Investor Relations January 2017 COMPANY REPRESENTATIVES Ines - - PowerPoint PPT Presentation

Investor Relations

January 2017

COMPANY REPRESENTATIVES

2

The information contained in this presentation is confidential and has been prepared solely for informational purposes. This presentation contains forward-looking statements which are based largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes

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

the value of Argentine public debt; competition in banking, financial services; deterioration in regional and national business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso. Banco Macro financial results presented as of September 30, 2016 are stated in accordance with Central Bank Rules.

DICLAIMER

Finance & IR Manager

Jorge Scarinci, CFA

Head of Investor Relations

Ines Lanusse

AGENDA

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• 01. Section I - BMA Business Overview
• 02. Section II - BMA Strenghts and Opportunities
• 03. Section III - BMA Financial Performance
• 04. Section IV - Financial System &

Argentine Economy

• 05. Section V - Appendix

SECTION I BMA Business Overview

MACRO IN A NUTSHELL

5

01 A Leading Private Sector Bank in Argentina

02 Presence in Fast Growing Segments

03 Strong Profitability & Returns

04 Diversified Loan Portfolio & Prudent Risk Management

05 Robust Liquidity & Capital Ratios

5

A SUCCESSFUL BUSINESS MODEL & STRATEGIC FOCUS

6

Develop a sustainable business, making life easier for our customers.

Tierra Del Fuego Chubut Río Negro Buenos Aires La Pampa Mendonza Neuquén San Luis Cordoba Santa Fé Entre Rios San Juan La Rioja Catamarca Santiago Del Estero Chaco Corrientes Missiones Salta Jujuy Formosa

Tucuman

Santa Cruz CABA

Growth by increasing market share Potential for acquisitions Aggressive growth focus by cross selling products Market opportunities through geography and segment

Banco Macro Strategy

»

Enhanced business model to increase efficiency and cross-selling capabilities

»

Continue gaining market share in low-to-mid income individuals and rapidly grow our high-end customer base through our revamped product suite (“Selecta”)

»

Further increase payroll services to our large SME customer base

»

Expand commercial offering beyond working capital, extending loan duration and offering local and foreign currency products focused

• n

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

»

Continue expanding our branch network by opening new branches and / or through acquisitions, with particular focus in solidifying our presence in the BA metro area

Operational and commercial efficiency by reducing costs and increase cross selling

A SUCCESSFUL BUSINESS MODEL & STRATEGIC FOCUS

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Business Model

A SUCCESSFUL GROWTH STORY

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38 years of experience in the Argentine Financial System

Initial Stages Wholesale Bank Regional Bank National Bank

Note: 1- As of September 2016. Anglia (Over the Counter Agent) Anglia Opens Brokerage House Macro (Financial Company) Commercial Bank License Banco Macro Emerges as a Leading Wholesale Bank in Argentina First Wholesale Bank to Issue Debentures First Wholesale Bank to Issue Equity / First Branch in Salta / Strategic Decision to Move into Retail Banco Salta / Banco del Noroeste / Banco Misiones Banco Jujuy Branches of Banco Mayo, Almafuerte, Mendoza and Israelita Banco Bansud / 35% of Scotiabank Argentina Nuevo Banco Suquía Banco Empresario de Tucumán Banco de Tucumán / NYSE IPO / Nuevo Banco Bisel Merger Nuevo Banco Bisel Banco Privado de Inversiones

AN UNIQUE BRANCH NETWORK

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Provinces with Branches Financial Agency Agreements

444 Branches throughout the country 1364 ATMs 912 TAS 35 Service points 8626 Employees 3,271,739 Retail Customers 82,157 Corporate Customers

Nationwide Presence¹

Financial Agency Agreements

Provincial Government’s Bank Public Employees Payroll Accounts

Cross Selling

»

Employees and relatives

»

Companies with government contracts

»

Companies operating in regional economies Large Customer Base Low - Cost Funding Fee Income

Largest private sector branch network in Argentina and exclusive financial agent in 4 provinces

444 139 400 254 105 322 258 177 140 634 Branches

Provinces »

Salta

»

Misiones

»

Jujuy

»

Tucumán

Population »

1.2 m

»

1,1 m

»

0.7 m

»

1.5 m

Branch Market Share »

50%

»

52%

»

45%

»

43%

Agreement expires »

2026

»

2019

»

2024

»

2021

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

29% 33% 33% 35% 40% 44% 47% 48% 60% 79% 42% 35% 34% 39% 27% 40% 29% 23% 30% 14% 29% 32% 33% 26% 33% 16% 24% 29% 10% 7% 0% 20% 40% 60% 80% 100% Galicia ICBC BBVA Frances Santander Rio HSBC Credicoop Patagonia Supervielle Nacion Macro

Strongest presence outside Buenos Aires²

Interior of Argentina BA Province BA City

AN INCREASING BRANCH NETWORK IN BUENOS AIRES

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Metropolitan Area & Great Buenos Aires1 Rest of Buenos Aires Province1

Bank (total branches) Total Market Share 1 Santander Rio 184 12% 2 Galicia 169 11% 3 BBVA Francés 137 9% 4 Provincia de Bs As 130 9% 5 Nación 114 8% 6 Credicoop 88 6% 7 Supervielle 75 5% 8 Patagonia 71 5% 9 HSBC 68 5% 10 Itaú 66 4% 11 Ciudad de Bs As 64 4% 12 ICBC 59 4% 13 Macro 51 3% 14 Comafi 49 3% Other 151 10% Financial System 1,476 100% Bank (total branches) Total Market Share 1 Provincia de Bs As 212 29% 2 Santander Rio 138 19% 3 Nación 77 10% 4 Galicia 58 8% 5 Credicoop 56 8% 6 Macro 41 6% 7 BBVA Francés 34 5% 8 Patagonia 23 3% 9 HSBC 16 2% 10 Banco de la pampa 13 2% Other 75 10% Financial System 743 100%

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

Keep increasing our market share in Buenos Aires

A LEADING PRIVATE SECTOR BANK IN ARGENTINA

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472.1 190.9 177.9 165.1 132.9 127.9 77.9 71.6 70.6 62.6 536.6 2,086.1

Assets (Ps Billion - % Market Share)

70.4 18.8 18.4 16.1 14.9 10.7 10.5 9.3 9.2 7.9 78.2 264.4

Equity (Ps Billion - % Market Share)

350.2 167.5 124.6 118.3 92.9 90.9 62.2 60.3 54.6 41.9 343.8 1,507.1

Deposits (Ps Billion - % Market Share)

159.3 93.6 89.5 86.1 70.9 66.8 40.3 38.0 37.0 33.0 261.9 976.5

Loans (Ps Billion - % Market Share)

26% 3% 3% 4% 4% 6% 6% 8% 9% 9% 23% 100% 100% 30% 3% 3% 4% 4% 4% 6% 6% 7% 7% 27% 100% 27% 3% 4% 4% 4% 7% 7% 9% 9% 10% 16% 100% 23% 23% 3% 4% 4% 4% 11% 8% 8% 6% 6%

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

SECTION II BMA Financial Performance

BMA’S EARNINGS CONSISTENT GROWTH

13 73 99 106 147 123 115 88 169 152 161 163 184 156 163 191 242 246 222 268 274 258 258 314 346 324 332 412 426 458 460 572 953 1,186 733 986 575 1,114 823 1,105 1,967 1,408 1,805 1,633

Quarterly Net Profit (Ps Million)

BANCO MACRO HIGHLIGHTS’ X PEERS

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Banco Macro Banco Galicia BBVA Frances Santander Rio

Profitability Net Interest Margin1 18.5% 11.5% 13.4% N/A Efficiency Ratio² 47.0% 62.8% 57.4% 57.3% ROAE 35.2% 30.3% 24.2% 26.6% ROAA 5.4% 2.9% 2.8% 3.3% Liquidity Loans / Deposits 77.2% 101.2% 77.5% 81.7% Capital Total Equity / Total Assets 14.9% 8.9% 12.1% 11.6% Tier 1 Capital Ratio 16.6% 9.6% 13.9% 11.3% Total Regulatory Capital Ratio 17.3% 12.7% 14.8% 12.0% Asset Quality Allowances / Loans 2.3% 3.5% 2.1% N/A NPLs/ Loans 1.5% 3.4% 0.8% 1.2% Allowances / NPLs 155.4% 100.7% 251.6% 133.0%

Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 3Q16. Calculations may vary from bank to bank. Accumulated Annualized Ratios Note: 1 – Net interest income / average interest earning assets (annualized). 2 – Administrative expenses / Net fee income + Net financial income

SUPERIOR AND CONSISTENT PERFORMANCE RELATIVE TO PEERS

15 5.4% 2.9% 2.8% 3.3% 3.1% Banco Macro Galicia BBVA Francés Santander Rio Peers Avarage

ROAA¹

35.2% 30.3% 24.2% 26.6% 27.0% Banco Macro Galicia BBVA Francés Santander Rio Peers Avarage

ROAE¹

18.5% 11.5% 13.4% 12.5% Banco Macro Galicia BBVA Francés Peers Avarage

Net interest Margin²

47.0% 62.8% 57.4% 57.3% 57.4% Banco Macro Galicia BBVA Francés Santander Rio Peers Avarage

Efficiency Ratio³

Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 3Q16. Calculations may vary from bank to bank. Note: 1 – Accumulated Annualized Ratios. 2 – Net interest margen/ average interest earning assets(annualized). 3 – Administrative expenses / Net fee income + Net financial income. Peers Average calculated as average of Banco Macro, Galicia, BBVA Francés y Santander Rio, except Net Interest Margin which excludes Santander Rio.

FINANCIAL SUMMARY

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Balance Sheet Breakdown – Liabilities (Ps Billion)

16% 15% 21% 22% 21% 18% 16% 21% 11% 5% 4% 14% 15% 20% 48% 59% 65% 66% 58% 59% 56% 11% 11% 5% 5% 3% 3% 4% 4% 4% 4% 4% 4% 4% 4%

2010 2011 2012 2013 2014 2015 3Q16

Cash Government & Private Securities Loans Other Receivables Other Assets

Balance Sheet Breakdown - Assets (Ps Billion)

81% 80% 87% 86% 86% 86% 88% 14% 14% 8% 8% 7% 7% 6% 2% 2% 2% 2% 2% 2% 2% 1% 3% 2% 3% 3% 3% 3% 2% 2% 1% 1% 1% 2% 1%

2010 2011 2012 2013 2014 2015 3Q16

Non-subordinated Corporate Bonds Other Liabilities Subordinated Corporate Bonds Other Liabilities from financial Institutions Deposits

FINANCIAL SUMMARY

17 Income Statements Highlights

Ps Million

2011 2012 2013 2014 2015 9M16

Financial Income 4,699 6,904 9,754 14,683 20,109 21,363 Financial Expense (1,719) (2,828) (4,022) (6,583) (8,843)

• 9,970

Net Financial Income 2,980 4,077 5,732 8,100 11,266 11,392 Provision for loan losses (273) (600) (540) (665) (877) (719) Fee Income 1,969 2,645 3,426 4,656 6,115 5,661 Fee Expense (428) (685) (918) (1,216) (1,715) (1,828) Net Fee Income 1,541 1,959 2,509 3,440 4,401 3,833 Administrative Expenses (2,489) (3,115) (4.015) (5,499) (7,226) (7,156) Minority Interest in Subsidiaries (10) (14) (18) (24) (35) (38) Net Other Income 85 41 110 89 (35) 170 Earnings Berfore Income Tax 1,834 2,347 3,776 5,442 7,494 7,482 Income Tax (658) (854) (1,333) (1,962) (2,486) (2,637) Net Income 1,176 1,494 2,444 3,480 5,008 4,846

Earnings per Outstanding ADS (USD)

1 2 3 4 5 6 7 8 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 9M16

(USD/PS)

FINANCIAL SUMMARY

18 ACCUMULATED ANNUALIZED RATIOS 2011 2012 2013 2014 2015 9M16

Profitability & Performance Net interest margin 10.9% 11.9% 13.7% 15.7% 18.0% 18.5% Net interest margin adjusted (1) 10.7% 12.4% 13.9% 14.9% 15.7% 15.2% Net fee income ratio 34.1% 32.5% 30.4% 29.8% 28.1% 25.2% Efficiency ratio 55.0% 51.6% 48.7% 47.7% 46.1% 47.0% Net fee income as a percentage of adm expenses 61.9% 62.9% 62.5% 62.6% 60.9% 53.6% Return on average assets 3.4% 3.3% 4.6% 5.1% 5.8% 5.4% Return on average equity 26.7% 27.1% 33.3% 33.4% 37.2% 35.2% Liquidity Loans as a percentage of total deposits 85.4% 88.7% 92.2% 82.1% 83.4% 77.2% Liquid assets as a percentage of total deposits 34.7% 31.7% 33.3% 40.6% 38.4% 44.7% Capital Total equity as a percentage of total assets 11.4% 12.8% 14.6% 15.3% 15.1% 14.7% Capital as % of APRc 18.3% 19.0% 25.3% 24.0% 20.8% 23.6% Regulatory capital as % of APR n/a n/a 14.6% 16.1% 14.6% 17.3% Asset Quality Allowances over total loans 2.4% 2.8% 2.5% 2.6% 2.3% 2.3% Non-performing loans as a percentage of total loans 1.5% 1.8% 1.7% 1.9% 1.5% 1.5% Allowances as a percentage of non-performing loans 159.2% 155.4% 149.1% 135.3% 151.0% 155.1%

ACCUMULATED ANNUALIZED BALANCE SHEET 2011 2012 2013 2014 2015 9M16

Assets 41,179.2 47,894.1 59,295.0 74,995.6 104,952.0 136,780.4 Loans 24,318.3 31,202.6 39,022.4 43,740.3 62,332.4 76,870.5 Other assets 16,860.9 16,691.5 20,272.6 31,255.3 42,619.6 59,909.9 Liabilities 36,459.6 41,695.0 50,667.6 63,503.8 89,075.9 116,369.8 Deposits 29,167.1 36,188.7 43,427.0 54,716.6 76,521.6 101,899.9 Other liabilities 7,292.5 5,506.3 7,240.6 8,787.2 12,554.3 14,469.9 Shareholders Equity 4,719.6 6,199.1 8,627.4 11,491.8 15,876.1 20,410.6

Note: 1 Net interest margin excluding difference in quote in foreign currency. 2 Net interest margin (excluding difference in quote in foreign currency) except income from government & private securities and guaranteed loans.

Others 5% Sight 42% Time 53%

Deposits

TOTAL LOANS & DEPOSITS BREAKDOWN

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• 9% of Loan Book in

dollars.

• 16% of deposits in

dollars.

Low-Cost Deposits Cross Selling Opportunities for depositors (especially payroll customers and SMEs) to utilize

• ther products (such as credit

cards, mortgages, long-term loans).

Cross Selling allows us to increase growth, while controlling risk.

Loans

Consumers 58% Corporate 39% Publ & Fin 3% Consumers 60% Corporate 26% Publ & Fin 14%

Others³ 11% Overdraft 12% Documents² 12% Mortgage Loans 5% Credit Cards 22% Pledged Loans 2% Personal Loans 36%

DEPOSITS AND TOTAL FINANCING MATURITY

20

Up to 1 Month¹ 37% 1 to 3 months 11% 3 to 6 months 10% 6 to 12 months 11% 12 to 24 months 12% +24 months 19%

Total Deposits¹ Total Financing¹

1 Month 79.5% 3 Months 18.0% 6 Months 2.1% 12 Months 0.4%

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

Market Share Evolution1

ORGANIC, INORGANIC AND FEE INCOME GROWTH

21

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

Fee Income Growth 2

2,000 4,000 6,000 8,000

(Million Ps.)

Other Credit-related fees Debit and credit card income Fee charges on deposit accounts

58% 28% 2% 12%

8.0% 7.0% 0% 3% 5% 8% 10% Loans to Private Sector Private Sector Deposits

IIV III II I V Acquisitions: I – Bansud II – Suquia III – Tucuman IV – Bisel V – Banco Privado

NPLs as a % of Total Lending1

ASSET QUALITY

22

Allowances as a % of NPLs¹

2.0 1.5 2.6 3.2 2.1 1.5 1.8 1.7 2.0 1.6 1.6 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Banco Macro

4.5 3.2 3.1 3.5 2.1 1.4 1.7 1.7 2.0 1.7 1.9 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Financial System¹

156 142 138 116 147 158 155 149 135 151 155 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Banco Macro

108 115 117 115 148 176 141 143 140 146 139 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Financial System¹

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

Large share of demand deposits complemented by low-cost deposits from provinces

47%

low-cost funding

Appropriate liquidity available to take advantage of expected credit expansion

Deposit Base Liquidity Management

5% 42% 53% (Million Ps) 3Q15 3Q16 Cash + cash collateral + call 13,222 24,932 Repos 1,388 577 Central Bank Notes (Lebacs / Nobacs) 11,904 20,050

Liquid Assets 26,515 45,560 Liquid Assets / Total Assets 27.7% 33.3% Liquid Assets / Deposits 38.2% 44.7%

FUNDING & LIQUIDITY MANAGEMENT

23 20,000 40,000 60,000 80,000 100,000 Time deposits Sight deposits Other

(Million Ps.)

LOWER EXPOSURE TO PUBLIC SECTOR AN SOLID CAPITALIZATION AND SOLVENCY

24

Exposure to the Public Sector1 Excess of Capital

3.3 7.5 6 12 18 24 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Banco Macro Financial System

Net Public Exposure/Total Assets (%) 23.6 17.3

10 20 30 40 2,000 4,000 6,000 8,000 10,000 12,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Excess Capital Capitalization Ratio Regulatory Capital BIII

Excess of Capital (Million Ps.) Capitalization Ratio (%) Source: BCRA. Notes 1-Net of LEBACs and NOBACs as of 3Q16.

LARGEST LISTED LATAM BANKS BENCHMARK

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Operating Leverage / asset quality Profitability/ capitalization Net Interest Margin Efficiency Ratio Fee Income/ATA Gross Loans/Deposits PDLs/Gross Loans Loss Reserves/PDLs ROAE ROAA Total Capital Ratio¹²

Source: J.P. Morgan Company filings as of September 2016 Note: Santander stands for Santander Brasil and Bancolombia for Grupo Bancolombia Notes: 1 Reported capital ratio under Basel III regulatory requirements; 2 Peru hasn’t adopted Basel III, but Credicorp calculated an estimated ratio..

14% 10% 5% 5% 7% 6% 5% 4% 6% 33% 43% 40% 45% 45% 59% 49% 56% 65% 6% 4% 3% 4% 4% 1% 2% 2% 1% 151% 106% 137% 125% 106% 105% 95% 89% 77% 7%

6% 3% 3% 4% 3% 2% 2% 1%

186% 186% 143% 127% 157% 119% 155% 101% 94% 40% 35% 18% 20% 21% 14% 18% 12% 9% 6% 3% 2% 1% 2% 2% 1% 2% 1% 17% 15% 18% 15% 14% 16% 15% 16% 14%

26

SECTION III BMA STRENGHTS AND OPPORTUNITIES

A STRONG POSITION IN CORE BANKING ACTIVITY

27

Market Share / Group of Banks1

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

Macro 24%

Public Banks 31% Private Banks (Foreign) 35% Private Banks (Local) 34%

Macro 21%

Public Banks 36% Private Banks (Foreign) 32% Private Banks (Local) 32%

Loans to the Private Sector Deposits to the Private Sector

Banco Macro (Ps. 75.4 Billion)¹

STRONG WELL DIVERSIFIED LOAN BOOK

28

System (Ps.945.3 Billion)1

Private Loans – Banco Macro vs. System

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

Overdrafts 11% Documents 29% Mortgage Loans 6% Pledged Loans 5% Personal Loans 21% Credit Cards 23% Others 5% Overdrafts 12% Documents 12% Mortgage Loans 5% Pledged Loans 2% Personal Loans 36% Credit Cards 22% Others 11%

STRONG WELL DIVERSIFIED LOAN BOOK

29

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

Breakdown of Loans by Economic Activity¹

Agricultural livestock - Forestry

• Fishing - Mining - Hunting

8.6% Foodstuff and beverages 5.6% Manufacturing and wholesale 3.1% Chemicals 2.1% Others 5.2% Electricity, oil, water 0.3% Construction 3.0% Retail and consumer products 9.6% Governmental services 1.8% Financial services 2.9% Real estate, business and leases 1.6% Retail loans 48.6% Hotels and restaurants 0.3% Other services 3.0% Transportation, storage and communications. 4.3%

STRONG PRESENCE IN FAST GROWING SEGMENTS

30

Credit Cards Personal Loans Corporate Loans

Source: BCRA. Notes: 1 – Open market includes prof & bus. 2 – Mostly structured loans (medium and long term). 3 – Factoring, check cashing advances and promissory notes. Companies Classification: Small and Micro companies: Up to Ps.200 million in sales per year; Medium-sized companies: more than Ps.200 million and less than Ps.800 million in sales per year; Corporate companies: more than Ps.800 million in sales per year; Agro companies: includes individuals and companies who operate in agriculture or in the commerce of agricultural products.

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

• utstanding loans, up 43% YoY.

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

since 2007 through our point-of-sale promotion strategy and discounts and fixed installments for our customers.

» Continue growing our business, currently at 8% market

share as ofJune, 2016.

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

income customers.

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

customers.

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

market share as of June, 2016.

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

selling products to payroll and pension customers.

» Opportunity to expand portfolio as demand for longer-

term loans increases (i.e. mortgages).

» Collateralized loans, including Retirees, Public Payroll

& Private Payroll, represents 93% of total personal loans.

» Only 8% of personal loans derived from open market

customers.

» Corporate loans growth driven by overdraft YoY

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

» Diversified SME customer base with ~63k small &

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

» Opportunity to expand product offering beyond

working capital and short-term pre-export financing with longer-term local and foreign currency loans.

Public Payroll 16% Private Payroll 25% Retirees 22% Open Market 37%

Breakdown¹

722 16,306 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Volume (Ps. Millions)

Public Payroll 46% Private Payroll 21% Retirees 25% Open Market 8%

Breakdown¹

Overdrafts 28% Documents³ 28%

Mortgage 10% Pledge 4% Corporate Credit Car 2% Others² 28%

Breakdown¹ Corporate Customers

Corporate 1% Medium 2% Micro 56% Small 21% Agro 20%

10,000 20,000 30,000

MACRO PROVINCIA NACION SANTANDER GALICIA

Personal Loans Growth (Ps. Millions)

31

SECTION IV FINANCIAL SYSTEM & ARGENTINE ECONOMY

PRIVATE SECTOR LOANS GROWTH

32

12%

05% 10% 15% 20%

Private Sector Loans/GDP

Source: BCRA/BMA As of September, 2016. 33.3% 37.1% 29.5%

• 40%
• 20%

0% 20% 40% 60% 80% Total Individuals Corporations

Loans Growth Rates (YoY)

PRIVATE SECTOR DEPOSITS GROWTH

33

Private Sector Deposits/GDP

Source: BCRA/BMA As of September, 2016.

19% 15% 0% 5% 10% 15% 20% 25% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Dep SF ($+u$s) Priv S. Dep

37.2% 62.9% 8.2%

• 60%
• 40%
• 20%

0% 20% 40% 60% 80% Total Individuals Corporations

Deposits Growth Rates (YoY)

PRIVATE SECTOR LOANS AND DEPOSITS GROWTH

34

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

Low Penetration Compared to Selected Peers

26% 38% 41% 43% 21% 10% 38% 47% 31% 31% 20% 36% 32% 11% 21% 22% 25% 8% 20% 30% 27% 30% 28% 32% 47% 37%

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

Deposits and Loans with Private Sector Consistent Growth

Loans Deposits

88% 55% 43% 42% 25% 14% Average = 44% Chile Brazil Colombia Peru Mexico Argentina

Loans to GDP (Dec 2015)

72% 42% 38% 35% 23% 18% Average = 38% Chile Colombia Peru Brazil Mexico Argentina

Deposits to GDP (Dec 2015)

ARGENTINE MACROECONOMIC FUNDAMENTALS HIGHLIGHTS

35

Source: BCRA. Note: *BMA Estimates 02

• 04

03 10 17

• 80
• 40

40 80

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

(USD/Ps) (USD/Ps) Exports Imports Balance 70% 61% 49% 56% 43% 35% 37% 37% 42% 38% 50% 53% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Historical and Projected Debt to GDP

Historical and Projected Trade Balance

9.0% 4.1%

• 5.9%

10.1% 6.0%

• 1.0%

2.4%

• 2.5%

2.5%

• 1.6%

3.0%

Average = 3%

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

Historical and Projected GDP Growth

ARGENTINE MACROECONOMIC FUNDAMENTALS HIGHLIGHTS

36

Source: BCRA. Note: *BMA Estimates

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

• 14%
• 15%
• 16%
• 19%
• 20%
• 19%
• 21%
• 22%
• 23%
• 25%
• 14%
• 14%
• 10%
• 8%
• 6%
• 4%
• 2%

0% 2% 4%

• 30%
• 20%
• 10%

0% 10% 20% 30% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Historical and Projected Tax Balance

Total Income/GDP (left axis) Total Expenses/ GDP (left axis) Primary Result/ GDP (right axis) Fiscal Result/ GDP (right axis)

19% 22% 23% 25% 38% 28% 41% 21% 2010 2011 2012 2013 2014 2015 2016 2017*

Historical and Projected Inflation

4.3 4.9 6.3 8.6 11.4 15.9 18.6 2011 2012 2013 2014 2015 2016 2017*

Historical and Projected Exchange Rate (USD/PS)

37

SECTION V APPENDIX

TOTAL 584,563,028

Fiscal Year Payment Dividends paid to the shares (In thousands Ps.) Dividends per share (Ps) Payout Ratio 2005 May/06 68,395 0.1 26.03% 2006 May/07 102,591 0.15 24.18% 2007 May/08 170,995 0.25 34.53% 2008 Sep/09 148,334 0.25 22.47% 2009 Jun/10 208,070 0.35 27.67% 2010 May/11 505,312 0.85 50.01% 2011

• 0,000

0.00 0.00% 2012

• 0,000

0.00 0.00% 2013 Jul/14 596,254 1.02 24.40% 2014 Mar/16 227,708 0.39 6.54% 2015 Aug/16 643,018 1.1 12.84%

Class A: 11,235,670 Class B: 573,327,358

Anses 31% Others 6% ADS´s 24% Major Shareholders 39%

Float 30%

OWNERSHIP STRUCTURE1 | DEBT & EQUITY INFORMATION

38 Denomination Amount (USD) Maturity Call Option Coupon Ratings Original Oustanding Moodys Fitch Subordinated (Class A ) 400 400 2026 2021 Bullet 6.75% Caa1 B-(EXP)/RR6 Senior Note (Class 2) 150 106 2017

• Bullet

8.50% B3 B/RR4

Note: 1-As September 2016.

STOCK PERFORMANCE

39

Source: Bloomberg As of September 30, 2016

Banco Macro's Share Performance x Merval Index (100 points as of Jan, 2, 2006)

500 1000 1500 2000 2500 3000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 BMA AR Equity MERVAL Index