the process for allegation was delivered.

- 41 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

In connection with the tax periods mentioned in the previous paragraph, on December 19, 2019, the AFIP notified the beginning of the income tax audit for the 2018 tax period, and on May 3, 2021, it notified the beginning of the income tax audit for periods 2013 through 2017. On October 4, 2021, the AFIP ended the audit for periods 2013 through 2017 as the Bank had exercised in due time its right to resort to justice, and that the admission of reimbursement is subject to a court decision.

23.

COMMISSIONS INCOME

Composition	03/31/2023		03/31/2022
Performance obligations satisfied at a point in time
Commissions related to obligations		13,691,824		12,866,215
Commissions related to credit cards		7,973,631		7,583,910
Commissions related to insurance		1,309,301		1,334,386
Commissions related to securities value		575,383		437,825
Commissions related to trading and foreign exchange transactions		513,177		495,325
Commissions related to loans and other financing		79,665		94,871
Commissions related to financial guarantees granted		1,800		1,149
Performance obligations satisfied over certain time period
Commissions related to credit cards		107,867		197,230
Commissions related to trading and foreign exchange transactions		20,578		18,047
Commissions related to loans and other financing		18,721		103
Commissions related to obligations		464		468
Total		24,292,411		23,029,529

24.

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

Composition	03/31/2023		03/31/2022
Translation of foreign currency assets and liabilities into pesos		36,453,833		5,792,020
Income from foreign currency exchange		219,302		511,028
Total		36,673,135		6,303,048

25.

OTHER OPERATING INCOME

Composition	03/31/2023		03/31/2022
Services		3,140,650		2,746,765
Adjustments and interest from other receivables		919,766		627,392
Adjustments from other receivables with CER clauses		548,863		249,100
Other receivables for financial intermediation		126,864		413,698
Sale of investment in properties and other non-financial assets				26,320
Other		979,703		2,709,198
Total		5,715,846		6,772,473

- 42 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

26.

EMPLOYEE BENEFITS

Composition	03/31/2023		03/31/2022
Remunerations		15,818,782		13,626,686
Payroll taxes		4,023,266		3,141,905
Compensations and bonuses to employees		2,839,197		2,502,635
Employee services		786,866		773,038
Total		23,468,111		20,044,264

27.

ADMINISTRATIVE EXPENSES

Composition	03/31/2023		03/31/2022
Taxes		1,978,033		1,763,252
Maintenance, conservation and repair expenses		1,803,579		1,818,055
Armored truck, documentation and events		1,624,523		1,589,065
Other fees		1,261,671		1,039,156
Security services		1,114,330		1,168,002
Electricity and communications		1,065,393		1,112,569
Software		782,341		863,733
Advertising and publicity		476,443		518,560
Fees to directors and syndics		470,190		563,983
Representation, travel and transportation expenses		240,102		135,957
Stationery and office supplies		104,460		78,158
Insurance		96,506		135,241
Hired administrative services		83,485		78,128
Leases		45,736		57,127
Other		503,681		343,748
Total		11,650,473		11,264,734

28.

OTHER OPERATING EXPENSES

Composition	03/31/2023		03/31/2022
Turnover tax		13,993,971		11,339,648
From credit cards		5,149,418		4,886,225
Charges for other provisions		661,986		874,105
Deposit guarantee fund contributions		606,291		561,131
Other adjustments and interests for miscellaneous obligations		479,168		111,900
Insurance claims		229,513		109,893
Donations		206,448		255,985
Taxes		46,214		144,843
Loss from sale or impairment of investment in properties and other non-financial assets		45,101
Other		2,418,283		2,396,513
Total		23,836,393		20,680,243

- 43 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

29.

ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

The statement of cash flows presents the changes in cash and cash equivalents derived from operating activities, investing activities and financing activities during the period. For the preparation of the statement of cash flows, the Bank adopted the indirect method for operating activities and the direct method for investment activities and financing activities.

The Bank considers as “Cash and cash equivalents” the item Cash and deposits in banks and those financial assets that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

For the preparation of the statement of cash flows the Bank considered the following:

Operating activities: the normal revenue-producing activities of the Bank as well as other activities that cannot qualify as investing or financing activities.

Investing activities: the acquisition, sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.

Financing activities: activities that result in changes in the size and composition of the shareholders’ equity and liabilities of the Bank and that are not part of the operating or investing activities.

The table below presents the reconciliation between the item “Cash and cash equivalents” in the statement of cash flows and the relevant accounting items of the statement of financial position:

Reconciliation	03/31/2023		12/31/2022		03/31/2022		12/31/2021
Cash and deposits in banks		297,608,616		304,439,346		358,603,033		408,645,920
Debt Securities at fair value through profit or loss						180,776		11,524
Other debt securities		656,850,517		607,387,102		437,742,936		325,054,467
Loans and other financing		1,044,942		1,078,113		1,133,625		1,218,235
Total		955,504,075		912,904,561		797,660,370		734,930,146

30.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2020 to March 31, 2023, amounted to 639,413. The capital stock composition is detailed in Exhibit K to the condensed separate interim Financial Statements.

31.

EARNINGS PER SHARE - DIVIDENDS

Basic earnings per share were calculated by dividing net profit attributable to common shareholders of the Bank by the weighted average number of common shares outstanding during the period.

To determine the weighted average number of common shares outstanding during the period, the Bank used the number of common shares outstanding at the beginning of the period adjusted, if applicable, by the number of common shares bought back or issued during the period multiplied by the number of days that the shares were outstanding in the period. Note 30 provides a breakdown of the changes in the Bank’s capital stock.

The calculation of basic earnings per share is disclosed in the table of Earnings per share included in the condensed consolidated interim statement of income. See additionally note 41.

- 44 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Dividends paid and proposed

During 2020 and 2021, the BCRA issued Communiqués that suspended the payment of earnings distributions resolved by the Shareholders’ Meetings. As a consequence of the abovementioned suspensions, as of December 31, 2021 dividends pending distribution amounted to 26,580,415 (not restated), which had been approved by the Shareholders’ Meetings held on April 30 and October 21, 2020 and April 30, 2021.

On December 16, 2021, the BCRA issued Communiqué “A” 7421, which established as follows: (i) from January 1, 2022, through December 31, 2022, financial institutions will be allowed to distribute up to 20% of the amount of earnings that should have been distributed if the “Earnings distributions” rules had been applied, and (ii) financial institutions that have the BCRA’s authorization for the earnings distributions have to perform it in 12 equal, monthly and consecutive installments.

On May 12, 2022, the BCRA approved the dividends distribution requested by the Bank in accordance with the Communiqué mentioned in the previous paragraph for an amount of 19,751,444 (not restated), which were paid during the fiscal year ended December 31, 2022 according to the schedule. Additionally, the balance of the dividends approved pending to be paid because they exceed the abovementioned limit, amounted to 6,828,971 (not restated).

Moreover, the Shareholders’ Meeting held on April 29, 2022, resolved to distribute cash dividends or dividends in kind, in this case, measured at market value for an amount of 14,187,873 (not restated), representing 22,18 pesos per share, subject to prior authorization from the BCRA which, added to the dividends still to be paid because they exceed the abovementioned limited, amounted to 21,016,844 (not restated) and were recorded in a “Reserve for dividends pending authorization from the BCRA”. Through Communiqué “A” 7719 issued on March 9, 2023, the BCRA established that from April 1, 2023 up to December 31, 2023, financial institutions, which have the BCRA’s authorization, will be allowed to distribute up to 40% of the amount of earnings that should have been distributed if the “Earnings distributions” rules had been applied, in 6 equal, monthly and consecutive installments.

Finally, the Shareholders’ Meeting held on April 25, 2023, decided to distribute a cash dividend and/or a dividend in kind, in this case measured at market value, for an amount of 75,040,918, representing 117.36 pesos per share, prior to BCRA authorization. On May 12, 2023 the BCRA authorized this earning distribution that shall be paid in 6 equal, monthly and consecutive installments. See also note 41.

32.

DEPOSIT GUARANTEE INSURANCE

Law No, 24485 and Decree No, 540/1995 created the Deposit Guarantee Insurance System, which was featured as a limited, compulsory and onerous system, aimed at covering the risks of bank deposits, as subsidiary and supplementary to the deposit privilege and protection system established under the Financial Entities Law. The abovementioned legislation also provided for the incorporation of Sedesa with the exclusive purpose of managing the Deposit Guarantee Fund (DGF), Sedesa was incorporated in August 1995.

Banco Macro SA holds a 7.6859% interest in the capital stock of Sedesa according to the percentages disclosed by BCRA Communiqué “B” 12503 on March 22, 2023.

All deposits in pesos and foreign currency placed in participating entities in the form of checking accounts, savings accounts, certificates of deposits or other forms of deposit that the BCRA may determine from time to time shall be subject to the abovementioned Deposit Guarantee Insurance System up to the amount of 6,000 which must meet the requirements provided for in Presidential Decree 540/1995 and other requirements that the regulatory authority may determine from time to time.

On the other hand, the BCRA provided from the exclusion of the guarantee system, among others, of any deposits made by other financial entities, deposits made by persons related to the Bank and securities deposits.

- 45 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

33.

RESTRICTED ASSETS

As of March 31, 2023 and December 31, 2022, the following Bank’s assets are restricted:

Composition		03/31/2023		12/31/2022
Cash and Deposits in Banks
·	Fondo de Riesgo Fintech SGR – Deposits in other entities (1).		760		71
Subtotal Cash and Deposits in Banks			760		71

Debt securities at fair value through profit or loss and other debt securities
·	Fondo de Riesgo Fintech SGR – Debt securities at fair value through profit or loss and other debt securities (1).		4,167,968		5,771,399
·	Federal government bonds in dual currency at discount - Maturity: 07/21/2023 as of March 31, 2023 and Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023, as of December 31, 2022, for the contribution to the Guarantee Fund II in BYMA according to section 45, Law 26831, and supplementary regulations established by CNV standards (NT 2013, as amended).		1,186,478		18,127
·	Letters of National Estate at discount in pesos – Maturity 05/31/2023 as of March 31, 2023 and Letters of National Estate in pesos adjusted by CER – Maturity: 02/17/2023, as of December 31, 2022.		134,926		181,284
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033 for the minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the Argentine Securities Commission (CNV).		109,535		113,036
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of March 31, 2023 and Federal Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, securing the sectoral Credit Program of the Province of San Juan, production investment financing fund.		37,388		101,426
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of March 31, 2023 and Federal Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, securing the regional economies Competitiveness Program – IDB loan No. 3174/OC-AR.		3,944		41,002
	Subtotal debt securities at fair value through profit or loss and other debt securities		5,640,239		6,226,274

Other financial assets
·	Interests derived from contributions made as protector partner (2).		2,420,625		2,938,082
·	Mutual fund shares for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/13, as amended, of the CNV.		171,037		177,061
·	Fondo de Riesgo Fintech SGR – Mutual fund shares (1).		269,290		146,690
·	Sundry debtors – Other.		98,736		10,697
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,007
	Subtotal Other financial assets		2,960,515		3,273,537

Loans and other financing – non-financial private sector and foreign residents
·	Fondo de Riesgo Fintech SGR – Loans and other financing (1).		14,100		6,208
	Subtotal loans and other financing		14,100		6,208

- 46 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Composition (contd.)		03/31/2023		12/31/2022
Financial assets delivered as a guarantee
·	Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities.		25,642,754		30,219,506
·	For securities forward contracts		5,111,437
·	Guarantee deposits related to credit and debit card transactions.		4,578,586		4,922,325
·	Other guarantee deposits.		2,165,628		2,132,955
	Subtotal Financial assets delivered as guarantee		37,498,405		37,274,786

Other non-financial assets
·	Real property related to a call option sold.		2,988,435		2,989,930
·	Fondo de Riesgo Fintech SGR – Other non-financial assets (1).		2,413		15,774
	Subtotal other non-financial assets		2,990,848		3,005,704
Total			49,104,867		49,786,580

(1)

According to Law 24467, as amended, and Fintech SGR By-Law, this entity has a risk fund (“Fondo de Riesgo”) which its main objective is to cover the guarantees granted to the protector partners and third parties. The assets of the risk fund could only be applied to partners withdrawals, to cover guarantees and other direct expenses.

(2)

As of March 31, 2023 and December 31, 2022, it is related to the risk fund Fintech SGR and Garantizar SGR. 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.

34.

TRUST ACTIVITIES

The Bank is related to several types of trusts, The different trust agreements according to the business purpose sought by the Bank are disclosed below:

34.1 Financial trusts for investment purposes

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

In addition, the Bank’s portfolio is completed with financial trusts for investment purposes, trust securities of definitive financial trusts in public and private offering (Secubono, Confibono, Supercanal and Solidario de Infraestructura Nasa IV) and certificates of participation (Arfintech).

As of March 31, 2023 and December 31, 2022, debt securities and certificates of participation in financial trusts for investment, amounted to 635,897 and 1,157,552, respectively.

According to the latest accounting information available as of the date of issuance of these condensed consolidated interim Financial Statements, the corpus assets of the trusts exceed the carrying amount in the related proportions.

- 47 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

34.2. Trusts created using financial assets transferred by the Bank (securitization)

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. Through this way the funds that were originally used by the Bank to finance the loans are obtained earlier.

As of March 31, 2023 and December 31, 2022, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim Financial Statements, the assets managed through Macro Fiducia SAU (subsidiary) of this type of trusts amounted to 1,953 and 14,218, respectively.

34.3. 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 non-compliance.

Trusts usually act as conduits to collect cash from the debtor’s flow of operations and send such cash 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 non-compliance or delays by the debtor in the obligations assumed with the beneficiary, the trustee shall not execute the guarantee and all excess amounts as to the value of the obligations are reimbursed by the trustee to the debtor.

As of March 31, 2023 and December 31, 2022, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim Financial Statements, the assets managed by the Bank amounted to 2,889,215 and 3,312,662, respectively.

34.4. Trusts in which the Bank acts as Trustee (Management)

The Bank, through its subsidiaries, performs management duties of the corpus assets directly according to the agreements, performing only trustee duties and has no other interests in the trust.

In no case shall the Trustee be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements. The fees earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.

Trusts usually manage funds derived from the activities performed by trustors, for the following main purposes:

Guaranteeing, in favor of the beneficiary the existence of the resources required to finance and/or pay certain obligations, such as the payment of amortization installments regarding work or service certificates, and the payment of invoices and fees stipulated in the related agreements.

Promoting the production development of the private economic sector at a provincial level.

Being a party to public work concession agreements granting road exploitation, management, keeping and maintenance.

As of March 31, 2023 and December 31, 2022, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim Financial Statements, the assets managed by the Bank amounted to 18,984,749 and 21,681,349, respectively.

- 48 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

35.

COMPLIANCE WITH CNV REGULATIONS

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

35.1.1 Operations of Banco Macro SA

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV rules (as per General Resolution No, 622/2013, as amended), the Bank is registered with this agency as agent for the custody of collective investment products of mutual funds (AC PIC FCI, for their acronyms in Spanish) – Comprehensive Depositary company, clearing and settlement agent and trading agent (ALyC and AN – comprehensive, for their acronyms in Spanish) and Guarantee Entity (in the process of being registered), and is registered in the “List of Authorized companies to guarantee capital market instruments”.

Additionally, the Bank’s shareholders’ equity as of March 31, 2023 stated in UVAs amounted to 2,898,708,425 and exceeds the minimum amount required by such regulation for the different categories of agents in which the Bank is registered, amounting to 470,350 UVAs as of that date, and the minimum required statutory guarantee account of 235,175 UVAs, which the Bank paid-in with government securities as described in note 33 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

35.1.2 Operations of Macro Securities SAU

Considering the current operations of this subsidiary, and according to the provisions established by CNV effective as of the approval of General Resolution No, 622/2013, as amended, issued by such agency, such Company is registered under the following categories: clearing and settlement agent, trading agent, comprehensive trading agent and mutual investment funds placement and distribution agent and comprehensive mutual investment funds placement and distribution agent (ALyC, AN – comprehensive, ACyD FCI and ACyDI FCI).

Additionally, the shareholders’ equity of such Company as of March 31, 2023 stated in UVAs amounted to 62,756,239 and exceeds the minimum amount required by such regulation, amounting to 470,350 UVAs and the minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders’ equity, which the Company paid-in with mutual fund shares. Moreover, as result of the Company acting as “ACyD FCI and ACyDI FCI” an amount of 163,500 UVAs will be added to minimum Shareholder’s equity.

35.1.3 Operations of Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión SA

Additionally, the shareholders’ equity of this Company as of March 31, 2023 stated in UVAs amounted to 18,999,680 and exceeds the minimum amount required by such regulation, amounting to 150,000 UVAs plus 20,000 UVAs per each additional mutual fund it manages. The minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders’ equity, which the Company paid-in with mutual fund shares.

35.1.4 Operations of Macro Fiducia SAU

Considering the current operations of this subsidiary and according to the provisions established by CNV effective as of the approval of General Resolution 622/2013, as amended, issued by such agency, such Company is registered as financial trustee agent and non-financial trustee agent,

Additionally, the shareholders’ equity of such Company as of March 31, 2023 stated in UVAs amounted to 1,038,997 an exceeds the minimum amount required by General Resolution 795 established in 950,000 UVAs. The minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders’ equity, which the Company paid-in with mutual fund shares.

- 49 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

35.2 Documents in custody

As a general policy, the Bank delivers for custody to third parties the documentary support of its aged accounting and management operations, i.e. those whose date is prior to the last fiscal year-end, except for the Inventory Book, in which aging is deemed to include those with a date prior to the five fiscal years ended. In compliance with CNV General Resolution No, 629 requirements, the Bank has placed (i) the Inventory Books for fiscal years ended up to and including December 31, 2017, and (ii) certain documentation supporting the economic transactions for fiscal years ended up to and including December 31, 2017, under the custody of the following companies: AdeA Administradora de Archivos SA (warehouse located at Ruta 36, km 31,5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración de Documentos SA (warehouse located at Avenida Circunvalación Agustín Tosco with no number, Colectora Sur, between Puente San Carlos and Puente 60 blocks, Province of Córdoba and Avenida Luis Lagomarsino 1750, formerly Ruta 8 Km 51,200, Pilar, Province of Buenos Aires).

In addition, the documentary support on a digital format is protected on the Bank’s servers.

35.3 As depositary of mutual funds

As of March 31, 2023 Banco Macro SA, in its capacity as depositary company, holds in custody the shares in mutual funds subscribed by third parties and assets from the following mutual funds:

Funds	Number of shares		Equity
Argenfunds Abierto Pymes		3,247,988,309		14,651,935
Argenfunds Ahorro Pesos		131,172,740		3,359,436
Argenfunds Gestión Pesos		100,000		100
Argenfunds Infraestructura		32,143,884		59,932
Argenfunds Inversión Dólares		1,000		177
Argenfunds Inversión Pesos		1,700,000,000		1,936,696
Argenfunds Liquidez		8,634,473,795		34,183,863
Argenfunds Renta Argentina		159,037,501		3,473,175
Argenfunds Renta Balanceada		588,876,842		7,455,322
Argenfunds Renta Capital		17,625,973		3,747,571
Argenfunds Renta Crecimiento		4,166,026		841,036
Argenfunds Renta Dinámica		86,093,838,394		5,798,519
Argenfunds Renta Fija		299,024,867		10,374,659
Argenfunds Renta Flexible		136,970,768		1,113,531
Argenfunds Renta Global		201,719,347		2,025,639
Argenfunds Renta Mixta		1,199,757,949		1,798,617
Argenfunds Renta Mixta Plus		1,545,519		279,901
Argenfunds Renta Pesos		81,087,140		2,176,455
Argenfunds Renta Total		548,961,979		1,477,932
Argenfunds Renta Variable		272,791,751		21,757
Argenfunds Retorno Absoluto		202,139,415		1,068,283
Pionero Acciones		16,212,910		2,460,415
Pionero Ahorro Dólares		12,365,169		2,427,416
Pionero Argentina Bicentenario		424,876,097		3,223,015

- 50 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Funds (contd.)	Number of shares		Equity
Pionero Capital		376,276,153		929,729
Pionero Crecimiento		1,145,554,437		1,348,976
Pionero Desarrollo		5,742,658,493		8,259,625
Pionero Empresas FCI Abierto Pymes		210,915,095		2,803,001
Pionero FF		56,968,862		2,390,850
Pionero Gestión		2,001,934,552		7,198,628
Pionero Infraestructura		330,550,968		357,451
Pionero Pesos		1,472,303,114		31,630,097
Pionero Pesos Plus		16,164,757,669		208,878,306
Pionero Renta		57,166,197		9,182,628
Pionero Renta Ahorro		331,661,894		17,259,364
Pionero Renta Ahorro Plus		571,103,803		4,644,021
Pionero Renta Balanceado		9,686,522,033		19,590,715
Pionero Renta Estratégico		702,511,445		6,933,704
Pionero Renta Fija Dólares		3,031,214		439,949
Pionero Renta Mixta I		93,274,749		1,322,850
Pionero Retorno		3,837,907		5,422

36.

ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for March 2023 are listed below, indicating the amounts as of month-end of the related items:

Items	Banco Macro SA
Cash and deposits in banks
Amounts in BCRA accounts		181,264,323
Other debt securities
Government securities computable for the minimum cash requirements		221,602,623
Financial assets delivered as guarantee
Special guarantee accounts with the BCRA		25,642,754
Total		428,509,700

- 51 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

37.

PENALTIES APPLIED TO THE ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE BCRA

BCRA Communiqué “A” 5689, as supplemented and amended, requires financial institutions to disclose in their Financial Statements certain information regarding summaries and penalties received from certain regulatory authorities, regardless of the amounts involved and the final conclusions of each case.

There follows a description of the situation of Banco Macro SA as of March 31, 2023:

Summary proceedings filed by the BCRA

Financial summary proceedings: No. 1496 dated 02/24/2016.

Reason: control observations over subsidiaries. Penalty amount: 30,608 (not restated).

Proceeding filed against: Banco Macro SA and the Members of the Board of Directors (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito, Juan Pablo Brito Devoto, Luis Carlos Cerolini, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Constanza Brito and Emanuel Antonio Alvarez Agis).

Status: On 04/07/2016, the Bank filed the defenses and evidence on the BCRA, on 05/18/2016 the Bank requested on behalf of Mr. Delfín Jorge Ezequiel Carballo the resolution of the motion for lack of standing to be sued. On 09/09/2020, the BCRA filed Resolution No. 132/20 (notified on 02/22/2021) which acquitted Delfín Jorge Ezequiel Carballo and imposed a fine to the Bank and other responsible directors. On 03/01/2021 the Bank paid the fines. On 03/15/2021 the Bank filed a direct appeal against such resolution to the BCRA, which will be decided at Courtroom I of the Federal Civil and Commercial Court of Appeals (CNACAF, for its acronym in Spanish). The fine imposed on Mr. Jorge Horacio Brito was abrogated due to his passing. On 02/09/2023 the CNACAF issued a sentence, dismissing the direct appeals, with cost. Against such resolution, the Bank filed a Federal extraordinary appeal. As of the date of issuance of these condensed consolidated interim Financial Statements, this proceeding is pending resolution.

Criminal foreign exchange summary proceedings: No. 7642 dated 10/18/2021.

Reason: Supposed non-compliance with article 1 incs. e) and f) of the Criminal Foreign Exchange Regime (TO by Decree No, 480/95), together with points 5, 9, 15 and 18 of BCRA Communiqué “A” 6770, and points 1.2 and 5.3 of the BCRA Communiqué “A” 6844.

Responsibles: Banco Macro SA, Foreign Exchange Team Leader (Alfredo Muscari), head of Foreign Exchange and Banking Operations manager (Eduardo Roque Covello) and Compliance manager (Gustavo Emilio Pessagno).

Status: On 12/29/2021, Banco Macro SA and the natural persons subject to summary proceedings filed their joint defenses, offering evidence and requesting an acquittal. On 03/15/2022, the BCRA dismissed the previous defenses performed by the Bank and the rest of the responsibles who, on 03/25/2022, filed an extraordinary appeal and a nullity request which was dismissed by the BCRA. Against such resolution, on 04/25/2022 a complaint appeal was filed to the Economic Federal Court, Courtroom No. 5, which dismissed the abovementioned appeal and submitted the file to an administrative area to continue with the proceeding. On 04/04/2023, the Bank filed a Defense Statement, being closed the evidence stage. As of the date of issuance of these condensed consolidated interim Financial Statements, the file is still pending.

Penalties imposed by the Financial Information Unit (UIF)

File: No. 248/2014 (UIF Note Presidency 245/2013 11/26/2013) dated 07/30/2014.

Reason: alleged deficiencies in preparing certain “Reports on suspicious transactions (ROS)” due to cases of infringement detected in certain customer files. Penalty amount: 330 (not restated).

Penalty imposed on: Banco Macro SA, the members of the Board and those in charge of anti-money laundering regulation compliance (Luis Carlos Cerolini –both as Compliance Officer and Director- and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Emanuel Antonio Alvarez Agis, Marcos Brito and Rafael Magnanini, as Directors of Banco Macro SA).

Status: on 12/26/2016 the UIF passed Resolution No. 164/16 imposing fines on those responsible and issuing a favorable decision on the plea of lack of capacity to be sued lodged by Messrs. Carballo and Magnanini. On 01/26/2017 the fines imposed were paid. Against such resolution, the Bank and the individuals liable filed direct appeals, which will be decided at Room III of the CNACAF. Such appeals were dismissed through a final sentence dated 07/18/2019. On 08/15/2019, the Bank filed a federal extraordinary appeal which was dismissed through resolution dated 09/26/2019. On 10/03/2019 the Bank filed a complaint appeal before Argentine Supreme Court (CSJN, for its acronym in Spanish) which, as of the date of issuance of these condensed consolidated interim Financial Statements, is still pending resolution.

Additionally, there are pending summary proceedings before the CNV and the UIF, as described below:

File: No. 1480/2011 (CNV Resolution No. 17529) dated 09/26/2014.

Reason: potential non-compliance with the obligation to inform a “Significant Event”. Penalty amount: 500 (not restated).

- 52 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Persons subject to summary proceedings: Banco Macro SA, the members of the Board, the regular members of the Statutory Audit Committee and the person/s responsible for market relations (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Luis Carlos Cerolini, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Daniel Hugo Violatti, Ladislao Szekely, Santiago Marcelo Maidana and Herman Fernando Aner).

Status: on 10/28/2014 the Bank and the persons involved filed their defenses offering evidence and requesting their acquittal. On 08/03/2015 the term to produce evidence was closed and on 08/19/2015 the defendants lodged their memorials. On 03/04/2021, the Board of Directors of the CNV filed a resolution dismissing the nullity and imposing a fine to the Bank jointly and severally with its Directors at the moment when the facts where investigated. Against such resolution, on 05/03/2021 a direct appeal was filed. In December 2021, the CNV referred the proceedings to the Federal Civil and Commercial Court of Appeals (CNACCF, for its acronym in Spanish), under the file number 14633/2021, styled “Szekely, Ladislao et al v, CNV on appealed administrative resolution” which as of the date of issuance of these condensed consolidated interim Financial Statements, is pending.

File: No. 137/2015 (UIF Resolution No. 136/2017) dated 12/19/2017.

Reason: alleged breach to the contents of the Code of Procedure applicable to Anti-money Laundering and Terrorism Financing as Settlement and Clearing Agent at the time of an inspection of the CNV and to the Internal Audit Process referred to in its capacity as comprehensive settlement and clearing agent (UIF Resolution No. 229/2011, as amended), Penalty amount: 50 (not restated).

Persons subject to summary proceedings: Banco Macro SA, members of the Management Body during the period that is the subject matter of these summary proceedings (Jorge Horacio Brito, Jorge Pablo Brito, Juan Pablo Brito Devoto, Constanza Brito, Marcos Brito, Delfín Jorge Ezequiel Carballo, Delfín Federico Ezequiel Carballo, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Emmanuel Antonio Alvarez Agis, Nicolás Alejandro Todesca, Carlos Alberto Giovanelli, José Alfredo Sanchez, Martín Estanislao Gorosito, Roberto Julio Eilbaum, Mario Luis Vicens, Nelson Damián Pozzoli, Luis María Blaquier, Ariel Marcelo Sigal, Alejandro Eduardo Fargosi, Juan Martin Monge Varela and Luis Cerolini in his double capacity as Compliance Officer and member of the Management Body).

Status: on 04/23/2019, UIF passed Resolution No, 41, whereby it resolved the lack of responsibility of Mr. Juan Martín Monge Varela, Luis Maria Blaquier and Mario Luis Vicens, and also imposed fines to the rest liable. On 05/15/2019 the imposed fines were paid and on 06/12/2019, the Bank, its Board of Directors and its statutory audits filed a direct appeal against such resolution, requesting a repeal of the penalty imposed. The file was submitted to Courtroom V of CNACAF. On 05/11/2021, such Courtroom issued a sentence dismissing the direct appeal filed by the Banco Macro SA and against that on 05/26/2021, this Bank filed a federal extraordinary appeal. On 12/09/2021 the CNACAF decided to allow the imposed Extraordinary appeal submitted the file to the CSJN on 02/03/2022. As of the date of issuance of these condensed consolidated interim Financial Statements, the CSJN had not issued a decision on the appeal filed.

File: No. 1208/2014 (UIF Resolution No. 13/2016) dated 1/15/2016.

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

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

Status: on 05/17/2018 UIF passed resolution No, 13/2016, whereby it filed the summary proceedings related to observations over an overall inspection performed by the BCRA. On 06/15/2018, the liable parties filed their defenses. On 07/02/2018, the UIF sustained the lack of capacity to be sued by Delfín Jorge Ezequiel Carballo, discarding his responsibility in this summary proceeding. On 01/08/2021 UIF filed Resolution No. 80 which imposed a fine to the Bank and the other liable parties. On 01/26/2021 through the BCRA account, the fine was paid for an amount of 60 (not restated). On 03/02/2021, against such resolution, a direct appeal was filed to CNACAF which was dismissed. On 08/27/2021 a Federal extraordinary appeal against such decision was filed. On 10/07/2021, the CNACAF dismissed the extraordinary appeal filed, passing the complaint appeal to CSJN. As of the date of issuance of these condensed consolidated interim Financial Statements, the petition file has not been resolved by the CSJN.

File: No. 379/2015 (UIF Resolution No. 96/2019) dated 09/17/2019.

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

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

- 53 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Status: On 10/02/2019, Banco Macro SA and the liable individuals were notified about the initiation of the proceedings. On 10/31/2019, the Bank and the individuals subject to summary proceedings filed their defense. On 01/07/2020, the party hearing the summary proceedings considered the defense filed and deferred the motion to dismiss for lack of capacity to be sued and statute of limitations upon issuing an opinion about the substance of the case. The administrative terms were suspended due to the social and preventive lockdown declared in the country due to the Covid-19 pandemic (DNU 297/2020), up to and including 11/29/2020. On 11/30/2020, terms were resumed (DNU 876/2020). On 03/02/2021, the passing of Mr. Jorge Horacio Brito was informed and the lapse of the action against him was requested. In addition, as part of the BCRA summary proceedings styled “File No, 100889/15 – Banco Macro SA, Summary Proceedings No. 1496”, Resolution No. 2020-132-E-GDEBCRA-SEFYC#BCRA was issued, whereby penalties were imposed on Banco Macro SA and the parties subject to those proceedings, currently pending before the CNACAF, Courtroom I (File No. 3784/2021). The transactions for which the parties are investigated have already been subject to penalties in the abovementioned BCRA summary proceedings; therefore, there cannot be simultaneous penalties based on the same subject matter. As a result, a request was made to prevent the application of all types of penalties to the parties subject to the summary proceedings. On 08/18/2021, it was resolved to set the case for the production of evidence. As of the date of issuance of these condensed consolidated interim Financial Statements, the case is on the final report stage.

Although the penalties described above do not involve material amounts, as of the date of issuance of these condensed consolidated interim Financial Statements, the total amount of monetary penalties received, pending payment due to any appeal lodged by the Bank, amounts to 500 and was recognized according to the BCRA Communiqués “A” 5689 and 5940, as amended and supplemented.

The Bank’s Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above mentioned judicial proceedings.

38.

CORPORATE BONDS ISSUANCE

The corporate bonds liabilities recorded by the Bank are as follows:

Corporate Bonds	Original value			Residual face value as of 03/31/2023		03/31/2023		12/31/2022
Subordinated Resettable – Class A	USD	400,000,000	(1)	USD	400,000,000		86,393,588		87,805,350
Non-subordinated – Class E	USD	17,000,000	(2)	USD	17,000,000		3,286,431		3,305,711
Total							89,680,019		91,111,061

On April 26, 2016, the general regular shareholders’ meeting approved the creation of a Global Program for the Issuance of Medium-Term Debt Securities, in accordance with the provisions of Law No. 23576, as amended and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US dollars), or an equal amount in other currencies or power units, under which it is possible to issue simple corporate bonds, not convertible into shares in one or more classes. Also, on April 28, 2017, the General and Special Shareholder’ Meeting resolved to extend the maximum amount of the abovementioned Global Program up to USD 1,500,000,000 (one thousand five hundred millions US dollars), and on April 27, 2018, the abovementioned Shareholders’ Meeting resolved to increase the maximum amount of the Global Program for the Issuance of Corporate Bonds, in face value, from USD 1,500,000,000 to USD 2,500,000,000 or an equal amount in other currencies, as determined by the Board of Directors in due time. Finally, on October 20, 2021 due to a Board of Director resolution, the Bank required from the CNV a five-year extension of the abovementioned program, which was approved by the Regulator through a note issued on December 15, 2021.

(1)

On November 4, 2016, under the abovementioned Global Program, the Bank issued Subordinated Resettable Corporate Bonds, class A, at a fixed rate of 6.750% p.a. until reset date, fully amortizable upon maturity (November 4, 2026) for a face value of USD 400,000,000 (four hundred million US dollars), under the terms and conditions set forth in the pricing supplement dated October 21, 2016. Interest is paid semiannually on May 4 and November 4 of every year and the reset date was November 4, 2021.

- 54 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

As of the date of issuance of these condensed consolidated interim Financial Statements, the reset rate was established until the maturity date at 6.643% as a result of the benchmark reset rate plus 546.3 basis points, according to the abovementioned terms and conditions. As the Bank had not exercised the option to fully or partially redeem the issuance on the reset date and under the conditions established in the pricing supplement, it was established up to maturity.

On the other hand, it could be fully redeemed, not partially, and only for tax or regulatory purposes. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.

(2)

On May 2, 2022, under the abovementioned Global Program, the Bank issued Class E non-subordinated simple corporate bonds not convertible into shares, for a face value of USD 17,000,000 at a fixed rate of 1.45%, fully amortizable upon maturity (May 2, 2024), under the terms and conditions set forth in the price supplement dated April 21, 2022. Interest is paid quarterly on August 2, 2022, November 2, 2022, February 2, 2023, May 2, 2023, August 2, 2023, November 2, 2023, February 2, 2024, and May 2, 2024.

At any time, according to the current regulations, particularly the BCRA’s foreign exchange regulations, the Bank may opt to redeem, Class E Corporate Bonds in full, not partially, at a price equal to (a) 102% of the outstanding principal if the Bank decides to make the redemption from the date of issuance and settlement through the term of 9 months therefrom, including the last business day; (b) 101% of outstanding principal if the Bank decides to make the redemption within the term starting 9 months after the date of issuance and settlement until the Class E maturity date, in all cases, along with the additional amount and accrued and unpaid interest, excluding the redemption date.

39.

OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank maintains different off balance sheet transactions, pursuant to the BCRA standards. The composition of the amounts of the main off balance sheet transactions as of March 31, 2023 and December 31, 2022, is as follows:

Composition	03/31/2023		12/31/2022
Custody of government and private securities and other assets held by third parties		885,417,668		882,521,600
Preferred and other collaterals received from customers (1)		219,887,175		228,250,998
Outstanding checks not yet paid		26,511,086		24,277,255
Checks already deposited and pending clearance		21,465,705		20,485,754

(1)

Related to collaterals used to secure loans transactions and other financing, under the applicable rules in force on this matter.

40.

TAX AND OTHER CLAIMS

40.1

Tax claims

The AFIP and tax authorities of the relevant jurisdictions have reviewed the tax returns filed by the Bank related to income tax, minimum presumed income tax and other taxes (mainly turnover tax), As a result, there are claims pending at court and/or administrative levels, either subject to discussion or appeal, The most significant claims are summarized below:

AFIP’s challenges against the income tax returns filed by former Banco Bansud SA (for the fiscal years from June 30, 1995, through June 30, 1999, and for the irregular six-month period ended December 31, 1999) and by former Banco Macro SA (for the fiscal years ended from December 31, 1998, through December 31, 2000).

- 55 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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

The AFIP’s ex-officio undocumented expenses determinations for the periods February, April, May 2015 and from July 2015 through January 2018, both included of date April 19, 2021, On October 5, 2021, the Bank filed an appeal to the Federal Tax Court which is in process in Courtroom B, Office 6, under file 2021-96970075.

Ex-officio turnover tax determinations in progress and/or adjustments, as a withholding agent and over municipal fees, pending resolution by the tax authorities of certain jurisdictions.

The Bank’s Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the abovementioned proceedings other than those disclosed in these condensed consolidated interim Financial Statements.

40.2

Other claims

Before merging with and into the Bank, Banco Privado de Inversiones SA (BPI) had a pending class action styled “Adecua v, Banco Privado de Inversiones on ordinary proceedings”, File No. 19073/2007, pending with Commercial Court No. 3 in and for the CABA, Clerk’s Office No. 5, whereby it was required to reimburse to its clients the life insurance amounts overcharged to amounts payable as well as to reduce the amounts charged in this regard in the future; this legal proceeding was concluded upon the abovementioned merger because BPI complied in full with the terms of the court-approved agreement reached with Adecua before answering the complaint. However, in March 2013, when BPI had already been merged with and into the Bank, the trial court resolved to amend the terms of the agreement and ordered the reimbursement of amounts of money to a larger number of clients as compared to the number arising from the terms approved by the court in due time. Such resolution was appealed by the Bank as BPI’s surviving company. The appeal was dismissed by the Court of Appeals, which abrogated both the trial court decision and the court-approved agreement, thus ordering the Bank to answer the complaint. This gave rise to the filing of an extraordinary appeal against such decision as well as the subsequent filing of a complaint for the extraordinary appeal denied. On May 5, 2021, the Bank was notified of the dismissal of the complaint appeal, ordering the return of the main process to the CNACAF for continuing with the proceedings, who also submitted them to the trial court, which received them on 09/27/2021 and were requested as effectum vivendi in proceedings “Estado Nacional – Ministerio Producción de la Nación c/ Asociación de Defensa de los Consumidores y Usuarios de la R.A y otros s/Ordinario” (File No. 6757/2013), in which the Bank is not a party, by the commercial court, clerk’s office No. 11. As of the date of issuance of these condensed consolidated interim Financial Statements, resolution is still pending.

Moreover, the Bank is subject to a class actions for the same purpose, currently pending with Commercial Court No. 7 in and for the CABA, Clerk’s Office No. 13, styled Unión de Usuarios y Consumidores v, Nuevo Banco Bisel on ordinary proceedings, File No. 44704/2008.

There are also other class actions initiated by consumer protection associations in relation to the collection of certain commissions and/or financial charges or practices and certain withholdings made by the Bank to individuals as CABA stamp tax withholding agent.

41.

RESTRICTION ON DIVIDENDS DISTRIBUTION

According to BCRA regulations, 20% of Banco Macro SA income for the year, without including Other comprehensive income, for the year plus/less prior-year adjustments and less accumulated losses as for the prior year-end, if any, should be allocated to the legal retained earnings.

- 56 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Through Communiqué “A” 6464, as amended, the BCRA establishes the general procedure to distribute earnings. According to that procedure, earnings may only be distributed if certain circumstances are met, such as no records of financial assistance from the BCRA due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies and not being subject to the provisions of sections 34 and 35 bis of the Financial Entities Law (sections dealing with tax payment and restructuring agreements and reorganization of the Bank), among other conditions listed in the abovementioned communiqué that must be met. In addition, the earnings distribution approved by the Shareholders’ Meeting of the Bank could only be formalized once the Superintendence of Financial and Foreign Exchange Institutions approved it.

Additionally, profits may only be distributed to the extent that the financial institution has positive results, after deducting, on a non-accounting basis, from retained earnings and the optional reserves for the future distribution of profits, (i) the amounts of the legal and other earnings reserves which are mandatory, (ii) all debit amounts of each one of the accounting items recognized in “Other Comprehensive Income”, (iii) income from of the revaluation of property, plant and equipment, intangible assets and investment property, (iv) the positive net difference between the amortized cost and the fair value of government debt instruments and/or monetary regulation instruments issued by the BCRA for those instruments recognized at amortized cost, (v) the adjustments identified by the Superintendence of Financial and Exchange Entities of the BCRA or by the independent external auditor and that have not been recognized in the accounting records and (vi) certain franchises granted by the BCRA. Moreover, no profit distributions shall be made out of the profit originated as a result of the first-time application of the IFRS, for which a normative reserve was created, and its balance as of March 31, 2023 was 26,053,296 (nominal value: 3,475,669).

The Bank must verify that, after completion of the earning distribution, a capital maintenance margin equal to 3.5% of risk-weighted assets is kept, apart from the minimum capital required by law, to be integrated by Tier 1(Con1) ordinary capital, net of deductible items (CDCOn1).

According to BCRA Communiqué “A” 7312, the earning distribution was suspended up to December 31, 2021. Through Communiqué “A” 7421, effective since January 1 and up to December 31, 2022, the BCRA allowed financial institutions, which had its authorization, to distribute their earnings up to 20% of the amount that would have been distributed in 12 equal, monthly and consecutive installments.

In addition, through Communiqué “A” 7659 the BCRA suspended the earnings distribution from January 1, 2023 up to December 31, 2023. Finally, through Communiqué “A” 7719, the BCRA established that from April 1, 2023 up to December 31, 2023, financial institutions, which have the BCRA’s authorization, will be allowed to distribute up to 40% of the amount of earnings that should have been distributed if the “Earnings distributions” rules had been applied, in 6 equal, monthly and consecutive installments.

Pursuant to CNV General Resolution No. 622, the Shareholders’ Meeting in charge of analyzing the annual Financial Statements will be required to decide on the application of the Bank’s retained earnings, such as the actual distribution of dividends, the capitalization thereof through the delivery of bonus shares, the creation of earnings reserves additional to the legal earnings retained or a combination of any of these applications.

In compliance with the previous comments, the General Regular Shareholders’ Meeting of Banco Macro SA held on April 29, 2022 considering that at the end of the fiscal year ended December 31, 2021, the Bank recorded a negative adjustment to unappropriated retained earnings as of December 31, 2021 for 8,920,325 (not restated) because the monetary effect accrued in relation to monetary items measured at fair value through other comprehensive income had been recorded in the previous period, resolved to distribute the unappropriated retained earnings for 18,202,171 (not restated) as follows (the abovementioned figures are stated in constant pesos as of December 31, 2021):

3,640,434 to the legal reserve;

373,864 to the Personal Asset Tax on Business Companies (Impuesto sobre los Bienes Personales Sociedades y Participaciones), and;

14,187,873 to pay a cash dividend and/or a dividend in kind, in the latter case valued at market value, prior BCRA authorization.

For further information, see note 31.

- 57 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

As it is also mentioned in note 31, the Shareholders’ Meeting of Banco Macro SA held on April 25, 2023 decided to applied the unappropriated retained earnings for an amount of 43,175,125 (not restated) as follows (the abovementioned figures are stated in constant pesos as of December 31, 2022):

8,607,704 to the legal reserve;

808,505 to the Personal Asset Tax on Business Companies (Impuesto sobre los Bienes Personales Sociedades y Participaciones), and;

33,758,916 to a Facultative reserve for future distribution of earnings.

In addition, the shareholders decided to partially applied the Facultative reserve for future distribution of dividends up to 75,040,918 to pay cash dividends and/or a dividend in kind prior to BCRA authorization. On May 12, 2023 the BCRA authorized this earning distribution that shall be paid in 6 equal, monthly and consecutive installments.

42.

CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

As a financial institution, Banco Macro SA is governed by Financial Entities Law No. 21526, as supplemented, and the regulations issued by the BCRA and, is exposed to intrinsic risks related to the financial industry. Moreover, the Bank adheres to the good banking practices laid out in BCRA Communiqué “A” 5201 (Financial Entities Corporate Governance Guidelines). Detailed explanations about the main aspects related to capital management, corporate governance transparency policy and risk management related to the Bank, are disclosed in note 45 to the consolidated financial statements as of December 31, 2022, already issued.

Additionally, the table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of March 2023, together with the integration thereof (computable equity) as of the end of such month:

Item	03/31/2023
Minimum capital requirements		123,584,765
Computable equity		643,566,219
Capital surplus		519,981,454

43.

CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKETS

During the second half of 2019, in a political context of federal general elections which gave rise to a change in the federal authorities and generated a period with significative volatility for the market values of government and private financial instruments and a process of rescheduling maturities and swaps of certain government debt instruments started, In addition, material increases were observed in the country’s risk and in the exchange rate between the Argentine peso and the US dollar.

Subsequently, among other regulations, relevant modifications to the tax regulation system were introduced, including changes in the income tax, withholdings related to foreign exchange transactions and for the acquisition of foreign currency for hoarding purposes, and material restrictions to the exchange market access were also established.

At the same time, the government’s debt restructuring process continued under domestic and foreign legislation, including several voluntary swaps and the reached agreements regarding the country’s indebtedness with the International Monetary Fund and the Paris Club, among others. In particular, during March 2023, it was established that the jurisdictions, entities and funds related to the National Public Sector must proceed to the sale or auction of their holdings of certain national government securities denominated and payable in US dollars under domestic legislation. In turn, it was provided that the certain holdings of securities under foreign legislation held by such jurisdictions, entities and funds must be delivered in exchange to the National Treasury for the government securities issued. Finally, the issuance of government securities payable in Pesos of the National Treasury was authorized up to the amount necessary for the exchange.

- 58 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Particularly, regarding to the price of US dollar, since the end of 2019, the gap between the official price of the US dollar -used mainly for foreign trade- and the alternative values that arise through the stock market operation and also with respect to the unofficial value, began to widen around 105% as of the date of issuance of these condensed consolidated interim Financial Statements.

In addition, the local and international macroeconomic context generates certain degree of uncertainty regarding its future progress, considering the residual effects of the pandemic declared for Coronavirus (COVID – 19) that recently has significantly affected the domestic and international economy activity and the military conflict between Russia and Ukraine in the level of the global economic recovery.

Therefore, the Bank’s Management permanently monitors any changes in the abovementioned situations in international and local markets, to determine the possible actions to adopt and to identify the possible impact on its financial situation that may need to be reflected in the future Financial Statements.

44.

EVENTS AFTER REPORTING PERIOD

No other significant events occurred between the end of the period and the issuance of these condensed consolidated interim Financial Statements that may materially affect the financial position or the profit and loss of the period, not disclosed in these condensed consolidated interim Financial Statements.

45.

ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These condensed consolidated interim Financial Statements are presented in accordance with the accounting framework established by the BCRA, as mentioned in note 3. These accounting standards may not conform to accounting principles generally accepted in other countries.

- 59 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

COMMERCIAL	03/31/2023		12/31/2022
In normal situation		134,767,686		134,976,186
With senior “A” collateral and counter-collateral		14,459,047		17,530,660
With senior “B” collateral and counter-collateral		20,039,846		22,353,221
Without senior collateral or counter-collateral		100,268,793		95,092,305

Troubled		1,576,047		1,704,999
With senior “A” collateral and counter-collateral				87,445
With senior “B” collateral and counter-collateral		943,508		1,126,659
Without senior collateral or counter-collateral		632,539		490,895

With high risk of insolvency		796,584		981,502
With senior “A” collateral and counter-collateral				106,001
With senior “B” collateral and counter-collateral		701,156		723,413
Without senior collateral or counter-collateral		95,428		152,088

Subtotal Commercial		137,140,317		137,662,687

- 60 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

CONSUMER AND MORTGAGE	03/31/2023		12/31/2022
Performing		576,897,604		605,349,836
With senior “A” collateral and counter-collateral		37,389,618		40,195,991
With senior “B” collateral and counter-collateral		32,426,022		36,061,811
Without senior collateral or counter-collateral		507,081,964		529,092,034

Low risk		5,790,951		4,698,956
With senior “A” collateral and counter-collateral		99,493		72,282
With senior “B” collateral and counter-collateral		148,375		102,943
Without senior collateral or counter-collateral		5,543,083		4,523,731

Low risk - in special treatment		41,507		35,772
Without senior collateral or counter-collateral		41,507		35,772

Medium risk		3,741,935		3,216,924
With senior “A” collateral and counter-collateral		10,693		22,384
With senior “B” collateral and counter-collateral		96,713		83,024
Without senior collateral or counter-collateral		3,634,529		3,111,516

High risk		2,884,763		2,450,581
With senior “A” collateral and counter-collateral		18,833		27,642
With senior “B” collateral and counter-collateral		44,283		95,246
Without senior collateral or counter-collateral		2,821,647		2,327,693

Irrecoverable		1,294,355		1,098,094
With senior “A” collateral and counter-collateral		36,960		37,341
With senior “B” collateral and counter-collateral		203,541		173,743
Without senior collateral or counter-collateral		1,053,854		887,010

Subtotal consumer and mortgage		590,651,115		616,850,163
Total		727,791,432		754,512,850

- 61 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

This exhibit discloses the contractual figures as established by the BCRA. The conciliation with the condensed consolidated interim Financial Statements is listed below:

	03/31/2023			12/31/2022
Loans and other financing		697,785,970			728,691,136
Added:
Allowances for loans and other financing		14,021,449			13,393,407
Adjustment amortized cost and fair value		1,901,910			2,053,755
Debt securities of financial trust - Measured at amortized cost		328,133			375,379
Corporate bonds		1,225,436			1,264,809
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(260,676	)		(190,684	)
Guarantees provided and contingent liabilities		12,789,210			8,925,048
Total computable items		727,791,432			754,512,850

- 62 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	03/31/2023			12/31/2022
Number of customers	Cut off balance		% of total portfolio	Cut off balance	% of total portfolio
10 largest customers		33,533,450	4.61	26,497,685	3.51
50 next largest customers		46,375,616	6.37	48,740,632	6.46
100 next largest customers		36,367,958	5.00	39,871,862	5.28
Other customers		611,514,408	84.02	639,402,671	84.75

Total (1)		727,791,432	100.00	754,512,850	100.00

(1) See reconciliation in Exhibit B.

- 63 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Remaining terms to maturity
Item	Matured	Up to 1 month	Over 1 month and up to 3 months	Over 3 months and up to 6 months	Over 6 months and up to 12 months	Over 12 months and up to 24 months	Over 24 months	Total
Non-financial government sector	108	1,018,497	129,178	97,797	173,868	266,766	117,222	1,803,436
Financial sector		659,446	563,679	151,495	324,159	587,285	295,160	2,581,224
Non-financial private sector and foreign residents	4,143,261	285,613,418	119,338,328	104,992,754	124,116,240	149,415,669	169,045,094	956,664,764
Total	4,143,369	287,291,361	120,031,185	105,242,046	124,614,267	150,269,720	169,457,476	961,049,424

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Remaining terms to maturity
Item	Matured	Up to 1 month	Over 1 month and up to 3 months	Over 3 months and up to 6 months	Over 6 months and up to 12 months	Over 12 months and up to 24 months	Over 24 months	Total
Non-financial government sector	131	1,648,831	699,673	126,652	227,625	356,324	210,481	3,269,717
Financial sector		59,792	80,530	680,100	247,739	372,186	113,705	1,554,052
Non-financial private sector and foreign residents	4,235,856	319,707,969	88,577,945	107,656,796	136,155,720	145,802,403	184,541,566	986,678,255
Total	4,235,987	321,416,592	89,358,148	108,463,548	136,631,084	146,530,913	184,865,752	991,502,024

This exhibit discloses the contractual future cash flows that include interest and charges to be accrued until maturity of the contracts.

- 64 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original							Depreciation of the period							Residual
Item	value at beginning of fiscal year	Total life estimated in years	Increases	Decreases	Transfers	Difference for conversion		Accumulated	Transfers	Decrease	Difference for conversion		Of the period	At the end	value at the end of the period
Cost
Real property	115,893,655	50	26,101	24,757				13,795,028		2,989			649,983	14,442,022	101,452,977
Furniture and facilities	17,995,447	10	147,583					9,122,836			1		373,233	9,496,070	8,646,960
Machinery and equipment	26,127,969	5	484,995			301		18,663,294			(51	)	842,029	19,505,272	7,107,993
Vehicles	3,499,775	5	358,011	94,140		(290	)	2,777,228		78,658	(9	)	89,367	2,787,928	975,428
Other	1,008	3				3		399			2		83	484	527
Work in progress	1,578,160		924,356												2,502,516
Right of use real property	9,887,015	5	269,363			(1,061	)	6,623,118			(631	)	417,155	7,039,642	3,115,675
Right of use furnitore		5	653,674										29,744	29,744	623,930
Total property, plant and equipment	174,983,029		2,864,083	118,897		(1,047	)	50,981,903		81,647	(688	)	2,401,594	53,301,162	124,426,006

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original								Depreciation for the fiscal year								Residual
Item	value at beginning of fiscal year	Total life estimated in years	Increases	Decreases	Transfers		Difference for conversion		Accumulated	Transfers		Decrease	Difference for conversion		For the fiscal year	At the end	value at the end of the fiscal year
Cost
Real property	113,651,848	50	724,939	148,719	1,665,587				11,424,070	(95,593	)	25,556			2,492,107	13,795,028	102,098,627
Furniture and facilities	15,678,113	10	503,518	2,013	1,816,049		(220	)	7,723,905	5		669	(177	)	1,399,772	9,122,836	8,872,611
Machinery and equipment	22,299,100	5	2,555,107	6,806	1,280,788		(220	)	15,395,067	(1,869	)	6,523	(556	)	3,277,175	18,663,294	7,464,675
Vehicles	3,168,690	5	547,732	214,859	(11,209	)	9,421		2,598,256	(851	)	140,410	17		320,216	2,777,228	722,547
Other	2,117	3					(1,109	)	1,008				(1,288	)	679	399	609
Work in progress	3,761,309		3,298,619		(5,481,768	)											1,578,160
Right of use real property	8,952,159	5	1,055,723	117,099			(3,768	)	4,997,070			72,665	(309	)	1,699,022	6,623,118	3,263,897
Total property, plant and equipment	167,513,336		8,685,638	489,496	(730,553	)	4,104		42,139,376	(98,308	)	245,823	(2,313	)	9,188,971	50,981,903	124,001,126

- 65 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT F

(Continued)

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original						Depreciation of the period					Residual
Item	Value at beginning of fiscal year	Useful life estimated in years	Increases	Decreases	Transfers	Difference for conversion	Accumulated	Transfers	Decrease	Of the period	At the end	value at the end of the period
Cost
Leased properties	482,814	50					72,992			1,818	74,810	408,004
Other investment properties	10,508,195	50	509,884	22,215		2	339,541		11,259	62,432	390,714	10,605,152
Total investment property	10,991,009		509,884	22,215		2	412,533		11,259	64,250	465,524	11,013,156

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original								Depreciation for the fiscal year						Residual
Item	Value at beginning of fiscal year	Useful life estimated in years	Increases	Decreases	Transfers (1)		Difference for conversion		Accumulated	Transfers (1)		Decrease	For the fiscal year	At the end	value at the end of the fiscal year
Cost
Leased properties	547,782	50	1,408		(66,376	)			19,789	46,791			6,412	72,992	409,822
Other investment properties	1,668,753	50	12,144,601	32,042	(3,273,112	)	(5	)	134,434	(6,939	)	2,796	214,842	339,541	10,168,654
Total investment property	2,216,535		12,146,009	32,042	(3,339,488	)	(5	)	154,223	39,852		2,796	221,254	412,533	10,578,476

(1)

During the fiscal year 2022, under this item transfers were made to Non-current assets held for sale.

- 66 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT G

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original									Depreciation of the period									Residual
Item	Value at beginning of fiscal year		Useful life estimated in years		Increases		Decreases		Transfers	Accumulated		Transfers	Decrease		Of the period		At the end		value at the end of the period
Cost
Licenses		13,587,482		5		638,187					9,514,924					587,969		10,102,893		4,122,776
Other intangible assets		47,313,235		5		2,368,196		49			30,155,960			49		1,839,922		31,995,833		17,685,549
Total intangible assets		60,900,717				3,006,383		49			39,670,884			49		2,427,891		42,098,726		21,808,325

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original											Depreciation for the fiscal year											Residual
Item	Value at beginning of fiscal year		Useful life estimated in years		Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		For the fiscal year		At the end		value at the end of the fiscal year
Cost
Licenses		11,881,161		5		1,596,769				109,552			7,267,933		4,110			0		2,242,881		9,514,924		4,072,558
Other intangible assets		38,565,308		5		8,885,867		40,851		(97,089	)		23,249,772		(1,620	)		1,599		6,909,407		30,155,960		17,157,275
Total intangible assets		50,446,469				10,482,636		40,851		12,463			30,517,705		2,490			1,599		9,152,288		39,670,884		21,229,833

- 67 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	03/31/2023				12/31/2022
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		143,085,667		9.77		187,038,290		11.86
50 next largest customers		165,208,059		11.28		160,587,317		10.18
100 next largest customers		64,766,012		4.42		74,940,249		4.75
Other customers		1,091,278,529		74.53		1,154,349,088		73.21
Total		1,464,338,267		100.00		1,576,914,944		100.00

- 68 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		1,289,880,439		193,877,023		8,694,582		2,546,840		73,772		3,656		1,495,076,312
From the non-financial government sector		104,232,312		7,365,016		1,228,071		5,922				1,697		112,833,018
From the financial sector		1,910,914												1,910,914
From the non-financial private sector and foreign residents		1,183,737,213		186,512,007		7,466,511		2,540,918		73,772		1,959		1,380,332,380
Liabilities at fair value through profit or loss		2,476,842												2,476,842
Derivative instruments		89,905				10,493								100,398
Repo transactions		4,506,489												4,506,489
Other financial institutions		4,506,489												4,506,489
Other Financial Liabilities		147,945,283		475,510		467,536		853,193		1,381,477		3,045,436		154,168,435
Financing received from the Central Bank of Argentina and other financial institutions		1,279,204		1,366,228		1,596,443		342,195						4,584,070
Issued corporate bonds				11,656		12,050		24,100		3,308,753				3,356,559
Subordinated corporate bonds				2,771,222				2,771,222		5,542,442		94,517,710		105,602,596
Total		1,446,178,162		198,501,639		10,781,104		6,537,550		10,306,444		97,566,802		1,769,871,701

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

- 69 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		1,444,759,137		138,213,256		24,046,390		2,315,537		14,967		44,846		1,609,394,133
From the non-financial government sector		131,216,146		4,120,592		1,241,301		5,474						136,583,513
From the financial sector		2,012,780												2,012,780
From the non-financial private sector and foreign residents		1,311,530,211		134,092,664		22,805,089		2,310,063		14,967		44,846		1,470,797,840
Liabilities at fair value through profit or loss		640,345												640,345
Derivative instruments		2,087		799										2,886
Other Financial Liabilities		159,193,079		518,923		471,192		896,566		1,491,979		3,446,239		166,017,978
Financing received from the Central Bank of Argentina and other financial institutions		355,923		629,914		1,968,281		54,742						3,008,860
Issued corporate bonds				12,142		11,746		24,283		3,346,251				3,394,422
Subordinated corporate bonds						2,860,143		2,860,143		5,720,285		97,550,528		108,991,099
Total		1,604,950,571		139,375,034		29,357,752		6,151,271		10,573,482		101,041,613		1,891,449,723

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

- 70 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Amounts at beginning of				Decreases			Monetary effects generated by
Item	fiscal year		Increases		Reversals	Charge off		provisions			03/31/2023
Provisions for eventual commitments		848,191		130,005					(156,896	)		821,300
For administrative, disciplinary and criminal penalties		609							(109	)		500
Other		2,453,894		531,981			184,068		(457,661	)		2,344,146
Total provisions		3,302,694		661,986			184,068		(614,666	)		3,165,946

CONSOLIDATED CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Amounts at beginning of				Decreases			Monetary effects generated by
Item	fiscal year		Increases		Reversals	Charge off		provisions			12/31/2022
Provisions for eventual commitments		808,846		584,330					(544,985	)		848,191
For administrative, disciplinary and criminal penalties		1,183							(574	)		609
Other		3,082,576		3,198,936			2,173,221		(1,654,397	)		2,453,894
Total provisions		3,892,605		3,783,266			2,173,221		(2,199,956	)		3,302,694

- 71 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY AMOUNTS

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Item	03/31/2023										12/31/2022
	Total parent company and local		Total per currency								Total
	branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		241,283,112		239,310,116		1,358,616		48,734		565,646		256,409,440
Debt securities at fair value through profit or loss (1)		278,146,212		278,146,212								216,605,816
Other financial assets		21,092,214		21,091,617		597						19,080,693
Loans and other financing		52,030,005		52,030,005								43,750,843
From the non-financial private sector and foreign residents		52,030,005		52,030,005								43,750,843
Other debt securities		39,937,827		39,937,827								65,534,438
Financial assets delivered as guarantee		5,869,154		5,855,551		13,603						5,962,315
Equity Instruments at fair value through profit or loss		196,243		196,243								194,041
Total assets		638,554,767		636,567,571		1,372,816		48,734		565,646		607,537,586
Liabilities
Deposits		204,698,469		204,244,093		454,376						208,187,885
Non-financial government sector		8,063,278		8,063,278								7,502,481
Financial sector		1,651,080		1,651,080								1,703,400
Non-financial private sector and foreign residents		194,984,111		194,529,735		454,376						198,982,004
Liabilities at fair value through profit or loss		2,476,842		2,476,842								640,345
Other financial liabilities		20,880,261		20,582,399		257,941				39,921		19,597,252
Financing from Central Bank of Argentina and other financial institutions		4,456,171		4,456,171								2,918,700
Issued corporate bonds		3,286,431		3,286,431								3,305,711
Subordinated corporate bonds		86,393,588		86,393,588								87,805,350
Other non-financial liabilities		131,926		131,926								65,813
Total liabilities		322,323,688		321,571,450		712,317				39,921		322,521,056

(1)

Mainly includes, Federal government bonds in dual currency at discount to 189,676,015 and Federal government treasury bonds linked to dolar linked dollar is 71,614,348.

- 72 -

Carlos A. Giovanelli
Vice Chairperson

		EXHIBIT Q

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(Translation of the Financial Statements originally issued in Spanish – See Note 45)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Net financial Income / (Loss)
	Mandatory measurement
Items	Quarter ended 03/31/2023			Quarter ended 03/31/2022
For measurement of financial assets at fair value through profit or loss
Gain from government securities		12,908,127			2,865,225
(Loss) / Gain from private securities		(3,054,799	)		307,972
Gain from derivative financial instruments
Forward transactions		194,481
Gain / (Loss) from other financial assets		16,958			(5,155	)
Gain from equity instruments at fair value through profit or loss (1)		50,892			7,805,891
(Loss) / Gain from sales or decreases of financial assets at fair value		(503,834	)		2,055,270
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Options		(416,939	)
Total		9,194,886			13,029,203

(1) Net amount of reclassifications to profit of instruments classified at fair value through other comprehensive income that were derecognized or charged during the period.

- 73 -

Carlos A. Giovanelli
Vice Chairperson

		EXHIBIT Q
		(Continued)


CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(Translation of the Financial Statements originally issued in Spanish – See Note 45)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Net financial Income / (Loss)
Interest and adjustment for the application of the effective interest rate of financial assets and financial liabilities measured at amortized cost	Quarter ended 03/31/2023			Quarter ended 03/31/2022
Interest income
for cash and bank deposits		550,377			5,790
for government securities		111,257,098			3,326,557
for private securities		98,337			51,329
for loans and other financing
Non-financial public sector		387,107			564,420
Financial sector		106,453			188,238
Non-financial private sector
Overdrafts		9,338,654			5,176,969
Documents		9,081,032			6,232,692
Mortgage loans		11,004,103			9,549,877
Pledge loans		801,834			1,058,814
Personal loans		25,947,766			28,199,817
Credit cards		18,187,106			10,380,261
Financial leases		115,229			93,380
Other		11,167,322			7,677,021
for repo transactions
Central Bank of Argentina		6,712,679			811,784
Other financial institutions		16,090			71,168
Total		204,771,187			73,388,117
Interest expenses
for Deposits
Non-financial Private sector
Checking accounts		(5,910,328	)		(879,841	)
Saving accounts		(1,281,113	)		(802,998	)
Time deposits and investments accounts		(120,579,318	)		(50,974,023	)
for Financing received from Central Bank of Argentina and other financial institutions		(212,379	)		(90,964	)
for repo transactions
Other financial Institutions		(1,240,270	)		(443,582	)
for other financial liabilities		(372,892	)		(91,220	)
for issued corporate bonds		(16,074	)		(228,346	)
for other subordinated corporate bonds		(1,343,504	)		(1,483,684	)
Total		(130,955,878	)		(54,994,658	)

- 74 -

Carlos A. Giovanelli
Vice Chairperson

				EXHIBIT Q
				(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(Translation of the Financial Statements originally issued in Spanish – See Note 45)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Interest and adjustment for the application of the effective interest rate of financial assets measured at fair	Income of the period		Other comprehensive income			Income of the period		Other comprehensive income
value through other comprehensive income	Quarter ended 03/31/2023		Quarter ended 03/31/2023			Quarter ended 03/31/2022		Quarter ended 03/31/2022
for debt government securities		23,846,746		(1,880,529	)		67,264,953		(3,312,595	)
Total		23,846,746		(1,880,529	)		67,264,953		(3,312,595	)

	Income of the period
Items	Quarter ended 03/31/2023			Quarter ended 03/31/2022
Commissions income
Commissions related to obligations		13,692,288			12,866,683
Commissions related to credits		98,386			94,974
Commissions related to loans commitments and financial guarantees		1,800			1,149
Commissions related to securities value		575,383			437,825
Commissions for credit cards		8,081,498			7,781,140
Commissions for insurances		1,309,301			1,334,386
Commissions related to trading and foreign exchange transactions		533,755			513,372
Total		24,292,411			23,029,529
Commissions expenses
Commissions related to trading with debt securties		(30,495	)		(3,558	)
Commissions related to trading and foreign exchange transactions		(103,281	)		(73,407	)
Other
Commissions paid ATM exchange		(1,429,986	)		(1,473,476	)
Checkbooks commissions and clearing houses		(475,240	)		(383,542	)
Credit cards and foreign trade commissions		(221,492	)		(225,851	)
Total		(2,260,494	)		(2,159,834	)

- 75 -

Carlos A. Giovanelli
Vice Chairperson

										EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK AS OF MARCH 31, 2023
(Translation of the Financial Statements originally issued in Spanish – See Note 45)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

			Movements between stages of the period
						ECL of remanent life of financial asset
Item	Balances at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by allowances			03/31/2023
Other financial assets		110,826		21,132									(21,196	)		110,762
Loans and other financing		13,393,407		660,630			810,009			1,764,455			(2,607,052	)		14,021,449
Other financial institutions		9,910		4,537									(2,072	)		12,375
To the non-financial private sector and foreign residents
Overdrafts		641,369		96,248			(11,426	)		161,530			(130,949	)		756,772
Documents		689,217		91,157			9,966			19,528			(131,098	)		678,770
Mortgage loans		1,453,382		119,264			19,862			111,428			(276,193	)		1,427,743
Pledge loans		230,852		102,018			6,015			(8,990	)		(47,826	)		282,069
Personal loans		5,049,052		(139,465	)		189,946			888,499			(964,077	)		5,023,955
Credit cards		3,366,855		34,898			565,854			471,876			(672,682	)		3,766,801
Financial leases		26,338		(3,551	)		821			29,418			(6,484	)		46,542
Other		1,926,432		355,524			28,971			91,166			(375,671	)		2,026,422
Eventual commitments		848,191		85,764			47,678						(160,333	)		821,300
Other debt securities		969		1,087									(247	)		1,809
Total of allowances		14,353,393		768,613			857,687			1,764,455			(2,788,828	)		14,955,320

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

			Movements between stages for the fiscal year
						ECL of remanent life of financial asset
Item	Balances at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by allowances			12/31/2022
Other financial assets		62,714		101,522									(53,410	)		110,826
Loans and other financing		22,838,499		2,881,254			(2,991,148	)		1,625,106			(10,960,304	)		13,393,407
Other financial institutions		8,656		5,301									(4,047	)		9,910
To the non-financial private sector and foreign residents
Overdrafts		1,679,670		319,825			5,448			(676,256	)		(687,318	)		641,369
Documents		2,280,189		(37,770	)		(556,935	)		23,947			(1,020,214	)		689,217
Mortgage loans		4,738,210		345,024			(2,950,776	)		1,038,511			(1,717,587	)		1,453,382
Pledge loans		292,982		113,999			(21,278	)		(15,925	)		(138,926	)		230,852
Personal loans		5,882,075		1,208,987			643,245			666,537			(3,351,792	)		5,049,052
Credit cards		3,830,187		808,576			648,668			388,472			(2,309,048	)		3,366,855
Financial leases		34,666		16,064			44			(5,717	)		(18,719	)		26,338
Other		4,091,864		101,248			(759,564	)		205,537			(1,712,653	)		1,926,432
Eventual commitments		808,846		525,705			116,778						(603,138	)		848,191
Other debts securities		1,287		471									(789	)		969
Total of allowances		23,711,346		3,508,952			(2,874,370	)		1,625,106			(11,617,641	)		14,353,393

- 76 -

Carlos A. Giovanelli
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes	Exhibits	03/31/2023		12/31/2022
ASSETS
Cash and Deposits in Banks	9			287,624,265		292,172,683
Cash				35,187,490		33,612,152
Central Bank of Argentina				181,264,323		174,718,240
Other Local and Foreign Entities				71,158,885		83,827,539
Other				13,567		14,752
Debt Securities at fair value through profit or loss	9	A		268,098,001		239,492,465
Derivative Financial Instruments	9			455		52,222
Repo transactions	9			39,118,052		75,388,016
Other Financial Assets	5, 7 and 9	R		52,439,132		52,662,518
Loans and other financing	6, 7 and 9	B, C, D and R		697,033,198		728,417,099
Non-financial Public Sector				1,409,863		2,686,553
Other Financial Entities				1,856,903		1,128,868
Non-financial Private Sector and Foreign Residents				693,766,432		724,601,678
Other Debt Securities	7 and 9	A and R		800,333,776		887,989,783
Financial Assets delivered as guarantee	9 and 30			36,808,060		36,636,596
Equity Instruments at fair value through profit or loss	8 and 9	A		908,745		859,357
Investment in subsidiaries, associates and joint arrangements	11			23,769,148		21,669,885
Property, plant and equipment		F		124,349,482		123,912,324
Intangible Assets		G		21,593,417		21,087,381
Other Non-financial Assets	12			13,887,602		13,991,803
Non-current Assets held for sale				10,530,398		10,780,918
TOTAL ASSETS				2,376,493,731		2,505,113,050

- 77 -

Carlos A. Giovanelli
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes	Exhibits	03/31/2023			12/31/2022
LIABILITIES
Deposits	9 and 14	H and I		1,453,131,232			1,567,778,777
Non-financial Public Sector				111,059,915			133,847,469
Financial Sector				1,910,914			2,012,780
Non-financial Private Sector and Foreign Residents				1,340,160,403			1,431,918,528
Derivative Financial Instruments	9	I		100,398			2,886
Repo Transactions	9	I		4,486,445
Other Financial Liabilities	9 and 15	I		118,055,965			139,877,427
Financing received from the Central Bank of Argentina and other financial institutions	9	I		4,506,639			2,981,069
Issued Corporate Bonds	9 and 35	I		3,546,892			3,656,522
Current Income Tax Liabilities	20			8,978,297			10,902,187
Subordinated Corporate Bonds	9 and 35	I		86,599,261			87,981,313
Provisions	16	J and R		3,149,705			3,290,225
Deferred Income Tax Liabilities				16,410,094			16,093,778
Other Non-financial Liabilities	17			44,827,715			48,779,723
TOTAL LIABILITIES				1,743,792,643			1,881,343,907
SHAREHOLDERS’ EQUITY
Capital Stock	28	K		639,413			639,413
Non-capital contributions				12,429,781			12,429,781
Adjustments to Shareholders’ Equity				213,790,374			213,790,374
Earnings Reserved				344,313,270			344,313,270
Unappropriated Retained Earnings				52,558,097			166,294
Accumulated Other Comprehensive Income				(793,074	)		38,208
Net Income of the period / fiscal year				9,763,227			52,391,803
TOTAL SHAREHOLDERS’ EQUITY				632,701,088			623,769,143
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				2,376,493,731			2,505,113,050

The notes 1 to 42 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 78 -

Carlos A. Giovanelli
Vice Chairperson

CONDENSED SEPARATE STATEMENT OF INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes		Exhibits	Quarter ended 03/31/2023			Quarter ended 03/31/2022
Interest income			Q		228,108,335			140,413,379
Interest expense			Q		(130,622,264	)		(54,907,354	)
Net Interest Income					97,486,071			85,506,025

Commissions income		21	Q		23,867,514			22,737,866
Commissions expense			Q		(1,838,559	)		(1,789,002	)
Net Commissions Income					22,028,955			20,948,864
Subtotal (Net Interest income plus Net Commissions income)					119,515,026			106,454,889
Net gain from measurement of financial instruments at fair value through profit or loss			Q		5,450,789			11,844,325
Profit from sold or derecognized assets at amortized cost					60
Differences in quoted prices of gold and foreign currency		22			36,347,407			6,388,577
Other operating income		23			4,128,379			5,165,788
Allowances for loan losses					(3,468,582	)		(1,521,487	)
Net Operating Income					161,973,079			128,332,092

Employee benefits		24			(22,761,747	)		(19,608,723	)
Administrative expenses		25			(11,174,219	)		(11,028,356	)
Depreciation and amortization of fixed assets			F and G		(4,813,408	)		(4,413,405	)
Other Operating Expenses		26			(23,239,836	)		(20,667,483	)
Operating Income					99,983,869			72,614,125
Income from subsidiaries, associates and joint arrangements		11			1,244,310			843,227
Loss on net monetary position					(86,656,842	)		(58,480,814	)
Income before tax on continuing operations					14,571,337			14,976,538
Income tax on continuing operations		20 b)			(4,808,110	)		(2,678,500	)
Net Income from continuing operations					9,763,227			12,298,038
Net Income of the period					9,763,227			12,298,038

- 79 -

Carlos A. Giovanelli
Vice Chairperson

SEPARATE EARNINGS PER SHARE

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Quarter ended 03/31/2023		Quarter ended 03/31/2022
Net Profit attributable to Parent’s shareholders		9,763,227		12,298,038
Plus: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		9,763,227		12,298,038
Weighted average of outstanding common shares of the period		639,413		639,413
Plus: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares for the fiscal year adjusted as per dilution effect		639,413		639,413
Basic earnings per share (in pesos)		15.2690		19.2333

- 80 -

Carlos A. Giovanelli
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes		Exhibits	Quarter ended 03/31/2023			Quarter ended 03/31/2022
Net Income of the period					9,763,227			12,298,038
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion					(211,961	)		(527,321	)
Foreign currency translation differences of the period					(211,961	)		(527,321	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))					(655,628	)		(635,294	)
Profit or loss of the period from financial instruments at fair value through other comprehensive income (FVOCI)			Q		(1,916,836	)		(3,254,628	)
Adjustment for reclassification of the period					908,177			2,277,253
Income tax		20.b)			353,031			342,081
Interest in Other Comprehensive Income / (Loss) of associates and joint ventures accounted for using the participation method					36,307			(57,967	)
Income / (Loss) for the fiscal year from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method					36,307			(57,967	)
Total Other Comprehensive Loss that will be reclassified to profit or loss					(831,282	)		(1,220,582	)
Total Other Comprehensive Loss					(831,282	)		(1,220,582	)
Total Comprehensive Income of the period					8,931,945			11,077,456

The notes 1 to 42 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 81 -

Carlos A. Giovanelli
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Capital stock		Non-capital Contributions				Other Comprehensive Income						Earnings Reserved
Changes	Notes	Outstanding shares		Additional paid-in capital		Adjustments to Shareholders’ Equity		Accumulated foreign currency translation difference in Financial Statements conversion			Other			Legal		Other		Unappropriated Retained Earnings		Total Equity
Restated amount at the beginning of the fiscal year			639,413		12,429,781		213,790,374		547,873			(509,665	)		123,492,083		220,821,187		52,558,097		623,769,143
Total comprehensive income of the period
- Net income of the period																			9,763,227		9,763,227
- Other comprehensive loss of the period									(211,961	)		(619,321	)								(831,282	)
Amount at the end of the period			639,413		12,429,781		213,790,374		335,912			(1,128,986	)		123,492,083		220,821,187		62,321,324		632,701,088

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Capital stock		Non-capital Contributions				Other Comprehensive Income						Earnings Reserved
Changes	Notes	Outstanding shares		Additional paid-in capital		Adjustments to Shareholders’ Equity		Accumulated foreign currency translation difference in Financial Statements conversion			Other			Legal		Other		Unappropriated Retained Earnings		Total Equity
Restated amount at the beginning of the fiscal year			639,413		12,429,781		213,790,374		1,423,115			5,382,088			114,859,656		174,022,226		43,162,129		565,708,782
Total comprehensive income of the period
- Net income of the period																			12,298,038		12,298,038
- Other comprehensive loss of the period									(527,321	)		(693,261	)								(1,220,582	)
Amount at the end of the period			639,413		12,429,781		213,790,374		895,794			4,688,827			114,859,656		174,022,226		55,460,167		576,786,238

The notes 1 to 42 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 82 -

Carlos A. Giovanelli
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes	03/31/2023			03/31/2022
Cash flows from operating activities
Income of the period before income tax			14,571,337			14,976,538
Adjustment for the total monetary effect of the period			86,656,842			58,480,814
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			4,813,408			4,413,405
Allowance for loan losses			3,468,582			1,521,487
Difference in quoted prices of foreign currency			(24,285,553	)		(13,480,128	)
Other adjustments			64,253,666			26,490,594
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit or loss			(28,605,536	)		11,691,499
Derivative financial instruments			51,767			3,073
Repo transactions			36,269,964			74,471,421
Loans and other financing
Non-financial Public Sector			1,276,690			1,364,087
Other Financial Entities			(728,035	)		2,133,013
Non-financial Private Sector and Foreign Residents			27,366,664			66,638,367
Other debt securities			133,214,655			(73,292,942	)
Financial assets delivered as guarantee			(171,464	)		(22,901,356	)
Equity instruments at fair value through profit or loss			(49,388	)		4,168,366
Other assets			(1,400,040	)		31,633,883
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial Public Sector			(22,787,554	)		27,351,323
Financial Sector			(101,866	)		(167,275	)
Non-financial Private Sector and Foreign Residents			(91,758,125	)		(37,973,956	)
Derivative financial instruments			97,512			9,221
Repo transactions			4,486,445			24,216,929
Other liabilities			(26,283,975	)		(47,585,260	)
Income Tax Payments			(3,050,211	)
Total cash from operating activities (A)			177,305,785			154,163,103

- 83 -

Carlos A. Giovanelli
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Items	Notes		03/31/2023			03/31/2022
Cash flows from investing activities

Payments:
Acquisition of PPE, intangible assets and other assets				(5,012,960	)		(2,994,951	)
Total cash used in investing activities (B)				(5,012,960	)		(2,994,951	)

Cash flows from financing activities

Payments:
Non-subordinated corporate bonds				(12,551	)
Other payments related to financing activities				(415,591	)		(255,667	)
Collections / Incomes:
Financing to local financial entities				1,611,301			3,092,086
Total cash used in financing activities (C)				1,183,159			2,836,419
Effect of exchange rate fluctuations (D)				39,634,085			20,906,202
Monetary effect on cash and cash equivalents (E)				(172,099,839	)		(109,729,203	)
Net increase in cash and cash equivalents (A+B+C+D+E)				41,010,230			65,181,570
Restated Cash and cash equivalents at the beginning of the fiscal year		27		890,513,474			713,286,157
Cash and cash equivalents at the end of the period		27		931,523,704			778,467,727

The notes 1 to 42 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 84 -

Carlos A. Giovanelli
Vice Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

1.	CORPORATE INFORMATION

Banco Macro SA (hereinafter, the “Bank”) is a business corporation (sociedad anónima) organized in the Republic of Argentina that offers traditional banking products and services to companies, including those companies operating in regional economies as well as to individuals, thus strengthening its goal to be a multiservice bank. In addition, the Bank performs certain transactions through its subsidiaries Macro Bank Limited (a company organized under the laws of Bahamas), Macro Securities SAU, Macro Fiducia SAU, Macro Fondos SGFCISA, Argenpay SAU and Fintech SGR.

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 was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA.

The Bank’s shares are publicly listed on Bolsas y Mercados Argentinos (BYMA) since November 1994 and as from March 24, 2006, they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015 they were authorized to be listed on the Mercado Abierto Electrónico SA (MAE).

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. During the fiscal year 2006, the Bank acquired control over Banco del Tucumán SA, which was merged with Banco Macro SA in October 2019. Additionally, on October 1, 2021, the Bank acquired the control of Fintech SGR that, as explained in note 3 to the consolidated Financial Statements as of December 31, 2022, already issued, this is a structured entity in which the Bank has control.

During 2022, 2021 and 2020 the Bank made irrevocable capital contributions in the company Play Digital SA for a total amount of 629,854 (not restated). On October 4, 2022, the Bank sold 22,112,340 shares for an amount of 61,889. In addition, on October 27, 2022, the Bank subscribed 178,911,312 shares for a face value of ARS 1 related to the abovementioned irrevocable capital contributions. As a consequence, the Bank’s new interest in this company is 9.6984%. Additionally, on February 23, 2023, the Bank made a new irrevocable capital contribution for an amount of 347,371 (not restated). See also note 1 to the condensed consolidated interim Financial Statements.

On May 17, 2023, the Board of Directors approved the issuance of these condensed separate interim Financial Statements.

2.	OPERATIONS OF THE BANK

Note 2 to the condensed consolidated interim Financial Statements includes a detailed description of the agreements that relate the Bank with the Provincial and Municipal governments.

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

Applicable Accounting Standards

These condensed separate interim Financial Statements of the Bank were prepared in accordance with the accounting framework established by the Central Bank of Argentina (BCRA, for its acronym in Spanish), in its Communiqué “A” 6114 as supplemented. Except for the exceptions established by the BCRA, which are explained in the following paragraph, such framework is based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCE, for its acronym in Spanish). The abovementioned international standards include the IFRS, the International Accounting Standards (IAS) and the interpretations developed by the IFRS Interpretations Committee (IFRIC) or former IFRIC (SIC).

- 85 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

The transitory exceptions and regulatory guidelines established by BCRA to the application of effective IFRS, that affect the preparation of these condensed separate interim Financial Statements are as follows:

According to Communiqué “A” 6114, as supplemented, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on or after January 1, 2020, financial institutions defined as “Group A” by BCRA rules, in which the Bank is included, begin to apply section 5.5 “Impairment” of the IFRS 9 “Financial Instruments” (sections B5.5.1 to B5.5.55), except for the temporary exclusion for the debt securities of the non-financial public sector established by BCRA Communiqué “A” 6847. As of the date of issuance of these condensed separate interim Financial Statements, the Bank is in the process of quantifying the effect of the full application of the abovementioned standard.

In March 2022, the Bank’s holding in Prisma Medios de Pago SA (Prisma) were transferred. That company was measured according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement at fair value of such holding. If, for the fair value measurement purpose previously mentioned, IFRS had been applied, the profit or loss for the three-month period ended March 31, 2022, should have been modified. However, this situation did not generate differences in the shareholders’ equity as of March 31, 2022.

Through Communiqué “A 7014 dated May 14, 2020, the BCRA established for financial institutions that received debt securities of the public sector in a swap transaction, they must be initially recognized at their carrying amount as of the date of the swap transaction, without assessing if they qualify or not for derecognition under IFRS 9 standards and as a consequence, do not eventually recognize the new instruments at the market value as provided by such IFRS (see also notes 9 and 43 to the condensed consolidated interim Financial Statements).

If IFRS 9 had applied, and according an estimation calculated by the Bank, the Statement of income of the period ended March 31, 2023, would have recorded a decrease in “other operating income” for an amount of 353,926 and an increase in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 734,550, and as a counterpart a decrease in “Other comprehensive income” of that period. These changes would not have resulted into modifications to the total shareholder equity as of that date nor the total comprehensive income for the three-month period ended March 31, 2023.

Applicable Accounting Standards

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed separate interim Financial Statements in accordance with the IFRS as adopted by the BCRA through Communiqué “A” 7642. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Note 3 to the consolidated Financial Statements as of December 31, 2022, already issued, presents further detailed descriptions of the basis for the presentation of such Financial Statements and the main accounting policies used and the relevant information of the subsidiaries. All that is explained therein shall apply to these condensed separate interim Financial Statements, except for the goodwill generated by the business combination, as mentioned in note 10, which according to BCRA Communiqué “A” 6618, in the condensed separate interim Financial Statements, is included in the net investment of the subsidiary.

Going concern

The Bank’s Management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt on the Bank’s ability to continue as a going concern. Therefore, these condensed separate interim Financial Statements continue to be prepared on the going concern basis.

Subsidiaries

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

Subsidiaries are all the entities controlled by the Bank. An entity controls another entity when it is exposed, or has rights, to variable returns from its continuing involvement with such other entity and has the ability to use its power to direct the operating and financing policies of such other entity, to affect the amounts of such returns.

As provided under IAS 27 “Consolidated and Separate Financial Statements”, investments in subsidiaries were accounted for using the “equity method”, established in IAS 28 “Investment in associates and joint ventures”. When using this method, investments are initially recognized at cost, and such amount increases or decreases to recognize investor’s interest in profit and loss of the entity after the date of acquisition or creation.

- 86 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

Shares in profit and loss of subsidiaries and associates are recognized under “Income / (loss) from subsidiaries, associates and joint ventures” in the condensed separate interim statement of income. Ownership interest in other comprehensive income of subsidiaries is accounted for under “Income / (loss) of the period from interest in other comprehensive income of subsidiaries, associates and joint ventures accounted for using the participation method”, in the condensed separate interim statement of other comprehensive income.

Transcription into books

As of the date of issuance of these condensed separate interim Financial Statements, they are in the process of being transcribed into the Financial Statements book (“Libro Balances”) of Banco Macro SA.

New standards adopted

New standards adopted are described in note 3 to the condensed consolidated interim Financial Statements.

New pronouncements

New pronouncements are described in note 3 to the condensed consolidated interim Financial Statements.

4.	CONTINGENT TRANSACTIONS

As of March 31, 2023 and December 31, 2022, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	03/31/2023			12/31/2022
Undrawn commitments of credit cards and checking accounts		693,868,495			814,281,350
Guarantees granted (1)		8,458,510			6,321,754
Overdraft and unused agreed commitments (1)		2,373,837			746,577
Subtotal		704,700,842			821,349,681
Less: Allowance for ECL		(805,059	)		(835,722	)
Total		703,895,783			820,513,959

(1)

Includes transactions not covered by BCRA debtor classification standard. The Guarantees granted include an amount of 31,303 and 44,933 as of March 31, 2023 and December 31, 2022, respectively. The Overdraft and unused agreed commitments include an amount of 159,684 and 552,065 as of March 31, 2023 and December 31, 2022, respectively,

- 87 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

5.	OTHER FINANCIAL ASSETS

The composition of the other financial assets as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023			12/31/2022
Sundry debtors (see note 8)		30,776,962			32,499,699
Receivables from spot sales of foreign currency pending settlement		20,970,944			19,479,890
Receivables from spot sales of government securities pending settlement		339,531			267,795
Private securities		55,142			60,154
Other		407,315			465,806
Subtotal		52,549,894			52,773,344
Less: Allowances for ECL		(110,762	)		(110,826	)
Total		52,439,132			52,662,518

Disclosures related to allowance for ECL are detailed in note 7 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

6.	LOANS AND OTHER FINANCING

The composition of loans and other financing as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023			12/31/2022
Non-financial Public Sector (1)		1,409,863			2,686,553
Other Financial Entities		1,856,903			1,128,868
Other Financial Entities		1,869,278			1,138,778
Less: allowance for ECL		(12,375	)		(9,910	)
Non-financial Private Sector and Foreign Residents		693,766,432			724,601,678
Overdrafts		53,784,081			59,932,944
Documents		100,150,287			98,726,003
Mortgage loans		71,414,283			75,359,519
Pledge loans		10,968,997			11,663,515
Personal loans		160,793,464			173,504,702
Credit cards		216,178,489			232,239,948
Financial leases		1,345,129			1,688,186
Other		93,124,978			84,855,186
Less: allowance for ECL		(13,993,276	)		(13,368,325	)
Total		697,033,198			728,417,099

(1) As explained in note 3, ECL are not calculated to public sector exposures.

7.	LOSS ALLOWANCE FOR EXPECTED CREDIT LOSSES ON CREDIT EXPOSURES NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

Note 8 to the condensed consolidated interim Financial Statements, details the allowances recognized by the Bank under this concept.

In addition, exhibit R “Value adjustment for credit losses – Allowance for uncollectibility risk” also discloses the ECL movements by portfolio and products.

- 88 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

8.	EQUITY INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS – PRISMA MEDIOS DE PAGO SA

The composition of equity instruments at fair value through profit or loss, as of March 31, 2023 and December 31, 2022, is detailed in Exhibit A. For the Bank’s investment in Prisma Medios de Pago SA, see also note 10 to the condensed consolidated interim Financial Statements.

9.	FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

Note 11 to the condensed consolidated interim Financial Statements describes the methods and assumptions used to determine the fair value, both of the financial instruments recognized at fair value as of those not accounted for at such fair value in these condensed separate interim Financial Statements.

In addition, the Bank discloses the relevant information as to instruments included in Level 3 of the fair value hierarchy.

Even though the Bank’s Management has used its best judgment to estimate the fair values of its financial instruments, any technique to perform such estimate implies certain inherent fragility level.

Fair value hierarchy

The Bank uses the following hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement, as of March 31, 2023 and December 31, 2022:

	Financial assets and financial liabilities measured at fair value
	on a recurring basis as of March 31, 2023
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		268,098,001		267,441,412				656,589
Derivative financial instruments		455		234		221
Other financial assets		55,142						55,142
Financial assets delivered as guarantee		1,791,980		1,791,980
Equity instruments at fair value through profit or loss		908,745		26,528				882,217

At fair value through OCI
Other debt Securities		75,160,995		75,160,995
Financial assets delivered as guarantee		3,319,457		3,319,457
Total		349,334,775		347,740,606		221		1,593,948

- 89 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

Financial assets and financial liabilities measured at fair value

on a recurring basis as of March 31, 2023

Description

Total

Level 1

Level 2

Level 3

Financial liabilities

At fair value through profit or loss

Derivatives financial instruments

100,398

100,079

319

Total

100,398

100,079

319

	Financial assets and financial liabilities measured at fair value
	on a recurring basis as of December 31, 2022
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		239,492,465		238,236,353				1,256,112
Derivatives financial instruments		52,222		23,364		28,858
Other financial assets		60,154						60,154
Equity instruments at fair value through profit or loss		859,357		25,511				833,846

At fair value through OCI
Other debt Securities		158,089,831		158,089,831
Total		398,554,029		396,375,059		28,858		2,150,112

Financial liabilities
At fair value through profit or loss
Derivatives financial instruments	2,886	2,886
Total	2,886	2,886

Below is the reconciliation between the amounts at the beginning and the end of the period or fiscal year, as applicable, for the financial assets recognized at fair value, categorized as level 3:

	As of March 31, 2023
							Equity instruments
							at fair value
Reconciliation	Debt instruments			Other financial assets			through profit or loss
Amount at the beginning		1,256,112			60,154			833,846
Transfers to Level 3
Transfers from Level 3
Profit and loss		195,593			(279	)		197,303
Recognition and derecognition		(570,178	)		7,087
Monetary effects		(224,938	)		(11,820	)		(148,932	)
Amount at the end of the period		656,589			55,142			882,217

- 90 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

	As of December 31, 2022
							Equity instruments
				Other financial			at fair value
Reconciliation	Debt instruments			assets			through profit or loss
Amount at the beginning		2,648,116			73,559			5,008,120
Transfers to Level 3
Transfers from Level 3
Profit and loss		890,158			6,164			4,377
Recognition and derecognition		(976,251	)		25,638			(3,053,093	)
Monetary effects		(1,305,911	)		(45,207	)		(1,125,558	)
Amount at the end of the fiscal year		1,256,112			60,154			833,846

Note 11 to the condensed consolidated interim Financial Statements, details the valuation techniques and significant unobservable inputs used in the valuation of assets at Level 3.

Changes in fair value levels

As of March 31, 2023 and December 31, 2022, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.

Financial assets and liabilities not measured at fair value

The following table shows a comparison between the fair value and the carrying amount of financial instruments not recognized at fair value as of March 31, 2023 and December 31, 2022:

	03/31/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		287,624,265		287,624,265						287,624,265
Repo transactions		39,118,052		39,118,052						39,118,052
Other financial assets		52,383,990		52,383,990						52,383,990
Loans and other financing		697,033,198						631,734,848		631,734,848
Other debt securities		725,172,781		618,271,886		81,591,491		24,657,989		724,521,366
Financial assets delivered as guarantee		31,696,623		31,696,623						31,696,623
Total		1,833,028,909		1,029,094,816		81,591,491		656,392,837		1,767,079,144

Financial liabilities
Deposits	1,453,131,232	648,272,327		803,151,129	1,451,423,456
Repo transactions	4,486,445	4,486,445			4,486,445
Other financial liabilities	118,055,965	112,987,146	5,126,960		118,114,106
Financing received from the BCRA and other financial institutions	4,506,639	4,417,755	51,995		4,469,750
Issued corporate bonds	3,546,892		3,494,576		3,494,576
Subordinated corporate bonds	86,599,261		69,224,448		69,224,448
Total	1,670,326,434	770,163,673	77,897,979	803,151,129	1,651,212,781

- 91 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

	12/31/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		292,172,683		292,172,683						292,172,683
Repo transactions		75,388,016		75,388,016						75,388,016
Other financial assets		52,602,364		52,602,364						52,602,364
Loans and other financing		728,417,099						635,369,471		635,369,471
Other debt securities		729,899,952		622,932,157		100,635,729		117,233		723,685,119
Financial assets delivered as guarantee		36,636,596		36,636,596						36,636,596
Total		1,915,116,710		1,079,731,816		100,635,729		635,486,704		1,815,854,249

Financial liabilities
Deposits	1,567,778,777	781,754,500		784,737,152	1,566,491,652
Other financial liabilities	139,877,427	134,643,089	5,322,022		139,965,111
Financing received from the BCRA and other financial institutions	2,981,069	2,899,849	62,682		2,962,531
Issued corporate bonds	3,656,522		3,570,987		3,570,987
Subordinated corporate bonds	87,981,313		71,805,727		71,805,727
Total	1,802,275,108	919,297,438	80,761,418	784,737,152	1,784,796,008

10.

BUSINESS COMBINATIONS

On October 1, 2021, the Bank exercised the call option to reach 24.99% of the equity interest in Fintech SGR, being this a structured entity in which the Bank has control. Details generated by this transaction are described in note 12 to the condensed consolidated interim Financial Statements.

11.

INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT ARRANGEMENTS

The Bank’s interests in associates and joint ventures are disclosed in note 13 to the condensed consolidated interim Financial Statements.

12.

OTHER NON-FINANCIAL ASSETS

The composition of other non-financial assets as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
Investment property (see Exhibit F)		10,057,495		9,685,859
Advanced prepayments		3,156,132		2,806,735
Tax advances		616,441		1,449,733
Other		57,534		49,476
Total		13,887,602		13,991,803

- 92 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

13.

RELATED PARTIES

A related party is a person or entity that is related to the Bank:

has control or joint control of the Bank;

has significant influence over the Bank;

is a member of the key management personnel of the Bank or of a parent of the Bank;

members of the same group;

one entity is an associate (or an associate of a member of a group of which the other entity is a member),

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly, The Bank considers as key management personnel, for the purposes of IAS 24, the members of the Board of Directors and the senior management members of the Risk Management Committee, the Assets and Liabilities Committee and the Senior Credit Committee,

As of March 31, 2023 and December 31, 2022, amounts balances related to transactions generated with related parties are as follows:

	As of March 31, 2023
	Main subsidiaries
			Macro		Macro								Key		Other
	Macro Bank		Securities		Fondos		Argenpay		Fintech				management		related
	Limited		SAU		SGFCISA		SAU		SGR		Associates		personnel (1)		parties		Total
Assets
Cash and deposits in banks		1,675																1,675
Other financial assets										2,793,910								2,793,910
Loans and other financing (2)
Documents																36,176		36,176
Overdraft														2,043		1,419,106		1,421,149
Credit cards														126,892		35,258		162,150
Lease																64,406		64,406
Personal loans														708				708
Mortgage loans														613,118				613,118
Other loans (3)				2,113,739										175,189		2,509,657		4,798,585
Guarantee granted																3,150,008		3,150,008
Total assets		1,675		2,113,739						2,793,910				917,950		7,214,611		13,041,885

Liabilities
Deposits				3,224,547		78,343		150,282		84		95,220		912,957		613,105		5,074,538
Other financial liabilities														711		33,262		33,973
Issued corporate bonds				49,202		211,259												260,461
Subordinated corporate bonds										205,673								205,673
Other non-financial liabilities																25,655		25,655
Total liabilities				3,273,749		289,602		150,282		205,757		95,220		913,668		672,022		5,600,300

(1)

Includes close family members of the key management personnel.

(2)

The maximum financing amount for loans and other financing as of March 31, 2023 for Macro Securities SAU, key management personnel and other related parties amounted to 4,903,418, 1,234,509 and 9,890,238, respectively.

(3)

It is related to Loans and other financing not disclosed in other items, mainly other loans, financing of foreign exchange transactions and loans with government securities.

- 93 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

	As of December 31, 2022
	Main subsidiaries
			Macro		Macro								Key		Other
	Macro Bank		Securities		Fondos		Argenpay		Fintech				management		related
	Limited		SAU		SGFCISA		SAU		SGR		Associates		personnel (1)		parties		Total
Assets
Cash and deposits in banks		1,727																1,727
Other financial assets										3,672,708								3,672,708
Loans and other financing (2)
Overdraft														68,476		512,404		580,880
Credit cards														198,683		60,647		259,330
Lease																81,178		81,178
Personal loans														1,415				1,415
Mortgage loans														660,498				660,498
Other loans (3)				2,572,659										184,849		1,704,400		4,461,908
Guarantee granted																1,874,704		1,874,704
Total assets		1,727		2,572,659						3,672,708				1,113,921		4,233,333		11,594,348

Liabilities
Deposits				3,574,433		79,556		70,773		141		103,119		1,220,144		1,456,270		6,504,436
Other financial liabilities														624		14,209		14,833
Issued corporate bonds				133,023		217,788												350,811
Subordinated corporate bonds										175,963								175,963
Other non-financial liabilities																24,609		24,609
Total liabilities				3,707,456		297,344		70,773		176,104		103,119		1,220,768		1,495,088		7,070,652

(1)

Includes close family members of the key management personnel.

(2)

(3)

It is related to Loans and other financing not disclosed in other items, mainly other loans, financing of foreign exchange transactions and loans with governments securities.

Profit or loss related to transactions generated during the three-month periods ended March 31, 2023 and 2022 with related parties are as follows:

	As of March 31, 2023
	Main subsidiaries
		Macro		Macro										Key			Othe
	Macro Bank	Securities		Fondos		Argenpay		Fintech						management			related
	Limited	SAU		SGFCISA		SAU		SGR			Associates			personnel (1)			parties			Total
Income / (loss)
Interest income			819												105,853			362,832			469,504
Interest expense												(8,177	)		(26,596	)		(20,142	)		(54,915	)
Commissions income			11,491		50				292			232			47			6,697			18,809
Commissions expense									(4,879	)					(12	)					(4,891	)
Other operating income			26,066				13		422,414									18			448,511
Administrative expense																		(270,783	)		(270,783	)
Other operating expense																		(17,504	)		(17,504	)
Total Income / (loss)			38,376		50		13		417,827			(7,945	)		79,292			61,118			588,731

(1)

Includes close family members of the key management personnel.

- 94 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

	As of March 31, 2022
	Main subsidiaries
			Macro		Macro									Key			Other
	Macro Bank		Securities		Fondos		Argenpay		Fintech					management			related
	Limited		SAU		SGFCISA		SAU		SGR		Associates			personnel (1)			parties			Total
Income / (loss)
Interest income				1,851											106,218			470,654			578,723
Interest expense												(5,199	)		(30,111	)		(2,419	)		(37,729	)
Commissions income				782		51				304		72			8			14,873			16,090
Commissions expense															(10	)		(501	)		(511	)
Other operating income		2		2,374				31										16			2,423
Administrative expense																		(140,599	)		(140,599	)
Other operating expense																		(26,981	)		(26,981	)
Total Income / (loss)		2		5,007		51		31		304		(5,127	)		76,105			315,043			391,416

(1)

Includes close family members of the key management personnel.

Transactions generated by the Bank with related parties for transactions arranged within the course of the usual and ordinary course of business were performed in normal market conditions, both as to interest rates and prices and as to the required guarantees.

The Bank does not have loans granted to Directors and other key management personnel secured with shares.

Total remunerations received as salary and bonus by the key management personnel as of March 31, 2023 and 2022, totaled 211,381 and 195,723, respectively.

In addition, fees received by the Directors as of March 31, 2023 and 2022 amounted to 881,256 and 959,860, respectively,

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

Composition	03/31/2023		12/31/2022
Board of Directors		11		12
Senior managers of the key management personnel		11		11
Total		22		23

14.

DEPOSITS

The composition of deposits as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
Non-financial Public Sector		111,059,915		133,847,469
Financial sector		1,910,914		2,012,780
Non-financial Private Sector and Foreign Residents		1,340,160,403		1,431,918,528
Checking accounts		155,003,324		182,196,753
Saving accounts		425,442,588		514,086,399
Time deposits		738,773,530		691,929,106
Investment accounts		1,746,973		24,936,192
Other		19,193,988		18,770,078
Total		1,453,131,232		1,567,778,777

- 95 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

15.

OTHER FINANCIAL LIABILITIES

The composition of other financial liabilities as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
Credit and debit card settlement - due to merchants		76,292,074		89,487,253
Amounts payable for spot purchases of foreign currency pending settlement		20,985,949		19,538,557
Payment orders pending to foreign exchange settlement		6,110,304		6,283,091
Collections and other transactions on account and behalf of others		4,528,706		3,415,605
Finance leases liabilities		2,765,077		2,380,206
Amounts payable for spot purchases of government securities pending settlement		983,717		11,906,025
Other		6,390,138		6,866,690
Total		118,055,965		139,877,427

16.

PROVISIONS

This item includes the amounts estimated to face a liability of probable occurrence, which if occurring, would originate a loss for the Bank.

Exhibit J “Changes in Provisions” presents the changes in provisions as of March 31, 2023 and December 31, 2022.

The expected terms to settle these obligations are as follows:

	03/31/2023
Composition	Within 12 months		Over 12 months		03/31/2023		12/31/2022
For administrative, disciplinary and criminal penalties				500		500		609
Letters of credits, guarantees and other commitments (1)		805,059				805,059		835,722
Commercial claims in progress (2)		442,804		190,198		633,002		602,100
Labor lawsuits		331,098		94,614		425,712		324,254
Pension funds - reimbursement		294,663		254,934		549,597		631,170
Other		11,861		723,974		735,835		896,370
Total		1,885,485		1,264,220		3,149,705		3,290,225

(1)

These amounts correspond to the ECL calculated for contingent transactions, which are mentioned in note 4.

(2)

See also note 37.2.

- 96 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

17.

OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
Withholdings		16,949,911		19,178,833
Salaries, bonuses and payroll taxes payables		12,515,814		12,975,980
Taxes payables		9,123,373		9,387,288
Miscellaneous payables		3,934,741		3,397,316
Retirement pension payment orders pending settlement		1,140,458		1,369,362
Fees payable		100,065		681,859
Other		1,063,353		1,789,085
Total		44,827,715		48,779,723

18.

ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED

The following tables show the analysis of financial assets and liabilities the Bank expects to recover and settle as of March 31, 2023 and December 31, 2022:

03/31/2023	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		287,624,265
Debt securities at fair value through profit or loss				266,220,702		1,877,299
Derivative financial instruments				455
Repo transactions				39,118,052
Other financial assets		10,944,641		27,530,459		13,964,032
Loans and other financing (1)		1,531,184		501,389,337		194,112,677
Other debt securities				718,627,456		81,706,320
Financial assets delivered as guarantee		31,696,623		5,111,437
Equity instruments at fair value through profit or loss		908,745
Total assets		332,705,458		1,557,997,898		291,660,328

Liabilities
Deposits		637,307,557		815,791,634		32,041
Derivative financial instruments				100,398
Repo transactions				4,486,445
Other financial liabilities				114,424,967		3,630,998
Financing received from the BCRA and other financial institutions				4,506,639
Issued corporate bonds				8,186		3,538,706
Subordinated corporate bonds				3,003,941		83,595,320
Total liabilities		637,307,557		942,322,210		90,797,065

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

- 97 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

12/31/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		292,172,683
Debt securities at fair value through profit or loss				223,291,971		16,200,494
Derivative financial instruments				52,222
Repo transactions				75,388,016
Other financial assets		12,183,668		26,165,869		14,312,981
Loans and other financing (1)		1,772,911		522,151,494		204,492,694
Other debt securities				825,514,535		62,475,248
Financial assets delivered as guarantee		36,636,596
Equity instruments at fair value through profit or loss		859,357
Total assets		343,625,215		1,672,564,107		297,481,417

Liabilities
Deposits		771,088,220		796,665,385		25,172
Derivative financial instruments				2,886
Other financial liabilities				136,024,738		3,852,689
Financing received from the BCRA and other financial institutions				2,981,069
Issued corporate bonds				8,737		3,647,785
Subordinated corporate bonds				1,732,332		86,248,981
Total liabilities		771,088,220		937,415,147		93,774,627

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

19.

DISCLOSURES BY OPERATING SEGMENT

The Bank has an approach of its banking business that is described in note 21 to the condensed consolidated interim Financial Statements.

20.

INCOME TAX

Inflation adjustment and tax rate on income tax

Note 22 to the condensed consolidated interim Financial Statements are detailed the legal aspects of the inflation adjustment on income tax and the corporate tax rate on tax rate.

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

Description	03/31/2023			03/31/2022
Current income tax expense		4,151,917			604,119
Loss for deferred income taxes		316,316			1,914,227
Monetary effects		339,877			160,154
Income tax loss recorded in the statement of income		4,808,110			2,678,500
Income tax gain recorded in other comprehensive income		(353,031	)		(342,081	)
Total		4,455,079			2,336,419

- 98 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

Fiscal years 2019 and 2020

As decided by the Board of Directors in the meeting held on May 11, 2020, considering certain case law on the matter assessed by its legal counsel and tax advisors, on May 26, 2020, the Bank filed with the Administración Federal de Ingresos Públicos (AFIP, for its acronym in Spanish) its annual income tax return considering the total effect of the inflation adjustment on income tax (see section a) iv) of note 22 to the condensed consolidated interim Financial Statements). As a result, the current income tax determined by Banco Macro SA for fiscal year 2019 amounted to 7,002,124 (not restated). The same criterion was applied to determine the annual income tax report for 2020, which generated accrued income tax for Banco Macro SA for such fiscal year that amounted to 9,933,210 (not restated).

In addition, on July 23, 2021, the Bank filed a reimbursement action with the AFIP requesting that 254,305 (not restated) paid as income tax for the 2020 tax period be reimbursed.

As to the tax periods mentioned in previous paragraphs, on November 1, 2021, the AFIP notified the beginning of an income tax audit, which is in progress.

Fiscal year 2021

On October 17, 2022, the Bank filed a reimbursement action with the AFIP requesting that 382,189 paid as income tax for the 2021 tax period be reimbursed.

On January 3, 2023, the AFIP notified the beginning of an income tax audit related to the abovementioned fiscal year, which is in progress.

Reimbursement actions – Fiscal years 2013 to 2017 and 2018

In connection with the tax periods mentioned in the previous paragraph, on December 19, 2019, the AFIP notified the beginning of the income tax audit for the 2018 tax period, and on May 3, 2021, it notified the beginning of the income tax audit for periods 2013 through 2017, On October 4, 2021, the AFIP ended the audit for periods 2013 through 2017 as the Bank had exercised in due time its right to resort to justice, and that the admission of reimbursement is subject to a court decision.

- 99 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

21.

COMMISSIONS INCOME

Composition	03/31/2023		03/31/2022
Performance obligations satisfied at a point in time
Commissions related to obligations		13,659,014		12,824,829
Commissions related to credit cards		7,973,631		7,583,910
Commissions related to insurance		1,309,301		1,334,386
Commissions related to trading and foreign exchange transactions		513,177		495,325
Commissions related to securities value		203,098		195,007
Commissions related to loans and other financing		59,863		87,412
Commissions related to financial guarantees granted		1,800		1,149
Performance obligations satisfied over certain time period
Commissions related to credit cards		107,867		197,230
Commissions related to trading and foreign exchange transactions		20,578		18,047
Commissions related to loans and other financing		18,721		103
Commissions related to obligations		464		468
Total		23,867,514		22,737,866

22.

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

Composition	03/31/2023		03/31/2022
Translation of foreign currency assets and liabilities into pesos		36,128,105		5,877,548
Income from foreign currency exchange		219,302		511,029
Total		36,347,407		6,388,577

23.

OTHER OPERATING INCOME

Composition	03/31/2023		03/31/2022
Adjustments and interest from other receivables		1,342,180		518,893
Services		1,179,342		1,249,236
Adjustments from other receivables with CER clauses		548,863		249,100
Other receivables for financial intermediation		126,864		413,698
Sale of investment in properties and other non-financial assets				26,320
Other		931,130		2,708,541
Total		4,128,379		5,165,788

- 100 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

24.

EMPLOYEE BENEFITS

Composition	03/31/2023		03/31/2022
Remunerations		15,519,186		13,417,342
Payroll taxes		3,911,144		3,065,257
Compensations and bonuses to employees		2,545,991		2,353,299
Employee services		785,426		772,825
Total		22,761,747		19,608,723

25.

ADMINISTRATIVE EXPENSES

Composition	03/31/2023		03/31/2022
Taxes		1,915,758		1,736,356
Maintenance, conservation and repair expenses		1,774,779		1,787,609
Armored truck, documentation and events		1,622,260		1,585,690
Other fees		1,191,449		995,676
Security services		1,114,330		1,168,002
Electricity and communications		1,063,225		1,109,991
Software		780,683		862,179
Advertising and publicity		455,154		512,132
Fees to directors and syndics		398,159		516,171
Representation, travel and transportation expenses		213,030		128,795
Stationery and office supplies		103,799		77,659
Insurance		94,792		133,461
Hired administrative services		83,414		77,989
Leases		45,736		57,094
Other		317,651		279,552
Total		11,174,219		11,028,356

26.

OTHER OPERATING EXPENSES

Composition	03/31/2023		03/31/2022
Turnover tax		13,812,100		11,219,508
From credit cards		5,149,418		4,886,225
Charges for other provisions		656,051		868,234
Deposit guarantee fund contributions		606,291		561,131
Insurance claims		229,513		109,893
Donations		206,351		255,788
Other adjustments and interests for miscellaneous obligations		101,768		242,195
Taxes		46,173		144,843
Loss from sale or impairment of investment in properties and other non-financial assets		45,101
Other		2,387,070		2,379,666
Total		23,239,836		20,667,483

- 101 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

27.

ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

The statement of cash flows presents the changes in cash and cash equivalents derived from operating activities, investing activities and financing activities during the period. For the preparation of the statement of cash flows the Bank adopted the indirect method for operating activities and the direct method for investment activities and financing activities.

The Bank considers as “Cash and cash equivalents” the item Cash and Deposits in Banks and those financial assets that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

For the preparation of the statement of cash flows the Bank considered the following:

Operating activities: the normal revenue-producing activities of the Bank as well as other activities that cannot qualify as investing or financing activities.

Investing activities: the acquisition, sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.

Financing activities: activities that result in changes in the size and composition of the shareholders´ equity and liabilities of the Bank and that are not part of the operating or investing activities.

The table below presents the reconciliation between the item “Cash and cash equivalents” in the statement of cash flows and the relevant accounting items of the statement of financial position:

Reconciliation	03/31/2023		12/31/2022		03/31/2022		12/31/2021
Cash and deposits in banks		287,624,265		292,172,683		347,345,578		397,965,970
Debt Securities at fair value through profit or loss						180,776		11,524
Other debt securities		643,899,439		598,340,791		430,941,373		315,308,663
Total		931,523,704		890,513,474		778,467,727		713,286,157

28.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2020 to March 31, 2023, amounted to 639,413. See also Exhibit K.

29.

DEPOSIT GUARANTEE INSURANCE

Note 32 to the condensed consolidated interim Financial Statements describes the Deposit Guarantee Insurance System and the scope thereof.

Banco Macro SA holds a 7.6859% interest in the capital stock according to the percentages disclosed by BCRA Communiqué “B” 12503 issued on March 22, 2023.

30.

RESTRICTED ASSETS

As of March 31, 2023 and December 31, 2022 the following Bank’s assets are restricted:

- 102 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

Composition		03/31/2023		12/31/2022
Debt securities at fair value through profit or loss and other debt securities
·	Federal government bonds in dual currency at discount - Maturity: 07/21/2023 as of March 31, 2023 and Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023, as of December 31, 2022, for the contribution to the Guarantee Fund II in BYMA according to section 45, Law 26831, and supplementary regulations established by CNV standards (NT 2013, as amended).		1,186,478		18,127
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033 for the minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the CNV.		109,535		113,036
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of March 31, 2023 and Federal Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, securing the sectoral Credit Program of the Province of San Juan, production investment financing fund.		37,388		101,426
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of March 31, 2023 and Federal Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, securing the regional economies Competitiveness Program – IDB loan No. 3174/OC-AR.		3,944		41,002
	Subtotal debt securities at fair value through profit or loss and other debt securities		1,337,345		273,591

Other financial assets
·	Interests derived from contributions made as protector partner (1).		2,420,625		2,938,082
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,007
	Subtotal Other financial assets		2,421,452		2,939,089

Financial assets delivered as a guarantee
·	Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities.		25,642,754		30,219,504
·	For securities forward contracts.		5,111,437
·	Guarantee deposits related to credit and debit card transactions.		4,578,586		4,922,325
·	Other guarantee deposits.		1,475,283		1,494,767
	Subtotal Financial assets delivered as guarantee		36,808,060		36,636,596

Other non-financial assets
·	Real property related to a call option sold.		2,988,435		2,989,930
	Subtotal other non-financial assets		2,988,435		2,989,930
Total			43,555,292		42,839,206

(1)

As of March 31, 2023 and December 31, 2022 it is related to the risk fund Fintech SGR and Garantizar SGR, 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.

- 103 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

31.

TRUST ACTIVITIES

Note 34 to the condensed consolidated interim Financial Statements describes the different trust agreements according to the business purpose sought by the Bank, which may be summarized as follows:

31.1

Financial trusts for investment purposes

As of March 31, 2023 and December 31, 2022, the debt securities with investment purposes and certificate of participation in financial trusts amounted to 590,891 and 1,157,552, respectively.

According to the latest accounting information available as of the date of issuance of these condensed separate interim Financial Statements, the corpus assets of the trusts exceed the carrying amount in the related proportions.

31.2

Trusts created using financial assets transferred by the Bank (Securitization)

As of March 31, 2023 and December 31, 2022, considering the latest available accounting information as of the date of issuance of these condensed separate interim Financial Statements, the assets managed through Macro Fiducia SAU of this type of trusts amounted to 1,953 and 14,218, respectively.

31.3

Trusts guaranteeing loans granted by the Bank

As of March 31, 2023 and December 31, 2022, considering the latest available accounting information as of the date of issuance of these condensed separate interim Financial Statements, the assets managed by the Bank amounted to 2,889,215 and 3,312,662, respectively.

31.4

Trusts in which the Bank acts as Trustee (Management)

As of March 31, 2023 and December 31, 2022, considering the latest available accounting information as of the date of issuance of these condensed separate interim Financial Statements, the assets managed by the Bank amounted to 5,057,634 and 4,974,897, respectively.

32.

COMPLIANCE WITH CNV REGULATIONS

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV rules (as per General Resolution 622/2013, as amended), the Bank is registered with this agency as Agent for the Custody of Collective Investment Products of Mutual Funds (AC PIC FCI, for their acronyms in Spanish) – Comprehensive Depositary Company, clearing and settlement agent and trading agent (ALyC and AN – comprehensive, for their acronyms in Spanish) and is registered in the “List of Authorized companies to guarantee capital market instruments”, as described in note 35.1.1 to the condensed consolidated interim Financial Statements. Note 35.3 to the mentioned Financial Statements describes the number of shares subscribed by third parties and the assets held by the Bank in its capacity as depositary company.

Additionally, the Bank’s shareholders’ equity as of March 31, 2023 stated in Units of Purchasing Power (UVA, for its acronym in Spanish) amounted to 2,898,708,425 and exceeds the minimum amount required by such regulation for the different categories of agents in which the Bank is registered, amounting to 470,350 UVAs as of that date, and the minimum required statutory guarantee account of 235,175 UVAs, which the Bank paid-in with government securities as described in note 30 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

In addition, note 35.2 to the condensed consolidated interim Financial Statements presents the general policy of documents in custody, describing which information has been disclosed and delivered to third parties for custody.

33.

ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for March 2023 are described in note 36 to the condensed consolidated interim Financial Statements.

- 104 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

34.

PENALTIES APPLIED TO THE ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE BCRA

Note 37 to the condensed consolidated interim Financial Statements describes the penalties applied and the summary proceedings filed by the BCRA against the Bank, classified as follows:

Summary proceedings filed by the BCRA.

Penalties applied by the BCRA.

Penalties applied by the UIF.

Summary proceedings before the CNV and the UIF.

The Bank’s Management and its legal counsel consider no further significant accounting effects, other than those previously mentioned, should be recorded or disclosed.

35.

CORPORATE BONDS ISSUANCE

The corporate bonds liabilities recorded by the Bank are as follows:

Corporate Bonds	Original value			Residual face value as of 03/31/2023			03/31/2023		12/31/2022
Subordinated Resettable – Class A		USD	400,000,000		USD	400,000,000		86,599,261		87,981,313
Non-subordinated – Class E		USD	17,000,000		USD	17,000,000		3,546,892		3,656,522
Total								90,146,153		91,637,835

Note 38 to the condensed consolidated interim Financial Statements describes liabilities for corporate bonds recognized by the Bank.

36.

OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank recognizes different off balance sheet transactions, pursuant to the BCRA standards. The composition of the amounts of the main off balance sheet transactions as of March 31, 2023 and December 31, 2022 is as follows:

Composition	03/31/2023		12/31/2022
Custody of government and private securities and other assets held by third parties		765,920,721		754,707,079
Preferred and other collaterals received from customers (1)		218,748,621		227,356,941
Outstanding checks not yet paid		26,511,086		24,277,255
Checks already deposited and pending clearance		21,465,705		20,485,754

(1)

Related to collaterals used to secure loans transactions and other financing, under the applicable rules in force on this matter.

37.

TAX AND OTHER CLAIMS

37.1 Tax claims

Note 40.1 to the condensed consolidated interim Financial Statements describes the most relevant claims pending resolution and filed by the AFIP and the tax authorities of the relevant jurisdictions.

- 105 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

37.2. Other claims

Note 40.2 to the condensed consolidated interim Financial Statements describes the most relevant claims pending resolution and filed by the different consumers’ associations.

The Bank’s Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above mentioned proceedings other than those disclosed in these condensed separate interim Financial Statements.

38.

RESTRICTION ON DIVIDENDS DISTRIBUTION

Note 41 to the condensed consolidated interim Financial Statements describes the main legal provisions regulating the restriction on profit distribution and the decisions made by the Shareholders’ Meeting held on April 25, 2023.

39.

CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

Note 42 to the condensed consolidated interim Financial Statements describes the main guidelines of the Bank as to capital management, corporate governance transparency policy and risk management.

40.

CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKET

The international and domestic macroeconomics environments in which the Bank operates and its impacts are described in note 43 to the condensed consolidated interim Financial Statements.

41.

EVENTS AFTER REPORTING PERIOD

No other significant events occurred between the end of the period and the issuance of these condensed separate interim Financial Statements that may materially affect the financial position or the profit and loss of the period, not disclosed in these condensed separate interim Financial Statements.

42.

ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These condensed separate interim Financial Statements are presented in accordance with the accounting framework established by the BCRA, as mentioned in note 3. These accounting standards may not conform to accounting principles generally accepted in other countries.

- 106 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Holdings				Position
		03/31/2023			12/31/2022	03/31/2023
			Fair			Position
		Fair	value	Book	Book	without			Final
Name	Identification	value	level	amounts	amounts	options	Options		position
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
- Local
Government securities
Federal government bonds in dual currency at discount - Maturity: 07-21-2023	9146		1	69,171,856	71,389,533	71,918,067			71,918,067
Federal government treasury bonds linked to dolar - Maturity: 04-28-2023	5928		1	68,861,445	69,373,554	68,861,445			68,861,445
Federal government bonds in dual currency at discount - Maturity: 02-28-2024	9156		1	67,428,869	13,970,296	67,428,869	(52,706,104	)	14,722,765
Federal government bonds in dual currency at discount - Maturity: 09-29-2023	9147		1	26,669,829	26,505,563	26,669,829			26,669,829
Federal government bonds in dual currency at discount - Maturity: 06-30-2023	9145		1	26,405,460	25,004,706	26,405,460			26,405,460
Letters of National Estate at discount in pesos - Maturity: 05-31-2023	9171		1	2,849,091		2,849,091			2,849,091
Federal government treasury bonds linked to dolar - Maturity: 07-31-2023	9143		1	2,505,543	3,519	2,505,543			2,505,543
Federal government treasury bonds in pesos adjusted by CER - Maturity: 11-09-2026	5925		1	1,525,406	1,534,206	1,525,406			1,525,406
Letters of National Estate in pesos at discount - Maturity: 04-28-2023	9142		1	882,676	22,268	882,676			882,676
Federal government treasury bonds in pesos adjusted by CER - Maturity: 08-13-2023	5497		1	600,388	880,853	600,388			600,388
Other				540,849	29,551,854	540,849			540,849
Subtotal local government securities (1)				267,441,412	238,236,352	270,187,623	(52,706,104	)	217,481,519
Private securities
Corporate Bonds Tarjeta Naranja S.A. Class 53 Series 01- Maturity: 04-05-2023	56056		3	444,326	529,144	444,326			444,326
Debt Securities in Financial Trusts Confibono	80049		3	155,071	508,143	155,071			155,071
Debt Securities in Financial Trusts Accicom Personal Loans	80048		3	52,545		52,545			52,545
Securities of companies of public services	80039		3	4,647	4,950	4,647			4,647
Debt Securities in Financial Trusts Secubono	80051				213,876
Subtotal local private securities				656,589	1,256,113	656,589			656,589
TOTAL DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS				268,098,001	239,492,465	270,844,212	(52,706,104	)	218,138,108

- 107 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Holdings				Position
		03/31/2023			12/31/2022	03/31/2023
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options		Final position
OTHER DEBT SECURITIES
Measured at fair value through other comprehensive income
- Local
Government securities
Letters of National treasury in pesos to discount - Maturity: 04-28-2023	9142		1	23,231,918	1,712,394	23,231,918			23,231,918
Letters of National treasury in pesos to discount - Maturity: 05-31-2023	9171		1	20,290,364		20,290,364			20,290,364
Bonds of treasury of federal government in pesos adjusted by CER 4.25% - Maturity: 10-14-2024	9179		1	13,244,581		13,244,581	(13,244,581	)
Bonds of treasury of federal government in pesos adjusted by CER 4.25% - Maturity: 02-14-2025	9180		1	9,687,829		9,687,829	(9,687,829	)
Bonds of treasury of federal government in pesos adjusted by CER - Maturity: 08-13-2023	5497		1	8,655,897	10,715,248	8,655,897	10,447,877		10,447,877
Bonds of treasury of federal government in pesos adjusted by CER - Maturity: 07-26-2024	5405		1	34,601	505,178	34,601			34,601
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 04-21-2023	9118		1	10,829	11,287	10,829			10,829
Bonds of federal government in dollars Step up - Maturity: 07-09-2030	5921		1	4,976	4,821	4,976			4,976
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 02-17-2023	9111				54,705,082
Bonds of treasury of federal government in pesos adjusted by CER - Maturity: 03-25-2023	5492				41,956,829
Other					48,478,992
Subtotal local government securities (1)				75,160,995	158,089,831	76,952,975	(22,932,410	)	54,020,565
Total Other debt securities measured at fair value through other comprehensive income				75,160,995	158,089,831	76,952,975	(22,932,410	)	54,020,565
Measured at amortized cost
- Local
Government securities
Bonds of treasury of federal government in pesos - Maturity: 05-23-2027	9132	44,795,287	1	44,589,247	49,264,621	44,589,247			44,589,247
Bonds of treasury of federal government in pesos Badlar x 0.7 - Maturity: 11-23-2027	9166	12,657,399	1	12,360,764	10,225,961	12,360,764			12,360,764
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033	45696	715,263	1	598,074	617,194	598,074			598,074
Debt securities of Province of Río Negro in pesos - Maturity: 04-12-2023	42534	203,385	3	202,608	243,925	202,608			202,608
Treasury bills of Province of Río Negro Series 02 in pesos - Maturity: 06-15-2023	42555	196,526	1	197,782	242,301	197,782			197,782
Subtotal local government securities				57,948,475	60,594,002	57,948,475			57,948,475

(1)

During January 2023, in terms of the Article 11 of the Decree No. 331/2022 of the Argentine Ministry of Economy, the Bank decided to enter into a debt voluntary swap. The instruments that entered into that swap are as follows:

Letters of National Estate in pesos adjusted by CER – Maturity: 02-17-2023 (X17F3) for a nominal amount of 20,900,000,000.

Letters of National Estate in pesos at discount – Maturity: 02-28-2023 (S28F3) for a nominal amount of 12,893,000,000.

During March 2023, the Bank entered into a voluntary debt swap in terms of the Article 11 of the Decree No. 331/2022 of the Argentine Ministry of Economy. The following instruments entered into the swap:

Letters of National treasury in pesos at discount – Maturity: 06-30-2023 (S3OJ3) for a nominal amount of 26,640,975,851.

Letters of National Estate in pesos adjusted by CER – Maturity: 06-16-2023 (X16J3) for a nominal amount of 4,675,305,395.

Letters of National Estate in pesos adjusted by CER – Maturity: 05-19-2023 (X19Y3) for a nominal amount of 2,905,252,288.

- 108 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Holdings				Position
		03/31/2023			12/31/2022	03/31/2023
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options		Final position
OTHER DEBT SECURITIES (continued)
Central Bank of Argentina Bills
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 04-11-2023	80026	83,152,355	1	83,318,672		83,318,672			83,318,672
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 04-18-2023	80031	81,883,050	1	82,053,204		82,053,204			82,053,204
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 04-20-2023	80032	81,543,900	1	81,713,308		81,713,308			81,713,308
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 04-25-2023	80033	80,702,060	1	80,869,715		80,869,715			80,869,715
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 04-27-2023	80034	80,367,899	2	80,534,721		80,534,721			80,534,721
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 04-13-2023	80029	79,507,939	1	79,666,962		82,986,419			82,986,419
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 04-05-2023	80025	79,012,880	1	79,362,610		79,362,610			79,362,610
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 04-04-2023	80024	72,914,720	1	73,060,790		73,060,790			73,060,790
Internal letters of BCRA exchange rate of reference to rate 0 - Maturity - 10-03-2023	80003	3,376,656	3	3,453,925	3,563,567	3,453,925			3,453,925
Internal letters of BCRA exchange rate of reference to rate 0 - Maturity - Vto. 10-02-2023	80002	3,121,234	3	3,191,960	3,293,286	3,191,960			3,191,960
Other				18,446,679	646,073,042	18,446,679			18,446,679
Subtotal Central Bank of Argentina Bills				665,672,546	652,929,895	668,992,003			668,992,003
Central Bank of Argentina Notes
Liquidity notes of Central Bank of Argentina in pesos - Maturity: 01-04-2023	80051				14,736,836
Subtotal Central Bank of Argentina Notes					14,736,836
Private securities
Corporate Bonds Vista Energy Argentina SAU Class 013 - Maturity: 08-08-2024 (2)	56207	1,190,507	1	615,203	635,344	615,203			615,203
Corporate Bonds Vista Oil y Gas Argentina SAU Class 015 - Maturity: 01-20-2025 (2)	56637	1,052,617	2	567,567	586,350	567,567			567,567
Debt Securities in Financial Trusts Secubono Series 223 Class A - Maturity: 09-28-2023	56771	110,110	3	99,547		99,547			99,547
Debt Securities in Financial Supercanal II Class A - Maturity: 03-21-2024	56949	85,360	2	85,137		85,137			85,137
Debt Securities in Financial Trusts Confibono Series 065 Class A - Maturity: 07-20-2023	56428	61,987	3	64,723	141,797	64,723			64,723
Corporate Bonds YPF SA Class 043 - Maturity: 10-21-2023	50939	45,109	2	41,049	42,439	41,049			41,049
Debt Securities in Financial Trusts Secubono Series 221 Class A - Maturity: 07-28-2023	56583	40,506	2	39,922	110,705	39,922			39,922
Debt Securities in Financial Trusts Red Surcos Series 222 Class A - Maturity: 08-28-2023	56660	44,206	3	38,612	92,371	38,612			38,612
Debt Securities in Financial Trusts Secubono Series 219 Class A - Maturity: 04-28-2023	56366				30,213
Subtotal local private securities				1,551,760	1,639,219	1,551,760			1,551,760
Total Other debt securities measured at cost amortized				725,172,781	729,899,952	728,492,238			728,492,238
TOTAL OTHER DEBT SECURITIES				800,333,776	887,989,783	805,445,213	(22,932,410	)	782,512,803

(2)

Fair value obtained from the use of quotes in pesos.

- 109 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

		Holdings				Position
		03/31/2023			12/31/2022	03/31/2023
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options		Final position
Equity Instruments
Measured at fair value through profit or loss
- Local
Mercado Abierto Electrónico SA	80040		3	649,014	563,056	649,014			649,014
C.O.E.L.S.A	80041		3	87,563	106,593	87,563			87,563
Matba Rofex SA	80047		3	68,046	70,977	68,046			68,046
Sedesa	80035		3	21,291	25,918	21,291			21,291
AC Inversora SA	80042		3	19,583	23,839	19,583			19,583
Mercado a Término Rosario SA	80038		3	14,627	17,806	14,627			14,627
Provincanje SA	80044		3	14,506	17,658	14,506			14,506
Argencontrol SA	80037		3	478	582	478			478
San Juan Tennis Club SA	80036		3	437	532	437			437
Garantizar SGR	80043		3	10	12	10			10
Subtotal local				875,555	826,973	875,555			875,555
- Foreign
Banco Latinoamericano de Comercio Exterior SA	80045		1	26,528	25,511	26,528			26,528
Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales	80046		3	6,662	6,873	6,662			6,662
Subtotal foreign				33,190	32,384	33,190			33,190
Total measured at fair value through profit or loss				908,745	859,357	908,745			908,745
TOTAL EQUITY INSTRUMENTS				908,745	859,357	908,745			908,745
TOTAL GOVERNMENT AND PRIVATE SECURITIES				1,069,340,522	1,128,341,605	1,077,198,170	(75,638,514	)	1,001,559,656

- 110 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT B

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

COMMERCIAL	03/31/2023		12/31/2022
In normal situation		134,016,589		134,696,295
With senior “A” collateral and counter-collateral		14,459,047		17,530,660
With senior “B” collateral and counter-collateral		19,755,418		22,353,221
Without senior collateral or counter-collateral		99,802,124		94,812,414

Troubled		1,576,047		1,704,999
With senior “A” collateral and counter-collateral				87,445
With senior “B” collateral and counter-collateral		943,508		1,126,659
Without senior collateral or counter-collateral		632,539		490,895

With high risk of insolvency		796,584		981,502
With senior “A” collateral and counter-collateral				106,001
With senior “B” collateral and counter-collateral		701,156		723,413
Without senior collateral or counter-collateral		95,428		152,088

Subtotal Commercial		136,389,220		137,382,796

- 111 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

CONSUMER AND MORTGAGE	03/31/2023	12/31/2022
Performing	574,740,799	602,894,302
With senior “A” collateral and counter-collateral	36,734,786	39,619,122
With senior “B” collateral and counter-collateral	32,342,276	35,998,363
Without senior collateral or counter-collateral	505,663,737	527,276,817

Low risk	5,790,704	4,696,073
With senior “A” collateral and counter-collateral	99,493	72,282
With senior “B” collateral and counter-collateral	148,375	102,943
Without senior collateral or counter-collateral	5,542,836	4,520,848

Low risk - in special treatment	41,507	35,772
Without senior collateral or counter-collateral	41,507	35,772

Medium risk	3,737,645	3,216,924
With senior “A” collateral and counter-collateral	10,693	22,384
With senior “B” collateral and counter-collateral	96,713	83,024
Without senior collateral or counter-collateral	3,630,239	3,111,516

High risk	2,884,414	2,450,194
With senior “A” collateral and counter-collateral	18,833	27,642
With senior “B” collateral and counter-collateral	44,283	95,246
Without senior collateral or counter-collateral	2,821,298	2,327,306

Irrecoverable	1,290,723	1,093,865
With senior “A” collateral and counter-collateral	36,960	37,341
With senior “B” collateral and counter-collateral	203,541	173,743
Without senior collateral or counter-collateral	1,050,222	882,781

Subtotal consumer and mortgage	588,485,792	614,387,130
Total	724,875,012	751,769,926

- 112 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

This exhibit discloses the contractual figures as established by the BCRA. The reconciliation with the condensed separate interim Financial Statements is listed below:

	03/31/2023			12/31/2022
Loans and other financings		697,033,198			728,417,099
Added:
Allowances for loans and other financings		14,005,651			13,378,235
Adjustment amortized cost and fair value		1,901,910			2,053,755
Debt securities of financial trust - Measured at amortized cost		328,133			375,379
Corporate bonds		1,225,436			1,264,809
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(260,676	)		(190,684	)
Guarantees provided and contingent liabilities		10,641,360			6,471,333
Total computable items		724,875,012			751,769,926

- 113 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT C

CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	03/31/2023		12/31/2022
Number of customers	Cut off balance	% of total portfolio	Cut off balance	% of total portfolio
10 largest customers	34,071,712	4.70	27,341,162	3.64
50 next largest customers	46,457,182	6.41	49,171,365	6.54
100 next largest customers	35,631,460	4.92	38,992,823	5.19
Other customers	608,714,658	83.97	636,264,576	84.63
Total (1)	724,875,012	100.00	751,769,926	100.00

(1) See reconciliation in Exhibit B.

- 114 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT D

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector		108		1,018,497		129,178		97,797		173,868		266,766		117,222		1,803,436
Financial sector				659,446		563,679		151,495		324,159		587,285		295,160		2,581,224
Non-financial private sector and foreign residents		4,122,046		292,757,168		117,181,748		102,762,935		120,058,922		149,066,388		167,577,145		953,526,352
Total		4,122,154		294,435,111		117,874,605		103,012,227		120,556,949		149,920,439		167,989,527		957,911,012

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector		131		1,648,831		699,673		126,652		227,625		356,324		210,481		3,269,717
Financial sector				59,792		80,530		680,100		247,739		372,186		113,705		1,554,052
Non-financial private sector and foreign residents		4,222,874		327,406,920		86,070,635		105,356,620		131,542,005		145,597,262		183,616,373		983,812,689
Total		4,223,005		329,115,543		86,850,838		106,163,372		132,017,369		146,325,772		183,940,559		988,636,458

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

- 115 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT F

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original value at beginning of		Total life estimated						Depreciation of the period									Residual value at the end of the
Item	fiscal year		in years	Increases		Decreases		Transfers	Accumulated		Transfers	Decrease		Of the period		At the end		period
Cost
Real property		115,893,655	50		26,101		24,757			13,795,028			2,989		649,983		14,442,022		101,452,977
Furniture and facilities		17,808,939	10		147,583					8,981,605					371,133		9,352,738		8,603,784
Machinery and equipment		26,097,460	5		484,995					18,635,880					841,532		19,477,412		7,105,043
Vehicles		3,421,648	5		358,011		94,140			2,719,875			78,658		87,063		2,728,280		957,239
Work in progress		1,578,160			924,356														2,502,516
Right of use real property		9,842,903	5		269,363					6,598,053					410,221		7,008,274		3,103,992
Right of use furniture			5		653,674										29,743		29,743		623,931
Total property, plant and equipment		174,642,765			2,864,083		118,897			50,730,441			81,647		2,389,675		53,038,469		124,349,482

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

											Depreciation for the fiscal year											Residual
Item	Original value at beginning of fiscal year		Total life estimated in years	Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		For the fiscal year		At the end		value at the end of the fiscal year
Cost
Real property		113,651,848	50		724,939		148,719		1,665,587			11,424,070		(95,593	)		25,556		2,492,107		13,795,028		102,098,627
Furniture and facilities		15,490,806	10		503,518		1,434		1,816,049			7,590,411		5			90		1,391,279		8,981,605		8,827,334
Machinery and equipment		22,263,178	5		2,553,848		354		1,280,788			15,365,298		(1,869	)		80		3,272,531		18,635,880		7,461,580
Vehicles		3,099,984	5		547,732		214,859		(11,209	)		2,551,488		(851	)		140,410		309,648		2,719,875		701,773
Work in progress		3,761,309			3,298,619				(5,481,768	)													1,578,160
Right of use real property		8,904,279	5		1,041,987		103,363					4,978,047					58,929		1,678,935		6,598,053		3,244,850
Total property, plant and equipment		167,171,404			8,670,643		468,729		(730,553	)		41,909,314		(98,308	)		225,065		9,144,500		50,730,441		123,912,324

- 116 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT F

(Continued)

CHANGE IN INVESTMENT PROPERTY

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original Value at		Useful						Depreciation of the period
Item	beginning of fiscal year		life estimated in years		Increases		Decreases	Transfers	Accumulated		Transfers	Of the period		At the end		Residual value at the end of the period
Cost
Leased properties		482,814		50						72,992			1,818		74,810		408,004
Other investment properties		9,323,891		50		375,085				47,854			1,631		49,485		9,649,491
Total investment property		9,806,705				375,085				120,846			3,449		124,295		10,057,495

CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original Value at		Useful									Depreciation for the fiscal year
Item	beginning of fiscal year		life estimated in years		Increases		Decreases		Transfers (1)			Accumulated		Transfers (1)			For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Leased properties		547,782		50		1,408				(66,376	)		19,789		46,791			6,412		72,992		409,822
Other investment properties		603,391		50		12,017,936		24,324		(3,273,112	)		46,922		(6,939	)		7,871		47,854		9,276,037
Total investment property		1,151,173				12,019,344		24,324		(3,339,488	)		66,711		39,852			14,283		120,846		9,685,859

(1)

During the fiscal year 2022, under this item transfers were made to Non-current assets held for sale.

- 117 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT G

CHANGE IN INTANGIBLE ASSETS

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original Value at		Useful						Depreciation of the period
Item	beginning of fiscal year		life estimated in years		Increases		Decreases	Transfers	Accumulated		Transfers	Decrease	Of the period		At the end		Residual value at the end of the period
Cost
Licenses		13,587,482		5		638,187				9,514,924				587,969		10,102,893		4,122,776
Other intangible assets		47,117,540		5		2,288,133				30,102,717				1,832,315		31,935,032		17,470,641
Total intangible assets		60,705,022				2,926,320				39,617,641				2,420,284		42,037,925		21,593,417

CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Original Value at		Useful									Depreciation for the fiscal year
Item	beginning of fiscal year		life estimated in years		Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Licenses		11,881,161		5		1,596,769				109,552			7,267,933		4,110					2,242,881		9,514,924		4,072,558
Other intangible assets		38,468,406		5		8,786,865		40,642		(97,089	)		23,212,217		(1,620	)		1,599		6,893,719		30,102,717		17,014,823
Total intangible assets		50,349,567				10,383,634		40,642		12,463			30,480,150		2,490			1,599		9,136,600		39,617,641		21,087,381

- 118 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	03/31/2023				12/31/2022
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		143,085,667		9.85		187,038,290		11.93
50 next largest customers		167,275,120		11.51		162,836,954		10.39
100 next largest customers		65,487,108		4.51		75,784,678		4.83
Other customers		1,077,283,337		74.13		1,142,118,855		72.85
Total		1,453,131,232		100.00		1,567,778,777		100.00

- 119 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		1,278,673,404		193,877,023		8,694,582		2,546,840		73,772		3,656		1,483,869,277
From the non-financial government sector		104,232,312		7,365,016		1,228,071		5,922				1,697		112,833,018
From the financial sector		1,910,914												1,910,914
From the non-financial private sector and foreign residents		1,172,530,178		186,512,007		7,466,511		2,540,918		73,772		1,959		1,369,125,345
Derivative instruments		89,905				10,493								100,398
Repo transactions		4,506,489												4,506,489
Other financial institutions		4,506,489												4,506,489
Other financial liabilities		112,997,932		472,616		466,637		853,193		1,381,477		3,045,436		119,217,291
Financing received from the Central Bank of Argentina and other financial institutions		1,278,648		1,366,228		1,596,443		342,195						4,583,514
Issued corporate bonds				12,561		12,985		25,970		3,565,504				3,617,020
Subordinated corporate bonds				2,776,619				2,776,619		5,553,237		94,701,794		105,808,269
Total		1,397,546,378		198,505,047		10,781,140		6,544,817		10,573,990		97,750,886		1,721,702,258

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

- 120 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		1,435,622,970		138,213,256		24,046,390		2,315,537		14,967		44,846		1,600,257,966
From the non-financial government sector		131,216,146		4,120,592		1,241,301		5,474						136,583,513
From the financial sector		2,012,780												2,012,780
From the non-financial private sector and foreign residents		1,302,394,044		134,092,664		22,805,089		2,310,063		14,967		44,846		1,461,661,673
Derivative instruments		2,087		799										2,886
Other financial liabilities		134,630,886		514,805		466,147		895,639		1,491,979		3,446,239		141,445,695
Financing received from the Central Bank of Argentina and other financial institutions		355,350		629,914		1,968,281		54,742						3,008,287
Issued corporate bonds				13,397		12,960		26,793		3,692,084				3,745,234
Subordinated corporate bonds						2,864,760		2,864,760		5,729,520		97,708,021		109,167,061
Total		1,570,611,293		139,372,171		29,358,538		6,157,471		10,928,550		101,199,106		1,857,627,129

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

- 121 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT J

CHANGES IN PROVISIONS

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Amounts at beginning of				Decreases			Monetary effects generated by
Item	fiscal year		Increases		Reversals	Charge off		provisions			03/31/2023
Provisions for eventual commitments		835,722		124,070					(154,733	)		805,059
For administrative, disciplinary and criminal penalties		609							(109	)		500
Other		2,453,894		531,981			184,068		(457,661	)		2,344,146
Total Provisions		3,290,225		656,051			184,068		(612,503	)		3,149,705

CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Amounts at beginning of				Decreases			Monetary effects generated by
Item	fiscal year		Increases		Reversals	Charge off		provisions			12/31/2022
Provisions for eventual commitments		789,494		634,366					(588,138	)		835,722
For administrative, disciplinary and criminal penalties		1,183							(574	)		609
Other		3,082,576		2,873,513			1,428,571		(2,073,624	)		2,453,894
Total Provisions		3,873,253		3,507,879			1,428,571		(2,662,336	)		3,290,225

- 122 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT K

COMPOSITION OF CAPITAL STOCK

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

Shares							Capital Stock
Class	Stock number		Face value		Votes per share		Issued outstanding		Paid in
Registered common stock A		11,235,670		1		5		11,236		11,236
Registered common stock B		628,177,738		1		1		628,177		628,177
Total		639,413,408						639,413		639,413

COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

Shares							Capital Stock
Class	Stock number		Face value		Votes per share		Issued outstanding		Paid in
Registered common stock A		11,235,670		1		5		11,236		11,236
Registered common stock B		628,177,738		1		1		628,177		628,177
Total		639,413,408						639,413		639,413

- 123 -

Carlos A. Giovanelli
Vice Chairperson

							EXHIBIT L

FOREIGN CURRENCY AMOUNTS
AS OF MARCH 31, 2023 AND DECEMBER 31, 2022
(Translation of the Financial Statements originally issued in Spanish – See Note 42)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	03/31/2023										12/31/2022
	Total parent company and		Total per currency
Items	local branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		231,301,108		229,783,199		903,529		48,734		565,646		244,143,768
Debt securities at fair value through profit or loss (1)		261,297,773		261,297,773								206,354,328
Other financial assets		15,740,819		15,740,222		597						16,041,815
Loans and other financing		51,677,025		51,677,025								41,635,818
From the non-financial private sector and foreign residents		51,677,025		51,677,025								41,635,818
Other debt securities		26,280,310		26,280,310								55,815,619
Financial assets delivered as guarantee		5,196,643		5,196,643								5,342,783
Equity instruments at fair value through profit or loss		33,190		33,190								32,384
Investments in subsidiaries, associates and joint ventures		6,051,987		6,051,987								6,037,322
Total assets		597,578,855		596,060,349		904,126		48,734		565,646		575,403,837
Liabilities
Deposits		192,409,049		192,409,049								198,446,660
Non-financial government sector		8,063,278		8,063,278								7,502,481
Financial sector		1,651,080		1,651,080								1,703,400
Non-financial private sector and foreign residents		182,694,691		182,694,691								189,240,779
Other financial liabilities		9,901,187		9,603,325		257,941				39,921		9,617,392
Financing from the Central Bank and other financial institutions		4,455,615		4,455,615								2,918,127
Issued corporate bonds		3,546,892		3,546,892								3,656,522
Subordinated corporate bonds		86,599,261		86,599,261								87,981,313
Other non-financial liabilities		17,743		17,743								17,271
Total liabilities		296,929,747		296,631,885		257,941				39,921		302,637,285

(1)

Included mainly, Federal government bonds in dual currency at discount for 189,676,015 and Federal government treasury bonds linked to dolar for 71,614,348.

- 124 -

Carlos A. Giovanelli
Vice Chairperson

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF MARCH 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Type of contract

Purpose of the
transactions
performed

Underlying
asset

Type of settlement

Negotiation
environment or
counter-party

Originally
agreed
weighted
average term
(months)

Residual
weighted
average term
(months)

Weighted daily
average term
settlement of
differences
(days)

Amount (1)

Futures (2)

Intermediation - own account

Foreign currency

Daily settlement of differences

ROFEX (over-the-counter electronic market)

15,003,386

Forward (2)

Intermediation - own account

Foreign currency

Maturity settlement of differences

Over The Counter - Residents in Argentina - Non financial sector

151,085

Repo transactions

Intermediation - own account

Local government securities

With delivery of underlying asset

Other countries of local

48,149,162

Options

Intermediation - own account

Other

With delivery of underlying asset

Over The Counter - Residents in Argentina - Non financial sector

3,004,365

Options (3)

Intermediation - own account

Local government securities

With delivery of underlying asset

Over The Counter - Residents in Argentina - financial sector

75,638,514

(1) Related to the valuation of the underlying traded, disclosed in absolute values.

(2) Related to compensated operations forward (OCT).

(3) See Notes 5 and 9 to the condensed consolidated interim Financial Statements.

- 125 -

Carlos A. Giovanelli
Vice Chairperson

	EXHIBIT Q


BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(Translation of the Financial Statements originally issued in Spanish – See Note 42)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

	Net financial Income / (Loss)
	Mandatory measurement
Items	Quarter ended 03/31/2023			Quarter ended 03/31/2022
For measurement of financial assets at fair value through profit or loss
Gain from government securities		6,003,960			7,679,463
Gain from private securities		215,760			235,030
Gain from derivative financial instruments
Forward transactions		194,481
Loss from other financial assets		(14,892	)		(5,326	)
Gain from equity instruments at fair value through profit or loss		50,831			1,889,218
(Loss) / Gain from sales or decreases of financial assets at fair value (1)		(582,412	)		2,045,940
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Options		(416,939	)
Total		5,450,789			11,844,325

(1)

Net amount of reclassifications to profit of instruments classified at fair value through other comprehensive income that were derecognized or charged during of the period.

- 126 -

Carlos A. Giovanelli
Vice Chairperson

	EXHIBIT Q
	(Continued)

BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(Translation of the Financial Statements originally issued in Spanish – See Note 42)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Interest and adjustment for the application of the effective	Net financial income / (Loss)
interest rate of financial assets and financial liabilities measured at amortized cost	Quarter ended 03/31/2023			Quarter ended 03/31/2022
Interest income
for cash and bank deposits		550,377			5,788
for government securities		111,257,098			3,326,557
for private securities		98,154			51,329
for loans and other financing
Non-financial public sector		387,107			564,420
Financial sector		106,453			188,238
Non-financial private sector
Overdrafts		9,339,182			5,175,706
Documents		9,052,846			6,232,692
Mortgage loans		11,004,103			9,549,877
Pledge loans		801,834			1,058,814
Personal loans		25,947,766			28,199,817
Credit cards		18,187,106			10,259,035
Financial leases		115,229			93,364
Other		11,079,093			7,676,013
for repo transactions
Central Bank of Argentina		6,712,679			811,784
Other financial institutions		15,252			71,168
Total		204,654,279			73,264,602
Interest expenses
for Deposits
Non-financial Private sector
Checking accounts		(5,910,328	)		(879,841	)
Saving accounts		(1,281,113	)		(802,998	)
Time deposits and investments accounts		(120,578,650	)		(50,974,023	)
for Financing received from Central Bank of Argentina and other financial institutions		(212,379	)		(90,964	)
for repo transactions
Other financial institutions		(1,240,270	)		(443,582	)
for other financial liabilities		(39,946	)		(3,916	)
for issued corporate bonds		(16,074	)		(228,346	)
for other subordinated corporate bonds		(1,343,504	)		(1,483,684	)
Total		(130,622,264	)		(54,907,354	)

- 127 -

Carlos A. Giovanelli
Vice Chairperson

	EXHIBIT Q
	(Continued)
BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(Translation of the Financial Statements originally issued in Spanish – See Note 42)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

Interest and adjustment for the application of the effective	Income of the period		Other comprehensive income			Income of the period		Other comprehensive income
interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 03/31/2023		Quarter ended 03/31/2023			Quarter ended 03/31/2022		Quarter ended 03/31/2022
for debt government securities		23,454,056		(1,916,836	)		67,148,777		(3,254,628	)
Total		23,454,056		(1,916,836	)		67,148,777		(3,254,628	)

	Income of the period
Items	Quarter ended 03/31/2023			Quarter ended 03/31/2022
Commissions income
Commissions related to obligations		13,659,478			12,825,297
Commissions related to credits		78,584			87,515
Commissions related to loans commitments and financial guarantees		1,800			1,149
Commissions related to securities value		203,098			195,007
Commissions to credit cards		8,081,498			7,781,140
Commissions to insurances		1,309,301			1,334,386
Commissions related to trading and foreign exchange transactions		533,755			513,372
Total		23,867,514			22,737,866
Commissions expenses
Commissions related to trading with debt securties
Commissions related to trading and foreign exchange transactions		(103,281	)		(73,407	)
Other
Commissions paid ATM exchange		(1,045,131	)		(1,114,535	)
Checkbooks commissions and clearing houses		(475,240	)		(383,542	)
Credit cards and foreign trade commissions		(214,907	)		(217,518	)
Total		(1,838,559	)		(1,789,002	)

- 128 -

Carlos A. Giovanelli
Vice Chairperson

									EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF MARCH 31, 2023
(Translation of the Financial Statements originally issued in Spanish – See Note 42)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

			Movements between stages of the fiscal year period
						ECL of remanent life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by allowances			03/31/2023
Other financial assets		110,826		21,132									(21,196	)		110,762
Loans and other financing		13,378,235		657,056			810,009			1,764,455			(2,604,104	)		14,005,651
Other financial institutions		9,910		4,537									(2,072	)		12,375
To the non-financial private sector and foreign residents
Overdrafts		641,203		96,293			(11,426	)		161,530			(130,921	)		756,679
Documents		682,522		94,453			9,966			19,528			(130,123	)		676,346
Mortgage loans		1,453,382		119,264			19,862			111,428			(276,193	)		1,427,743
Pledge loans		230,852		102,018			6,015			(8,990	)		(47,826	)		282,069
Personal loans		5,049,052		(139,465	)		189,946			888,499			(964,075	)		5,023,957
Credit cards		3,366,855		34,898			565,854			471,876			(672,682	)		3,766,801
Financial leases		26,338		(3,551	)		821			29,418			(6,484	)		46,542
Other		1,918,121		348,609			28,971			91,166			(373,728	)		2,013,139
Eventual commitments		835,722		79,337			47,678						(157,678	)		805,059
Other debt securities		969		1,087									(247	)		1,809
Total allowances		14,325,752		758,612			857,687			1,764,455			(2,783,225	)		14,923,281

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)
(Figures stated in thousands of pesos in constant currency as of March 31, 2023)

			Movements between stages for the fiscal year
						ECL of remanent life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by allowances			12/31/2022
Other financial assets		62,714		101,522									(53,410	)		110,826
Loans and other financing		22,836,281		2,864,645			(2,991,148	)		1,625,106			(10,956,649	)		13,378,235
Other financial institutions		8,656		5,301									(4,047	)		9,910
To the non-financial private sector and foreign residents
Overdrafts		1,678,946		320,314			5,448			(676,256	)		(687,249	)		641,203
Documents		2,280,189		(44,798	)		(556,935	)		23,947			(1,019,881	)		682,522
Mortgage loans		4,738,210		345,024			(2,950,776	)		1,038,511			(1,717,587	)		1,453,382
Pledge loans		292,982		113,999			(21,278	)		(15,925	)		(138,926	)		230,852
Personal loans		5,882,075		1,208,987			643,245			666,537			(3,351,792	)		5,049,052
Credit cards		3,830,187		808,576			648,668			388,472			(2,309,048	)		3,366,855
Financial leases		34,666		16,064			44			(5,717	)		(18,719	)		26,338
Other		4,090,370		91,178			(759,564	)		205,537			(1,709,400	)		1,918,121
Eventual commitments		789,494		516,614			116,778						(587,164	)		835,722
Other debts securities		1,287		471									(789	)		969
Total allowances		23,689,776		3,483,252			(2,874,370	)		1,625,106			(11,598,012	)		14,325,752

- 129 -

Carlos A. Giovanelli
Vice Chairperson

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: August 10, 2023