Apresentação do PowerPoint · First Wholesale Bank to Issue Debentures First Wholesale Bank to Issue Equity / First Branch in Salta / Strategic Decision to Move into Retail Banco

Investor Relations

September 2019

COMPANY REPRESENTATIVES

2

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

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

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

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

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

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

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

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

results presented as of June 30, 2019 are stated in accordance with Central Bank Rules.

DICLAIMER

Chief Financial Officer

Jorge Scarinci, CFA

Investor Relations

Nicolás A. Torres

AGENDA

3

01. Section I - BMA Business Overview

02. Section II - BMA Strengths 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

Misiones Salta

Jujuy

Formosa

Tucuman

Santa Cruz

CABA

Growth by increasing market share

Potential for acquisitions

Aggressive growth focus by cross selling products

Market opportunities through geography and segment

Banco Macro Strategy

» Enhanced business model to increase efficiency and

cross-selling capabilities

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

individuals and rapidly grow our high-end customer

base through our revamped product suite (“Selecta”)

» Further increase payroll services to our large SME

customer base

» Expand commercial offering beyond working capital,

extending loan duration and offering local and foreign

currency products focused on export-oriented

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

» Continue expanding our branch network by opening

new branches and / or through acquisitions, with

particular focus in solidifying our presence in the BA

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

A SUCCESSFUL BUSINESS MODEL & STRATEGIC FOCUS

7

Business Model

A SUCCESSFUL GROWTH STORY

8 Note: 1- As of June 2019.

40 years of experience in the

Argentine Financial System

Initial Stages

Wholesale Bank

Regional Bank

National Bank

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

Branches 463

Assets (Ps. Mm) 401,032

28%

31%

31%

34%

32%

43%

47%

38%

60%

79%

36%

36%

32%

37%

22%

38%

27%

39%

30%

15%

35%

33%

38%

29%

48%

19%

26%

23%

10%

6%

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

A UNIQUE BRANCH NETWORK

9

Provinces with Branches

Financial Agency Agreements

463 Branches throughout the country

1542 ATMs

938 TAS

31 Service points

8,893 Employees

3,721,119 Retail Customers

89,176 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

463

162

484

272

121

347

280

189

179

636

Branches

Provinces

» Salta

» Misiones

» Jujuy

» Tucumán

Population

» 1.2 m

» 1,1 m

» 0.7 m

» 1.5 m

Branch Market

Share

» 46%

» 52%

» 47%

» 42%

Agreement

expires

» 2026

» 2029

» 2024

» 2031

Source: BCRA

Note 1- As of June 2019. Bank´s with 100 branches or more. Galicia excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively. Note 2 – As of June 2019.

AN INCREASING BRANCH NETWORK

IN BUENOS AIRES

10

Metropolitan Area & Great

Buenos Aires1

Rest of Buenos Aires Province1

Bank (total branches) Total Market

Share

1 Santander Rio 224 14%

2 Galicia 185 11%

3 BBVA Francés 145 9%

4 Provincia de Bs As 117 7%

5 Nación 104 6%

6 HSBC 102 6%

7 Credicoop 90 6%

8 Supervielle 83 5%

9 Ciudad de Bs As 69 4%

10 Itaú 66 4%

11 ICBC 65 4%

12 Patagonia 65 4%

13 Macro 48 3%

14 Comafi 43 3%

Other 185 11%

Financial System 1,624 100%

Bank (total branches) Total Market

Share

1 Provincia de Bs As 234 26%

2 Nación 150 17%

3 Santander Río 97 11%

4 Credicoop 70 8%

5 Galicia 60 7%

6 Macro 49 5%

7 BBVA Francés 41 5%

8 Patagonia 29 3%

9 Supervielle 28 3%

10 Banco Industrial 18 2%

Other 125 14%

Financial System 901 100%

Source: BCRA

Note:1- As of June, 2019. Galicia excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively.

Keep increasing our market share in Buenos Aires

A LEADING PRIVATE SECTOR BANK

IN ARGENTINA

11

1,130,969 586,447 584,974 531,310 403,504 400,054 255,658 214,429 199,201 192,262

1,604,068

6,105,876

Assets (Ps Billion - % Market Share)

106,706 62,944 60,242 54,887 49,742 48,776

26,367 22,639 21,539 21,446

203,844

692,831 Equity (Ps Billion - % Market Share)

931,585

455,825 438,793 409,224 285,527 281,282 188,026 167,528 162,734 121,422

1,058,539

4,500,484

Deposits (Ps Billion - % Market Share)

378,296 241,095 209,443 212,596 191,380 164,141 97,401 96,603 88,599 75,031

587,244

2,363,077 Loans (Ps Billion - % Market Share)

Source: BCRA.

Note:1- As of June 2019; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively.

26%

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

19%

100%

100%

29%

3% 3% 3% 4% 5% 7% 8% 9% 9%

15%

100%

25%

3% 4% 4% 4%

7% 8% 9% 10% 10% 16%

100%

24% 21%

3% 4% 4% 4% 10% 10% 9% 6% 6%

SECTION II

BMA Financial Performance

BMA’S EARNINGS CONSISTENT GROWTH

13

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 9

53

1,1

86

733

986

575

1,1

14

823 1,1

05

1,9

67

1,4

08

1,8

05

1,6

33

1,6

95

2,0

16

2,2

24 2,7

35

3,1

01

3,5

42

3,1

15

3,8

28

5,2

43

7,3

43

7,0

33

Quarterly Net Profit (Ps Million)

BANCO MACRO HIGHLIGHTS’ X PEERS

14

Banco Macro Banco Galicia BBVA Santander Rio

Profitability

Net Interest Margin1 18.0% 19.59% 23.1% N/A

Efficiency Ratio² 38.3% 33.11% 34.2% 47.0%

ROAE 44.4% 73.59% 58.4% 40.9%

ROAA 7.1% 7.1% 7.0% 3.6%

Liquidity

Loans / Deposits 62.9% 60.7% 65.4% 52.9%

Capital

Total Equity / Total Assets 15.7% 10.3% 11.4% 9.38%

Tier 1 Capital Ratio 19.6% 14.58% 15.98% 11.39%

Total Regulatory Capital Ratio 26.3% 17.99% 16.67% 13.89%

Asset Quality

Allowances / Loans 2.5% 5.00% 3.00% 4.11%

NPLs/ Loans 2.12% 4.63% 2.66% 4.3%

Allowances / NPLs 116.1% 108.01% 112.9% 95.7%

Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 2Q19. Calculations may vary from bank to bank. 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

7.10% 7.10% 7.00%

3.60%

5.90%

Banco Macro Galicia BBVAFrancés

SantanderRio

PeersAvarage

ROAA¹

44.40%

73.59%

58.40%

40.90%

57.63%


SantanderRio

PeersAvarage

ROAE¹

18.00% 19.59%

23.10% 21.35%

Banco Macro Galicia BBVA Francés Peers Avarage

Net interest Margin²

38.30% 33.11% 34.20%

47.00%

38.10%


SantanderRio

PeersAvarage

Efficiency Ratio³

Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 2Q19. Calculations may vary from bank to bank.

Note: 1 –Annualized Ratios. 2 – Net interest margen/ average interest earning assets(annualized). 3 – G&A Personnel Expenses + Depreciation & Impairment / Net Interest +Net fee income + Net Other

Operating Income + Difference in quoted prices of fx. Peers Average calculated as average of Galicia, BBVA Francés y Santander Rio, except Net Interest Margin which excludes Santander

Rio.

FINANCIAL SUMMARY

16

Balance Sheet Breakdown – Liabilities (Ps Billion) Balance Sheet Breakdown - Assets (Ps Billion)

81% 80%

87% 86% 86% 86% 88%

80% 83% 84%

14% 14% 8% 8% 7% 7% 6%

12%

2% 2% 2% 2% 2% 2% 2% 4%

5% 5%

1% 3% 2% 3% 3%

3% 3%

4%

10% 9%

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

0% 2% 2%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2Q19

Non-subordinated Corporate Bonds

Other Liabilities

Subordanated Corporate Bonds

Other Liabilities from financial Institutions

Deposits

16% 15%

21% 22% 21% 18%

16% 15%

22% 24%

21%

11% 5% 4%

14% 15% 20%

16%

20%

25%

48%

59% 65% 66%

58% 59% 56%

59%

52%

45%

11% 11% 5% 5% 3% 3% 4% 6%

2% 3%

4% 4% 4% 4% 4% 4% 4% 4% 4% 3%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2Q19

Cash

Goverment & Privater Securities

Loans

Other Receivables

Other Assets

Earnings per Outstanding Share (Ps)¹ 45.0

0

10

20

30

40

50

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(PS)

FINANCIAL SUMMARY

17 Note 1 – Annualized.

Income Statement Highligths

Ps Million 2Q18 3Q18 4Q18 1Q19 2Q19

Net Interest Income 9,093 10,323 12,288 12,931 16,785

Net fee income 2,681 2,869 3,259 3,310 3,391

Subtotal (Net Interest Income + Net Fee Income) 11,774 13,192 15,547 16,241 20,176

Net Income from financial instruments at fair value through P&L -46 499 364 1,974 133

Income from assets at amortized cost 0 -3 1 -17 0

Differences in quoted prices of gold and foreign currency -1,012 -1,244 729 -51 333

Other operating income 600 1,202 413 3,114 983

Provision for loan losses 571 732 836 2,154 848

Net Operating Income 10,745 12,914 16,218 19,107 20,777

Employee benefits 2,443 2,720 3,124 3,133 4,916

Administrative expenses 1,550 1,776 2,105 2,096 2,301

Depreciation and impairment of assets 173 187 215 290 317

Other operating expenses 2,317 2,693 3,213 3,104 3,950

Operating Income 4,262 5,538 7,561 10,484 9,293

Result from associates & joint ventures 145 12 33 26 613

Result before taxes from continuing operations 4,407 5,550 7,594 10,510 9,906

Income tax 1,271 1,718 2,351 3,166 2,874

Net income from continuing operations 3,136 3,832 5,243 7,344 7,032

Net Income of the period 3,136 3,832 5,243 7,344 7,032

Net income of the period attributable to parent company 3,116 3,828 5,243 7,343 7,033

Net income of the period atributable to minority interest 20 4 0 1 -1

FINANCIAL SUMMARY

18

BALANCE SHEET

2Q18 3Q18 4Q18 1Q19 2Q19

Assets 271,735 311,146 342,883 390,296 401,032

Loans 155,620 174,288 178,875 177,717 178,851

Other assets 116,115 136,858 164,008 212,579 222,181

Liabilities 221,345 260,181 288,245 328,208 338,296

Deposits 179,473 212,569 237,954 272,611 284,259

Other liabilities 41,872 47,612 50,290 55,597 54,037

Shareholders Equity 50,390 50,965 54,638 62,088 62,736

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

ACCUMULATED ANNUALIZED RATIOS

2Q18 3Q18 4Q18 1Q19 2Q19

Profitability & performance

Net interest margin 14.4% 14.0% 14.9% 17.2% 17.6%

Net interest margin adjusted (exc. FX) 15.2% 15.2% 15.4% 17.3% 17.5%

Net fee income ratio 18.2% 21.5% 16.7% 23.1% 17.7%

Efficiency ratio 38.7% 37.6% 37.9% 28.6% 33.5%

Net fee income as % of A&G Expenses 47.0% 57.2% 44.0% 80.9% 52.8%

Return on average assets 5.7% 5.6% 5.8% 8.4% 7.7%

Return on average equity 27.2% 27.8% 30.7% 50.0% 47.0%

Liquidity

Loans as a percentage of total deposits 86.7% 82.0% 75.2% 65.2% 62.9%

Liquid assets as a percentage of total deposits 52.3% 51.7% 57.1% 66.1% 66.4%

Capital

Total equity as a percentage of total assets 18.5% 16.4% 15.9% 15.9% 15.6%

Regulatory capital as % of APR 27.6% 26.4% 26.5% 27.7% 26.3%

Asset Quality

Allowances over total loans 2.1% 2.1% 2.3% 2.4% 2.5%

Non-performing financing as a percentage of total financing 1.4% 1.6% 1.9% 2.0% 2.1%

Coverage ratio w/allowances 149.3% 131.1% 117.7% 119.2% 116.1%

Cost of Risk 1.6% 1.7% 1.7% 4.9% 3.4%

Others 4%

Sight 42%

Time 54%

Deposits

TOTAL LOANS & DEPOSITS BREAKDOWN

19

31% of Loan Book in

dollars.

33% of deposits in

dollars.

Low-Cost

Deposits

Cross Selling Opportunities for

depositors (especially payroll

customers and SMEs) to utilize

other products (such as credit

cards, mortgages, long-term loans).

Cross Selling allows us to increase growth,

while controlling risk.

Loans

Consumer 61%

Corporate 36%

Publ & Fin 3%

Corporate 25%

Retail 67%

Publ & Fin 8%

Personal Loans 33%

Credit Cards 18%

Others³ 18%

Documents² 13%

Overdrafts 9%

Mortgage Loans

7%

Pledged Loans

2%

Note: 1 As of June, 2019. 2 Factoring, check cashing advances and promissory notes. 3 Mostly structured loans (medium- and long-term).

DEPOSITS AND TOTAL FINANCING MATURITY

20

Up to 1 Month¹

16%

More than 1 up to 3 months

22%


9%


11%


16%

More than 24 months

26%

Total Deposits¹ Total Financing¹

Up to 1 Month 83%

More than 1, up to 3 months

14%

More than 3, up to 6 Months

2%

More than 6 months

1%

Note 1 – As of June,2019. Includes 1% of matured total financing.

Market Share Evolution1

ORGANIC, INORGANIC AND FEE INCOME GROWTH

21 Source: BCRA

Notes: 1-As of June 2019, 2 - As of December, 2017, annualized.

Fee Income Growth 2

56%

29%

3%

12%

-1,000.0

1,000.0

3,000.0

5,000.0

7,000.0

9,000.0

11,000.0

(Million Ps.

)

Other

Credit-related fees

Debit and credit card income

Fee charges on deposit accounts

7.7%

7.0%

0%

3%

5%

8%

10% IIV III II I V

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

1.1 1.1

1.9 2.1

Banco Macro 4.5

3.2 3.1 3.5

2.1

1.4 1.7 1.7

2.0 1.7 1.8 1.7

2.8

4.6 Financial System¹

156 142 138

116

147 158 155 149

135 151

176 183

117 116

Banco Macro

108 115 117.0 115

148

176

144 150 142 150 140 141

120

92

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

46% low-cost

funding

Appropriate liquidity

available to take advantage of

expected credit expansion

Deposit Base Liquidity Management

4%

42%

56%

(Million Ps) 2Q18 2Q19

Cash + cash collateral + call 55,752 103,409

Repos - -

Central Bank Notes

(Lebacs / Leliqs) 38,039 85,344

Liquid Assets 93,791 188,753

Liquid Assets / Total Assets 34.5% 47.1%

Liquid Assets / Deposits 52.3% 66.4%

FUNDING & LIQUIDITY MANAGEMENT

23

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

220,000

240,000

260,000

280,000

300,000

Time deposits Sight deposits Other

(Million

Ps.

)

Notes: As of June, 2019

LOWER EXPOSURE TO PUBLIC SECTOR AN SOLID

CAPITALIZATION AND SOLVENCY

24

Exposure to the Public Sector1 Excess Capital

2.9

9.4

0

6

12

18

24

Banco Macro Financial System

Net

Public E

xposu

re/Tota

l Ass

ets

(%)

Excess

of

Capit

al (M

illion P

s.)

Tota

l Capita

l Ratio

/ T

ier 1

Ratio

(%)

Source: BCRA.

Notes 1-Net of LEBACs and LELIQs as of 2Q19.

19.6

26.3

0

10

20

30

40

0

10,000

20,000

30,000

40,000

50,000

60,000

Excess Capital Tier 1 Ratio Total Capital Ratio

25

SECTION III

BMA STRENGHTS AND

OPPORTUNITIES

A STRONG POSITION IN CORE BANKING ACTIVITY

26

Market Share / Group of Banks1

Source: BCRA.

Note: 1- As of June, 2019. Excluding interests.

Macro 24%

Public Banks 35%

Private Banks (Foreign)

31%

Private Banks (Local)

32%

Macro 23%

Public Banks 34%

Private Banks (Foreign)

33%

Private Banks (Local)

32%

Loans to the Private Sector Private Sector Deposits

Banco Macro (Ps. 169.5 Billion)¹

STRONG WELL DIVERSIFIED LOAN BOOK

27

System (Ps. 2.2 Trillion)²

Private Sector Loans – Banco Macro vs. System

Source: BCRA.

Note: 1- As of June, 2019. 2- As of June 2019. Loans before Provisions. Interest excluded. 3- Factoring, checks, cashing advances and promisory notes. 4- Mostly structured loans (medium and long term).

Overdraft 8%

Documents (2) 34%

Mortgage Loans 10%

Pledged Loans 5%

Personal Loans 19%

Credit Cards 19%

Others (3) 5% Overdraft

9%

Documents (2) 13%

Mortgage Loans 7%

Pledged Loans 2%

Personal Loans 33%

Credit Cards 18%

Others (3) 18%

STRONG WELL DIVERSIFIED LOAN BOOK

28 Souce: BCRA.

Note: 1- As of June 2019. Loans before Provisions. Interest excluded.

Breakdown of Loans by Economic Activity¹

Agricultural livestock - Forestry - Fishing - Mining - Hunting

17%

Foodstuff and beverages 6%

Manufacturing and wholesale 4%

Chemicals 3%

Others 6%

Electricity, oil, water 2%

Construction 2%

Retail and consumer products 5%

Governmental services 1%

Financial services 2%

Real estate, business and leases 1%

Retail loans 47%

Hotels and restaurants 0%

Other services 2%

Transportation, storage and communications.

2%

722

27,701

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

STRONG PRESENCE IN FAST

GROWING SEGMENTS

29

Cre

dit

Card

s Pers

onal Loans

Corp

ora

te L

oans

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

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

individuals and companies who operate in agriculture or in the commerce of agricultural products.

» As of June 2019, credit cards comprise 17% of

outstanding loans, up 6% YoY.

» We have grown our credit cards business at 40% 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 of June 2019.

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

income customers.

» Only ~36% of credit card loans derived from open market

customers.

» Ranked #2 in terms of personal loans with ~14%

market share as of June 2019.

» Rapidly growing, 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 7% of personal loans derived from open market

customers.

» Corporate loans growth driven by Overdrafts with

47% YoY increase.

» Diversified SME customer base with ~71K small &

micro, ~15k agro, ~3k medium clients.

» Opportunity to expand product offering beyond

working capital and short-term pre-export financing

with longer-term local and foreign currency loans.

Open Market

36%

Public Sector Payroll

16%

Private Sector Payroll

26%

Retirees 22%

Breakdown¹ Volume (Ps. Millions)

Open Market

7%

Public Sector Payroll

47%

Private Sector Payroll

21%

Retirees 25%

Breakdown¹

Overdraft 15%

Documents² 34%

Mortgage Loans

7%

Pledged Loans

1%

Credit Cards

1%

Others³ 42%

Breakdown¹ Corporate

1% Medium

3%

Micro 56%

Small 23%

Agro 17%

Corporate Customers

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Ps.

Millions

Personal Loans Growth

MACRO PROVINCIA NACION

SANTANDER GALICIA

30

SECTION IV

FINANCIAL SYSTEM &

ARGENTINE ECONOMY

PRIVATE SECTOR LOANS GROWTH

31 Source: BCRA/BMA

As of June 2019. Note 1 : As of June, 2019.

Loans Growth Rates (YoY)

10%

9%

11%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Total Individuals Corporations

16%

05%

10%

15%

20%

Private Sector Loans/GDP¹

PRIVATE SECTOR DEPOSITS GROWTH

32

Private Sector Deposits/GDP¹

Source: BCRA/BMA

As of June 2019. Note 1 : As of December, 2018.

21%

19%

0%

5%

10%

15%

20%

25%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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

Deposits Growth Rates (YoY)

48%

56%

72%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

Total Individuals Corporations

PRIVATE SECTOR LOANS AND DEPOSITS GROWTH

33 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%

25%

52%

32%

11%

21% 22% 25%

8%

20%

30% 27% 30% 28%

32%

47% 43%

29%

61%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Deposits and Loans with Private Sector Consistent Growth

Loans Deposits

93%

49% 47% 42%

22% 16%

Average = 45%

Chile Brazil Colombia Peru Mexico Argentina

Loans to GDP (Dec 2018)

72%

42% 38%

35%

23% 20%

Average = 38%

Chile Colombia Peru Brazil Mexico Argentina

Deposits to GDP (Dec 2018)

34

SECTION V

APPENDIX

TOTAL

639,397,746

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%

2016 Jun/17 701,475 1.20 10.70%

2017 May/18 3,348,315 5.00 35.70%

2018 May/19 6,393,977 10.00 40.65%

Class A: 11,235,670

Anses 28%

Others 6%

ADS´s 29%

Major Shareholders

33%

Banco Macro (Treasury

Stock) 4%

Float 35%

OWNERSHIP STRUCTURE1 |

DEBT & EQUITY INFORMATION

35

Denomination Amount (USD)

Maturity Call Option Coupon Ratings

Original Oustanding Moodys Fitch

Subordinated (Class A ) 400 400 2026 2021 Bullet 6.75% Caa3(hyb) CCC-/RR6

Peso Linked (Class B) 300* 300* 2022 - Bullet 17.50% B1.ar / Caa2 CCC/RR4

Peso (Class C) AR$3,207 AR$3,207 2020 - Bullet

Badlar +

3.5% B1.ar/Caa2 NR

Note: 1-As of June, 2019. * Equivalent to AR$ 4,620,570,000. As of June 31, 2019 AR$ 1,229,518,00 of this issuance had been cancelled, bringing the total outstanding amount

to AR$ 3,391,052,000

STOCK PERFORMANCE

36 Source: Bloomberg

As of July 10, 2019.

2,751.68

6,532.54

7,500

3,144.94

0

1000

2000

3000

4000

5000

6000

7000

8000

2006 20007 2008 2009 2010 2012 2013 2014 2015 2017 2018 2019

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

Merval Index

Macro

Galicia

Frances