Report of Foreign Issuer (6-k)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

March 3, 2015

Commission File Number: 333-130901

MACRO BANK INC.

(Translation of registrant’s name into English)

Sarmiento 447

Buenos Aires C1 1041

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

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

Form 20-F

Form 40-F

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

Yes

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

Yes

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

Yes

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

BANCO MACRO S.A.

Financial Statements as of December 31, 2014,

together with the Independent Auditor´s Report

CONTENTS

Independent Auditor´s Report

Cover

Balance sheets

Statements of income

Statements of changes in shareholders’ equity

Statements of cash flows

Notes to the financial statements

Exhibits A through L, N and O

Consolidated balance sheets

Consolidated statements of income

Consolidated statements of cash flows

Consolidated statements of debtors by situation

Notes to the consolidated financial statements with subsidiaries

Earnings distribution proposal

INDEPENDENT AUDITOR´S REPORT

Translation into English – Originally issued in Spanish

See note 26. to the stand-alone Financial Statements

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

We have audited the accompanying balance sheet of BANCO MACRO S.A. as of December 31, 2014, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended. We have also audited the accompanying consolidated balance sheet of BANCO MACRO S.A. and its subsidiaries as of December 31, 2014, and the related consolidated statements of income and cash flows for the year then ended, which are disclosed as supplementary information.

The Bank’s Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting standards established by the BCRA (Central Bank of Argentina). This responsibility includes designing, implementing and maintaining an adequate internal control system so that such financial statements are free from material misstatement whether due to errors or irregularities; selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards effective in Argentina and the “Minimum external auditing standards” issued by the BCRA. Those standards require that the auditor comply with ethical requirements, and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatements.

An audit includes performing procedures, on a selective test basis, to obtain judgmental evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment who, to this end, assesses the risks of material misstatement of the financial statements, whether due to errors or irregularities. In making these risk assessments, the auditor considers the Bank’s internal controls relevant to the preparation and fair presentation of the financial statements in order to select the appropriate audit procedures in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control system. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Bank’s Management, as well as evaluating the overall presentation of the financial statements.

We believe that the judgmental evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

As described in note 5. to the accompanying stand-alone financial statements, the financial statements mentioned in the first paragraph have been prepared by the Bank in accordance with the accounting standards established by the BCRA, which differ from the argentine professional accounting standards effective in the City of Buenos Aires in certain valuation and disclosure aspects described and quantified in such note.

As further explained in note 26. to the accompanying stand-alone financial statements, certain accounting practices used by the Bank to prepare the accompanying financial statements conform with the accounting standards established by the BCRA but may not conform with the accounting principles generally accepted in other countries.

In our opinion, the financial statements mentioned in the first paragraph present fairly, in all material respects, the financial position of BANCO MACRO S.A. and the consolidated financial position of BANCO MACRO S.A. and its subsidiaries as of December 31, 2014, and the related results of its operations and cash flows for the year then ended, in accordance with the accounting standards established by the BCRA and, except for the effect that is mentioned in the fourth paragraph, with respect to the argentine professional accounting standards effective in the City of Buenos Aires.

With respect to the balance sheet of BANCO MACRO S.A. and the consolidated balance sheet of BANCO MACRO S.A. with its subsidiaries as of December 31, 2013, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended, which were presented for comparative purposes, we report that, on February 19, 2014, we expressed a qualified opinion due to differences between the accounting standards established by the BCRA and the argentine professional accounting standards effective in the City of Buenos Aires, which are described and quantified in note 5. to the accompanying stand-alone financial statements.

In compliance with current legal requirements, we report that:

The financial statements mentioned in the first paragraph have been transcribed into the “Inventory and Financial Statements” book and, in our opinion, were prepared in all material respects, in conformity with the applicable BCRA rules, Argentine Business Associations Law provisions and CNV (Argentine Securities Commission) regulations.

The financial statements of BANCO MACRO S.A. arise from books kept, in their formal respects, pursuant to current legal requirements and the rules of the BCRA and in conformity with the provisions of CNV Resolutions Nos. 1,032/EMI and 1,996/EMI dated March 17, and May 20, 2004, respectively.

As of December 31, 2014, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 49,593,111, none of which was due as of that date.

To the extent limited by our area of competence, we have no findings on the information included in note 16. to the accompanying stand-alone financial statements as of December 31, 2014, with regard to the requirements established by the CNV with respect to minimum shareholders’ equity and the liquid assets to cover that amount.

We applied the anti-money laundering and anti-terrorist financing procedures provided in the related professional standards issued by the Professional Council in Economic Sciences of the City of Buenos Aires.

During the fiscal year ended December 31, 2014, we invoiced fees for auditing services rendered to the Bank, which represent 96% of total invoicing to the Bank for any item, 76% of total auditing services invoiced to the Bank and its subsidiaries, and 73% of total invoicing to the Bank and its subsidiaries for any item.

City of Buenos Aires,

February 18, 2015

PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.

C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13

NORBERTO M. NACUZZI

Partner

Certified Public Accountant (U.B.A.)

C.P.C.E.C.A.B.A. Vol. 196 – Fo. 142

FINANCIAL STATEMENTS AS OF

DECEMBER 31, 2014

BUSINESS NAME: Banco Macro S.A.

REGISTERED OFFICE: Sarmiento 447 – City of Buenos Aires

CORPORATE PURPOSE AND MAIN BUSINESS: Commercial bank

BCRA (CENTRAL BANK OF ARGENTINA): Authorized as “Argentine private bank” under No. 285.

REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE: Under No. 1,154 - By-laws book No. 2,

Folio 75 dated March 8, 1967

EXPIRATION OF ARTICLES OF INCORPORATION: March 8, 2066

REGISTRATION WITH THE IGJ (BUSINESS ASSOCIATIONS REGULATORY AGENCY): Under No. 9,777 – Corporations Book No. 119 Volume A, dated October 8, 1996.

SINGLE TAX IDENTIFICATION NUMBER: 30-50001008-4

REGISTRATION DATES OF AMENDMENTS TO BY-LAWS:

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

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

BALANCE SHEETS

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

		12/31/2014			12/31/2013
ASSETS

A.	CASH
	Cash on hand		3,829,909			2,685,022
	Due from banks and correspondents
	Central Bank of Argentina		8,701,883			8,254,220
	Local Other		17,568			26,247
	Foreign		582,887			270,963
	Other		535			408
			13,132,782			11,236,860

B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings booked at market value		2,606,409			1,203,782
	Government securities under repo transactions with Central Bank of Argentina					88,928
	Holdings booked at amortized cost		332,061			245,007
	Instruments issued by the Central Bank of Argentina		5,199,976			173,031
	Investments in listed private securities		776,655
			8,915,101			1,710,748

C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		604,391			639,960
	To the financial sector
	Interfinancing (granted call)					278,023
	Other financing to Argentine Financial Institutions		107,657			55,711
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		1,043			1,013
	To the non-financial private sector and foreign residents
	Overdrafts		3,230,037			4,383,598
	Documents		4,598,728			4,299,015
	Mortgage loans		2,290,152			2,172,802
	Pledge loans		1,786,490			1,379,732
	Personal loans		13,457,356			11,567,964
	Credit cards		8,501,522			6,347,450
	Other (Note 7.1.)		5,720,144			5,110,770
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		749,125			716,819
	less: Unearned discount		(203,744	)		(183,480	)
	less: Allowances (Exhibit J)		(1,083,760	)		(931,960	)
			39,759,141			35,837,417

Jorge H. Brito

Chairperson

- 1 -

BALANCE SHEETS

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

		12/31/2014			12/31/2013
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		695,631			576,879
	Amounts receivable from spot and forward sales pending settlement		198,564			574,866
	Securities and foreign currency receivables from spot and forward purchases pending settlement (Exhibit O)		299,209			45,824
	Unlisted corporate bonds (Exhibits B, C and D)		448,167			189,405
	Receivables from forward transactions without delivery of underlying asset		136,613			167
	Other receivables not covered by debtors classification standards (Note 7.2.)		401,664			697,615
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		163,482			133,057
	Accrued interest receivables covered by debtors classification standards (Exhibit B, C and D)		668			845
	less: Allowances (Exhibit J)		(231,346	)		(230,011	)
			2,112,652			1,988,647

E.	RECEIVABLES FROM FINANCIAL LEASES (Exhibits B, C and D)
	Receivables from financial leases		391,841			392,791
	Accrued interest and adjustments		5,191			5,130
	less: Allowances (Exhibit J)		(4,456	)		(4,945	)
			392,576			392,976

F.	INVESTMENTS IN OTHER COMPANIES (Exhibit E)
	In financial institutions		1,205,308			899,080
	Other		125,142			80,488
	less: Allowances (Exhibit J)		(609	)		(344	)
			1,329,841			979,224

G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		2,804			6,116
	Minimum presumed income tax-credit					3,460
	Other (Note 7.3.)		566,668			390,828
	Accrued interest and adjustments on receivable from sales of assets (Exhibits B, C and D)		160			235
	Other accrued interest and adjustments receivable		14			172
	less: Allowances (Exhibit J)		(5,180	)		(6,742	)
			564,466			394,069

H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		829,804			667,278

I.	OTHER ASSETS (Exhibit F)		800,913			359,631

J.	INTANGIBLE ASSETS (Exhibit G)
	Goodwill		44,736			58,788
	Organization and development costs		344,667			271,759
			389,403			330,547

K.	ITEMS PENDING ALLOCATION		12,359			6,557

TOTAL ASSETS			68,239,038			53,903,954

Jorge H. Brito

Chairperson

- 2 -

BALANCE SHEETS

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

		12/31/2014		12/31/2013
LIABILITIES

L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector (Note 7.4.)		5,580,418		4,497,156
	From the financial sector		38,663		26,853
	From the non-financial private sector and foreign residents
	Checking accounts		10,380,946		7,523,958
	Savings accounts		10,184,033		7,776,982
	Time deposits		20,424,705		17,520,476
	Investment accounts		190,503		199,003
	Other (Note 7.5.)		1,072,578		828,015
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		342,577		274,761
			48,214,423		38,647,204

M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		16,835		21,802
	Banks and International Institutions (Exhibit I)		87,858		325,664
	Non-subordinated Corporate Bonds (Note 11. and Exhibit I)		909,890		693,483
	Amounts payable for spot and forward purchases pending settlement		274,452		45,271
	Securities and foreign currency to be delivered under spot and forward sales pending settlement (Exhibit O)		213,090		700,620
	Financing received from Argentine financial institutions (Exhibit I)
	Interfinancing (received call)		100,000		70,000
	Other financing received from Argentine financial institutions		20,489		25,159
	Accrued interest payable		142		96
	Receivables from forward transactions without delivery of underlying asset				27,867
	Other (Note 7.6. and Exhibit I)		3,724,800		2,340,284
	Accrued interest, adjustments, foreign exchange and quoted price differences payable (Exhibit I)		65,406		57,079
			5,412,962		4,307,325

N.	OTHER LIABILITIES
	Fees		10,069		10,063
	Other (Note 7.7.)		1,688,295		1,201,813
			1,698,364		1,211,876

O.	PROVISIONS (Exhibit J)		130,413		126,130

P.	SUBORDINATED CORPORATE BONDS (Note 11. and Exhibit I)		1,287,317		981,142

Q.	ITEMS PENDING ALLOCATION		3,742		2,846

TOTAL LIABILITIES			56,747,221		45,276,523

SHAREHOLDERS' EQUITY (As per related statement)			11,491,817		8,627,431

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			68,239,038		53,903,954

Jorge H. Brito

Chairperson

- 3 -

BALANCE SHEETS

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

		12/31/2014		12/31/2013
MEMORANDUM ACCOUNTS

	DEBIT-BALANCE ACCOUNTS		93,116,336		57,094,195

	Contingent		12,956,202		11,668,961
	Guarantees received		12,465,903		11,279,107
	Other not covered by debtors classification standards		126		167
	Contingent debit-balance contra accounts		490,173		389,687

	Control		75,035,132		40,341,947
	Receivables classified as irrecoverable		1,305,187		1,197,495
	Other (Note 7.8.)		73,101,887		38,429,674
	Control debit-balance contra accounts		628,058		714,778

	Derivatives (Exhibit O)		5,125,002		5,083,287
	Notional value of put options taken (Note 12.c))		8,759		6,676
	Notional value of forward transactions without delivery of underlying asset (Note 12.a))		2,432,466		2,916,785
	Interest rate swap (Note 12.b))				50,000
	Derivatives debit-balance contra accounts		2,683,777		2,109,826

	CREDIT-BALANCE ACCOUNTS		93,116,336		57,094,195

	Contingent		12,956,202		11,668,961
	Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		113,723		129,505
	Other guarantees provided not covered by debtors classification standards		145,861		151,489
	Other covered by debtors classification standards (Exhibits B, C and D)		219,559		108,693
	Other not covered by debtors classification standards		11,030
	Contingent credit-balance contra accounts		12,466,029		11,279,274

	Control		75,035,132		40,341,947
	Checks to be credited		628,058		714,778
	Control credit-balance contra accounts		74,407,074		39,627,169

	Derivatives (Exhibit O)		5,125,002		5,083,287
	Notional value of call options sold (Note 12.d))		114,479
	Notional value of forward transactions without delivery of underlying asset (Note 12.a))		2,569,298		2,109,826
	Derivatives credit-balance contra accounts		2,441,225		2,973,461

The accompanying Notes 1 through 26 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

- 4 -

STATEMENTS OF INCOME

AS OF DECEMBER 31, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

		12/31/2014		12/31/2013

A.	FINANCIAL INCOME
	Interest on cash and due from banks		126		240
	Interest on loans to the financial sector		41,274		39,814
	Interest on overdrafts		1,306,231		1,058,964
	Interest on documents		951,558		647,660
	Interest on mortgage loans		458,973		319,592
	Interest on pledge loans		265,527		192,161
	Interest on credit card loans		1,758,008		924,936
	Interest on financial leases		77,168		68,910
	Interest on other loans (Note 7.9.)		5,426,597		4,150,809
	Net income from government and private securities (Note 7.10.)		1,825,312		393,228
	Interest on other receivables from financial intermediation		2,700		2,482
	Income from guaranteed loans - Presidential Decree No. 1387/01		40,201		26,026
	CER (Benchmark Stabilization Coefficient) adjustment		78,299		35,155
	CVS (Salary Variation Coefficient) adjustment		737		606
	Difference in quoted prices of gold and foreign currency		719,408		718,585
	Other (Note 7.11.)		348,628		260,497
			13,300,747		8,839,665

B.	FINANCIAL EXPENSE
	Interest on savings accounts		47,470		39,051
	Interest on time deposits		4,708,717		2,819,304
	Interest on interfinancing received loans (received call)		6,219		4,138
	Interest on other financing from Financial Institutions		17		7
	Interest on other liabilities from financial intermediation		91,733		61,674
	Interest on subordinated bonds		120,407		80,953
	Other interest		3,109		3,369
	CER adjustment		9,183		4,295
	Contribution to Deposit Guarantee Fund		137,011		61,934
	Other (Note 7.12.)		928,457		633,681
			6,052,323		3,708,406

	GROSS INTERMEDIATION MARGIN - GAIN		7,248,424		5,131,259

C.	PROVISION FOR LOAN LOSSES		605,169		500,895

D.	SERVICE-CHARGE INCOME
	Related to lending transactions		86,622		147,392
	Related to deposits		2,629,274		1,905,826
	Other commissions		76,570		50,064
	Other (Note 7.13.)		1,508,817		1,078,485
			4,301,283		3,181,767

Jorge H. Brito

Chairperson

- 5 -

STATEMENTS OF INCOME

AS OF DECEMBER 31, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

		12/31/2014		12/31/2013

E.	SERVICE-CHARGE EXPENSE
	Commissions		267,050		188,637
	Other (Note 7.14.)		860,942		658,660
			1,127,992		847,297

F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		2,931,199		2,158,901
	Directors' and statutory auditors' fees		144,783		103,235
	Other professional fees		169,403		127,851
	Advertising and publicity		122,868		99,338
	Taxes		294,327		197,985
	Depreciation of equipment		120,778		91,358
	Amortization of organization costs		112,700		82,592
	Other operating expenses (Note 7.15.)		741,516		549,436
	Other		385,294		262,822
			5,022,868		3,673,518

	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		4,793,678		3,291,316

G.	OTHER INCOME
	Income from long-term investments		403,695		267,091
	Penalty interest		59,572		40,164
	Recovered loans and allowances reversed		117,624		103,248
	CER adjustment		102		63
	Other (Note 7.16.)		117,681		81,958
			698,674		492,524

H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		3		27
	Charges for other receivables uncollectibility and other allowances		33,896		43,013
	Depreciation and loss of other assets		2,330		1,247
	Goodwill amortization		14,052		14,052
	Other (Note 7.17.)		177,540		68,937
			227,821		127,276

	NET INCOME BEFORE INCOME TAX - GAIN		5,264,531		3,656,564

I.	INCOME TAX (Note 4.)		1,785,000		1,213,000

	NET INCOME FOR THE FISCAL YEAR - GAIN		3,479,531		2,443,564

The accompanying Notes 1 through 26 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

- 6 -

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

AS OF DECEMBER 31, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

	12/31/2014																					12/31/2013
								Earnings reserved
Changes	Capital stock (1)			Stock issuance premium		Adjustments to Shareholders' equity		Legal		Subordinated Corporate Bonds (2)			Voluntary			Unappropriated earnings			Total			Total

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

Distribution of unappropiated earnings, as approved by the Shareholders´ Meeting held on April 29, 2014 and April 11, 2013, respectively
- Legal reserve									488,713								(488,713	)
- Cash dividends														(596,254	)					(596,254	)
- Special reserve for Subordinated Corporate Bonds (2)											95,326						(95,326	)
- Voluntary reserve for future distribution of earnings														1,911,651			(1,911,651	)
- Personal assets tax on share and interests																	(19,712	)		(19,712	)		(15,234	)

Reversal of special reserve for Subordinated Corporate Bonds (2)											(95,326	)					95,326

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

Capital stock decrease (1)		(10,000	)														10,000

Net income for the fiscal year - Gain																	3,479,531			3,479,531			2,443,564

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

(1) See Note 10.

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

The accompanying Notes 1 through 26 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

- 7 -

STATEMENTS OF CASH FLOWS

AS OF DECEMBER 31, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

	12/31/2014			12/31/2013
CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.6.)
Cash at the beginning of the fiscal year		11,249,840			8,819,683
Cash at the end of the fiscal year		14,690,022			11,249,840
Net increase in cash		3,440,182			2,430,157

CAUSES OF CHANGES IN CASH

Operating activities
Net collections / (payments):
Government and private securities		(4,860,722	)		508,157
Loans
To the financial sector		267,321			(113,846	)
To the non-financial government sector		152,806			6,041
To the non-financial private sector and foreign residents		5,281,038			(116,520	)
Other receivables from financial intermediation		598,167			26,140
Receivables from financial leases		77,119			1,794
Deposits
From the financial sector		11,810			2,978
From the non-financial government sector		553,183			(2,657,726	)
From the non-financial private sector and foreign residents		4,107,169			5,885,633
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		23,827			25,906
Others (except liabilities included under financing activities)		1,461,968			565,063
Collections related to service-charge income		4,297,684			3,175,302
Payments related to service-charge expenses		(1,109,808	)		(840,379	)
Administrative expenses paid		(4,645,641	)		(3,412,789	)
Payment of organization and development costs		(185,608	)		(148,263	)
Net collections from penalty interest		59,569			40,137
Differences from payments related to court orders		(4,938	)		(7,687	)
Collections of dividends from other companies		27,439			3,525
Other collections related to other income and losses		37,856			85,155
Net payments from other operating activities		(1,211,014	)		(682,553	)
Payment of income tax / minimum presumed income tax		(1,488,163	)		(795,986	)
Net cash flows generated by operating activities		3,451,062			1,550,082

Jorge H. Brito

Chairperson

- 8 -

STATEMENTS OF CASH FLOWS

AS OF DECEMBER 31, 2014 AND 2013

(Translation on financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

	12/31/2014			12/31/2013
Investing activities
Net payments for bank premises and equipment		(235,873	)		(158,376	)
Net payments for other assets		(380,628	)		(97,788	)
Collections from sales of investment in others companies		11,126
Net cash flows used in investing activities		(605,375	)		(256,164	)

Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(73,443	)		(47,455	)
Central Bank of Argentina
Other		(6,275	)		(1,446	)
Banks and International Institutions		(247,742	)		46,396
Subordinated corporate bonds		(121,994	)		(85,368	)
Financing received from Argentine financial institutions		(4,687	)		11,428
Payment of dividends		(596,254	)
Net cash flows used in financing activities		(1,050,395	)		(76,445	)

Financial income and holding gains on cash and cash equivalents		1,644,890			1,212,684

Net increase in cash		3,440,182			2,430,157

The accompanying Notes 1 through 26 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

- 9 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

BRIEF HISTORY OF THE BANK

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

The Bank´s shares have been publicly listed on the BCBA (Buenos Aires Stock Exchange) since November 1994, and as from March 24, 2006, they are listed on the New York Stock Exchange (NYSE).

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

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

The Bank currently offers traditional bank products and services to companies, including those operating in regional economies, as well as to individuals, thus reinforcing the Bank's objective to be a multi-services bank.

In addition, the Bank performs certain transactions through its subsidiaries, Banco del Tucumán S.A., Macro Bank Limited (an entity organized under the laws of Bahamas), Macro Securities S.A., Macro Fiducia S.A. and Macro Fondos SGFCI S.A.

BANK OPERATIONS

2.1.

Agreement with the Misiones Provincial Government

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

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

As of December 31, 2014 and 2013, the deposits held by the Misiones Provincial Government with the Bank amounted to 2,303,677 and 1,178,587 (including 63,924 and 62,915 related to court deposits), respectively.

2.2.

Agreement with the Salta Provincial Government

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

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

As of December 31, 2014 and 2013, the deposits held by the Salta Provincial Government with the Bank amounted to 1,058,824 and 1,508,357 (including 273,786 and 200,346 related to court deposits), respectively.

2.3.

Agreement with the Jujuy Provincial Government

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

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

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NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

As of December 31, 2014 and 2013, the deposits held by the Jujuy Provincial Government with the Bank amounted to 1,545,710 and 758,639 (including 127,743 and 103,063 related to court deposits), respectively.

2.4.

Banco del Tucumán S.A.

Banco del Tucumán S. A. entered into special-relationship agreements with the Tucumán Provincial Government and with the Municipality of San Miguel de Tucumán, appointing it their exclusive financial agent, as well as revenue collection and obligation payment agent, through 2011 and 2013, respectively.

On June 30, 2010, the service agreement with the Tucumán Provincial Government was extended through July 8, 2021, while the agreement executed with the Municipality of San Miguel de Tucumán was automatically extended through July 8, 2018, as set forth in the original agreement.

As of December 31, 2014 and 2013, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with Banco del Tucumán S.A. amounted to 2,525,505 and 1,720,895 (including 608,089 and 502,803 related to court deposits), respectively.

2.5.

Uniones Transitorias de Empresas (joint ventures)

Banco Macro S.A. - Siemens Itron Business Services S.A.

On April 7, 1998, the Bank entered into a joint venture agreement with Siemens Itron Business Services S.A., in which each holds a 50% equity interest, whereby a provincial data processing center would be provided to manage tax-related issues, to modernize tax collection systems and procedures in the Province of Salta, and to manage and perform the recovery of taxes and municipal assessments payable.

Banco Macro S.A. – Gestiva S.A.

On May 4, 2010, and August 15, 2012, the Bank and Gestiva S.A. entered into a joint venture under the name “Banco Macro S.A. – Gestiva S.A. – Unión Transitoria de Empresas” which is jointly controlled and is engaged in providing a comprehensive tax processing and management system for the Province of Misiones, its administration and collection of taxes thereof. The Bank has a 5% interest in its capital stock.

As of December 31, 2014 and 2013, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the equity method amounted to 19,663 and 12,688, respectively.

Also, as of December 31, 2014 and 2013, net income recorded through the method mentioned in the previous paragraph amounted to 35,674 and 24,513, respectively.

SIGNIFICANT ACCOUNTING POLICIES

These financial statements, which are taken from the Bank’s books of account, are stated in thousands of pesos and have been prepared in accordance with Central Bank rules and the Argentine professional accounting standards effective in the City of Buenos Aires (see Note 5.).

3.1.

Consolidated financial statements

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

3.2.

Comparative information

As required under Central Bank rules, the balance sheet as of December 31, 2014 and supplementary information, as well as the statements of income, changes in shareholders’ equity and cash flows and cash equivalents for the year then ended, are presented comparatively with data as for the prior fiscal year.

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NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

3.3.

Unit of measurement

Argentine professional accounting standards effective in the City of Buenos Aires establish that the financial statements should be stated in constant pesos. The adjustment methodology and the need to apply it arise from requirements contained in Technical Resolutions (TR) No. 6 and No. 17 issued by FACPCE (Argentine Federation of Professional Councils in Economic Sciences), which were amended by provisions of TR No. 39 approved by Professional Council in Economic Sciences of the City of Buenos Aires on April 16, 2014, as supplemented by Interpretation No. 8, both of them issued by the abovementioned Federation in October 2013 and June 2014, respectively.

These standards establish mainly, the existence of an inflation rate accumulated over a three-year period reaching or exceeding 100%, considering the domestic wholesale price index of the INDEC (Argentine Institute of Statistics and Censuses), as a key indicator and essential condition, that identifies an inflationary context that warrants adjusting the financial statements so that they are stated in constant currency as of the related date. Additionally, if the adjustment to the financial statements to reflect the effect of changes in the peso purchasing power had to reinstated after a period of discontinuation, such adjustments shall be applicable from the beginning of the fiscal year when the existence of the characteristics identifying inflationary context are verified, and the changes to be considered shall be ones existing as from the moment the adjustment was discontinued or as from a subsequent date, as applicable to the items to be adjusted.

The Bank’s financial statements recognize the changes in the peso purchasing power until February 28, 2003, when the adjustments to reflect those changes were discontinued, as provided by the professional accounting standards effective in the City of Buenos Aires and as required by Presidential Decree 664/2003, Article N° 268 of General Resolution No. 7/2005 of the Business Association Regulatory Agency, Central Bank Communiqué “A” 3921 and CNV (Argentine Securities Commission) General Resolution No. 441.

However, the interpretation of the financial statements should consider the fact that, in recent fiscal years, there have been significant changes in the prices for relevant economic variables, such as salary cost, interest and exchange rates, which do not require such adjustments according to the abovementioned regulations.

3.4.

Significant accounting judgments, estimates and assumptions

The preparation of financial statements requires the Bank to make, in certain cases, estimates to determine the book values of assets and liabilities, income, expenses and contingencies, as well as the disclosure thereof, as of each date of accounting information filing. The Bank´s records are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the final amount may differ from such estimates, which may have a positive or negative impact on future fiscal years.

3.5.

Valuation methods

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

Assets and liabilities denominated in foreign currency:

The assets and liabilities denominated in US dollars were valued at Central Bank benchmark US dollar exchange rate effective as of the closing date of transactions on the last respective business day. Additionally, assets and liabilities denominated in other foreign currencies were translated at the exchange rate communicated by the Central Bank´s dealing room. Foreign exchange differences were recorded in the related statements of income.

Government and private securities:

b.1)

Government securities - Holdings booked at market value:

They were valued at the quoted prices or present values reported by the Central Bank, as the case may be. Differences in quoted prices and present values were recorded in the related statements of income.

b.2)

Government securities - Holdings booked at amortized cost:

As set forth in Central Bank Communiqué “A” 5180, as supplemented, except what is mentioned in the third paragraph, they were valued at acquisition cost increased by the accrued internal rate of return, net of the related offset account, also compared with the present values calculated by the Bank. The acquisition value previously mentioned is related to the present value of each security at acquisition date.

- 12 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

As of December 31, 2014 and 2013, the present value calculated by the Bank for these securities amounted to 194,538 and 147,601, respectively.

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

b.3)

Listed Instruments issued by the Central Bank – Holdings booked at market value:

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

b.4)

Instruments issued by the Central Bank – Holdings booked at amortized cost:

Holdings with no volatility published by the Central Bank were valued at acquisition cost plus accrued interest, exponentially applying the internal rate of return as per their issuance terms and conditions. The accruals of the internal rate of return mentioned above were recorded in the related statements of income.

b.5)

Private Securities – Investment in listed private securities:

As of December 31, 2014, they were valued at the quoted price as of the last respective business day. Differences in quoted prices were recorded in the statements of income.

Guaranteed loans – Presidential Decree No. 1387/2001:

As set forth in Central Bank Communiqués “A” 4898, “A” 5180, as supplemented, the guaranteed loans issued by the Argentine Government under Presidential Decree No. 1387/01 were valued at the specific acquisition value of each security, increased by accrued income including the benchmark stabilization coefficient (CER), net of the related offset account, compared in turn with the present values reported by the Central Bank.

As of December 31, 2014 and 2013, the present value reported by the Central Bank for these securities amounted to 429,982 and 300,386, respectively.

Interest accrual:

Interest has been accrued according to a compound interest formula in the period in which it was generated, except interest on transactions in foreign currency and those whose maturity does not exceed 92 days, on which interest has been accrued according to a simple interest formula.

The Bank suspends the interest accrual whenever loan payments are not settled (generally, after 90 days) or when the recoverability of the collection of principal or interest accrued is doubtful. Accrued interest is considered part of the loan balance when determining the allowances for loan losses. Afterwards, interest is only recognized on a cash basis.

CER accrual:

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

e.1)

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

e.2)

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

Allowance for loan losses and provision for contingent commitments:

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

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

- 13 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

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

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

Other receivables from financial intermediation and Other liabilities from financial intermediation:

g.1)

Amounts receivable from spot and forward sales pending settlement and amounts payable for spot and forward purchases pending settlement:

They were valued based on the prices agreed upon for each transaction, plus related premiums accrued.

g.2)

Securities and foreign currency to be received for spot and forward purchases pending settlement and to be delivered for spot and forward sales pending settlement:

With volatility (active market): they were valued at the effective quoted prices for each of them at the last respective business day. Differences in quoted prices were recorded in the related statements of income.

ii.

Without volatility (without active market): they were valued at their cost value increased exponentially by their internal rate of return. Such accruals were recorded in the related statements of income.

g.3)

Debt securities and certificates of participation in financial trusts:

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

ii.

Certificates of participation: they were stated at cost or face value increased as the case may be, by interest accrued until the last respective business day, translated into Argentine pesos according to the method described in Note 3.5.a), as appropriate.

The values recorded, net of allowances, do not exceed the recoverable values from the respective trusts.

g.4)

Unlisted corporate bonds purchased:

They were valued by the accrual method based on their internal rate of return, as provided by Central Bank Communiqué "A" 4414 and supplementary regulations. Such accruals were recorded in the related statements of income.

g.5)

Non subordinated corporate bonds issued:

They were valued at the amount due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were recorded in the related statements of income.

Receivables from financial leases:

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

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

- 14 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Investments in other companies:

i.1)

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

i.2)

In non-controlled financial institutions, supplementary and authorized activities:

In pesos: they were valued at acquisition cost, plus the nominal value of share-dividends received, restated as explained in Note 3.3., as the case may be.

ii.

In foreign currency: they were valued at the acquisition cost in foreign currency, plus the nominal value of share-dividends received, translated into pesos in accordance with the criterion stated in Note 1.3. to the consolidated financial statements.

Such net values do not exceed the values calculated by the equity method on the basis of the latest financial statements published by the companies.

i.3)

In other non-controlled companies: they were valued at acquisition cost, plus the nominal value of share-dividends received, restated as described in Note 3.3., as the case may be, net of allowances for impairment in value. Such net values do not exceed the values calculated by the equity method on the basis of the latest financial statements published by the companies.

Bank premises and equipment, other assets and intangible assets:

They were valued at their acquisition cost, restated as explained in Note 3.3., less the related accumulated depreciation and amortization, calculated based on their estimated useful life using the straight line method.

Valuation of derivatives:

k.1)

Interest rate swap: As of December 31, 2013, this included the equivalent in pesos of the notional value in relation to which the Bank agreed to charge or pay a spread between fixed and variable rates.

k.2)

Forward transactions without delivery of underlying asset: they were valued at the quoted price of the underlying assets upon maturity, as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.

k.3)

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

See also Note 12.

Severance payments:

The Bank charges these payments directly to expenses.

Provisions included in liabilities:

The Bank carries certain contingent liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations. Liabilities are recorded when it is probable that future costs will be incurred and whenever such costs may be reasonably estimated.

Subordinated corporate bonds:

Shareholders’ equity accounts:

o.1)

They are restated as explained in Note 3.3., except for the "Capital stock" account which has been kept at its original value. The adjustment resulting from its restatement as explained in such note was included in the "Adjustments to shareholders’ equity" account.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

o.2)

Special reserve for subordinated corporate bonds: related to the reserve created for paying the financial services of the subordinated corporate bonds issued by the Bank (see Note 11.a.1)). This reserve is reversed on a monthly basis as the related interest is recorded in the related statement of income.

Statement-of-income accounts:

p.1)

The accounts comprising monetary transactions (financial income (expense), service-charge income (expense), provision for loan losses, administrative expenses, among others) were computed at their historical amounts on a monthly accrual basis.

p.2)

The accounts reflecting the effects on income from the sale, retirement or consumption of non-monetary assets were computed on the basis of the amounts of such assets, which were restated as mentioned in Note 3.3.

p.3)

The income (loss) from equity interests in subsidiaries were computed on the basis of such companies’ income (loss).

3.6.

Statement of cash flows and cash equivalents

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

	12/31/2014		12/31/2013

Cash		13,132,782		11,236,860

Government and private securities
Instruments issued by the Central Bank		1,557,240		12,980
Cash and cash equivalents		14,690,022		11,249,840

INCOME TAX AND MINIMUM PRESUMED INCOME TAX

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

In 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. At present, after subsequent extensions, such tax is effective through December 30, 2019. This tax is supplementary to income tax, while the latter is levied on the taxable income for the year, minimum presumed income tax is a minimum levy assessment by applying 1% over 20% of certain assets as provided by the law for financial institutions. Therefore, the Bank’s tax obligation for each year will be equal to the higher of these taxes. However, if minimum presumed income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs) have been used.

As of December 31, 2014 and 2013, the Bank estimated an income tax charge of 1,785,000 and 1,213,000, respectively; hence, no minimum presumed income tax should be assessed for fiscal years ended on such dates.

Additionally, as of December 31, 2014, the Bank made income tax prepayments for 887,241 for the 2014 fiscal year, which will be applied to the tax amount assessed in the 2014 tax return.

DIFFERENCES BETWEEN CENTRAL BANK RULES AND THE ARGENTINE PROFESSIONAL ACCOUNTING STANDARDS EFFECTIVE IN THE CITY OF BUENOS AIRES

Argentine professional accounting standards effective in the City of Buenos Aires differ, in certain valuation and disclosure aspects, from Central Bank accounting standards. The differences between those standards, which the Bank identified and deemed material to these financial statements, are as follows:

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

5.1

Valuation standards

The main items with differences in valuation matters as of December 31, 2014 and 2013 are as follows:

	Adjustments under professional accounting standards
	Stand-alone financial statements									Consolidated financial statements
	to equity						to total income / (loss) (1)			to equity						to total income / (loss) (1)
Item	12/31/2014			12/31/2013			12/31/2014			12/31/2014			12/31/2013			12/31/2014
Government securities and assistance to the government sector (a)
Government securities - Holdings booked at amortized cost		(22,815	)		34,828			(57,643	)		(21,420	)		35,162			(56,582	)
Instruments issued by the Central Bank and booked at amortized cost		2,443			41			2,402			2,381			41			2,340
Guaranteed loans – Presidential Decree No. 1,387/01		15,155			(13,614	)		28,769			15,155			(13,614	)		28,769
Business combinations (b)

Acquisition of Nuevo Banco Bisel S.A.		(83,157	)		(92,636	)		9,479			(83,157	)		(92,636	)		9,479
Other		(53,359	)		(58,060	)		4,701			(53,359	)		(58,060	)		4,701

Interests in other companies (c)		35,725			25,012			10,713

Deferred assets – Income tax (d)		209,462			92,016			117,446			243,854			116,694			127,160
Other assets (e)					1,717			(1,717	)					1,717			(1,717	)

Liabilities – Provisions (f)		(81,534	)		(67,994	)		(13,540	)		(81,534	)		(67,994	)		(13,540	)

Total		21,920			(78,690	)		100,610			21,920			(78,690	)		100,610

(1)

Additionally, according to the Argentine professional accounting standards effective in the City of Buenos Aires, individual and consolidated income for the fiscal year ended December 31, 2013, would have increased by 71,495.

(a)

Holdings of government securities, instruments issued by the Central Bank and credit assistance to the nonfinancial government sector: these holdings and financing are valued based on the specific regulations and standards issued by the Argentine government and the Central Bank, which set forth, among other issues, the use of present values, technical values and offset accounts, as explained in Notes 3.5.b.2), 3.5.b.4) and 3.5.c). Pursuant to the Argentine professional accounting standards effective in the City of Buenos Aires, the securities, instruments and assistance mentioned in those notes should be stated at their market and/or present values, as the case may be. In addition, current Central Bank regulations establish that financing to the nonfinancial government sector is not subject to loan-loss provisioning, whereas the Argentine professional accounting standards effective in the City of Buenos Aires require that assets in general to be compared with their recoverable value every time financial statements are prepared.

(b)

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

- 17 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

According to the Argentine professional accounting standards effective in the City of Buenos Aires, business combinations are recorded based on the market values of the acquired company’s identifiable net assets and the difference between the purchase price and the identifiable net asset measurement value is recorded as either a positive or a negative goodwill, as the case may be. If a positive goodwill is recognized, this goodwill will be amortized systematically over the estimated useful life, unless it has an indefinite useful life considering the estimates made by the Bank´s Management, in which case it shall not be amortized, but compared with its recoverable value as of each year-end. If a negative goodwill is recognized due to expected losses or future expenses of the acquired entity and which should not have been recorded as liabilities as of the acquisition date, it will either be charged to the statement of income according to the change in specific circumstances that gave rise to it or systematically, taking into account an average weighted useful life of the acquired entity’s assets subject to depreciation and amortization.

(c)

Subsidiary Banco del Tucumán S.A. prepares its financial statements in conformity with Central Bank rules which differ from the Argentine professional accounting standards effective in the City of Buenos Aires.

(d)

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

(e)

As of December 31, 2013, the Bank recorded interest rate swap agreements under memorandum accounts in conformity with Central Bank accounting standards. According to the Argentine professional accounting standards effective in the City of Buenos Aires, the measurement of derivative financial instruments should be made at their net realizable value if they have quoted prices, or lacking this, using mathematical models that are appropriate in relation to the instrument’s characteristics and using variables that can be verified.

(f)

The Bank books the effects of the Argentine Supreme Court rulings dated December 27, 2006, and August 28, 2007, upon payment of such precautionary measures, in conformity with Central Bank indications in the notice dated August 4, 2008. According to the Argentine professional accounting standards effective in the City of Buenos Aires, the Bank should have recorded a liability related to this item.

5.2

Disclosure standards

The Bank did not classify its assets and liabilities as current or noncurrent based on the time they are expected to be turned into cash or cash equivalents or on the time when the latter become due and payable, as required by the Argentine professional accounting standards effective in the City of Buenos Aires.

There are differences between the cash flow information disclosed and the requirements established by the Argentine professional accounting standard effective in the City of Buenos Aires such as the lack of segregation of the interest earned and paid by the Bank, considering that this statement is prepared according to specific standards applicable to financial institutions.

There are differences between the disclosure required by the Argentine professional accounting standards in the City of Buenos Aires and the disclosure made by the Bank regarding its income statement items, as this statement is prepared according to specific standards applicable to financial institutions.

The supplementary information presented by the Bank, is the information specifically required by Central Bank regulations. This regulation does not contemplate all disclosure requirements of the Argentine professional accounting standards effective in the City of Buenos Aires, such as the disclosure of due dates for all receivables and payables together with their interest rates or adjustments, certain information regarding transactions with related parties, the exchange rate applicable to different foreign currencies of assets and liabilities at year end, etc. Furthermore, this regulation requires disclosing remote contingencies, such as those detailed in Note 21., that according with the abovementioned professional accounting standards, are not required to be disclosed.

- 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

IMPLEMENTATION PLAN TOWARDS INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

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

According to such conversion process, no later than March 31, 2015, financial institutions must elaborate and present to the Central Bank, their own implementation plan together with the appointment of a person in charge, according to Central Bank Communiqué “A” 5635.

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

BREAKDOWN OF THE ITEMS INCLUDED IN “OTHER” AND MAIN SUBACCOUNTS

The breakdown of the “Other” account in the balance sheet and statement of income is as follows:

		12/31/2014		12/31/2013
7.1.	Loans – Other

	Other loans		4,726,467		4,097,387
	Export financing and prefinancing		993,677		1,013,383
			5,720,144		5,110,770

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

	Certificates of participation in financial trusts (a)		235,984		273,933
	Debt securities issued by financial trusts (See Note 16.)		165,542		423,682
	Other		138
			401,664		697,615

	(a) As of December 31, 2014 and 2013, the Bank booked an allowance for impairment for 223,832.

7.3.	Other receivables – Other

	Sundry receivables		288,489		200,714
	Security deposits		190,246		134,079
	Advanced prepayments		64,642		40,531
	Tax prepayments		5,846		2,781
	Other		17,445		12,723
			566,668		390,828

7.4.	Deposits - Nonfinancial government sector

	Checking accounts		2,851,908		1,898,509
	Time deposits		1,638,321		1,425,462
	Investment accounts		131,697		187,565
	Savings accounts		67,205		385,790
	Accrued interest, adjustments and foreign exchange differences payable		24,354		27,973
	Other		866,933		571,857
			5,580,418		4,497,156

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

	Expired time deposits		592,631		497,450
	Attachments		215,416		132,396
	Unemployment fund for workers of the construction industry		210,347		166,772
	Security deposits		2,512		2,040
	Other		51,672		29,357
			1,072,578		828,015

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

		12/31/2014		12/31/2013
7.6.	Other liabilities from financial intermediation - Other

	Purchase financing payables		1,486,838		815,696
	Other withholdings and additional withholdings		489,076		345,333
	Collections and other transactions on account and behalf of others		442,020		239,308
	Miscellaneous not subject to minimum cash requirements		434,672		254,458
	Other payment orders pending settlement		394,883		411,831
	Miscellaneous subject to minimum cash requirements		193,393		101,056
	Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred shares of former Nuevo Banco Bisel S.A. (see Note 8.)		90,673		87,186
	Retirement pension payment orders pending settlement		81,710		29,253
	Other		111,535		56,163
			3,724,800		2,340,284

7.7.	Other Liabilities - Other

	Taxes payable (net of prepayments)	1,189,860	877,909
	Salaries and payroll taxes payable	269,720	159,677
	Miscellaneous payables	175,056	121,262
	Withholdings on salaries	50,130	38,106
	Prepayment for the sale of assets	3,529	4,859
		1,688,295	1,201,813

7.8.	Memorandum accounts – Debit-balance accounts – Control – Other

	Checks and securities in custody – ANSES (Argentine social security administration)	55,081,889	29,197,830
	Securities in custody – Other	12,613,366	4,708,604
	Checks and securities not yet collected	3,406,076	2,989,649
	Managed portfolios (see Note 13.)	992,159	603,851
	Checks and securities to be debited	881,869	836,416
	Checks and securities to be collected	126,528	93,324
		73,101,887	38,429,674

7.9.	Financial income – Interest on other loans

	Personal loans	4,300,364	3,266,791
	Other	1,126,233	884,018
		5,426,597	4,150,809

7.10.	Financial income – Net income from government and private securities

	Government and private securities	1,666,579	281,174
	Financial trusts	107,837	79,150
	Other	50,896	32,904
		1,825,312	393,228

7.11.	Financial income – Other

	Forward foreign-currency transactions offset	143,459	100,442
	Premiums on reverse repurchase agreements with the financial sector	116,260	105,510
	Interests on loans for export prefinancing and financing	86,283	54,095
	Other	2,626	450
		348,628	260,497

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

		12/31/2014		12/31/2013
7.12.	Financial expense – Other

	Turnover tax and municipal assessments		910,239		623,042
	Premiums on repurchase agreements with the financial sector		18,218		10,639
			928,457		633,681

7.13.	Service-charge income - Other

	Debit and credit card income	1,077,798	726,376
	Rental of safe deposit boxes	81,392	68,446
	Service commissions – Joint ventures (see Note 2.5.)	70,304	50,078
	Other	279,323	233,585
		1,508,817	1,078,485

7.14.	Service-charge expense - Other

	Debit and credit card expenses	502,227	342,517
	Turnover tax and municipal assessments	192,910	146,073
	Commissions paid to lending agents	97,437	132,297
	Other	68,368	37,773
		860,942	658,660

7.15.	Administrative expenses – Other operating expenses

	Maintenance, conservation and repair expenses	235,962	173,334
	Security services	230,326	178,737
	Electric power and communications	130,330	91,942
	Leases	102,075	71,942
	Stationery and office supplies	23,285	17,444
	Insurance	19,538	16,037
		741,516	549,436

7.16.	Other income – Other

	Other adjustments and interest on other receivables	38,511	19,401
	Services provided to Banco del Tucumán S.A.	10,493	8,917
	Gain on sale of bank premises and equipment, and other assets	2,679	6,876
	Other	65,998	46,764
		117,681	81,958

7.17.	Other expense – Other

	Portfolio transactions	51,824	5
	Donations	17,957	16,635
	Municipal assessment	13,656	9,133
	Turnover tax	7,196	4,585
	Other	86,907	38,579
		177,540	68,937

- 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

RESTRICTED ASSETS

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

Item	12/31/2014		12/31/2013

Government and private securities

• Federal Government bond in pesos at Badlar Private + 200 basics points, maturing in 2017 and Federal Government bond in pesos at Badlar private + 275 basics points, maturing in 2014, used as security in favor of SEDESA (1), respectively		84,569		89,333
• Federal Government bond in pesos at Badlar private + 250 basics points, maturing in 2019, securing the role of custodian of FGS (sustainability guarantee fund) investments		92,464
• Federal Government bond in pesos at Badlar private + 300 basics points, maturing in 2015 and Federal Government bond in Argentine pesos at Badlar private + 275 basics points, maturing in 2014 securing the role of custodian of FGS (sustainability guarantee fund) investments, respectively.		62,043		80,513
• Federal Government bond in pesos at Badlar private + 300 basics points, maturing in 2015 and Federal Government bond in pesos at Badlar private + 275 basics points, maturing in 2014, for the performance of forward foreign currency trading transactions, respectively		45,274		55,136
• Secured Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior S.A. (BICE)		36,748		33,775
• Federal Government bond in pesos at Badlar private + 200 basics points, maturing in 2017, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013		13,991
• Other government and private securities		2,881		8,967
Subtotal government and private securities		337,970		267,724

Loans
• Guaranteed Loans under Presidential Decree No. 1387/01 – Global 17 at a variable rate provided as guarantee in favor of the Central Bank in relation to the auctions of advances intended for the production sector under the Bicentennial Production Financing Program		56,577		43,263
Subtotal Loans		56,577		43,263

Other receivables from financial intermediation
• Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities		695,631		511,178

• Interests resulting in contributions made in the Bank´s capacity by contributory partner of the following venture funds: (2)
- Risk Fund of Los Grobo SGR (mutual guarantee association), with an original contribution of 20,000 made on December 12, 2012 (3)				21,241
- Risk Fund of Los Grobo SGR, with an original contribution of 30,000 made on December 23, 2014		30,000
- Risk Fund of Garantizar SGR, with an original contribution of 20,000 made on December 13, 2012 (4)				21,268
- Risk Fund of Garantizar SGR, with an original contribution of 20,000 made on December 22, 2014		20,000
- Risk Fund of Intergarantías SGR, with an original contribution of 3,000 made on December 30, 2013		3,000		3,000
- Risk Fund of Intergarantías SGR, with an original contribution of 7,000 made on December 22, 2014		7,000
Subtotal other receivables from financial intermediation		755,631		556,687

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Item (cont.)	12/31/2014		12/31/2013

Other receivables

• Security deposits related to credit card transactions		185,146		129,094

• Sundry receivables includes an item related to the attachment ordered in the context of a claim initiated by the City of Buenos Aires tax authorities on turnover tax differences.		827		827

• Other guarantee security.		5,100		4,985
Subtotal other receivables		191,073		134,906

Other assets
· Building related to a call option sold (see Note 12.(d))		105,258
Subtotal other assets		105,258

Total		1,446,509		1,002,580

(1)

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

(2)

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

(3)

As of December 19 and December 29, 2014, Los Grobo SGR reimbursed the available Risk Fund for an amount of 17,705 and accrued returns for an amount of 4,018, respectively.

(4)

As of December 16, 2014 Garantizar SGR reimbursed the 100% principal originally contributed.

TRANSACTIONS WITH RELATED PARTIES

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

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

ASSETS

Cash				6,083						6,083		4,762

Loans								269,398		269,398		202,705

Other receivables from financial intermediation		249,101				40,499		112,046		401,646		137,606

Receivables from financial lease						9,480		978		10,458		10,055

Other receivables		772						221		993

Items pending allocation		20								20		44

Total assets		249,893		6,083		49,979		382,643		688,598		355,172

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

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

Deposits					1,038		31,821			175,262			208,121			117,550

Other liabilities from financial intermediation		324,623					15,924			1,949			342,496			96,878

Total liabilities		324,623			1,038		47,745			177,211			550,617			214,428

MEMORANDUM ACCOUNTS

Credit-balance accounts – Contingent							1,770			1,954			3,724			1,953

Credit-balance accounts – Derivatives										154,555			154,555

INCOME (EXPENSE)

Financial income		21					1,178			25,659			26,858			18,191

Financial expense		(13,986	)							(19,216	)		(33,202	)		(15,372	)

Service-charge income		27			3		679			2,494			3,203			4,283

Service-charge expense							(1,600	)					(1,600	)		(6	)

Administrative expenses		(12	)										(12	)		(11	)

Other income		11,384											11,384			9,765

Total income / (loss)		(2,566	)		3		257			8.937			6,631			16,850

(1)

Includes amounts generated by the Bank with its subsidiaries and its related parties regarding transactions performed in the normal course of business, under normal market conditions, in terms of interest rates and prices, as well as guarantees required.

10.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of December 31, 2014, amounted to 584,563. Since December 31, 2011, the Bank’s capital stock has changed as follows.

As of December 31, 2011	594,485

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

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

As of December 31, 2014	584,563

(1)

Related to the capital increase in the amount of 77,860 Class B shares of common stock with a face value of Ps 1, each one entitled to one vote, and delivered to the minority shareholders of former Banco Privado de Inversiones S.A., in the merger process with Banco Macro S.A.

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

(2)

Related to capital stock decrease resulting from the lapse of three years from acquisition from September through December 2011, involving 10,000,000 own registered Class B shares of common stock for a total amount of 92,919. These shares have not been sold and the shareholders´ meeting has issued no resolution as to the application thereof. As the date of issuance of these financial statements, the capital stock decrease is in process in the CNV, to be subsequently registered in the Public Registry of Commerce.

11.

CORPORATE BONDS ISSUANCE

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

Corporate Bonds

Original value

Residual face
value as of
12/31/2014

12/31/2014

12/31/2013

Subordinated – Class 1

USD 150,000,000 (a.1)

USD 150,000,000

1,287,317

981,142

Non-subordinated – Class 2

USD 150,000,000 (a.2)

USD 106,395,000

942,115

718,044

Total

2,229,432

1,699,186

On September 1, 2006, June 4, 2007 and April 26, 2011, the general regular shareholders’ meeting approved the creation, and subsequent extension, of a Global Program for the Issuance of Simple Corporate Bonds in a short, medium or long term, either subordinated or non-subordinated, with or without guarantee, in accordance with the provisions of Law No, 23,576, as amended by Law No. 23,962, and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US dollars), or an equal amount in other currencies, under which it will be possible to issue different classes and/or series of corporate bonds denominated in US dollars or other currencies and reissue the successive classes or series to be amortized.

a.1)

On December 18, 2006, under the abovementioned Global Program, Banco Macro S.A. issued the 1st series of Class 1 subordinated Notes for a face value of USD 150,000,000 (US dollars one hundred and fifty million). The main characteristics of this issuance are:

Computable to the Bank’s required minimum capital (computable equity), as established by Communiqué “A” 4576.

The Notes fall due within a 30-year term, with full amortization upon maturity (December 18, 2036), with full redemption option in 10 years since the issuance date.

Interest payments will be made with a semiannual frequency (June 18 and December 18, every year).

During the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one for the remaining years (six-month LIBOR, plus 7.11%). As established by Communiqué “A” 4576, the interest rate payable can be increased only once over the life of the instrument and subsequent to the 10-year term since their issuance.

They do not include covenants that change the subordination order.

No interest on the Notes will neither fall due and payable if: (i) payments of such interest is the distributable amount, as defined in the pricing supplement dated November 23, 2006; (ii) there is a general prohibition by the Central Bank; (iii) the Bank is subject to the provisions of Articles 34 or 35 bis, Financial Institutions Law; (iv) the Bank is receiving financial assistance from Central Bank for illiquidity under Article 17 of Central Bank Charter; (v) the Bank is not in compliance with or has failed to comply in a timely basis with reporting obligations to the Central Bank; and/or (vi) the Bank is not in compliance with minimum capital requirements (both on an individual and consolidated basis levels) or with minimum cash reserves (on average).

Unpaid interest is not cumulative.

They have authorizations both for their public offering and their listing on domestic or foreign stock exchanges or markets.

In no case, the payment of financial services may exceed net unappropriated retained earnings as per the financial statements for the last fiscal year, with an external auditor’s report, which should be appropriated to a reserve created to such end, as established by Communiqué “A” 4576 (see Note 24.b)).

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

- 25 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

a.2)

On January 29, 2007, the Bank issued the 1st series of Class 2 non-subordinated simple corporate bonds at a fixed rate of 8.5% p.a., not convertible into shares, fully amortizable upon maturity (February 1, 2017) for a face value of USD 150,000,000 (one hundred and fifty million US dollars), under the terms and conditions set forth in the price supplement dated January 10, 2007. Interest is paid semiannually on February 1 and August 1 of every year.

Additionally, the Bank has the option to redeem such issuance, either fully or partially, at any time and from time to time. The Bank used the funds derived from such issuance to grant loans.

On August 16, 2007, the Securities and Exchange Commission (SEC) authorized the abovementioned exchange offers mentioned in a.1) and a.2).

12.

DERIVATIVE FINANCIAL INSTRUMENTS

The Bank performs transactions that involve derivative financial instruments, as established by Central Bank rules and Argentine professional accounting standards effective in the City of Buenos Aires. Such instruments mainly relate to:

Forward transactions involving securities and foreign currency.

Forward transactions without delivery of the underlying asset.

Options.

Interest rate swaps.

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

Positions of transactions effective as of December 31, 2014 and 2013 are as follows:

Transaction	12/31/2014			12/31/2013
Net position of repurchase agreements		94,917			(569,919	)
Net asset position of forward transactions without delivery of the underlying asset (a)		(136,832	)		806,959
Interest rate swaps (b)					50,000
Position of put options taken (c)		8,759			6,676
Position of call options sold (d)		(114,479	)

Net income (loss) resulting from these transactions for fiscal years ended December 31, 2014 and 2013, amount to income (loss):

Transaction	12/31/2014			12/31/2013
Premiums on reverse repurchase agreements		116,395			105,510
Premiums on repurchase agreements		(18,218	)		(10,639	)
Interest rate swap		2,491			450
Forward foreign-currency transactions offset		143,459			100,442
Total		244,127			195,763

(a)

It is related mainly to negotiation transactions of forward foreign currency exchange rates, carried out through Mercado Abierto Electrónico (MAE). The differences of such trading transactions are settled on a daily basis based on the prices agreed upon and their quoted price upon maturity; the underlying asset is not delivered or received.

(b)

As of December 31, 2013, this was related to swap agreements entered into with the Central Bank entitling the Bank to collect, on a monthly basis the positive difference between the Badlar interest rate in Argentine pesos and interest rates ranging from 15% to 16.50% nominal interest rate p.a., applied on a total of notional values of 50,000. In the event that the difference between the rates was negative, the Bank was required to pay the difference. The agreements expired on October 31, 2014, without new transactions were perfomed. The purposes of those transactions were to place medium- and long-term loans in accordance with Central Bank Communiqué “A” 4776, as supplemented.

- 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

(c)

As of December 31, 2014 and 2013, this includes a put option taken with Carpoint S.A. of a property received by the Bank as payment of loans granted by it. The price was set at USD 1,024,250, and the option’s exercise period is from September 24, 2015, through September 23, 2016, both dates included.

(d)

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

13.

PORTFOLIO MANAGEMENT

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

	Managed portfolio as of
Item	12/31/2014		12/31/2013
• On March 1, 1996, former Banco de Salta S.A. (which was absorbed by the Bank) and the Salta Provincial Government entered into an Agreement to Manage the Loan Portfolio of Banco Provincial de Salta (in liquidation) related to the nonfinancial private sector.		14,026		14,039
• On August 11, 1998, former Banco de Jujuy S.A. (which was absorbed by the Bank) and the Jujuy provincial Government entered into an agreement to manage the loan portfolio of the former Banco de la Provincia de Jujuy and to provide a monthly report on the tasks performed.		40,927		42,082
• On April 6, 2001, through Provincial Decree No. 806, the Ministry of the Treasury of the Province of Salta approved an extension to the “Contract for the service of collecting, processing and arranging information, managing the loan portfolio and performing collection procedures related to the receivables of the IPDUV (Provincial Institute of Urban and Housing Development)" entered into on March 27, 2001, between such Agency and Banco Macro S.A.,		110,469		107,875
• On August 19, 2002, ABN AMRO Bank N.V. Sucursal Argentina, as trustee, the former Scotiabank Quilmes S.A., as trustor, Banco Comafi S.A., as an agent and collecting manager and the former Banco Bansud S.A. (currently Banco Macro S.A.), entered into an “Agreement for the LAVERC financial trust’s collection administration and management”.		70,015		74,069
• On June 30, 2006, the Bank and Macro Fiducia S.A. entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio.		55,738		58,169
• On November 22, 2012 and 2013 and November 26, 2014, the Bank (trustor) and Macro Fiducia S.A. (trustee), created the financial trusts Fideicomiso Financiero Privado “SECANE I” and “SECANE II”, respectively; in the trusts agreement the trustor assumes the role of collection agent, administration and custodian.		368,358		183,845
• Other portfolios managed by the Bank.		332,626		123,772
Total		992,159		603,851

14.

MUTUAL FUNDS

As of December 31, 2014, the Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and assets from the following mutual funds:

- 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Fund	Shares of interest		Equity		Assets (1)
Pionero Pesos		383,026,617		810,104		769,084
Pionero Renta Ahorro		714,148,061		2,228,873		2,248,482
Pionero F F		91,153,583		243,755		241,943
Pionero Renta		40,380,671		276,015		271,969
Pionero Acciones		2,328,301		17,000		16,062
Pionero Renta Dólares		6,027		20
Pionero Empresas F.C.I. Abierto PYMES		63,820		84		76
Pionero Consumo		80,081		101		88
Argenfunds Renta Pesos		68,055,151		70,629		70,725
Argenfunds Renta Argentina		178,533,054		199,440		198,437
Argenfunds Ahorro Pesos		456,952,564		754,014		760,661
Argenfunds Renta Privada FCI		272,308,533		410,320		431,843
Argenfunds Abierto Pymes		708,121		878		886

(1)

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

15.

BANK DEPOSIT GUARANTEE INSURANCE SYSTEM

Law No. 24,485, and Presidential Decree No, 540/1995, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited, mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided for the organization of SEDESA to manage the Deposit Guarantee Fund. Such company was organized in August 1995. The Bank holds a 9.2428% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 10752 of February 18, 2014.

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

16.

TRUST ACTIVITIES

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

16.1

Financial trusts for investment purposes

The Bank holds investment as describe in Note 7.2.

Debt securities include mainly:

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

debt securities related to Loma Blanca Financial Trust.

- 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

According to the latest accounting information available as of the date of issuance of these financial statements, the corpus assets of the trusts, exceed the carrying amount in the related proportions.

Additionally, Note 7.1. to the consolidated financial statements, includes a list of the holdings for investment held by the Bank´s subsidiaries.

16.2

Trusts created using financial assets transferred by the Bank

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

As of December 31, 2014 and 2013, considering the latest available accounting information as of the date of the financial statements, the assets managed through Macro Fiducia S.A. (subsidiary) of this type of trusts amounted to 20,668 and 10,754, respectively.

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

16.3

Trusts guaranteeing loans granted by the Bank

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

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

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

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

As of December 31, 2014 and 2013, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank, Macro Fiducia S.A. and Banco del Tucumán S.A. (subsidiaries) amounted to 493,078 and 750,214, respectively.

16.4

Trusts in which the Bank acts as trustee (administration)

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

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

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

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

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

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

As of December 31, 2014 and 2013, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank amounted to 614,284 and 510,516, respectively.

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

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

17.

INFORMATION REQUIRED BY THE CNV

17.1

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

As mentioned in Note 23., on September 5, 2013, the CNV issued General Resolution No. 622. Considering Banco Macro S.A.’s current operations, and according to the different categories of agents established by the abovementioned Resolution, the Bank is registered with this agency as an agent for the custody of collective investment products of mutual funds (AC PIC FCI), and comprehensive clearing and settlement agent and trading agent (ALyC y AN - integral), and is in the process of registering for financial trustee (AF) and non-financial trustee (FNOF) agent categories.

Additionally, the Bank’s shareholders´ equity exceeds the minimum amount required by this regulation, amounting to 24,500, as well as the minimum required offsetting entry of 14,000, which the Bank paid-in at the end of the fiscal year with government securities as described in Note 8. and available assets in accounts opened in Central Bank.

17.2

Documentation in custody

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

18.

MINIMUM CASH AND MINIMUM CAPITAL REQUIREMENTS

18.1

Accounts identifying compliance with the minimum cash requirements:

The items computed by the Bank to constitute the minimum cash requirement effective for December 2014 are listed below, indicating the balances as of month-end of the related accounts:

Item	12/31/2014
Cash
Amounts in Central Bank accounts		8,701,883
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		695,631
Total		9,397,514

18.2

Minimum capital requirements:

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

Item	12/31/2014
Minimum capital requirement		5,038,903
Computable capital		10,385,529
Excess amount		5,346,626

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

19.

RISK MANAGEMENT POLICIES

Within the framework of the Corporate Governance policy, the Board of Directors of the Bank resolved the creation of a Risk Management Committee, the duties of which include ensuring that an independent risk management be established, coordinating the management of the various types of risks and the respective persons in charge.

In this regard, the coordination of the Committee includes the heads of financial risk, credit risk and operational risk, which are in charge of implementing the guidelines contained in the Risk Management framework policy.

The Risk Management framework policy establishes the environment for the risk management process under the notions of risk identification, measurement, monitoring and mitigation. In addition, it lays out the duties of each organizational level in the process.

The risk management process includes the establishment of the exposure limits for each risk by the Board of Directors, a follow-up on the exposure to each limit by the persons in charge, the preparation of regular reports for the Risk Management Committee, a follow-up on the alerts and the implementation of action plans regarding the alerts and the guidelines for developing stress tests.

Additionally, the system is supplemented with policies and procedures specific to each risk (financial, credit, operational, counterparty credit, country risk, securitization, reputational, compliance, strategic risks, among others).

Stress tests

The process of stress test includes documenting and formalizing the program as well as the persons in charge of carrying it out, the frequency of testing and the validation of the system. It also contemplates the Contingency Plan based on the test results. The Risk Management Committee leads and coordinates this application.

Economic capital calculation

Economic capital is the estimated amount of unexpected losses identified for each one of the individual risks (market, liquidity, interest rate, credit, counterparty credit, concentration, operational, securitization, strategic and reputational) determined for the Bank on a consolidated basis. The methods used for subsidiaries are exactly the same.

Since January 2014, quantified economic capital was implemented as a formal procedure, both currently and prospectively, and is a tool used in the day-to-day management of risks, in preparing the Business Plan and the Stress Tests.

The methods used to measure the economic capital of each risk were documented and approved by Management, pursuant to the internal rules on Corporate Governance and Risk Management.

The most significant risks managed by the Bank are disclosed as follows:

Financial risk

Financial risk is understood to be the group comprising Liquidity, Market and Interest Rate risks, which, independently or in an interrelated manner, can affect the Bank’s liquidity and solvency.

Definitions

Liquidity Risk is mainly understood to be the funding liquidity risk, defined as that in which Grupo Macro is unable to efficiently meet cash flows that are both expected and unexpected, current and noncurrent and with guarantees, without hindering daily operations or the financial situation. Market Liquidity Risk is understood to be the risk that the Bank may not be able to offset or unwind a position at market price.

Market Risk is defined as the possibility of incurring losses in on-and off-balance sheet positions as a result of adverse fluctuations in the market price for various assets.

Interest Rate Risk is defined as the possibility that there may be changes in the Bank’s financial situation as a result of fluctuations in the interest rates, which may have adverse effects on the Bank’s net financial income and financial value.

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Process

The Bank has strategies, policies and limits defined for each exposure which have been approved by the Board of Directors within the framework of Market, Liquidity and Interest Rate Risk management. These are also applicable to the subsidiaries in a consolidated framework. This process is reviewed periodically by the Risk Management Committee in accordance with Central Bank guidelines for Financial Institutions Risk Management and the adjustments or amendments approved by the Board of Directors.

The purpose of the Financial Risk Policy is to ensure that the Risk Management Committee and Senior Management have the proper procedures, tools and information enabling them to measure, manage and control the applicable risks.

The Risk heads will report regularly, to the Assets and Liabilities (CAP) and the Risk Management Committees on the financial risk exposure and the effects that may be caused in the Bank´s financial margin. A set of predetermined reports is prepared enabling a clear comparison between the existing exposure and the policy on limits.

The CAP is in charge of setting out the Bank’s financial strategy, analyzing the markets and establishing the policies on assets and liabilities, considering, market, liquidity, interest rate and currency risks.

The Financial Risk area uses the following instruments in preparing its reports: sensitivity analysis, stress tests, index curves and other simulations. The adoption of measures regarding the detected departures based on the information provided is left to Senior Management’s discretion, for which it must take into consideration several factors such as the market conditions or the complexity and variety of transactions, considering the defined action plans. The Risk Management Committee learns about these situations and the plans implemented, analyzing the impact on risk exposure. As a result, it may require an explanation about the case from Senior Management or, based on its survey, recommend adjustments to the policies, procedures and limits to the Board of Directors.

The goal set by the Board of Directors is to maintain an adequate degree of liquidity through the prudent management of assets and liabilities, in regard to both the cash flow as well as the concentration thereof.

The administration of liquidity is supported by an adequate planning process that considers the current and future cash needs, as well as possible changes in economic, political, regulatory and other conditions.

This makes it necessary to identify forecast and possible cash outflows, as well as alternative strategies to handle assets and liabilities in critical situations.

The reports prepared contemplate the following aspects: changes in yield curves; a mismatch of assets and liabilities in relation to currency, rates, terms and based on their volatility and speed of realization; changes, rates and volatility of term deposits, and the participation of institutional investors; liquidity and interest rate risk; established limits and issuance of warnings.

The Bank evaluates the Liquidity Risk situation through different tools, some of which include:

Cash Flow at Risk (CFAR): it is calculated as the difference between the liquidity gap, obtained in the average or expected scenario and that resulting from the critical scenario. The liquidity average scenario is obtained from the arithmetic mean of simulated liquidity scenarios, while the critical scenario is obtained by applying the percentile related to that confidence level for that set of simulation;

stress tests: they are used to quantify the impact as a result of illiquidity scenarios arising from different shocks in the risk factors involved;

Liquidity Coverage Ratio (LCR): this indicator shows the liquidity coverage over the outflows of funds within the next 30 days. Through different weightings factors established by Basel, the indicator is able to capture those outflows in systemic stress situations.

Market Risk is measured by computing the VAR (value at risk), which consists in the maximum expected loss for a trading portfolio over a certain period of time and with a 99% confidence level.

As to the interest rate risk, Economic Value methodology (EVM), is used to measure the risk of sensitive assets and liabilities to interest rate. Through stochastic processes, different interest rate scenarios are estimated, for which different Bank´s economic values will be obtained. VaR is the difference between the expected economic value (“mean value”) and the economic value for a specific confidence level and holding period as a result of simulations.

There are Contingency Plans which are assessed and reviewed on a regular basis by the Risk Management Committee.

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Credit risk

Credit risk results from the possibility of loss derived from customers or counter-parties from fully or partially breaching financial obligations they have undertaken with the Bank.

The Bank has counter-party and credit risk policies and strategies the purpose of which is to ensure that risks fall within a risk tolerance level decided by the Board of Directors and Central Bank and other oversight agency regulations.

The Credit Risk Department is in charge of managing credit risk, which involves identifying, evaluating, monitoring, controlling and mitigating it in all the stages of the credit cycle, from the analysis prior to granting credit through maturity or even during the credit recovery phase, if necessary.

It has the proper structure, procedures and different tools (information systems, rating and monitoring systems, measurement models, recovery policies) which enable it to handle risk effectively.

For loan granting, there are specific policies and procedures for Corporate Banking clients and Consumer Banking clients, which in turn differ, according to the segment to which they belong (Public or Private Payroll, Retirees or Open Market).

Credit risk assessment for Consumer Banking clients includes the use of risk applications based on screening and scoring methods related to an arrears level. There is also a mass-scale and centralized qualification process for clients (which allows branches to provide assistance within defined margins) and credit prequalification models for assessment of potential customers from different sales campaigns.

Loans to Corporate Banking clients are analyzed in Credit Committee, which are made up of business and risk area officers from different levels, with powers to operate within them. Specialized risk analysts prepare a risk report per client (or group of companies), which serves to support the credit decisions made by Committee members. There are also decentralized assessment methods for Agro, SMEs and Microprojects, including screening and scoring parameters, which allow speeding up the approval of predefined products and smaller amounts. In order to authorize transactions involving lower amounts or self-liquidating collaterals, or temporary transactions, special credit powers have been granted to higher-rank officers based on their knowledge, experience and training.

Once the credit limits have been approved, the Credit Administration and Transactions Department controls the formalities and settlement of the transactions and every month it reviews the classification of debtors and the debtors’ guarantees, assessing the sufficiency of the provisions according to the standards established by the Central Bank.

The Bank has a Management Information System according to the magnitude of its operations .Its component include an automated tool for the calculation of key performance indicators, for which alert and limit values have been determined in order to monitor business changes according to the risk appetite defined by the Board of Directors. The results produced by this tool are included in a report on the credit risk tolerance limits, which is submitted to the Risk Management Committee for its consideration and to adopt corrective measures where necessary.

Other credit risk management tools used are the evaluation or score models (for admission, behavior and collections), which are used at different stages of the credit cycle, attributing an internal risk rating to customers, according to which the assigned credit limits are managed and according to which the portfolio is monitored.

Those tools are complemented with expected losses, forecast and capital adequacy assessment models, which, with different development and implementation stages, form part of the Banco Macro Action Plan being undertaken to adjust to local regulations (Communiqués “A” 5394 and “A” 5398), the Basel principles and best practices for risk management.

The Credit Risk Management Department is in charge of designing the company rating and individuals scoring models, the calculation of expected losses and economic capital and stress tests. It is also involved in designing the decision engines to approve the abovementioned credit ratings on a mass scale and/or in a decentralized manner, and in generating the credit risk monitoring indicators.

In turn, the Credit recovery Management Department is in charge of managing the recovery of non performing loans, aiming at integrating these actions into the other risk instances, which increases the efficacy of collection processes and provides information on recovery management results, so as to adjust the origination and expected loss models.

Securitization risk

The Bank and its subsidiaries do not assume any significant risks involving securitization activities. This operation consists mainly in financing, such as prepayments of prices and underwriting in the placement of debt securities of Corporate Banking customers, loans to trusts which are given the same treatment as legal entities and potentially securitizing the proprietary portfolio.

- 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Holding debt securities or certificates of participation in trust generally creates exposure related mainly to credit risk and interest rate risk, just as in a traditional credit transaction. Therefore, they are included in the assessment and administration of each one of the risks involved.

Operational risk

The Bank adopted the definition of Operational risk under the Basel II Accord and the definition established by the Central Bank through its Communiqué “A” 5398, which consists in the risk of suffering losses due to the lack of adjustment or defects in the internal processes, systems or persons, or due to external events.

This definition includes legal risk but excludes strategic and reputation risk.

The Bank has policies, procedures and structures, appointing a Head of Operational Risk. The Operational Risk Committee’s main mission is to secure an Operational Risk Management plan which includes policies, programs, measurements and competencies for identifying, assessing and managing risks, with the purpose of assisting Area Managers and the Bank’s Board of Directors, in an environment of rapidly changing and significant risks.

In this context, the Evolutionary Comprehensive Operational Risk Management Model was developed, which involves the identification, measurement, management and monitoring of operational risks. A training plan was designed to begin conveying the concepts inherent to Operational Risk and the cultural change that this generates, and an implementation plan of the model was put into practice to achieve full implementation of all of its stages.

A quantitative approach is used to measure operational risk and technological risk, which includes the following:

assessing all relevant processes;

integrating the operational and technological risk assessment models;

applying risk impact and frequency evaluation matrices for the assessment of processes and subprocesses;

the quantitative assessment of the risks, identifying action plans and proposals for improving the critical processes, all in full compliance with the objectives set forth;

the procedure to gather information on events and losses, the purpose of which is to reduce incidents and loss amounts, thus incorporating a quantitative assessment into the risk management model, by registering risk events and losses in a centralized database;

the IT tool put into practice to manage operational risk, used to manage identified risks and calculate the different indicators so as to have an information system providing an overall view of the results of the different practices and tools involved in operational risk management; and

the methodology through which the IT areas identify, assess and control the risks related to the Bank’s information assets and to specific events, creating information that is later taken into account in decision-making processes.

As regards Risk Management related to the IT and information systems, the Bank has contingency and business continuity plans in place to minimize the risks that could affect the Bank’s continuity of operations.

The Bank has an incentives system to manage operational risk in such a way that it would encourage involvement and risk assessment. The risk assessment policy has also been reinforced for new products and in modifications to existing products.

In addition, the implementation of improvements on the different functions of the risk management system also continued.

20.

CORPORATE GOVERNANCE TRANSPARENCY POLICY

As a financial institution, Banco Macro S.A.’s business activity is governed by Financial Institutions Law No. 21,526, as supplemented, and the regulations issued by the Central Bank. Moreover, the Bank adheres to the good banking practices laid out in Central Bank Communiqué “A” 5201 (Guidelines for Corporate Governance in Financial Institutions) as supplemented.

The Bank publicly trades its shares on the BCBA and, thus, it is subject to the regulations issued by the CNV.

- 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Through General Resolution No. 622/13, the CNV established the minimum contents of the Corporate Governance Code, adding notions of good corporate governance to corporate management as guidelines or recommendations that seek to provide transparency thereto. The CNV does not require that the recommendations be implemented, although it does require that the Bank explain the reasons why it decided not to adopt the good practices described in such resolution by publishing a document called Information Report on Corporate Governance together with the letter to the shareholders for the fiscal year; the report is available on the website and that of such enforcement agency.

This regulation reinforces the notions contained in Capital Markets Law establishing principles such as “full disclosure”, “transparency”, “efficiency”, “public investor protection”, “equal footing between investors” and “protection of the stability of financial institutions and financial intermediaries”.

Moreover, as the Bank lists its shares on the NYSE, qualifying as a foreign private issuer, it is required to comply with certain corporate governance standards as established in section 303A of the NYSE’s Listed Company Manual, as amended.

The main guidelines under Communiqué “A” 5293 as supplemented are as follows:

Board of Directors, Senior Management and Committees

The Bank’s Board of Directors is made up of eleven members. Members are renewed by thirds and the appointed Directors remain in office for three fiscal years. Directors are appointed by the Shareholders’ Meeting.

Four directors are independent, according to the guidelines set by CNV and the Central Bank regulations.

Directors should be morally suitable, experienced and knowledgeable in the banking business and meet the requirements established in the effective regulations.

Compliance with these requirements is assessed when the Shareholders’ Meeting appoints the directors and on a regular basis during their term of office.

In this regard, through its CREFI (Creation, Operation and Expansion of Financial Institutions) circulars, the Central Bank establishes the assessment criteria used for granting the authorization to the directors appointed by the Shareholders’ Meeting.

The Board of Directors delegates the usual affairs related to management and corporate activities to an Executive Committee with the assignment of specific duties as defined in the Bank’s bylaws.

In relation to Senior Management and Committees, see next paragraph Organizational structure

Ownership structure

As of December 31, 2014, without considering the effect of capital stock decrease, as mentioned in Note 10., the Bank’s shareholders are:

Full name / Corporate name	Percentage of capital stock		Percentage of votes

Brito Jorge Horacio		19.43		21.42

Carballo Delfín Jorge Ezequiel		18.79		20.53

ANSES FGS under Law No. 26,425		30.97		28.80

Grouped shareholders (Argentine stock exchanges)		8.30		8.32

Grouped shareholders (foreign stock exchanges)		22.51		20.93

Organizational structure

Senior management

Two deputy general managers report to the Executive Committee; one is in charge of the commercial areas and the other is in charge of the operating areas. Thirteen-line managers report to them. Additionally, the Bank has ten staff areas reporting directly to the Executive Committee.

- 35 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Committee	Roles
Audit Committee	They are established in Capital Markets Law as supplemented.
Internal Audit Committee	Overseeing the proper operation of the internal control systems defined at the Bank through a periodic assessment thereof and contributing to improving the effectiveness of internal controls.
Risk Management Committee	It is in charge of monitoring Senior Management’s activities involving the management of credit, market, liquidity, operational, compliance and reputation risks, among others. It advises the Board of Directors on the Bank’s risks.
Assets and Liabilities Committee	Setting out the Bank’s financial strategy, analyzing the markets and establishing the policies on assets and liabilities, management of market, liquidity, interest rate and currency risks.
IT Committee	Overseeing the proper operation of the information technology environment and contributing to improving the effectiveness thereof.
Receivables Committee	Approving credit transactions based on credit capacity.
Legal Recovery department	Incumbent in defining payment arrangements exceeding the predetermined parameters, as well as reclassifying portfolio to be subject to legal proceedings or accounting retirements.
Personnel Incentives Committee	Ensuring the financial incentives for personnel system is consistent with the culture, the objectives, the business in the long term, the strategy and the control environment of the Bank.
Ethics and Compliance Committee	Ensuring the Bank has the proper means with which to promote correct decision-making and compliance with internal and external regulations.
Corporate Governance and Appointments Committee	The Committee’s duties include those related to the process of renewing and replacing Senior Management members and the succession plans. It is also in charge of applying the Corporate Governance Code at the Bank and at its subsidiaries.
Anti-money Laundering Committee	Planning and coordinating compliance with the policies established by the Board of Directors on the matter.

Branches

The Bank has a broad network of branches (404) throughout Argentina.

Subsidiaries

The Bank carries out certain transactions through its subsidiaries, which are identified in Note 1.2. to the Bank’s consolidated financial statements (see also Notes 9. and 3. to the stand-alone and consolidated financial statements, respectively).

Business lines

The Bank’s business lines and transactions with trusts are mentioned in Notes 1. and 16., respectively.

Incentive practices

The Bank has a personnel incentives system based on the identification of officers’ “outstanding performance”, which is understood to be their contribution in connection with the obtained results and their manner of conducting management.

The Incentives Committee is in charge of ensuring for the financial incentives for personnel system to be consistent with the culture, the objectives, the business in the long term, the strategy and the control environment of the Bank, and the prudent assumption of risks. The Incentives Committee is the body responsible for approving the Compensation Policy (salary and variable incentives), as well as any reviews it may require.

- 36 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

The Incentives System in place is based on assessing personal competence and performance associated with the compliance of non-related organizational objectives to be compensated based on extraordinary profit targets or direct financial achievement. The system is also adjusted according to the objective premise of generating sustained revenues (on a sustainable basis), thus, when establishing the total amount of compensation with regard to income (loss) for the year, extraordinary income is not taken into account. The system only provides cash compensation.

The Compensation Policy also includes a specific chapter regarding how remuneration is set and adjusted. In this case, the idea is to compensate personnel by ensuring performance recognition, internal equity, external competitiveness, productivity, efficiency and added value, finding an appropriate point of equilibrium with the business’s economic capacity and consistency in the long term.

The following aspects are taken into consideration:

the complexity of the positions, their contribution to the organization’s strategy and the professional development attained by the employee;

employees with enhanced performance in achieving their objectives and assuming greater responsibilities; and

levels of remuneration that are competitive in comparison to market levels.

Codes of ethics and conduct

The Bank adheres to the best practices and requires that all its employees act according to the highest standards of personal and professional integrity in all aspects of their activities.

In addition, compliance with its Code of Conduct and other policies and procedures governing employee conduct is considered to be essential. Moreover, the Code of Ethics for directors and officers is supplemental to the Bank’s Code of Conduct.

Role of financial agent

The Bank is a financial agent for the Provinces of Misiones, Salta and Jujuy. In addition, the subsidiary Banco del Tucumán S.A. is a financial agent for the Province of Tucumán and the Municipality of San Miguel de Tucumán. See also Notes 2.1. through 2.4.

Transactions with related parties – Policy on conflict of interest

As an authorized financial institution, Banco Macro S.A. complies with the provisions and reporting requirements established in Financial and Foreign Exchange Institutions Law No. 21,526 and the regulations issued by the regulatory agency (Central Bank).

As established by the legislation (Argentine Business Associations Law No. 19,550), specific applicable regulations (Capital Markets Law as supplemented), professional accounting standards (TR No. 21) and best practice recommendations, the Bank reports on the transactions with related parties in notes to the financial statements. Such transactions are carried out under usual market conditions. See also Notes 9. and 3. to the stand-alone and consolidated financial statements, respectively.

Under current Argentine legislation, directors are required to perform their duties with the loyalty and diligence of a prudent business man. Directors are jointly and severally liable before the Bank, the shareholders and third parties for a poor performance of duties and infringements to the law, bylaws and regulations, as the case may be, and are responsible for repairing the damages caused by fraud, abuse of authority or negligence.

The loyal duties of a director are considered to include: (i) the ban from using corporate assets and the confidential information to which he/she may have access for personal purposes; (ii) the ban from taking advantage or, due to errors or omissions, allowing a third party to take advantage of the Bank’s business opportunities, (iii) the obligation of acting as director only for the purposes established in the law, the Bank’s bylaws or the intention of the shareholders or the Board of Directors; and (iv) the obligation of taking extreme care so that the acts conducted by the Board of Directors have no direct or indirect effects against the Bank’s interest.

A director should notify the Board of Directors and the Audit Committee about any conflict of interest there may be in a transaction proposal and should refrain from voting on the matter.

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NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Public information

The information related to corporate governance at the Bank is included within the transparency policy contained in such precepts and, hence, is available to interested members of the public on the website www.macro.com.ar (“Conocenos” – Relaciones con Inversores) and, additionally, some guidelines are disclosed in other notes and exhibits to these financial statements. Moreover, the Bank’s public information is disclosed on the websites of the Central Bank (www.bcra.gob.ar) and the CNV (www.cnv.gob.ar).

21. SUMMARY JUDGEMENTS AND SANCTIONS APPLIED BY THE CENTRAL BANK AGAINST BANCO MACRO S.A.

As established by Central Bank Communiqué “A” 5689, find the information below:

21.1.

Summary Judgment initiated by the Central Bank:

Date & No. of Summary	Reason	Responsible	Status
04/14/2011 Criminal Foreign Exchange Regime Summary N° 4674.	Supposed infraction of article No. 1 incs. e) and f) and No. 2 inc f) of the Criminal Foreign Exchange Law (“CFEL”), in an exchange operation transaction with a suspended customer with no Central Bank authorization.	Banco Macro S.A., as the follow-on of Nuevo Banco Bisel S.A. and Branch Manager. (1)	The Central Bank raised the summary to the Criminal Office of the Federal Court No. 3 of the Judicial Department in Córdoba.
03/11/2013 Financial Summary No. 1380.	Supposed excess in the assets used for guarantee purpose which should have been used for related statutory operation ratios; failure to fulfill with the limitations of deposits increase, lack of veracity in book records, neglect to present the corresponding accounting disclosure of such excess and failures according to Central Bank requirements.	Former Banco Privado de Inversiones S.A., Directors, Statutory Audit Committee and Corporate Service Manager. (2)	In process at the Central Bank.
08/14/2013 Financial Summary No. 1401.	Supposed failure of financing to the non-financial public sector, for temporary overdrafts through checking accounts of the Municipality of Córdoba and Reconquista.	Banco Macro S.A. and Directors. (3)	In process at the Central Bank.
01/07/2014 Criminal Foreign Exchange Regime Summary N0. 5645.	Supposed infraction of article No. 1 incs. e) and f) y No. 2 inc f) of the CFEL, for foreign exchange transactions with no Central Bank authorization.	Banco Macro S.A. and Responsible for Foreign Trade and Foreign Exchange. (4)	In process at the Central Bank.

(1)

Mariano Raúl Misino and Roberto David Luna.

(2)

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

(3)

Jorge Horacio Brito, Jorge Pablo Brito and Marcos Brito.

(4)

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

- 38 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

21.2.

Sanctions imposed by the Central Bank:

Date & No. of Summary

Reason

Responsible

Status

04/10/2008 Financial summary No. 1227

Supposed infraction of Communiqué “A" 2241; CREFI-2; Chapter IV, Section 4, point 4.1. and 4.2., involving two capital contributions to its subsidiary Sudbank and Trust Company Ltd. with no previous Central Bank authorization.

Sanction amount: 2,625

Banco Macro S.A. Directors. (1)

On 11/05/2013 the fine was debited from Banco Macro´s account 00285 at the Central Bank.

On 11/20/2013 a direct appeal was file against Resolution No. 723 issued by SEFyC (Argentine regulatory agency of financial and foreign exchange institutions), on 10/10/2013, representing the Bank and the natural persons subject to the summary proceeding, before the Federal Court of Appeals in Contentious and Administrative Matters in the City of Buenos Aires (CNACAF).

08/01/2013 Summary No. 1394

Supposed failure of Communiqué “A” 3700. CREFI 2-36, Exhibit, Item I, Sub-item 5.2. For presenting out of term the corresponding documentation regarding the appointment of authorities.

Banco Macro S. A. and Chairman. (2)

On 12/02/2014 the Central Bank passed Sentence No. 828, imposing the sanction to those responsible. On 02/02/2015 the Bank rejected the resolution and presented an appeal to revoke the sentence at the Central Bank.

(1)

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

(2)

Jorge Horacio Brito.

21.3.

Sanctions imposed by the Financial Information Unit (UIF).

Date & File No.	Reason	Responsible	Status
01/16/2009 File No. 62/2009	Purchase of foreign currency from April 2006 through August 2007. Sanction amount: 718	Banco Macro S.A. and those in charge of Anti-money laundering regulation compliance. (1)	UIF. passed Resolution No. 72/2011 on 06/09/2011, imposing sanctions to those responsible. An appeal was presented at CNACAF.
06/09/2011 File No. 62/2009 (extension)	Extension of the summary issued by Resolution 72/2011 for transaction performed from 04/03/2006 through 10/11/2006. Sanction amount: 538	Banco Macro S.A. and those in charge of Anti-money laundering regulation compliance. (2)	UIF. passed Resolution No. 04/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.
11/23/2011 File No. 6338/2011	Purchase of foreign currency. Sanction amount: 2,136	Banco Macro S.A., Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF. passed Resolution No. 110/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.

- 39 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Date & File No.	Reason	Responsible	Stage
11/23/2011 File No. 6420/2011	Purchase of foreign currency. Sanction amount: 822	Banco Macro S.A., Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF. passed Resolution No. 124/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.
11/23/2011 File No. 6406/2011	Purchase of foreign currency. Sanction amount:677	Banco Macro S.A., Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF. passed Resolution No. 171/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.
11/23/2011 File No. 6407/2011	Purchase of foreign currency. Sanction amount:802	Banco Macro S.A., Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF. passed Resolution No. 132/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.
12/07/2011 File No.6405/2011	Purchase of foreign currency. Sanction amount:1,504	Banco Macro S.A., Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF. passed Resolution No. 26/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.
12/07/2011 File No. 6491/2011	Banco Suquía S.A. –Deposits in checking account. Sanction amount: 791	Banco Macro S.A., Directors and those in charge of Anti-money laundering regulation compliance. (4)	UIF. passed Resolution No. 118/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.
12/28/2011 File No. 6612/2011	Purchase of foreign currency. Sanction amount:688	Banco Macro S.A., Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF. passed Resolution No. 53/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.
12/28/2011 File No. 6614/2011	Purchase of foreign currency. Sanction amount:843	Banco Macro S.A., Directors and those in charge of Anti-money laundering regulation compliance. (3)	UIF. passed Resolution No. 6/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.
06/27/2012 File No. 517/2012	Purchase of foreign currency. Sanction amount:1,857	Banco Macro S.A., Directors and those in charge of Anti-money laundering regulation compliance. (5)	UIF. passed Resolution No. 500/2014 imposing sanctions to those responsible. An appeal was presented at CNACAF.

(1)

Juan Pablo Brito Devoto and Luis Carlos Cerolini.

(2)

Fernando Andrés Sansuste.

(3)

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

(4)

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

(5)

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

- 40 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

Although, sanctions do not involve material amount, as of the date of issuance of these financial statements, the total amount of sanctions received, pending to be paid for been appealed or about to be appealed, amounted to 11,376, which will be booked according to Communiqué “A” 5689 of Central Bank as from January, 2015.

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

Date & Resolution No.

Reason

Responsible

09/26/2014

CNV. Resolution No. 17,529

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

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

05/10/2012

UIF. File No. 160/2012

Purchase of foreign currency.

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

(1)

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

(2)

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

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

22.

TAX AND OTHER CLAIMS

22.1.

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

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

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

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

City of Buenos Aires tax authorities attributed a turnover tax difference to Banco Macro S.A. for fiscal period 2002, in relation to the treatment of the compensation bond, over which a precautionary measure was issued in 2009 in favor of the Bank.

City of Buenos Aires tax authorities attributed a turnover tax difference to former Banco Privado de Inversiones for fiscal periods 2002 and 2003. In February 2009, a complaint was filed to challenge the assessment with the Federal Administrative Tax Court, which is pending proceedings. City of Buenos Aires government filed an action for payment and secured a provisional attachment in the amount of 827 (see also Note 8.).

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

22.2.

Moreover, as a result of a lawsuit filed in 2007 by consumers’ association “ADECUA” claiming about various aspects related to the collection of the “life insurance” charge for products marketed by former Banco Privado de Inversiones S.A., on November 29, 2010, the parties reached a settlement agreement, approved by the Federal Commercial Court in and for the City of Buenos Aires No. 3, clerk’s office No. 5, and complied with by the Bank.

However, on March 22, 2013, the judge hearing the case ordered to adjust the performance of the agreement, as regards the reimbursement of the funds to the customers from whom the charge had been collected, a resolution which was appealed by the Bank.

- 41 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

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

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

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

23.

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

The financial and capital markets

The international and local macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of the contractions in growth levels, the volatility of financial assets and the foreign exchange market, among other issues, which has been observed with various degrees of intensity over the last few years. In addition, at a local level, there was an increase in the volatility of government and private securities and in interest rates, as well as somewhat significant changes in the prices for other relevant economic variables, such as salary costs, the prices of the main raw materials and the exchange rate. In addition, resolution is currently pending in a claim against the Argentine Government by holders of government securities who did not join the debt restructuring carried out in 2005 and 2010, which has generated consequences in the interest payment service of certain government securities.

Specifically in connection with the Argentine foreign exchange market, as from October 2011, the Federal Government imposed certain restrictions to access to the MUyLC (single and free foreign exchange market). Moreover, during the first quarter of 2014, there was a strong appreciation of foreign currency and a rise in interest rates, both deposit and lending rates.

Lastly, on December 27, 2012, a new Capital Markets Law was enforced (No. 26,831), as enacted by Presidential Decree No. 1023/2013 dated July 29, 2013, and CNV General Resolution No. 622 dated September 5, 2013. As a result of this new regulation, different agents had to make material, operative and business modifications (see also Note 17.1).

Therefore, the Bank’s Management permanently monitors the change of the abovementioned situations in international and local markets, to determine the possible actions to adopt and to identify the possible impacts on its financial situation that may need to be reflected in the financial statements for future periods.

Legal actions

The Argentine economic and financial situation worsened in late 2001, when the Argentine government suspended payments on the sovereign debt and imposed severe restrictions on cash withdrawals from financial institutions.

The measures adopted by the Federal Executive Government with respect to the public emergency in political, economic, financial and foreign exchange matters triggered a number of legal actions (known as recursos de amparo – constitutional rights protection actions), brought by individuals and companies against the Federal Government, the Central Bank and the financial institutions for considering that Public Emergency Law and its supplementary regulations are unconstitutional.

In the specific case of deposits denominated in foreign currency, in some cases, the courts ordered the reimbursement of such deposits, either in foreign currency or at free foreign exchange rate at the time of reimbursement until a final judgment is issued with respect to the constitutionality of the conversion into pesos.

Some of these claims were treated by the Argentine Supreme Court, which issued resolutions on lower-court decisions for each particular case and in different manners.

On December 27, 2006, the Argentine Supreme Court revoked prior instance judgments that ordered the reimbursement of deposits in US dollars and decided that depositors are entitled to reimbursement of their deposits switched to pesos at the Ps, 1.40-to-USD 1 exchange rate, adjusted by the CER through the payment date, and interest should be applied to such amount at a rate of 4% p.a., which may not be compounded through the payment date.

As regards courts deposit in US dollars, on March 20, 2007, the Argentine Supreme Court ruled that principal should be reimbursed with no deterioration in value whatsoever, and that the sums should be kept in their original currency.

- 42 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

As of December 31, 2014 and 2013, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 18,363 and 14,208 at the stand-alone level, respectively, and a total of 31,055 and 23,301 at consolidated level, respectively. The Bank´s Management believes that there would be no additional significant effects, other than those recognized in accounts that could derive from the final outcome of such actions.

24.

RESTRICTION ON EARNINGS DISTRIBUTION

According to Central Bank regulations 20% of income for the year plus / minus prior-year adjustments and less accumulated losses as for the prior year-end, if any, should be allocated to the Legal Reserve. Consequently, upcoming Shareholders´ Meeting shall apply 695,906 out of “Unappropriated retained earnings” to increase such legal reserve.

As established in the issuance conditions for the instruments representing long term debt mentioned in Note 11.a.1), the upcoming Shareholders’ Meeting shall apply 125,073 out of “Unappropriated retained earnings” to set a special reserve for the interest to be paid upon the maturities, taking place in June and December 2015.

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

Additionally, from the amendments introduced by Law No. 26,893, distributions of dividends (except for shares) to individuals of the country or foreign individuals or legal entities shall be subject to a 10% income tax.

As established by CNV General Resolution No. 593, the Shareholders’ Meeting considering financial statements with retained earnings should specifically decide how they will be used.

Through Communiqué “A” 5485 as supplemented, the Central Bank establishes the general procedure to distribute earnings. According to that procedure, earnings may only be distributed with the Central Bank express authorization, provided there are no records of financial assistance from the Central Bank due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies or there are no sanctions imposed by UIF, weighted to be significant, among other previous conditions listed in the abovementioned communiqué.

Therefore, earnings may only be distributed to the extent that income was booked, after deducting, on a nonaccounting basis, from unappropriated retained earnings and the voluntary reserve for future distribution of earnings, the amounts of the legal and statutory reserves which are mandatory, the positive net difference between the book value and market value or present value reported by the Central Bank, as the case may be, of government debt securities and/or monetary regulation instruments issued by the Central Bank not valued at market value, the effects of administrative and/or disciplinary sanctions and criminal penalties in trial court as describe in Note 21., among other items.

As of December 31, 2014 and, as mentioned in the previous paragraph, it is required to make an adjustment in “Unappropriated retained earnings”, for an amount of 11,376 pursuant to administrative and/or disciplinary sanctions and criminal penalties.

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

- 43 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish – See Note 26)

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

25.

FINANCIAL STATEMENTS PUBLICATION

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

26.

ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

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

Jorge H. Brito

Chairperson

- 44 -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

GOVERNMENT AND PRIVATE SECURITIES

GOVERNMENT SECURITIES

Holdings booked at market value
- Local
Discount bonds denominated in pesos at 5.83% - Maturity: 2033				861,594		25,834		841,017			841,017
Federal government bonds in pesos at Badlar + 2% - Maturity: 03-28-2017				494,833				432,392			432,392
Federal government bonds in pesos at Badlar + 2% - Maturity: 2016				377,042				377,353			377,353
Federal government bonds in pesos at Badlar Private + 3% - Maturity: 2015				220,963		467,411		218,407			218,407
Federal government bonds in US dollars at 7% - Maturity: 2015				121,396		44,126		67,056			67,056
Consolidation bonds in pesos - 7° Serie - Maturity: 01-04-2016				80,463		3,012		80,612			80,612
Federal government bonds in US dollars at 1.75% - Maturity: 2016				80,099				80,099			80,099
Consolidation bonds in pesos - 8° Serie				65,005		3,378		65,602			65,602
Federal government bonds in US dollars at 2.40% - Maturity: 2018				59,796				59,796			59,796
Secured bonds in pesos under Presidential Decree No. 1579/02 at 2% - Maturity: 02-04-2018				54,512		256,946		54,501			54,501
Other				190,706		492,003		167,145			167,145

Subtotal holdings booked at market value				2,606,409		1,292,710		2,443,980			2,443,980

Holdings booked at amortized cost
- Local
Federal government bonds in pesos at Badlar Private + 2.5% - Maturity: 2019		155,258		161,937				155,258			155,258
Argentine saving bond for the economy development in US dollars at 4% - Maturity: 07-27-2016		114,708		129,184		98,437		114,708			114,708
Province of Entre Ríos Treasury Bills - Maturity: 12-11-2016		23,865		25,487				23,865			23,865
Province of Chaco Treasury Bills - Maturity: 01-22-2015		15,415		15,453				15,415			15,415
Province of Buenos Aires Treasury Bills in pesos – Maturity: 05-29-2014						98,759
Province of Neuquén guarantee Treasury Bills Class 1 in US dollars - Maturity: 05-23-2014						37,435
Debt Securities Class 1 - Chubut development and infrastructure bond in US dollars at 4% Maturity: 10-21-2019						10,376

Subtotal Holdings booked at amortized cost				332,061		245,007		309,246			309,246

Jorge H. Brito

Chairperson

- 45 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA

Central Bank of Argentina Internal Bills at market value - Own portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-28-2015				724,642				724,642			724,642
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-04-2015				431,924				431,924			431,924
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-18-2015				428,650				428,650			428,650
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-31-2014				382,406				382,406			382,406
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-07-2015				375,437				624,400			624,400
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-14-2015				324,281				324,281			324,281
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-21-2015				312,799				312,799			312,799
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-25-2015				308,147				308,147			308,147
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-02-2014						12,980
Subtotal Central Bank of Argentina Internal Bills at market value - Own Portfolio				3,288,286		12,980		3,537,249			3,537,249

Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-04-2015		32,030		32,030
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-20-2015				4,077
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-19-2014						21,817
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-05-2014						21,330
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-29-2014						12,750
Central Bank of Argentina Internal Bills in pesos – Maturity: 06-11-2014						12,591
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-15-2014						11,902
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-26-2014						4,674
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions				36,107		85,064

Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-11-2015				421,758				421,758			421,758
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-01-2015				375,464				375,464			375,464
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-11-2015				362,193				362,193			362,193
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-25-2015				202,809				202,809			202,809
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-04-2015				129,301				129,301			129,301
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-18-2015				100,552				100,552			100,552
Central Bank of Argentina Bills in US dollars – Maturity: 03-04-2015				34,372				34,372			34,372
Central Bank of Argentina Bills in US dollars – Maturity: 03-25-2015				28,750				28,750			28,750
Central Bank of Argentina Bills in US dollars – Maturity: 01-28-2015				25,027				25,027			25,027
Central Bank of Argentina Bills in US dollars – Maturity: 01-21-2015				23,544				23,544			23,544
Other				171,813				197,224			197,224

Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own portfolio				1,875,583				1,900,994			1,900,994

Subtotal Instruments issued by the Central Bank of Argentina				5,199,976		98,044		5,438,243			5,438,243

Jorge H. Brito

Chairperson

- 46 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			5,199,976		98,044		5,438,243			5,438,243

Central Bank of Argentina Notes - Under Repo Transactions
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 04-23-2014					39,340
Subtotal Central Bank of Argentina Notes - Under repo Transactions					39,340

Central Bank of Argentina Notes at amortized cost - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% – Maturity: 04-23-2014					35,647
Subtotal Central Bank of Argentina Notes at amortized cost - Own portfolio					35,647
Total Instruments issued by the Central Bank of Argentina			5,199,976		173,031		5,438,243			5,438,243
Total Government securities			8,138,446		1,710,748		8,191,469			8,191,469

Investments in listed private securities
Capital Instruments
- Local
YPF S.A.			258,458				258,458			258,458
Siderar S.A.I.C			154,670				154,670			154,670
Aluar Aluminio Argentino S.A.I.C			124,724				124,724			124,724
Petrolera Pampa S.A.			99,231				99,231			99,231
Telecom Argentina Stet-France Telecom S.A.			87,378				97,838			97,838
Petrobras Energía S.A.			30,286				30,286			30,286
Cresud S.A.I.C			9,169				9,169			9,169
Molinos Rio de la Plata S.A			8,858				8,858			8,858
IRSA Inversiones y Prestaciones S.A			2,886				2,886			2,886
Alto Palermo S.A. (Apsa)			995				995			995
Subtotal Capital Instruments			776,655				787,115			787,115
Total Investments in listed private securities			776,655				787,115			787,115
Total government and private Securities			8,915,101		1,710,748		8,978,584			8,978,584

(1) Position without options as of December 31, 2014, includes “Holdings” plus: "loans" and “spot and forward purchases pending settlement", less “deposits” and "spot and forward sales pending settlement".

Jorge H. Brito

Chairperson

- 47 -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

	12/31/2014		12/31/2013

COMMERCIAL

In normal situation		15,197,007		15,697,070
With Senior “A” guarantees and counter-guarantees		1,352,637		1,052,533
With Senior “B” guarantees and counter-guarantees		2,839,846		2,910,554
Without Senior guarantees or counter-guarantees		11,004,524		11,733,983

Subject to special monitoring		67,494		102,511
In observation
With Senior “A” guarantees and counter-guarantees				1,993
With Senior “B” guarantees and counter-guarantees		31,279		35,970
Without Senior guarantees or counter-guarantees		36,215		64,548

Troubled		86,085		22,650
With Senior “B” guarantees and counter-guarantees		26,506		13,060
Without Senior guarantees or counter-guarantees		59,579		9,590

With high risk of insolvency		244,230		222,106
With Senior “A” guarantees and counter-guarantees		1,206
With Senior “B” guarantees and counter-guarantees		152,521		75,006
Without Senior guarantees or counter-guarantees		90,503		147,100

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

Subtotal Commercial		15,594,816		16,052,722

Jorge H. Brito

Chairperson

- 48 -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

	12/31/2014		12/31/2013

CONSUMER

Performing		25,765,495		20,972,447
With Senior “A” guarantees and counter-guarantees		499,578		314,530
With Senior “B” guarantees and counter-guarantees		2,110,321		1,633,217
Without Senior guarantees or counter-guarantees		23,155,596		19,024,700

Low risk		330,910		316,744
With Senior “A” guarantees and counter-guarantees		861		1,578
With Senior “B” guarantees and counter-guarantees		20,298		13,948
Without Senior guarantees or counter-guarantees		309,751		301,218

Medium risk		213,372		206,596
With Senior “A” guarantees and counter-guarantees				1,063
With Senior “B” guarantees and counter-guarantees		8,581		6,047
Without Senior guarantees or counter-guarantees		204,791		199,486

High risk		186,537		124,120
With Senior “A” guarantees and counter-guarantees		1,595		576
With Senior “B” guarantees and counter-guarantees		12,416		4,859
Without Senior guarantees or counter-guarantees		172,526		118,685

Irrecoverable		97,165		62,241
With Senior “B” guarantees and counter-guarantees		7,820		9,065
Without Senior guarantees or counter-guarantees		89,345		53,176

Irrecoverable according to Central Bank's rules		201		284
Without Senior guarantees or counter-guarantees		201		284

Subtotal Consumer		26,593,680		21,682,432
Total		42,188,496		37,735,154

Jorge H. Brito

Chairperson

- 49 -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

10 largest customers		2,051,695		4.86		2,321,319		6.15
50 next largest customers		3,911,770		9.27		3,855,621		10.22
100 next largest customers		2,822,271		6.69		2,724,057		7.22
Other customers		33,402,760		79.18		28,834,157		76.41

Total		42,188,496		100.00		37,735,154		100.00

Jorge H. Brito

Chairperson

- 50 -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

Non-financial government sector		29		49,756		32,693		42,041		83,945		18,257		407,292		634,013

Financial sector				7,141		13,306		32,782		33,156		111,588		11,723		209,696

Non-financial private sector and foreign residents		488,878		14,563,590		4,411,187		3,747,275		4,203,849		6,146,040		7,783,968		41,344,787

Total		488,907		14,620,487		4,457,186		3,822,098		4,320,950		6,275,885		8,202,983		42,188,496

Jorge H. Brito

Chairperson

- 51 -

EXHIBIT E

DETAIL OF INVESTMENT IN OTHER COMPANIES

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Banco del Tucumán S.A.	Common		100		1		395,341		827,903		618,886	Financial institution	12-31-14		43,960		920,588		232,417
Macro Securities S.A.	Common		1		1		12,776,680		93,423		54,676	Brokerage house	12-31-14		12,886		94,605		40,023
Macro Fiducia S.A.	Common		1		1		6,475,143		17,812		12,714	Services	12-31-14		6,567		17,430		4,167
Macro Fondos SGFCI S.A.	Common		1		1		327,183		7,488		4,362	Mutual funds management	12-31-14		1,713		39,161		28,963
Foreign
Macro Bank Limited	Common		1		1		9,816,899		376,230		279,298	Financial institution	12-31-14		9,817		376,230		96,930
Subtotal subsidiaries									1,322,856		969,936

- Non-subsidiaries
In Argentina
Provincanje S.A.	Common		1		1		600,000		603		603	Swap of securities	12-31-13		7,200		7,667		924
Prisma Medio de Pagos (former Visa Argentina S.A.)	Common		1		1		1,141,503		3,554		3,554	Business services	05-31-14		15,000		356,378		295,046
COEL S.A.	Common		1		1		86,236		138		138	Financial Services	12-31-13		1,000		3,281		175
ACH S.A.	Common		1		1		110,500		196		196	Electronic information services	12-31-12		650		266		(105	)
Mercado Abierto Electrónico S.A.	Common		1,200		1		8		121		121	Electronic market	12-31-13		242		24,899		8,677
Argentina Clearing S.A.	Common		2,500		1		30		31		31	Services	07-31-14		10,250		96,305		54,025
Garantizar SGR	Common		1		1		10,000		10		10	Mutual guarantee association	12-31-13		18,578		905,856		24,217
Banelco S.A.											2,500	Network administration	12-31-13		23,599		102,351		39,720
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common		10		1		7,303		674		514	Financial institution	12-31-13		1,824,910		5,592,131		552,420
Banco Latinoamericano de Exportaciones S.A.	Com "E"		1		1		3,729		501		382	Financial institution	12-31-13		1,824,910		5,592,131		552,420
Subtotal non-subsidiaries									5,828		8,049

Total in financial institutions, supplementary and authorized activities									1,328,684		977,985

In other companies
- Non-subsidiaries
In Argentina
Other									1,724		1,551
Foreign
SWIFT S.A.	Common		1		1		5		42		32	Services	12-31-13		2,342,902		2,925,690		186,418
Total in other companies									1,766		1,583
Total (1)									1,330,450		979,568

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

Jorge H. Brito

Chairperson

- 52 -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

Bank premises and equipment
Buildings		375,089		53,223		43,820			2,042		50		17,531		452,559
Furniture and facilities		86,216		33,436							10		14,154		105,498
Machinery and equipment		173,736		146,242					43		5		74,784		245,151
Vehicles		32,237		9,152					484		5		14,309		26,596

Total		667,278		242,053		43,820			2,569				120,778		829,804

Other assets
Works in progress		117,785		283,288		(37,036	)								364,037
Works of art		1,170													1,170
Prepayments for the purchase of assets		20,195		61,994		(7,264	)								74,925
Foreclosed assets		8,908		106,282					288		50		961		113,941
Leased buildings		570							568		50		2
Stationery and office supplies		10,066		73,654					59,208						24,512
Other assets		200,937		36,578		480			14,343		50		1,324		222,328

Total		359,631		561,796		(43,820	)		74,407				2,287		800,913

Jorge H. Brito

Chairperson

- 53 -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

	Net book						Amortization for the year				Net book
Item	value at beginning of fiscal year		Increases		Decreases		Years of useful life		Amount		value at end of fiscal year
Goodwill (a)		58,788						10		14,052		44,736
Organization and development costs (b)		271,759		185,710		102		5		112,700		344,667

Total		330,547		185,710		102				126,752		389,403

(a)

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

(b)

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

Jorge H. Brito

Chairperson

- 54 -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

10 largest customers		5,099,796		10.58		3,926,242		10.16
50 next largest customers		4,685,951		9.72		5,256,030		13.60
100 next largest customers		2,594,395		5.38		2,457,322		6.36
Other customers		35,834,281		74.32		27,007,610		69.88

Total		48,214,423		100.00		38,647,204		100.00

Jorge H. Brito

Chairperson

- 55 -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

Deposits		40,445,182		6,720,565		866,523		177,107		2,399		2,647		48,214,423

Other liabilities from financial intermediation

Central Bank of Argentina		4,990		1,009		1,578		3,045		6,002		211		16,835
Banks and International Institutions		36,580		51,215		518								88,313
Non-subordinated corporate bonds				32,225								909,890		942,115
Financing received from Argentine financial institutions		101,615		2,530		3,817		7,721		15,819		21,855		153,357
Other		3,507,559		122,367		1,826		2,375				90,673		3,724,800

		3,650,744		209,346		7,739		13,141		21,821		1,022,629		4,925,420

Subordinated corporate bonds						4,517						1,282,800		1,287,317

Total		44,095,926		6,929,911		878,779		190,248		24,220		2,308,076		54,427,160

Jorge H. Brito

Chairperson

- 56 -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

	Balances at beginning of		Increases		Decreases				Balances at end of the
Breakdown	fiscal year		(1)		Charge off		Reversals		fiscal year

ALLOWANCES
Loans
For uncollectibility risk and impairment in value		931,960		700,159		534,052		14,307		1,083,760
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		230,011		5,354		4,015		4		231,346
Receivables from financial leases
For uncollectibility risk		4,945		1,071		938		622		4,456
Investments in other companies
For impairment in value		344		306				41		609
Other receivables
For uncollectibility risk		6,742		1,084		399		2,247		5,180

Total allowances		1,174,002		707,974		539,404		17,221		1,325,351

PROVISIONS
Contingent commitments		4,806		12				2,554		2,264
For other contingencies		107,116		29,113		24,276		2,167		109,786
Difference from court deposits dollarization		14,208		4,419		33		231		18,363

Total Provisions		126,130		33,544		24,309		4,952		130,413

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

Jorge H. Brito

Chairperson

- 57 -

EXHIBIT K

CAPITAL STRUCTURE

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

Registered common stock A		11,235,670		5		11,236		11,236
Registered common stock B		573,327,358		1		573,327		573,327

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

(1) See Note 10.

Jorge H. Brito

Chairperson

- 58 -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

	12/31/2014																														12/31/2013
	Total Parent company and		Total per currency
	Argentine				Pound		Swiss		Danish		Canadian		Australian		Neozalen						Uruguayans		Chilean
Items	branches		US dollar		sterling		franc		krone		dollar		dollar		dollar		Yen		Renminbi		peso		peso		Guarani		Real		Euro		Total
ASSETS
Cash		4,731,883		4,671,096		6,536		924		120		1,204		923		212		567		1,986		1,042		800		390		4,065		42,018		5,245,008
Government and private securities		803,954		803,954																												393,573
Loans		1,873,167		1,873,167																												1,876,819
Other receivables from financial intermediation		259,626		252,454																		703		423				323		5,723		281,830
Receivables from financial leases																																7,986
Investments in other companies		377,447		377,447																												280,226
Other receivables		81,242		81,242																												68,964
Items pending allocation		3,107		3,107																												988

Total		8,130,426		8,062,467		6,536		924		120		1,204		923		212		567		1,986		1,745		1,223		390		4,388		47,741		8,155,394

LIABILITIES
Deposits		2,998,040		2,998,040																												2,461,071
Other liabilities from financial intermediation		1,632,907		1,617,798		454		57				60																		14,538		1,785,933
Other liabilities		3,079		3,079																												2,346
Subordinated corporate bonds		1,287,317		1,287,317																												981,142
Items pending allocation		4		4																												77

Total		5,921,347		5,906,238		454		57				60																		14,538		5,230,569

MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		1,191,573		1,191,573																												1,015,408
Control		1,483,902		1,421,355																										62,547		923,080
Derivatives		8,759		8,759																												6,676
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		246,643		242,387																										4,256		172,687

Jorge H. Brito

Chairperson

- 59 -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

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

Loans
Overdrafts		20,685		59,980
Without Senior guarantees or counter-guarantees		20,685		59,980
Documents				4,150
With Senior “A” guarantees and counter-guarantees				1,776
Without Senior guarantees or counter-guarantees				2,374
Mortgage and pledge		7,588		11,568
With Senior “B” guarantees and counter-guarantees		7,122		10,441
Without Senior guarantees or counter-guarantees		466		1,127
Personal		614		309
Without Senior guarantees or counter-guarantees		614		309
Credit cards		8,939		23,641
Without Senior guarantees or counter-guarantees		8,939		23,641
Other		199,258		64,396
Without Senior guarantees or counter-guarantees		199,258		64,396
Total loans		237,084		164,044

Other receivables from financial intermediation		12,929		2,072

Receivables from financial leases and other		10,692		10,514

Contingent Commitments		3,724		1,953

Investments in other companies		1,323,331		970,411

Total		1,587,760		1,148,994

Provisions		3,057		1,910

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

Jorge H. Brito

Chairperson

- 60 -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish - See Note 26)

(Figures stated in thousands of pesos)

Originally

Weighted daily

Purpose of the

agreed

Residual

average term of

Type of

transactions

Underlying

Type of

Negotiation environment

weighted monthly

settlement of

contract

performed

asset

settlement

or counter-party

average term

differences

Amount

Intermediation

With delivery of

Over The Counter - Residents

Options

- own account

Other

underlying asset

in Argentina - Non-financial sector

123,238

Federal

Repo transactions

Intermediation - own account

government securities

With delivery of underlying asset

MAE (over-the-counter
electronic market)

403,009

Intermediation

Foreign

Daily settlement of

MAE (over-the-counter

Futures

- own account

currency

differences

electronic market)

3,107,509

Intermediation

Foreign

Maturity settlement

Over The Counter - Residents

Forward

- own account

currency

of differences

in Argentina - Non-financial sector

1,894,255

Jorge H. Brito

Chairperson

- 61 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		12/31/2014			12/31/2013
ASSETS

A.	CASH
	Cash on hand		4,703,574			3,232,931
	Due from banks and correspondents
	Central Bank of Argentina		9,459,016			8,937,649
	Local Other		17,921			26,423
	Foreign		1,253,156			663,118
	Other		535			408
			15,434,202			12,860,529

B.	GOVERNMENT AND PRIVATE SECURITIES
	Holdings booked at market value		3,469,616			1,928,841
	Government securities under repo transactions with Central Bank of Argentina					88,928
	Holdings booked at amortized cost		336,302			250,513
	Instruments issued by the Central Bank of Argentina		5,729,925			173,031
	Investments in listed private securities		776,655			3
			10,312,498			2,441,316

C.	LOANS
	To the non-financial government sector		604,417			640,158
	To the financial sector
	Interfinancing - (granted call)		105,000			308,023
	Other financing to Argentine financial institutions		107,657			55,711
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		1,210			1,163
	To the non-financial private sector and foreign residents
	Overdrafts		3,385,551			4,449,988
	Documents		4,627,375			4,320,772
	Mortgage loans		2,466,073			2,308,916
	Pledge loans		1,857,121			1,429,414
	Personal loans		16,120,921			13,873,830
	Credit cards		9,189,482			6,841,356
	Other		5,835,233			5,206,630
	Accrued interest, adjustments, foreign exchange and quoted price differences receivable		831,683			779,436
	less: Unearned discount		(205,384	)		(186,547	)
	less: Allowances (Note 4.)		(1,186,044	)		(1,006,495	)
			43,740,295			39,022,355

Jorge H. Brito

Chairperson

- 62 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		12/31/2014			12/31/2013
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		810,922			648,015
	Amounts receivable from spot and forward sales pending settlement		275,223			774,525
	Securities and foreign currency receivables from spot and forward purchases pending settlement		50,246			208,774
	Unlisted corporate bonds		463,816			270,690
	Receivables from forward transactions without delivery of underlying asset		136,613			167
	Other receivables not covered by debtors classification standards		501,417			763,238
	Other receivables covered by debtors classification standards		345,953			246,284
	Accrued interest receivables covered by debtors classification standards		673			846
	less: Allowances (Note 4.)		(235,755	)		(232,290	)
			2,349,108			2,680,249

E.	RECEIVABLES FROM FINANCIAL LEASES
	Receivables from financial leases		383,668			385,717
	Accrued interest and adjustments		5,202			5,158
	less: Allowances (Note 4.)		(4,459	)		(5,015	)
			384,411			385,860

F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		1,176			893
	Other		11,561			13,883
	less: Allowances (Note 4.)		(1,506	)		(1,330	)
			11,231			13,446

G.	OTHER RECEIVABLES
	Receivables from sale of assets		2,804			6,116
	Minimum presumed income tax-credit					3,460
	Other		607,819			432,289
	Accrued interest and adjustments receivable on from sale of assets		160			235
	Other accrued interest and adjustments receivable		14			172
	less: Allowances (Note 4.)		(5,383	)		(6,929	)
			605,414			435,343

H.	BANK PREMISES AND EQUIPMENT, NET		925,427			735,663

I.	OTHER ASSETS		808,239			364,670

J.	INTANGIBLE ASSETS
	Goodwill		44,736			58,788
	Organization and development costs		364,414			285,191
			409,150			343,979

K.	ITEMS PENDING ALLOCATION		15,659			11,624

TOTAL ASSETS			74,995,634			59,295,034

Jorge H. Brito

Chairperson

- 63 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		12/31/2014		12/31/2013
LIABILITIES

L.	DEPOSITS
	From the non-financial government sector		8,570,055		6,580,041
	From the financial sector		38,683		26,874
	From the non-financial private sector and foreign residents
	Checking accounts		11,896,322		8,602,700
	Savings accounts		11,013,878		8,440,709
	Time deposits		21,510,754		18,416,520
	Investment accounts		190,503		199,003
	Other		1,137,750		878,032
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		358,609		283,139
			54,716,554		43,427,018

M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		16,959		21,994
	Banks and International Institutions		87,858		325,664
	Non-subordinated Corporate Bonds		909,890		693,483
	Amounts payable for spot and forward purchases pending settlement		122,466		241,942
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		235,574		863,570
	Financing received from Argentine financial institutions
	Other financing received from Argentine financial institutions		20,489		25,159
	Accrued interest payable				96
	Receivables from forward transactions without delivery of underlying asset				27,867
	Other		3,898,070		2,440,877
	Accrued interest, adjustments, foreign exchange and quoted price differences payable		65,406		57,079
			5,356,712		4,697,731

N.	OTHER LIABILITIES
	Fees		12,196		11,224
	Other		1,859,148		1,314,477
			1,871,344		1,325,701

O.	PROVISIONS (Note 4.)		171,923		159,381

P.	SUBORDINATED CORPORATE BONDS		1,287,317		981,142

Q.	ITEMS PENDING ALLOCATION		6,966		7,128

	MINORITY INTERESTS IN SUBSIDIARIES		93,001		69,502

	TOTAL LIABILITIES		63,503,817		50,667,603

	SHAREHOLDERS' EQUITY		11,491,817		8,627,431

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			74,995,634		59,295,034

Jorge H. Brito

Chairperson

- 64 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2014		12/31/2013
MEMORANDUM ACCOUNTS

DEBIT-BALANCE ACCOUNTS		99,719,828		61,359,882
Contingent		13,422,838		11,983,952
Guarantees received		12,934,170		11,593,922
Other not covered by debtors classification standards		126		167
Contingent debit-balance contra accounts		488,542		389,863

Control		80,804,064		43,775,080
Receivables classified as irrecoverable		1,386,465		1,256,611
Other		78,789,541		41,803,691
Control debit-balance contra accounts		628,058		714,778

Derivatives		5,125,002		5,083,287
Notional value of put options taken		8,759		6,676
Notional value of forward transactions without delivery of underlying asset		2,432,466		2,916,785
Interest rate swap				50,000
Derivatives debit-balance contra accounts		2,683,777		2,109,826

Trust activity		367,924		517,563
Trust funds		367,924		517,563

CREDIT-BALANCE ACCOUNTS		99,719,828		61,359,882

Contingent		13,422,838		11,983,952
Other guarantees provided covered by debtors classification standards		112,092		129,681
Other guarantees provided not covered by debtors classification standards		145,861		151,489
Other covered by debtors classification standards		219,559		108,693
Other not covered by debtors classification standards		11,030
Contingent credit-balance contra accounts		12,934,296		11,594,089

Control		80,804,064		43,775,080
Checks to be credited		628,058		714,778
Control credit-balance contra accounts		80,176,006		43,060,302

Derivatives		5,125,002		5,083,287
Notional value of call options sold		114,479
Notional value of forward transactions without delivery of underlying asset		2,569,298		2,109,826
Derivatives credit-balance contra account		2,441,225		2,973,461

Trust activity		367,924		517,563
Trust activity credit-balance contra accounts		367,924		517,563

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

Jorge H. Brito

Chairperson

- 65 -

CONSOLIDATED STATEMENTS OF INCOME

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		12/31/2014		12/31/2013

A.	FINANCIAL INCOME
	Interest on cash and due from banks		127		241
	Interest on loans to the financial sector		64,293		51,468
	Interest on overdrafts		1,338,170		1,074,900
	Interest on documents		960,429		654,111
	Interest on mortgage loans		483,143		333,854
	Interest on pledge loans		274,287		197,135
	Interest on credit card loans		1,930,082		1,022,177
	Interest on financial leases		76,320		68,435
	Interest on other loans		6,272,353		4,782,671
	Net income from government and private securities		1,974,166		409,054
	Interest on other receivables from financial intermediation		3,455		3,101
	Income from guaranteed loans - Presidential Decree No. 1,387/01		40,201		26,026
	CER (Benchmark Stabilization Coefficient) adjustment		78,299		35,155
	CVS (Salary Variation Coefficient) adjustment		737		606
	Difference in quoted prices of gold and foreign currency		827,599		808,143
	Other		358,988		286,454
			14,682,649		9,753,531

B.	FINANCIAL EXPENSE
	Interest on checking accounts		533		497
	Interest on savings accounts		49,237		41,060
	Interest on time deposits		5,137,168		3,065,823
	Interest on interfinancing received loans (received call)		1,202		2,883
	Interest on other financing from financial institutions		17		7
	Interest on other liabilities from financial intermediation		91,733		61,674
	Interest on subordinated bonds		120,407		80,953
	Other interest		3,109		3,369
	CER adjustment		9,183		4,295
	Contribution to Deposit Guarantee Fund		151,048		67,808
	Other		1,018,924		693,171
			6,582,561		4,021,540

	GROSS INTERMEDIATION MARGIN - GAIN		8,100,088		5,731,991

C.	PROVISION FOR LOAN LOSSES		664,882		540,032

D.	SERVICE-CHARGE INCOME
	Related to lending transactions		92,101		164,097
	Related to deposits		2,798,967		2,022,656
	Other commissions		76,690		50,236
	Other		1,688,030		1,189,335
			4,655,788		3,426,324

Jorge H. Brito

Chairperson

- 66 -

CONSOLIDATED STATEMENTS OF INCOME

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		12/31/2014			12/31/2013

E.	SERVICE-CHARGE EXPENSE
	Commissions		288,053			205,176
	Other		927,706			712,631
			1,215,759			917,807

F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		3,190,774			2,351,921
	Directors' and statutory auditors' fees		163,378			117,077
	Other professional fees		181,427			138,212
	Advertising and publicity		128,387			103,437
	Taxes		323,463			218,491
	Depreciation of equipment		130,678			98,666
	Amortization of organization costs		122,704			89,019
	Other operating expenses		812,572			598,402
	Other		445,496			300,131
			5,498,879			4,015,356

	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		5,376,356			3,685,120

G.	OTHER INCOME
	Income from long-term investments		49,635			25,132
	Penalty interest		60,801			40,972
	Recovered loans and allowances reversed		126,502			109,449
	CER adjustment		102			63
	Others		114,163			77,598
			351,203			253,214

H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		1,531			30
	Charges for other receivables uncollectibility and other allowances		42,731			50,624
	Depreciation and loss of other assets		3,196			3,051
	Goodwill amortization		14,052			14,052
	Other		200,840			75,931
			262,350			143,688

	MINORITY INTEREST IN SUBSIDIARIES		(23,492	)		(18,173	)


	NET INCOME BEFORE INCOME TAX - GAIN		5,441,717			3,776,473

I.	INCOME TAX		1,962,186			1,332,909

	NET INCOME FOR THE FISCAL YEAR- GAIN		3,479,531			2,443,564

Jorge H. Brito

Chairperson

- 67 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2014			12/31/2013
CHANGES IN CASH AND CASH EQUIVALENTS (Note 1.5.)
Cash at the beginning of the fiscal year		13,512,271			10,526,353
Cash at the end of the fiscal year		18,193,305			13,512,271
Net increase in cash		4,681,034			2,985,918

CAUSES OF CHANGES IN CASH

Operating activities
Net collections / (payments) for:
Government and private securities		(4,804,248	)		451,488
Loans
To the financial sector		215,323			(152,924	)
To the non-financial government sector		152,978			6,051
To the non-financial private sector and foreign residents		5,594,127			(256,172	)
Other receivables from financial intermediation		851,139			20,890
Receivables from financial leases		77,320			1,836
Deposits
From the financial sector		11,809			2,652
From the non-financial government sector		1,210,587			(2,246,827	)
From the non-financial private sector and foreign residents		4,727,295			6,305,546
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(1,298	)		95,906
Others (except liabilities included under financing activities)		1,193,222			724,159
Collections related to service-charge income		4,652,186			3,400,939
Payments related to service-charge expenses		(1,174,403	)		(889,886	)
Administrative expenses paid		(5,091,123	)		(3,748,636	)
Payment of organization and development costs		(201,927	)		(158,508	)
Net collections from penalty interest		60,798			40,945
Differences from payments related to court orders		(4,938	)		(7,687	)
Collections of dividends from other companies		27,619			100
Other collections related to other income and losses		17,527			81,950
Net payments from other operating activities		(1,410,131	)		(735,780	)
Payment of income tax / minimum presumed income tax		(1,623,725	)		(906,557	)
Net cash flows generated in operating activities		4,480,137			2,029,485

Jorge H. Brito

Chairperson

- 68 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2014			12/31/2013
Investing activities
Net payments for bank premises and equipment		(261,181	)		(174,960	)
Net payments for other assets		(394,756	)		(100,661	)
Collections from sales of investment in others companies		11,126
Collections for investing activities					39
Net cash flows used in investing activities		(644,811	)		(275,582	)

Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(73,443	)		(47,455	)
Central Bank of Argentina:
Other		(6,343	)		(1,334	)
Banks and International Institutions		(247,742	)		46,396
Subordinated corporate bonds		(121,994	)		(85,368	)
Financing received from Argentine financial institutions		(3,883	)		11,428
Payment of dividends		(598,486	)		(19	)
Net cash flows used in financing activities		(1,051,891	)		(76,352	)

Financial income and holding gains on cash and cash equivalents		1,897,599			1,308,367

Net increase in cash		4,681,034			2,985,918

Jorge H. Brito

Chairperson

- 69 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2014		12/31/2013

COMMERCIAL

In normal situation		15,912,318		16,157,610
With Senior “A” guarantees and counter-guarantees		1,356,411		1,054,102
With Senior “B” guarantees and counter-guarantees		2,926,586		2,991,706
Without Senior guarantees or counter-guarantees		11,629,321		12,111,802

Subject to special monitoring		67,494		102,511
In observation
With Senior “A” guarantees and counter-guarantees				1,993
With Senior “B” guarantees and counter-guarantees		31,279		35,970
Without Senior guarantees or counter-guarantees		36,215		64,548

Troubled		86,085		22,650
With Senior “B” guarantees and counter-guarantees		26,506		13,060
Without Senior guarantees or counter-guarantees		59,579		9,590

With high risk of insolvency		244,230		222,106
With Senior “A” guarantees and counter-guarantees		1,206
With Senior “B” guarantees and counter-guarantees		152,521		75,006
Without Senior guarantees or counter-guarantees		90,503		147,100

Irrecoverable				8,385
With Senior “B” guarantees and counter-guarantees				3,729
Without Senior guarantees or counter-guarantees				4,656
Subtotal Commercial		16,310,127		16,513,262

Jorge H. Brito

Chairperson

- 70 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF DECEMBER 31, 2014 AND 2013

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2014		12/31/2013

CONSUMER

Performing		29,235,948		23,892,347
With Senior “A” guarantees and counter-guarantees		502,532		315,925
With Senior “B” guarantees and counter-guarantees		2,191,291		1,713,576
Without Senior guarantees or counter-guarantees		26,542,125		21,862,846

Low risk		354,005		341,018
With Senior “A” guarantees and counter-guarantees		861		1,683
With Senior “B” guarantees and counter-guarantees		21,543		16,884
Without Senior guarantees or counter-guarantees		331,601		322,451

Medium risk		241,046		225,864
With Senior “A” guarantees and counter-guarantees				1,185
With Senior “B” guarantees and counter-guarantees		8,764		7,137
Without Senior guarantees or counter-guarantees		232,282		217,542

High risk		216,629		144,006
With Senior “A” guarantees and counter-guarantees		1,595		576
With Senior “B” guarantees and counter-guarantees		13,546		5,013
Without Senior guarantees or counter-guarantees		201,488		138,417

Irrecoverable		102,307		65,486
With Senior “B” guarantees and counter-guarantees		9,218		9,218
Without Senior guarantees or counter-guarantees		93,089		56,268

Irrecoverable according to Central Bank's rules		204		287
Without Senior guarantees or counter-guarantees		204		287

Subtotal Consumer		30,150,139		24,669,008
Total		46,460,266		41,182,270

Jorge H. Brito

Chairperson

- 71 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish –

See Note 26 to the stand alone financial statements)

(Figures stated in thousands of pesos)

SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

1.1.

Valuation and disclosure criteria:

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

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

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

1.2.

List of subsidiaries:

The table below shows the equity interests that Banco Macro S.A. holds in subsidiaries (percentage of equity interest and votes held directly or indirectly as of December 31, 2014):

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

Banco del Tucumán S.A.	Common		395,341		89.932	%		89.932	%		89.932	%		89.932	%
Macro Bank Limited (a)	Common		9,816,899		99.999	%		99.999	%		99.999	%		100.00	%
Macro Securities S.A. (b) and (c)	Common		12,776,680		99.154	%		99.154	%		99.921	%		99.932	%
Macro Fiducia S.A.	Common		6,475,143		98.605	%		98.605	%		98.605	%		98.605	%
Macro Fondos SGFCI S.A.	Common		327,183		19.100	%		19.100	%		99.936	%		100.00	%

(a)

Consolidated with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 1,843).

(d) The indirect equity interest of Banco Macro S.A. comes from Macro Fiducia S.A.

1.3.

Methods of incorporating foreign subsidiaries:

The financial statements of Macro Bank Limited were adapted to Central Bank rules. Also, as they are originally stated in US dollars, they were translated into pesos following the procedures indicated below:

Assets and liabilities were converted at the reference exchange rate at the closing of transactions on the last business day of the fiscal years ended December 31, 2014 and 2013.

Figures related to the owners’ contributions (capital stock, additional paid-in capital and irrevocable capital contributions) were translated applying the effective exchange rates as of the date on which such contributions were paid in.

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

- 72 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish –

See Note 26 to the stand alone financial statements)

(Figures stated in thousands of pesos)

The amounts of the accounts in the statements of income for the fiscal years ended December 31, 2014 and 2013, were converted into pesos, as described in a). In both cases, the difference between the sum of the amounts thus obtained and lump-sum income (loss) for each fiscal year (difference between retained earnings at beginning of fiscal year and retained earnings at fiscal year) was recorded in “Other income – Income from long-term investments” and “Financial income – Difference in quoted prices of gold and foreign currency” or “Financial expense – Difference in quoted prices of gold and foreign currency”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

The main figures included in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU) S.A.) as of December 31, 2014, considering the translation process mentioned above are as follows:

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

Assets		201,962		1,727,176

Liabilities		157,969		1,350,947

Shareholders’ equity		43,993		376,229

1.4.

The table below shows total assets, liabilities, shareholders’ equity and income (loss) of Banco Macro S.A. and each of its subsidiaries as of December 31, 2014:

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

Assets		68,239,038		6,747,291		1,727,176		281,417		1,999,288		74,995,634

Liabilities		56,747,221		5,826,703		1,350,947		169,127		590,181		63,503,817

Shareholders’ equity		11,491,817		920,588		376,229		112,290		1,409,107		11,491,817

Income		3,479,531		232,417		96,930		43,422		372,769		3,479,951

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

(2)

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

- 73 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish –

See Note 26 to the stand alone financial statements)

(Figures stated in thousands of pesos)

1.5.

Statement of cash flows and cash equivalents

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

	12/31/2014		12/31/2013

Cash		15,434,202		12,860,529
Government and private securities
Holdings booked at market value		769,679		638,762
Instruments issued by the Central Bank		1,809,774		12,980
Other receivables for financial intermediation
Other covered by debtor classification standards		179,650
Cash and cash equivalents		18,193,305		13,512,271

RESTRICTED ASSETS

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

Item	12/31/2014		12/31/2013

3.1. Banco del Tucumán S.A.:
Government and Private securities
• Secured bonds in pesos under Presidential Decree N° 1579/2002, maturity 2018, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013		8,284
Subtotal Government and Private securities		8,284
Other receivables from financial intermediation
• Special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar entities		115,291		71,136
Subtotal other receivables from financial intermediation		115,291		71,136

Other receivables
• Deposits mainly provided in guarantee for the credit card transaction and related to court deposits.		11,202		8,175
Subtotal other receivables		11,202		8,175
Total		134,777		79,311

- 74 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish –

See Note 26 to the stand alone financial statements)

(Figures stated in thousands of pesos)

Item	12/31/2014		12/31/2013

3.2. Macro Securities S.A.:
Investments in other companies
• Other		1,453		1,453
Total		1,453		1,453

TRANSACTIONS WITH RELATED PARTIES

In relation to the transactions performed by the Bank’s subsidiaries with parties related to Macro Group, as part of the ordinary course of business, and in addition to those described in Note 9. to the stand-alone financial statements, the consolidated financial statements as of December 31, 2014 and 2013, include assets amounted to 28,034 and 80,055, generated by Loans; liabilities amounted to 800,135 and 494,816 generated by Deposits; and memorandum accounts amounted to 1,272,193 and 537,998, mainly generated by Items in custody, respectively.

Additionally, as of December 31, 2014 and 2013, net income generated by those transactions amounted to 503 and 15,254, respectively.

Lastly, the balances as of those dates for transactions between Macro Group companies amounted to 527 and 472, respectively. Net income from those transactions for the fiscal years ended December 31, 2014 and 2013 amount to 8 and 4, respectively. Both balances and income were eliminated in the consolidation process.

CHANGES IN ALLOWANCES AND PROVISIONS

The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of December 31, 2014:

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

Allowances

For loans		1,006,495		757,445		563,183		14,713		1,186,044

For other receivables from financial intermediation		232,290		8,495		4,041		989		235,755

For receivables from financial leases		5,015		1,076		938		694		4,459

For interests in other companies		1,330		306				130		1,506

For other receivables		6,929		1,145		437		2,254		5,383

Total		1,252,059		768,467		568,599		18,780		1,433,147

For contingent commitments		4,806		12				2,554		2,264

For other contingencies		131,274		34,292		24,795		2,167		138,604

For differences from court deposits dollarization		23,301		8,018		33		231		31,055

Total		159,381		42,322		24,828		4,952		171,923

- 75 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish –

See Note 26 to the stand alone financial statements)

(Figures stated in thousands of pesos)

DERIVATIVE FINANCIAL INSTRUMENTS

Below is a breakdown of the volumes, in absolute values, by type of derivative financial instrument involved in the transactions between the Bank and its subsidiaries, which are effective as of December 31, 2014 and 2013:

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

Futures / foreign currency		3,107,509		4,591,016

Repo transactions / Federal Government Securities		176,522		841,502

Forward contracts / foreign currency		1,894,255		435,595

Swaps / Other				50,000

Options / Other		123,238		6,676

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

Transaction	12/31/2014			12/31/2013

Net position of repurchase agreements		(176,522	)		(515,602	)

Net asset position of forward transactions without delivery of the underlying asset		(136,832	)		806,959

Interest rate swap					50,000

Position of put options taken		8,759			6,676

Position of call options sold		(114,479	)

PORTFOLIO MANAGEMENT

In addition to what was mentioned in Note 13. to the Bank’s stand-alone financial statements, as of December 31, 2014 and 2013, Banco del Tucumán S.A. manages the following portfolios:

	Managed portfolio as of
Item	12/31/2014		12/31/2013

• On December 31, 2008, Banco del Tucumán S.A. and Macro Fiducia S.A. entered into a management and custody agreement regarding the “BATUC 1” trust loan portfolio.		15,910		16,031

• On October 30, 2012, Banco del Tucumán S.A., Banco de Valores S.A. and Banco Macro S.A. entered into a management and custody agreement regarding the “Fideicomiso Financiero Tucumán Personal I” financial trust loan portfolio.				19,454

• Other managed portfolios.		22,929		16,194
Total		38,839		51,679

- 76 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish –

See Note 26 to the stand alone financial statements)

(Figures stated in thousands of pesos)

TRUST AGREEMENTS

In addition to what was mentioned in Note 16. to the Bank’s stand-alone financial statements, the subsidiaries have the following trust agreements as of December 31, 2014 and 2013:

7.1.

Financial trusts for investment purposes

Financial trust	12/31/2014		12/31/2013

Certificates of participation		8,981		23,805
Debt securities		2,843		717
Total		11,824		24,522

7.2.

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

In addition to what has been mentioned in Note 16.2., to the stand-alone financial statements, which includes the trusts created with financial assets transferred by Banco Macro S.A., subsidiary Banco del Tucumán S.A. transferred financial assets (loans) to trusts for the purpose of issuing and selling securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way, the funds originally used to finance loans are recovered earlier, increasing the entities lending capacity.

As of December 31, 2014 and 2013, considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed by the trustors of these types of trusts amount to 150 and 19,586, respectively.

7.3.

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

As mentioned in Note 16.3. to the stand-alone financial statements, and in addition to those included in that Note, in these trusts the Bank, through Macro Fiducia S.A. (subsidiary) only carries out administrative duties regarding the corpus assets, in accordance with the agreements.

As of December 31, 2014 and 2013, considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed through Macro Fiducia S.A. (subsidiary) of these types of trusts amount to 318,961 and 392,985, respectively.

Jorge H. Brito

Chairperson

- 77 -

EARNING DISTRIBUTION PROPOSAL

FOR THE FISCAL YEAR

ENDED DECEMBER 31, 2014

(Translation of financial statements originally issued in Spanish -

See Note 26 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

UNAPPROPRIATED RETAINED EARNINGS (1)	8,514,150

To legal reserve (20% of 3,479,531)	(695,906	)

SUBTOTAL 1	7,818,244

To the reserve under Central Bank rules - Special for subordinated corporate bonds (2)	(125,073	)

Adjustment (Point 2.1 of "earning distribution") (3)	(11,376	)

SUBTOTAL 2	7,681,795

DISTRIBUTABLE AMOUNT (4)	616,231

(1)

Includes voluntary reserve for future distribution of earnings amounted to 4,929,218

(2)

See Note 24.b).

(3)

See Note 24.e).

(4)

Relates to the lower amount between SUBTOTAL 2 and that arising form calculating the excess of computable capital over required minimum capital as of December 31, 2014, also considering the restrictions further described in Note 24. as established by Central Bank rules regarding "earnings distribution".
The Board of Directors has decided to postpone until the meeting considering the Annual Report for the fiscal year ended December 31, 2014, the retained earnings distribution proposal that will be submitted to the Shareholders´ Meeting consideration.

Jorge H. Brito

Chairperson

- 78 -

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: March 3, 2015

	MACRO BANK INC.

	By:	/s/ Luis Cerolini
	Name: Luis Cerolini
	Title: Director

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