Investor Relations

January 2017

COMPANY REPRESENTATIVES

2

The information contained in this presentation is confidential and has been prepared solely for informational purposes.

This presentation contains forward-looking statements which are based largely on our current beliefs, expectations and

projections about future events and financial trends affecting our business. Many important factors could cause our

actual results to differ substantially from those anticipated in our forward-looking statements among other things:

inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes

or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in

the value of Argentine public debt; competition in banking, financial services; deterioration in regional and national

business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso. Banco Macro financial

results presented as of September 30, 2016 are stated in accordance with Central Bank Rules.

DICLAIMER

Finance & IR Manager

Jorge Scarinci, CFA

Head of Investor Relations

Ines Lanusse

AGENDA

3

01. Section I - BMA Business Overview

02. Section II - BMA Strenghts and Opportunities

03. Section III - BMA Financial Performance

04. Section IV - Financial System &

Argentine Economy

05. Section V - Appendix

SECTION I

BMA Business Overview

MACRO IN A NUTSHELL

5

01 A Leading Private Sector Bank in Argentina

02 Presence in Fast Growing Segments

03 Strong Profitability & Returns

04 Diversified Loan Portfolio & Prudent Risk Management

05 Robust Liquidity & Capital Ratios

5

A SUCCESSFUL BUSINESS MODEL & STRATEGIC FOCUS

6

Develop a sustainable business,

making life easier for our customers.

Tierra Del Fuego

Chubut

Río Negro

Buenos Aires

La Pampa

Mendonza

Neuquén

San Luis

Cordoba

Santa Fé

Entre Rios

San Juan

La Rioja

Catamarca Santiago

Del Estero

Chaco

Corrientes

Missiones Salta

Jujuy

Formosa

Tucuman

Santa Cruz

CABA

Growth by increasing market share

Potential for acquisitions

Aggressive growth focus by cross selling products

Market opportunities through geography and segment

Banco Macro Strategy

» Enhanced business model to increase efficiency and

cross-selling capabilities

» Continue gaining market share in low-to-mid income

individuals and rapidly grow our high-end customer

base through our revamped product suite (“Selecta”)

» Further increase payroll services to our large SME

customer base

» Expand commercial offering beyond working capital,

extending loan duration and offering local and foreign

currency products focused on export-oriented

businesses (e.g. agri-business, energy, etc.)

» Continue expanding our branch network by opening

new branches and / or through acquisitions, with

particular focus in solidifying our presence in the BA

metro area Operational and commercial efficiency by reducing costs and increase cross selling

A SUCCESSFUL BUSINESS MODEL & STRATEGIC FOCUS

7

Business Model

A SUCCESSFUL GROWTH STORY

8

38 years of experience in the

Argentine Financial System

Initial Stages

Wholesale Bank

Regional Bank

National Bank

Note: 1- As of September 2016.

Anglia (Over the Counter Agent)

Anglia Opens Brokerage House

Macro (Financial Company)

Commercial Bank License

Banco Macro Emerges as a Leading Wholesale Bank in Argentina

First Wholesale Bank to Issue Debentures

First Wholesale Bank to Issue Equity / First Branch in Salta / Strategic Decision to Move into Retail

Banco Salta / Banco del Noroeste / Banco Misiones

Banco Jujuy

Branches of Banco Mayo, Almafuerte, Mendoza and Israelita

Banco Bansud / 35% of Scotiabank Argentina

Nuevo Banco Suquía

Banco Empresario de Tucumán

Banco de Tucumán / NYSE IPO / Nuevo Banco Bisel

Merger Nuevo Banco Bisel

Banco Privado de Inversiones

AN UNIQUE BRANCH NETWORK

9

Provinces with Branches

Financial Agency Agreements

444 Branches throughout the country

1364 ATMs

912 TAS

35 Service points

8626 Employees

3,271,739 Retail Customers

82,157 Corporate Customers

Nationwide

Presence¹

Financial Agency Agreements

Provincial

Government’s Bank

Public Employees

Payroll Accounts

Cross Selling

» Employees and relatives

» Companies with government

contracts

» Companies operating in regional

economies

Large

Customer Base

Low - Cost

Funding

Fee Income

Largest private sector branch network in Argentina and exclusive

financial agent in 4 provinces

444

139

400

254

105

322

258

177

140

634

Branches

Provinces

» Salta

» Misiones

» Jujuy

» Tucumán

Population

» 1.2 m

» 1,1 m

» 0.7 m

» 1.5 m

Branch Market

Share

» 50%

» 52%

» 45%

» 43%

Agreement

expires

» 2026

» 2019

» 2024

» 2021

Source: BCRA

Note 1-As of September 2016. 2-As of June 2016 except Banco Macro as of September, 2016. Bank´s with 100 branches or more. Galicia includes CFA and excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance,

Rombo & Volkswagen Credit, respectively.

29%

33%

33%

35%

40%

44%

47%

48%

60%

79%

42%

35%

34%

39%

27%

40%

29%

23%

30%

14%

29%

32%

33%

26%

33%

16%

24%

29%

10%

7%

0% 20% 40% 60% 80% 100%

Galicia

ICBC

BBVA Frances

Santander Rio

HSBC

Credicoop

Patagonia

Supervielle

Nacion

Macro

Strongest presence outside Buenos Aires²

Interior of Argentina BA Province BA City

AN INCREASING BRANCH NETWORK

IN BUENOS AIRES

10

Metropolitan Area & Great

Buenos Aires1

Rest of Buenos Aires Province1

Bank (total branches) Total Market

Share

1 Santander Rio 184 12%

2 Galicia 169 11%

3 BBVA Francés 137 9%

4 Provincia de Bs As 130 9%

5 Nación 114 8%

6 Credicoop 88 6%

7 Supervielle 75 5%

8 Patagonia 71 5%

9 HSBC 68 5%

10 Itaú 66 4%

11 Ciudad de Bs As 64 4%

12 ICBC 59 4%

13 Macro 51 3%

14 Comafi 49 3%

Other 151 10%

Financial System 1,476 100%

Bank (total branches) Total Market

Share

1 Provincia de Bs As 212 29%

2 Santander Rio 138 19%

3 Nación 77 10%

4 Galicia 58 8%

5 Credicoop 56 8%

6 Macro 41 6%

7 BBVA Francés 34 5%

8 Patagonia 23 3%

9 HSBC 16 2%

10 Banco de la pampa 13 2%

Other 75 10%

Financial System 743 100%

Source: BCRA

Note:1-As of June 2016. Galicia includes CFA and excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively.

Keep increasing our market share in Buenos Aires

A LEADING PRIVATE SECTOR BANK

IN ARGENTINA

11

472.1

190.9 177.9 165.1 132.9 127.9 77.9 71.6 70.6 62.6

536.6

2,086.1

Assets (Ps Billion - % Market Share)

70.4

18.8 18.4 16.1 14.9 10.7 10.5 9.3 9.2 7.9

78.2

264.4

Equity (Ps Billion - % Market Share)

350.2

167.5 124.6 118.3 92.9 90.9 62.2 60.3 54.6 41.9

343.8

1,507.1

Deposits (Ps Billion - % Market Share)

159.3 93.6 89.5 86.1 70.9 66.8 40.3 38.0 37.0 33.0

261.9

976.5

Loans (Ps Billion - % Market Share)

26%

3% 3% 4% 4% 6% 6% 8% 9% 9%

23%

100% 100%

30%

3% 3% 4% 4% 4% 6% 6% 7% 7%

27%

100%

27%

3% 4% 4% 4% 7% 7% 9% 9% 10%

16%

100%

23% 23%

3% 4% 4% 4%

11%

8% 8% 6% 6%

Source: BCRA.

Note:1-As of June 2016. Galicia includes CFA and excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively.

SECTION II

BMA Financial Performance

BMA’S EARNINGS CONSISTENT GROWTH

13

73

99

106

147

123

115

88 1

69

152

161

163

184

156

163

191

242

246

222

268

274

258

258

314

346

324

332 412

426

458

460 5

72

953

1,1

86

733

986

575

1,1

14

823

1,1

05

1,9

67

1,4

08

1,8

05

1,6

33

Quarterly Net Profit (Ps Million)

BANCO MACRO HIGHLIGHTS’ X PEERS

14

Banco Macro Banco Galicia BBVA Frances Santander Rio

Profitability

Net Interest Margin1 18.5% 11.5% 13.4% N/A

Efficiency Ratio² 47.0% 62.8% 57.4% 57.3%

ROAE 35.2% 30.3% 24.2% 26.6%

ROAA 5.4% 2.9% 2.8% 3.3%

Liquidity

Loans / Deposits 77.2% 101.2% 77.5% 81.7%

Capital

Total Equity / Total Assets 14.9% 8.9% 12.1% 11.6%

Tier 1 Capital Ratio 16.6% 9.6% 13.9% 11.3%

Total Regulatory Capital Ratio 17.3% 12.7% 14.8% 12.0%

Asset Quality

Allowances / Loans 2.3% 3.5% 2.1% N/A

NPLs/ Loans 1.5% 3.4% 0.8% 1.2%

Allowances / NPLs 155.4% 100.7% 251.6% 133.0%

Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 3Q16. Calculations may vary from bank to bank. Accumulated Annualized Ratios

Note: 1 – Net interest income / average interest earning assets (annualized). 2 – Administrative expenses / Net fee income + Net financial income

SUPERIOR AND CONSISTENT

PERFORMANCE RELATIVE TO PEERS

15

5.4%

2.9% 2.8% 3.3% 3.1%

Banco Macro Galicia BBVAFrancés

SantanderRio

PeersAvarage

ROAA¹

35.2%

30.3%

24.2% 26.6% 27.0%

Banco Macro Galicia BBVAFrancés

SantanderRio

PeersAvarage

ROAE¹

18.5%

11.5%

13.4% 12.5%

Banco Macro Galicia BBVA Francés Peers Avarage

Net interest Margin²

47.0%

62.8% 57.4% 57.3% 57.4%

Banco Macro Galicia BBVAFrancés

SantanderRio

PeersAvarage

Efficiency Ratio³

Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 3Q16. Calculations may vary from bank to bank.

Note: 1 – Accumulated Annualized Ratios. 2 – Net interest margen/ average interest earning assets(annualized). 3 – Administrative expenses / Net fee income + Net financial income. Peers

Average calculated as average of Banco Macro, Galicia, BBVA Francés y Santander Rio, except Net Interest Margin which excludes Santander Rio.

FINANCIAL SUMMARY

16

Balance Sheet Breakdown – Liabilities (Ps Billion)

16% 15%

21% 22% 21% 18%

16%

21%

11% 5% 4%

14% 15% 20%

48% 59%

65% 66% 58% 59% 56% 11% 11% 5% 5% 3% 3% 4%

4% 4% 4% 4% 4% 4% 4%

2010 2011 2012 2013 2014 2015 3Q16

Cash

Government & Private Securities

Loans

Other Receivables

Other Assets

Balance Sheet Breakdown - Assets (Ps Billion)

81% 80%

87% 86% 86% 86% 88%

14% 14% 8% 8% 7% 7% 6% 2% 2% 2% 2% 2% 2% 2% 1% 3%

2% 3% 3% 3% 3%

2% 2% 1% 1% 1% 2% 1%

2010 2011 2012 2013 2014 2015 3Q16

Non-subordinated Corporate Bonds

Other Liabilities

Subordinated Corporate Bonds

Other Liabilities from financial Institutions

Deposits

FINANCIAL SUMMARY

17

Income Statements Highlights

Ps Million 2011 2012 2013 2014 2015 9M16

Financial Income 4,699 6,904 9,754 14,683 20,109 21,363

Financial Expense (1,719) (2,828) (4,022) (6,583) (8,843) -9,970

Net Financial Income 2,980 4,077 5,732 8,100 11,266 11,392

Provision for loan losses (273) (600) (540) (665) (877) (719)

Fee Income 1,969 2,645 3,426 4,656 6,115 5,661

Fee Expense (428) (685) (918) (1,216) (1,715) (1,828)

Net Fee Income 1,541 1,959 2,509 3,440 4,401 3,833

Administrative Expenses (2,489) (3,115) (4.015) (5,499) (7,226) (7,156)

Minority Interest in Subsidiaries (10) (14) (18) (24) (35) (38)

Net Other Income 85 41 110 89 (35) 170

Earnings Berfore Income Tax 1,834 2,347 3,776 5,442 7,494 7,482

Income Tax (658) (854) (1,333) (1,962) (2,486) (2,637)

Net Income 1,176 1,494 2,444 3,480 5,008 4,846

Earnings per Outstanding ADS (USD)

0

1

2

3

4

5

6

7

8

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 9M16

(USD

/PS)

FINANCIAL SUMMARY

18

ACCUMULATED ANNUALIZED RATIOS

2011 2012 2013 2014 2015 9M16

Profitability & Performance

Net interest margin 10.9% 11.9% 13.7% 15.7% 18.0% 18.5%

Net interest margin adjusted (1) 10.7% 12.4% 13.9% 14.9% 15.7% 15.2%

Net fee income ratio 34.1% 32.5% 30.4% 29.8% 28.1% 25.2%

Efficiency ratio 55.0% 51.6% 48.7% 47.7% 46.1% 47.0%

Net fee income as a percentage of adm expenses 61.9% 62.9% 62.5% 62.6% 60.9% 53.6%

Return on average assets 3.4% 3.3% 4.6% 5.1% 5.8% 5.4%

Return on average equity 26.7% 27.1% 33.3% 33.4% 37.2% 35.2%

Liquidity

Loans as a percentage of total deposits 85.4% 88.7% 92.2% 82.1% 83.4% 77.2%

Liquid assets as a percentage of total deposits 34.7% 31.7% 33.3% 40.6% 38.4% 44.7%

Capital

Total equity as a percentage of total assets 11.4% 12.8% 14.6% 15.3% 15.1% 14.7%

Capital as % of APRc 18.3% 19.0% 25.3% 24.0% 20.8% 23.6%

Regulatory capital as % of APR n/a n/a 14.6% 16.1% 14.6% 17.3%

Asset Quality

Allowances over total loans 2.4% 2.8% 2.5% 2.6% 2.3% 2.3%

Non-performing loans as a percentage of total loans 1.5% 1.8% 1.7% 1.9% 1.5% 1.5%

Allowances as a percentage of non-performing loans 159.2% 155.4% 149.1% 135.3% 151.0% 155.1%

ACCUMULATED ANNUALIZED BALANCE SHEET

2011 2012 2013 2014 2015 9M16 Assets 41,179.2 47,894.1 59,295.0 74,995.6 104,952.0 136,780.4

Loans 24,318.3 31,202.6 39,022.4 43,740.3 62,332.4 76,870.5

Other assets 16,860.9 16,691.5 20,272.6 31,255.3 42,619.6 59,909.9

Liabilities 36,459.6 41,695.0 50,667.6 63,503.8 89,075.9 116,369.8

Deposits 29,167.1 36,188.7 43,427.0 54,716.6 76,521.6 101,899.9

Other liabilities 7,292.5 5,506.3 7,240.6 8,787.2 12,554.3 14,469.9

Shareholders Equity 4,719.6 6,199.1 8,627.4 11,491.8 15,876.1 20,410.6

Note: 1 Net interest margin excluding difference in quote in foreign currency. 2 Net interest margin (excluding difference in quote in foreign currency) except income from

government & private securities and guaranteed loans.

Others 5%

Sight 42%

Time

53%

Deposits

TOTAL LOANS & DEPOSITS BREAKDOWN

19

9% of Loan Book in

dollars.

16% of deposits in

dollars.

Low-Cost

Deposits

Cross Selling Opportunities for

depositors (especially payroll

customers and SMEs) to utilize

other products (such as credit

cards, mortgages, long-term loans).

Cross Selling allows us to increase growth,

while controlling risk.

Loans

Consumers

58%

Corporate 39%

Publ & Fin

3%

Consumers 60%

Corporate 26%

Publ & Fin

14%

Others³ 11%

Overdraft 12%

Documents² 12%

Mortgage Loans

5%

Credit Cards 22%

Pledged Loans

2%

Personal Loans 36%

DEPOSITS AND TOTAL FINANCING MATURITY

20

Up to 1 Month¹

37%

1 to 3 months

11%

3 to 6 months

10%

6 to 12 months

11%

12 to 24 months

12%

+24 months

19%

Total Deposits¹ Total Financing¹

1 Month 79.5%

3 Months 18.0%

6 Months 2.1%

12 Months 0.4%

Note 1 – As of September 2016. Includes 1% of matured total financing.

Market Share Evolution1

ORGANIC, INORGANIC AND FEE INCOME GROWTH

21 Source: BCRA

Notes: 1-As of September 2016. 2 - As of September 2016, annualized.

Fee Income Growth 2

0

2,000

4,000

6,000

8,000

(Million Ps.

)

Other

Credit-related fees

Debit and credit card income

Fee charges on deposit accounts

58%

28%

2%

12%

8.0%

7.0%

0%

3%

5%

8%

10%

Loans to Private Sector

Private Sector Deposits

IIV III II I V

Acquisitions:

I – Bansud

II – Suquia

III – Tucuman

IV – Bisel

V – Banco Privado

NPLs as a % of Total Lending1

ASSET QUALITY

22

Allowances as a % of NPLs¹

2.0

1.5

2.6

3.2

2.1

1.5 1.8 1.7

2.0

1.6 1.6

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Banco Macro 4.5

3.2 3.1 3.5

2.1

1.4 1.7 1.7

2.0 1.7

1.9

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Financial System¹

156 142 138

116

147 158 155 149

135 151 155

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Banco Macro

108 115 117 115

148

176

141 143 140 146 139

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Financial System¹

Source: BCRA

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

Large share of demand deposits

complemented by low-cost

deposits from provinces

47% low-cost

funding

Appropriate liquidity

available to take advantage of

expected credit expansion

Deposit Base Liquidity Management 5%

42%

53%

(Million Ps) 3Q15 3Q16

Cash + cash collateral + call 13,222 24,932

Repos 1,388 577

Central Bank Notes

(Lebacs / Nobacs) 11,904 20,050

Liquid Assets 26,515 45,560

Liquid Assets / Total Assets 27.7% 33.3%

Liquid Assets / Deposits 38.2% 44.7%

FUNDING & LIQUIDITY MANAGEMENT

23

0

20,000

40,000

60,000

80,000

100,000

Time deposits Sight deposits Other

(Million

Ps.

)

LOWER EXPOSURE TO PUBLIC SECTOR AN SOLID

CAPITALIZATION AND SOLVENCY

24

Exposure to the Public Sector1 Excess of Capital

3.3

7.5

0

6

12

18

24

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Banco Macro Financial System

Net

Public E

xposu

re/Tota

l Ass

ets

(%)

23.6

17.3

0

10

20

30

40

0

2,000

4,000

6,000

8,000

10,000

12,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Excess Capital Capitalization Ratio

Regulatory Capital BIII

Excess

of

Capit

al (M

illion P

s.)

Capita

lizatio

n R

atio

(%)

Source: BCRA.

Notes 1-Net of LEBACs and NOBACs as of 3Q16.

LARGEST LISTED LATAM BANKS BENCHMARK

25

Opera

ting

Levera

ge /

ass

et

quality

Pro

fita

bilit

y/

capit

alizati

on

Net Interest Margin Efficiency Ratio Fee Income/ATA

Gross Loans/Deposits PDLs/Gross Loans Loss Reserves/PDLs

ROAE ROAA Total Capital Ratio¹²

Source: J.P. Morgan Company filings as of September 2016 Note: Santander stands for Santander Brasil and Bancolombia for Grupo Bancolombia

Notes: 1 Reported capital ratio under Basel III regulatory requirements; 2 Peru hasn’t adopted Basel III, but Credicorp calculated an estimated ratio..

14%

10%

5% 5% 7%

6% 5% 4%

6%

33% 43% 40% 45% 45%

59% 49%

56% 65% 6%

4%

3%

4% 4%

1% 2% 2%

1%

151%

106%

137% 125%

106% 105% 95% 89% 77%

7% 6%

3% 3% 4% 3% 2%

2% 1%

186% 186%

143% 127%

157%

119%

155%

101% 94%

40% 35%

18% 20% 21%

14% 18%

12% 9%

6%

3%

2% 1% 2% 2%

1% 2%

1%

17% 15%

18% 15%

14% 16% 15%

16% 14%

26

SECTION III

BMA STRENGHTS AND

OPPORTUNITIES

A STRONG POSITION IN CORE BANKING ACTIVITY

27

Market Share / Group of Banks1

Loans

to

the

Privat

e

Secto

r

Source: BCRA.

Note: 1-As of June 2016. Excluding interests.

Macro 24%

Public Banks 31%

Private Banks (Foreign)

35%

Private Banks (Local)

34%

Macro 21%

Public Banks 36%

Private Banks (Foreign)

32%

Private Banks (Local)

32%

Loans to the Private Sector Deposits to the Private Sector

Banco Macro (Ps. 75.4 Billion)¹

STRONG WELL DIVERSIFIED LOAN BOOK

28

System (Ps.945.3 Billion)1

Private Loans – Banco Macro vs. System

Source: BCRA.

Note: 1-As of September 2016. Loans before Provisions. Interest excluded.

Overdrafts 11%

Documents 29%

Mortgage Loans 6%

Pledged Loans 5%

Personal Loans 21%

Credit Cards 23%

Others 5%

Overdrafts 12%

Documents 12%

Mortgage Loans 5%

Pledged Loans 2% Personal Loans

36%

Credit Cards 22%

Others 11%

STRONG WELL DIVERSIFIED LOAN BOOK

29 Souce: BCRA.

Note: 1-As of September 2016. Loans before Provisions. Interest excluded.

Breakdown of Loans by Economic Activity¹

Agricultural livestock - Forestry - Fishing - Mining - Hunting

8.6%

Foodstuff and beverages 5.6%

Manufacturing and wholesale 3.1%

Chemicals 2.1%

Others 5.2%

Electricity, oil, water 0.3%

Construction 3.0%

Retail and consumer products 9.6%

Governmental services 1.8%

Financial services 2.9%

Real estate, business and leases 1.6%

Retail loans 48.6%

Hotels and restaurants 0.3%

Other services 3.0%

Transportation, storage and communications.

4.3%

STRONG PRESENCE IN FAST

GROWING SEGMENTS

30

Cre

dit

Card

s Pers

onal Loans

Corp

ora

te L

oans

Source: BCRA. Notes: 1 – Open market includes prof & bus. 2 – Mostly structured loans (medium and long term). 3 – Factoring, check cashing advances and promissory notes. Companies Classification: Small and

Micro companies: Up to Ps.200 million in sales per year; Medium-sized companies: more than Ps.200 million and less than Ps.800 million in sales per year; Corporate companies: more than Ps.800 million in sales

per year; Agro companies: includes individuals and companies who operate in agriculture or in the commerce of agricultural products.

» As of September, 2016 credit cards comprise 22% of

outstanding loans, up 43% YoY.

» We have grown our credit cards business at 46% CAGR

since 2007 through our point-of-sale promotion strategy

and discounts and fixed installments for our customers.

» Continue growing our business, currently at 8% market

share as ofJune, 2016.

» Recently upgraded “Selecta” program, directed to high-

income customers.

» Only 37% of credit card loans derived from open market

customers.

» Ranked #1 in terms of personal loans, with ~15%

market share as of June, 2016.

» Rapidly growing at 28% YoY, with core focus on cross-

selling products to payroll and pension customers.

» Opportunity to expand portfolio as demand for longer-

term loans increases (i.e. mortgages).

» Collateralized loans, including Retirees, Public Payroll

& Private Payroll, represents 93% of total personal

loans.

» Only 8% of personal loans derived from open market

customers.

» Corporate loans growth driven by overdraft YoY

growth of 63% and documents YoY growth of 62%.

» Diversified SME customer base with ~63k small &

micro, ~17k agro and ~2k medium clients.

» Opportunity to expand product offering beyond

working capital and short-term pre-export financing

with longer-term local and foreign currency loans.

Public Payroll

16%

Private Payroll

25%

Retirees 22%

Open Market

37%

Breakdown¹

722

16,306

2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Volume (Ps. Millions)

Public Payroll

46%

Private Payroll

21%

Retirees 25%

Open Market

8%

Breakdown¹

Overdrafts 28%

Documents³ 28%

Mortgage 10%

Pledge 4%

Corporate Credit Car

2%

Others² 28%

Breakdown¹ Corporate Customers Corporate

1% Medium

2%

Micro 56% Small

21%

Agro 20%

0

10,000

20,000

30,000

MACRO PROVINCIA NACION

SANTANDER GALICIA

Personal Loans Growth

(Ps. Millions)

31

SECTION IV

FINANCIAL SYSTEM &

ARGENTINE ECONOMY

PRIVATE SECTOR LOANS GROWTH

32

12%

05%

10%

15%

20%

Private Sector Loans/GDP

Source: BCRA/BMA

As of September, 2016.

33.3%

37.1%

29.5%

-40%

-20%

0%

20%

40%

60%

80%

Total Individuals Corporations

Loans Growth Rates (YoY)

PRIVATE SECTOR DEPOSITS GROWTH

33

Private Sector Deposits/GDP

Source: BCRA/BMA

As of September, 2016.

19%

15%

0%

5%

10%

15%

20%

25%

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

Dep SF ($+u$s) Priv S. Dep

37.2%

62.9%

8.2%

-60%

-40%

-20%

0%

20%

40%

60%

80%

Total Individuals Corporations

Deposits Growth Rates (YoY)

PRIVATE SECTOR LOANS AND DEPOSITS GROWTH

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

Low Penetration Compared to Selected Peers

26%

38% 41% 43%

21%

10%

38%

47%

31% 31%

20%

36% 32%

11%

21% 22% 25%

8%

20%

30% 27%

30% 28%

32%

47%

37%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Deposits and Loans with Private Sector Consistent Growth

Loans Deposits

88%

55%

43% 42%

25%

14%

Average = 44%

Chile Brazil Colombia Peru Mexico Argentina

Loans to GDP (Dec 2015)

72%

42% 38%

35%

23% 18%

Average = 38%

Chile Colombia Peru Brazil Mexico Argentina

Deposits to GDP (Dec 2015)

ARGENTINE MACROECONOMIC

FUNDAMENTALS HIGHLIGHTS

35 Source: BCRA.

Note: *BMA Estimates

02

-04

03

10

17

-80

-40

0

40

80

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

(USD

/Ps)

(USD

/Ps)

Exports Imports Balance

70%

61%

49%

56%

43%

35% 37% 37% 42%

38%

50% 53%

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

Historical and Projected Debt to GDP

Historical and Projected Trade Balance

9.0%

4.1%

-5.9%

10.1%

6.0%

-1.0%

2.4%

-2.5%

2.5%

-1.6%

3.0%

Average = 3%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Historical and Projected GDP Growth

ARGENTINE MACROECONOMIC

FUNDAMENTALS HIGHLIGHTS

36 Source: BCRA.

Note: *BMA Estimates

17% 18% 18% 20% 19% 18% 20% 20% 20% 20% 19% 19%

-14% -15% -16% -19% -20% -19% -21% -22% -23% -25%

-14% -14%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

-30%

-20%

-10%

0%

10%

20%

30%

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

Historical and Projected Tax Balance

Total Income/GDP (left axis)

Total Expenses/ GDP (left axis)

Primary Result/ GDP (right axis)

Fiscal Result/ GDP (right axis)

19% 22% 23%

25%

38%

28%

41%

21%

2010 2011 2012 2013 2014 2015 2016 2017*

Historical and Projected Inflation

4.3 4.9 6.3

8.6

11.4

15.9

18.6

2011 2012 2013 2014 2015 2016 2017*

Historical and Projected Exchange Rate (USD/PS)

37

SECTION V

APPENDIX

TOTAL

584,563,028

Fiscal Year Payment

Dividends paid to the

shares

(In thousands Ps.)

Dividends per

share

(Ps)

Payout

Ratio

2005 May/06 68,395 0.1 26.03%

2006 May/07 102,591 0.15 24.18%

2007 May/08 170,995 0.25 34.53%

2008 Sep/09 148,334 0.25 22.47%

2009 Jun/10 208,070 0.35 27.67%

2010 May/11 505,312 0.85 50.01%

2011 - 0,000 0.00 0.00%

2012 - 0,000 0.00 0.00%

2013 Jul/14 596,254 1.02 24.40%

2014 Mar/16 227,708 0.39 6.54%

2015 Aug/16 643,018 1.1 12.84%

Class A: 11,235,670

Class B: 573,327,358

Anses 31%

Others 6%

ADS´s 24%

Major Shareholders

39%

Float 30%

OWNERSHIP STRUCTURE1 |

DEBT & EQUITY INFORMATION

38

Denomination Amount (USD)

Maturity Call Option Coupon Ratings

Original Oustanding Moodys Fitch

Subordinated (Class A ) 400 400 2026 2021 Bullet 6.75% Caa1 B-(EXP)/RR6

Senior Note (Class 2) 150 106 2017 - Bullet 8.50% B3 B/RR4

Note: 1-As September 2016.

STOCK PERFORMANCE

39 Source: Bloomberg

As of September 30, 2016

Banco Macro's Share Performance x Merval Index

(100 points as of Jan, 2, 2006)

0

500

1000

1500

2000

2500

3000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

BMA AR Equity MERVAL Index