BANCO MACRO SA

Condensed interim financial statements as of June 30, 2021 together with the reports on review of interim financial statements.

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2021

CONTENT

Cover sheet
Condensed consolidated interim financial statements
Condensed consolidated interim statement of financial position
Condensed consolidated interim statement of income
Condensed consolidated interim statement of other comprehensive income
Condensed consolidated interim statement of changes in Shareholders' equity
Condensed consolidated interim statement of cash flows
Notes to the condensed consolidated interim financial statements
Note 1: Corporate information
Note 2: Operations of the Bank
Note 3: Basis for the preparation of these financial statements and applicable accounting standards
Note 4: Contingent transactions
Note 5: Debt securities at fair value through profit or loss
Note 6: Other financial assets
Note 7: Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss
Note 8: Other debt securities
Note 9: Equity instruments at fair value through profit or loss - Prisma Medios de Pago SA
Note 10: Fair value quantitative and qualitative disclosures
Note 11: Investment in associates and joint arrangements
Note 12: Other non-financial assets
Note 13: Related parties
Note 14: Other financial liabilities
Note 15: Provisions
Note 16: Other non-financial liabilities
Note 17: Analysis of financial assets to be recovered and financial liabilities to be settled
Note 18: Disclosures by operating segment
Note 19: Income tax
Note 20: Commissions income
Note 21: Differences in quoted prices of gold and foreign currency
Note 22: Other operating income
Note 23: Employee benefits
Note 24: Administrative expenses
Note 25: Other operating expenses
Note 26: Additional disclosures in the statement of cash flows
Note 27: Capital stock

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2021

CONTENT (contd.)

Notes to the condensed consolidated interim financial statements (contd.)
Note 28: Earnings per share - Dividends
Note 29: Deposit guarantee insurance
Note 30: Restricted assets
Note 31: Trust activities
Note 32: Compliance with CNV regulations
Note 33: Accounting items that identify the compliance with minimum cash requirements
Note 34: Penalties applied to the entity and summary proceedings initiated by the BCRA
Note 35: Corporate bonds issuance
Note 36: Off balance sheet transactions
Note 37: Tax and other claims
Note 38: Restriction on dividends distribution
Nota 39: Capital management, corporate governance transparency policy and risk management
Nota 40: Changes in the Argentine macroeconomic environment and financial and capital markets
Nota 41: Effects of the coronavirus (COVID - 19) outbreak
Note 42: Events after reporting period
Note 43: Accounting principles - explanation added for translation into English
Consolidated exhibits
Exhibit B: Classification of loans and other financing by situation and collateral received
Exhibit C: Concentration of loans and financing facilities
Exhibit D: Breakdown of loans and other financing by term
Exhibit F: Change of property, plant and equipment
Exhibit G: Change in intangible assets
Exhibit H: Deposit concentration
Exhibit I: Breakdown of financial liabilities for residual terms
Exhibit J: Changes in provisions
Exhibit L: Foreign currency amounts
Exhibit Q: Breakdown of statement of income
Exhibit R: Value adjustment for credit losses - Allowances for uncollectibility risk
Condensed separate interim financial statements
Condensed separate interim financial statements
Notes to the condensed separate interim financial statements
Separate exhibits

BANCO MACRO SA

Corporate name: Banco Macro SA
Registered office: Avenida Eduardo Madero 1182 - Autonomous City of Buenos Aires
Corporate purpose and main activity: Commercial bank
Central Bank of Argentina: Authorized as "Argentine private bank" under No. 285
Registration with the public Registry of Commerce: Under No. 1154 - By-laws Book No. 2, Folio 75 dated March 8, 1967
By-Laws expiry date: March 8, 2066
Registration with the IGJ (Superintendency of Corporations): Under No. 9777 - Corporations Book No. 119 Volume A of Sociedades Anónimas, dated October 8, 1996
Personal tax identification number: 30-50001008-4
Registration dates of amendments to By-Laws:
August 18, 1972, August 10, 1973, July 15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999, June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009, November 14, 2012, August 2, 2014, July 15, 2019.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes Exhibits 06/30/2021 12/31/2020
ASSETS
Cash and Deposits in Banks 10 143,464,821 162,880,917
Cash 21,371,898 31,860,788
Central Bank of Argentina 77,411,304 62,655,817
Other Local and Foreign Entities 44,675,632 68,357,717
Other 5,987 6,595

Debt Securities at fair value through profit or loss

5 and 10

61,942,421 68,906,424
Derivative Financial Instruments 10 3,640 9,064
Repo transactions 10 13,051,632 49,404,999
Other financial assets 6, 7 and 10 R 15,400,102 23,669,122
Loans and other financing 7 and 10 B, C, D and R 272,545,828 322,493,047
Non-financial Public Sector 3,654,025 4,530,232
Other Financial Entities 1,548,635 2,284,216
Non-financial Private Sector and Foreign Residents 267,343,168 315,678,599
Other Debt Securities 7, 8 and 10 R 232,126,844 262,082,139
Financial Assets delivered as guarantee 10 and 30 14,442,544 17,911,809
Equity Instruments at fair value through profit or loss 9 and 10 2,086,922 2,084,165
Investment in associates and joint arrangements 11 384,295 255,543
Property, plant and equipment F 43,372,133 43,073,309
Intangible Assets G 6,647,367 6,396,628
Deferred Income Tax Assets 19 70,078 79,192
Other Non-financial Assets 12 2,530,316 2,797,305
Non-current assets held for sale 2,824,260 2,830,052
TOTAL ASSETS 810,893,203 964,873,715

- 1 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes Exhibits 06/30/2021 12/31/2020
LIABILITIES
Deposits 10 H and I 492,308,853 612,511,991
Non-financial Public Sector 51,604,518 92,195,398
Financial Sector 719,603 872,778
Non-financial Private Sector and Foreign Residents 439,984,732 519,443,815
Liabilities at fair value through profit or loss 10 11,599
Derivative Financial Instruments 10 I 1,700 288
Repo Transactions 10 I 275,381 775,221
Other Financial Liabilities 10 and 14 I 40,365,436 61,679,495
Financing received from the Central Bank of Argentina and other financial institutions 10 I 709,115 1,151,861
Issued Corporate Bonds 10 and 35 I 2,431,593 6,174,607
Current Income Tax Liabilities 19 1,584,847 6,448,344
Subordinated Corporate Bonds 10 and 35 I 39,093,191 42,986,620
Provisions 15 J and R 963,462 1,634,886
Deferred Income Tax Liabilities 9,056,920 7,884,460
Other Non-financial Liabilities 16 41,593,818 38,044,628
TOTAL LIABILITIES 628,395,915 779,292,401
SHAREHOLDERS´EQUITY
Capital Stock 27 639,413 639,413
Non-capital contributions 12,429,781 12,429,781
Adjustments to Shareholders' Equity 66,364,319 66,364,319
Earnings Reserved 101,150,253 137,626,823
Unappropriated Retained Earnings (7,406,399 ) (63,428,906 )
Other Comprehensive Income 3 2,273,441 1,408,308
Net Income for the period/ fiscal year 7,043,973 30,539,235
Net Shareholders' Equity attributable to controlling interest 182,494,781 185,578,973
Net Shareholders' Equity attributable to non-controlling interests 2,507 2,341
TOTAL SHAREHOLDERS´EQUITY 182,497,288 185,581,314
TOTAL SHAREHOLDERS´EQUITY AND LIABILITIES 810,893,203 964,873,715

The notes 1 to 43 to the condensed consolidated interim financial statements and the exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 2 -

Jorge Pablo Brito
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes Exhibits Quarter ended 06/30/2021 Accumulated from beginning of year up to 06/30/2021 Quarter ended 06/30/2020 Accumulated from beginning of year up to 06/30/2020
Interest income Q 44,251,346 94,286,035 44,465,976 93,387,879
Interest expense Q (18,769,062 ) (42,364,728 ) (14,364,324 ) (29,571,790 )
Net Interest income 25,482,284 51,921,307 30,101,652 63,816,089
Commissions income 20 Q 7,441,919 14,685,338 7,532,294 15,236,107
Commissions expense Q (677,713 ) (1,343,348 ) (550,303 ) (1,240,758 )
Net Commissions income 6,764,206 13,341,990 6,981,991 13,995,349
Subtotal (Net Interest income plus Net Commissions income) 32,246,490 65,263,297 37,083,643 77,811,438
Loss from measurement of financial instruments at fair value through profit or loss Q 5,281,575 10,342,705 3,408,736 6,013,642
Profit from sold or derecognized assets at amortized cost 61,176 127,330 28,141 1,377,422
Differences in quoted prices of gold and foreign currency 21 639,773 1,989,259 1,179,908 2,022,606
Other operating income 22 1,409,447 3,239,157 1,597,853 3,337,390
Allowance for loan losses (212,503 ) (215,172 ) (3,519,240 ) (4,882,684 )
Net Operating Income 39,425,958 80,746,576 39,779,041 85,679,814
Employee benefits 23 (8,394,909 ) (16,447,583 ) (8,612,686 ) (16,092,964 )
Administrative expenses 24 (3,886,576 ) (7,675,285 ) (4,362,113 ) (8,594,979 )
Depreciation and amortization of fixed assets F and G (1,434,361 ) (2,863,357 ) (1,382,757 ) (2,705,991 )
Other Operating Expenses 25 (6,267,907 ) (13,321,185 ) (6,158,319 ) (13,000,602 )
Operating Income 19,442,205 40,439,166 19,263,166 45,285,278
Income from associates and joint arrangements 11 19,049 44,606 12,207 44,886
Loss on net monetary position (13,557,217 ) (29,581,749 ) (6,203,019 ) (15,359,375 )
Income before tax on continuing operations 5,904,037 10,902,023 13,072,354 29,970,789
Income tax on continuing operations 19.c) (1,286,912 ) (3,857,884 ) (3,911,754 ) (10,153,799 )
Net Income from continuing operations 4,617,125 7,044,139 9,160,600 19,816,990
Net Income for the period 4,617,125 7,044,139 9,160,600 19,816,990
Net Income for the period attributable to controlling interest 4,617,036 7,043,973 9,160,461 19,816,743
Net Income for the period attributable to non-controlling interest 89 166 139 247

- 3 -

Jorge Pablo Brito
Vice Chairperson
CONSOLIDATED EARNINGS PER SHARE
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Quarter ended 06/30/2021 Accumulated
from
beginning of
year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from
beginning of
year up to
06/30/2020
Net Profit attributable to Parent's shareholders 4,617,036 7,043,973 9,160,461 19,816,743
Plus: Potential diluted earnings per common share
Net Profit attributable to Parent's shareholders adjusted as per diluted earnings 4,617,036 7,043,973 9,160,461 19,816,743
Weighted average of outstanding common shares for the period 639,413 639,413 639,413 639,413
Plus: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares for the period adjusted as per dilution effect 639,413 639,413 639,413 639,413
Basic earnings per share (in pesos) 7.2207 11.0163 14.3264 30.9921

- 4 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes Exhibits Quarter
ended
06/30/2021 		Accumulated
from
beginning of
year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from
beginning of
year up to
06/30/2020
Net Income for the period 4,617,125 7,044,139 9,160,600 19,816,990
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion (200,273 ) (307,563 ) 116,743 105,520
Foreign currency translation differences for the period (200,273 ) (307,563 ) 116,743 105,520
Profit or losses for financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)) 413,111 1,172,696 1,249,333 153,982
Profit or losses for the period from financial instruments at fair value through other comprehensive income (FVOCI) Q (90,008 ) 261,929 1,366,276 (705,490 )
Adjustment for reclassification of period 743,260 1,451,823 331,988 965,429
Income tax 19.c) (240,141 ) (541,056 ) (448,931 ) (105,957 )
Total Other Comprehensive Income that is subsequently reclassified to profit or loss 212,838 865,133 1,366,076 259,502
Total Other Comprehensive Income 212,838 865,133 1,366,076 259,502
Total Comprehensive Income for the period 4,829,963 7,909,272 10,526,676 20,076,492
Total Comprehensive Income attributable to controlling interest 4,829,874 7,909,106 10,526,537 20,076,245
Total Comprehensive Income attributable to non-controlling interest 89 166 139 247

The notes 1 to 43 to the condensed consolidated interim financial statements and the exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 5 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Other Comprehensive
Income
Capital stock Non-capital Contributions Accumulative
foreign
currency
translation
difference in 		Earnings Reserved
Changes Notes Outstanding
shares 		Additional
paid-in
capital 		Adjustments to
Shareholders'
Equity 		financial
statements
conversion 		Other (1) Legal Other Unappropriated
Retained
Earnings (1) 		Total
Controlling
Interests 		Total Non-
Controlling Interests 		Total
Equity
Restated amount at the beginning of the fiscal year 639,413 12,429,781 66,364,319 1,134,570 273,738 4 0,217,417 97,409,406 (32,889,671 ) 185,578,973 2,341 185,581,314
Total comprehensive income for the period
- Net income for the period 7,043,973 7,043,973 166 7,044,139
- Other comprehensive income for the period (307,563 ) 1,172,696 865,133 865,133
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2021
-Cash dividends 28 (10,660,756 ) (10,660,756 ) (10,660,756 )
-Absortion of loss 38
Voluntary reserve (554 ) 554
Voluntary reserve for future distribution earnings (25,482,718 ) 25,482,718
Personal property tax on business corporation (332,542 ) (332,542 ) (332,542 )
Amount at the end of the period 639,413 12,429,781 66,364,319 827,007 1,446,434 40,217,417 60,932,836 (362,426 ) 182,494,781 2,507 182,497,288

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Other Comprehensive Income
Capital
stock 		Non-capital
Contributions 		Accumulative
foreign
currency
translation
difference in 		Earnings Reserved
Changes Notes Outstanding
shares 		Additional
paid-in
capital 		Adjustments to
Shareholders´
Equity 		financial
statements
conversion 		Other (1) Legal Other Unappropriated
Retained
Earnings (1) 		Total
Controlling
Interests 		Total Non-
Controlling Interests 		Total
Equity
Restated amount at the beginning of the fiscal year 639,413 12,429,781 66,364,319 984,352 (751,483 ) 26,295,118 67,418,238 5,524,917 178,904,655 2,393 178,907,048
Total comprehensive income for the period
- Net income for the period 19,816,743 19,816,743 247 19,816,990
- Other comprehensive income for the period 105,520 153,982 259,502 259,502
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2020
-Legal reserve 13,922,299 (13,922,299 )
-Normative reserve 55,031,524 (55,031,524 )
-Cash dividends 28 (19,941,900 ) (19,941,900 ) (19,941,900 )
Other changes (504 ) (504 )
Amount at the end of the period 639,413 12,429,781 66,364,319 1,089,872 (597,501 ) 40,217,417 102,507,862 (43,612,163 ) 179,039,000 2,136 179,041,136

(1) Amounts at the beginning of the fiscal year were adjusted in accordance with Communication "A" 7211. See also Note 3 section "New standards adopted in the fiscal year".

The notes 1 to 43 to the condensed consolidated interim financial statements and the exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 6 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes 06/30/2021 06/30/2020
Cash flows from operating activities
Income for the period before Income Tax 10,902,023 29,970,789
Adjustment for the total monetary effect of the period 29,581,749 15,359,375
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation 2,863,357 2,705,991
Allowance for loan losses 215,172 4,882,684
Difference in quoted prices of foreign currency (9,417,546 ) (9,824,720 )
Other adjustments 25,630,124 13,828,004
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit and loss 10,999,166 (9,117,636 )
Derivative financial instruments 5,424 61,025
Repo transactions 36,353,367 (101,398,381 )
Loans and other financing
Non-financial public sector 876,207 1,261,432
Other financial entities 735,581 3,460,292
Non-financial private sector and foreign residents 47,968,994 26,047,328
Other debt securities (10,380,787 ) (29,040,702 )
Financial assets delivered as guarantee 3,469,265 (2,698,010 )
Equity instruments at fair value through profit or loss (2,757 ) 202,753
Other assets 8,049,724 (7,296,258 )
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector (40,590,880 ) 59,662,608
Financial sector (153,175 ) (11,148 )
Non-financial private sector and foreign residents (79,459,083 ) 101,690,349
Liabilities at fair value through profit or loss 11,599
Derivative financial instruments 1,412 (1,311,340 )
Repo transactions (499,840 ) 204,254
Other liabilities (24,029,955 ) 3,346,823
Payments for Income Tax (6,458,935 ) (5,504,590 )
Total cash from operating activities (A) 6,670,206 96,480,922

- 7 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes 06/30/2021 06/30/2020
Cash flows from investing activities Payments:
Acquisition of PPE, intangible assets and other assets (3,127,391 ) (2,117,277 )
Total cash used in investing activities (B) (3,127,391 ) (2,117,277 )
Cash flows from financing activities Payments:
Dividends (511 )
Non subordinated corporate bonds (3,177,684 ) (1,787,519 )
Central Bank of Argentina (14,556 )
Financing from local financial entities (354,150 ) (2,140,865 )
Subordinated Corporate Bonds (1,304,758 ) (1,424,364 )
Other payments related to financing activities (303,869 ) (361,189 )
Total cash used in financing activities (C) (5,140,461 ) (5,729,004 )
Effect of exchange rate fluctuations (D) 14,941,929 17,002,778
Monetary effect on cash and cash equivalents (E) (69,109,935 ) (36,494,191 )
Net (decrease)/increase in cash and cash equivalents (A+B+C+D+E) (55,765,652 ) 69,143,228
Restated cash and cash equivalents at the beginning of the fiscal year 26 330,360,957 251,474,110
Cash and cash equivalents at the end of the period 26 274,595,305 320,617,338

The notes 1 to 43 to the condensed consolidated interim financial statements and the exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 8 -

Jorge Pablo Brito
Vice Chairperson

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

1. CORPORATE INFORMATION

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

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

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

Since 1994, Banco Macro SA's market strategy was mainly focused on the regional areas outside the Autonomous City of Buenos Aires (CABA, for its acronym in Spanish). Following this strategy, in 1996, Banco Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial and other banks.

On July 17, August 26, October 15, 2020, March 4, and May 12, 2021, the Bank made irrevocable capital contributions in advance of future share subscription to the company Play Digital SA of 16,250, 27,250, 61,689, 19,505 and 108,136 (not restated), respectively. On July 23, August 26, and October 15, 2020, the Extraordinary Shareholders' Meeting of Play Digital SA accepted the irrevocable capital contributions and gave its approval to the Bank to subscribe 16,250,000, 26,634,046 and 58,017,400 common, registered shares, with a face value of Ps. 1. On December 15, 2020, the Extraordinary Shareholders' Meeting of Play Digital SA decided a new capital stock increase. Thus, on December 16, 2020 the Bank subscribed new 18,276,059 common, registered shares with a face value of Ps. 1 for an amount of 20,727. As a consequence, the Bank's interest in Play Digital SA amounted to 9.9545%. Initially, the shareholders' were Banco de Galicia y Buenos Aires SAU, Banco BBVA Argentina SA, Banco Santander Río SA and Banco Macro SA. Subsequently, other banks were accepted as shareholders together with the abovementioned. The company's purpose is to develop and market a payment solution linked to bank accounts held by financial system users in order to bring significant improvement to their payment experience.

On August 25, 2021, the Board of Directors approved the issuance of these condensed consolidated interim financial statements.

2. OPERATIONS OF THE BANK
2.1. Agreement with the Misiones Provincial Government

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

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

As of June 30, 2021 and December 31, 2020, the deposits held by the Misiones Provincial Government with the Bank amounted to 11,998,436 and 20,352,349 (including 964,649 and 1,103,335, related to court deposits), respectively.

- 9 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

2.2. Agreement with the Salta Provincial Government

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

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

As of June 30, 2021 and December 31, 2020, the deposits held by the Salta Provincial Government with the Bank amounted to 4,341,573 and 4,733,586 (including 1,563,360 and 1,555,190, 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.

As of June 30, 2021 and December 31, 2020, the deposits held by the Jujuy Provincial Government with the Bank amounted to 13,252,409 and 13,673,903 (including 1,449,105 and 1,464,312, related to court deposits), respectively.

2.4. Agreement with the Tucumán Provincial Government

The Bank acts as an exclusive financial agent and as revenue collection and obligation payment agent of the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena. The services agreements with the Provincial and Municipalities Governments are effective through years 2031, 2023 and 2025, respectively.

As of June 30, 2021 and December 31, 2020, the deposits held by the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena with the Bank amounted to 14,833,672 and 17,889,396 (including 4,200,028 and 4,432,391, related to court deposits), respectively.

Additionally, as of June 30, 2021 and December 31, 2020, the Bank granted loans to the Tucumán Provincial Government for an amount of 2,338,807 and 3,585,050, respectively.

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

Presentation basis

Applicable Accounting Standards

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

- 10 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The transitory exceptions and regulatory guidelines established by BCRA to the application of effective IFRS, that have affected the preparation of these condensed consolidated interim financial statements are as follows:

a) According to Communiqué "A" 6114, as supplementary, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on January 1, 2020 included, financial institutions defined as "Group A" by BCRA rules, in which the Bank is included, begin to apply section 5.5 "Impairment" of the IFRS 9 "Financial Instruments" (sections B5.5.1 to B5.5.55), except for the temporary exclusion for the debt securities of the non-financial public sector established by BCRA Communiqué "A" 6847. As of the date of issuance of these condensed consolidated interim financial statements, the Bank is in the process of quantifying the effect of the full application of the mentioned standard.
b) Additionally, the Bank received on March 12 and 22, 2021 and April 29, 2019 Memorandums from the BCRA, which established specifics guidelines related to the measurement of the Bank's holding in Prisma Medios de Pago SA as explained in note 9. Considering such guidelines, the Bank adjusted the fair value previously determined. As of the date of issuance of these condensed consolidated interim financial statements, the Bank is in the process of quantifying the difference over such fair value and the fair value calculated according to IFRS, which could be material.

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed consolidated interim financial statements in accordance with the IFRS as adopted by the BCRA through Communiqué "A" 7183. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Basis for the preparation and consolidation

These condensed consolidated interim financial statements as of June 30, 2021, have been prepared in accordance with the accounting Framework established by the BCRA as mentioned in the previous section "Applicable accounting standards" which, particularly for condensed consolidated interim financial statements, is based on IAS 34 "Interim Financial Reporting".

For the preparation of these condensed consolidated interim financial statements, in addition to sections "measuring unit" and "new standards adopted in the fiscal year" of this note, the Bank has applied the basis for the preparation and consolidation, the accounting policies and the material accounting judgements, estimates and assumptions described in the consolidated financial statements for the fiscal year ended on December 31, 2020, already issued.

These condensed consolidated interim financial statements include all the necessary information for an appropriate understanding, by the users thereof, of the basis for the preparation and disclosure used therein as well as the relevant events and transactions occurred after the issuance of the last annual consolidated financial statements for the fiscal year ended on December 31, 2020, already issued. Nevertheless, the present condensed consolidated interim financial statements do not include all the information or all the disclosures required for the annual consolidated financial statements prepared in accordance with the IAS 1 "Presentation of Financial Statements". Therefore, these condensed consolidated interim financial statements must be read together with the annual consolidated financial statements for the fiscal year ended December 31, 2020, already issued.

As of June 30, 2021 and December 31, 2020, the Bank has consolidated into its financial statements the financial statements of the following companies:

Subsidiaries Principal Place of Business Country Main Activity
Macro Securities SA (1) and (2) Ave. Eduardo Madero 1182 - CABA Argentina Stock exchange services

Macro Fiducia SA

Ave. Leandro N. Alem 1110- 1st floor. CABA Argentina Services
Macro Fondos SGFCISA Ave. Eduardo Madero 1182- 24th floor, Office B-. CABA Argentina Management and administration of mutual funds

- 11 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Subsidiaries Principal Place of Business Country Main Activity
Macro Bank Limited (3) Caves Village, Building 8 Office 1 - West Bay St., Nassau Bahamas Banking entity
Argenpay SAU Ave. Eduardo Madero 1182 - CABA Argentina Electronic payments services
(1) Consolidated with Macro Fondos SGFCISA (80.90% equity interest and voting rights).
(2) The indirect interest of Banco Macro SA is held through Macro Fiducia SA.
(3) Consolidated with Sud Asesores (ROU) SA (100% voting rights - Equity interest 25,801).

As of June 30, 2021 and December 31, 2020, the Bank's equity interest and voting rights in the companies it consolidates is as follows:

Shares Bank's interest Non-controlling interest
Subsidiaries Type Number Total capital
stock

Voting

rights

 Total capital
stock

Voting

rights

Macro Securities SA Common 12,776,680 99.925 % 99.932 % 0.075 % 0.068 %
Macro Fiducia SA Common 46,935,318 99.046 % 99.046 % 0.954 % 0.954 %
Macro Fondos SGFCISA Common 327,183 99.939 % 100.00 % 0.061 %
Macro Bank Limited Common 39,816,899 99.999 % 100.00 % 0.001 %
Argenpay SAU Common 241,200,000 100.00 % 100.00 %

Total assets, liabilities and Shareholders' equity of the Bank and all its subsidiaries as of June 30, 2021 and December 31, 2020 are as follows:

Balances as of 06/30/2021 Banco Macro SA Macro Bank
Limited 		Macro
Securities SA 		Macro Fiducia SA Argenpay
SAU 		Eliminations Consolidated
Assets 804,227,643 7,328,661 7,333,638 104,293 525,501 (8,626,533 ) 810,893,203
Liabilities 621,732,862 4,495,832 4,979,664 3,346 250,628 (3,066,417 ) 628,395,915
Equity attributable to the owners of the Bank 182,494,781 2,832,829 2,278,562 100,947 274,873 (5,487,211 ) 182,494,781
Equity attributable to non-controlling interests 75,412 (72,905 ) 2,507
Balances as of 12/31/2020 Banco Macro SA Macro Bank
Limited 		Macro
Securities SA 		Macro
Fiducia SA 		Argenpay
SAU 		Eliminations Consolidated
Assets 939,888,871 9,476,787 24,146,136 110,784 440,811 (9,189,674 ) 964,873,715
Liabilities 754,309,898 6,212,405 22,054,092 6,741 212,705 (3,503,440 ) 779,292,401
Equity attributable to the owners of the Bank 185,578,973 3,264,382 1,995,736 104,043 228,106 (5,592,267 ) 185,578,973
Equity attributable to non-controlling interests 96,308 (93,967 ) 2,341

- 12 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Going concern

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

Transcription into books

As of the date of issuance of these condensed consolidated interim financial statements, the same are in the process of being transcribed into the Books of Accounts of Banco Macro SA.

Figures expressed in thousands of pesos

These condensed consolidated interim financial statements disclose figures expressed in thousands of Argentine pesos in terms of purchasing power as of June 30, 2021, and are rounded up to the nearest amount in thousands of pesos, unless otherwise expressly stated (see section "Measuring unit" of this note).

Comparative information

The condensed consolidated interim statement of financial position as of June 30, 2021, is presented comparatively with year-end data of the immediately preceding fiscal year, while the statement of income and the statement of other comprehensive income for the three and six-month periods ended June 30, 2021, and the statement of changes in shareholders' equity and the statement of cash flows and cash equivalents for the six-month period ended June 30, 2021, are presented comparatively with data as of the same periods of the immediately preceding fiscal year.

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

Additionally and in accordance with Communiqué "A" 7211 certain reclassifications were made (see also section "New standards adopted in the fiscal year" of this note).

Measuring unit

These condensed consolidated interim financial statements have been restated for the changes in the general purchasing power of the functional currency (Argentine pesos) of the Bank, as of June 30, 2021, as established by IAS 29 "Financial Reporting in Hyperinflationary Economies" and considering, in addition, specifics rules established by BCRA through Communiqués "A" 6651, 6849, as amendments, which established to apply this method, on a mandatory basis, from fiscal years beginning on January 1, 2020, included and determined as the transition date on December 31, 2018.

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

- 13 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENT

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

Considering the abovementioned indexes, the inflation rate was 25.32% and 13.59% for the six-month periods ended June 30, 2021 and 2020, respectively, and 36.14% for the fiscal year ended on December 31, 2020.

Below is a description of the restating mechanism provided by IAS 29 and the restatement process for financial statements established by BCRA Communiqué "A" 6849, as supplementary:

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

(i) Monetary items (the ones that are already stated in terms of the current measuring unit) are not restated because they are already expressed in terms of the monetary unit current at the end of the reporting period. In an inflationary period, an entity holding monetary assets generates purchasing power loss and holding monetary liabilities generates purchasing power gain, provided that the assets and liabilities are not linked to an adjustment mechanism that offsets, in some extend such effects. The net gain or loss on a monetary basis is included in profit or loss for the period.
(ii) Assets and liabilities subject to adjustments based on specific agreements is adjusted in accordance with such agreements.
(iii) Non-monetary items stated at current cost at the end of the reporting period, are not restated for presentation purposes in the statement of financial position, but the adjustment process must be completed to determine, in terms of constant measurement unit, the income or loss produced by holding these non-monetary items.
(iv) Non-monetary items carried at historical cost or at current cost at some earlier date before the reporting date, are restated by an index that reflects the general level of price variation from the acquisition or revaluation date to the closing date, proceeding then to compare the restated amounts of those assets with their recoverable amounts. Income or loss for the period related to depreciation of property, plant and equipment and amortization of Intangible Assets and other non-monetary cost are determined over the new restated amounts.
(v) When an entity capitalizes borrowing cost in the non-monetary assets, the part of the borrowing cost that compensates for the inflation during the same period is not capitalized.
(vi) The restatement of non-monetary assets in terms of a current measurement unit at the end of the reporting period, without an equivalent adjustment for tax purposes generates a taxable temporary difference and a deferred income tax liability is recognized and the contra account is recognized as profit or loss for the period. When, beyond the restatement, there is a revaluation of non-monetary assets, the deferred tax related to the restatement is recognized in profit or loss for the period and deferred tax related to the revaluation is recognized in other comprehensive income for the period.

- 14 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENT

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

(i) Income and expenses are restated from the date the items were recorded, except for those income or loss items that reflect or include, in their determination, the consumption of assets measured at the currency purchasing power from a date prior to that which the consumption was recorded, which is restated using as a basis the acquisition date of the assets related to the item, except for income or losses arising from comparing the two measurements at currency purchasing power of different dates, for which it requires to identify the compared amounts, to restate them separately and to repeat the comparison, with the restated amounts.
(ii) The gain or loss from monetary position will be classified based on the item that generated it and will be separately disclosed reflecting the inflationary effects over such items.

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

(i) As the transition date (December 31, 2018), the Bank has applied the following procedures:
(a) The components of equity, except the ones mentioned below, were restated from the dates the components were contributed or otherwise arose according to BCRA Communiqué "A" 6849, for each item.
(b) Earnings reserved, including the special reserve for the first time application of IFRS, were stated at nominal value at the transition date (legal amount not restated).
(c) The unappropriated retained earnings were determinated as a difference between the restated net asset at the transition date and the other components of equity, restated as disclosed in the abovementioned paragraphs.
(d) The accumulated balances of other comprehensive income were recalculated in terms of measuring unit current at the transition date.
(ii) After the transition date restatement abovementioned in (i), all equity's components are restated by applying a general price index as mentioned before from the beginning of the period and each variation of those components is restated from the contribution date or from the moment it was produced by any other way, and the accumulated OCI balances are redetermined according to the items that generated.

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

(i) All items are restated in terms of the measuring unit current at the end of the reporting period.
(ii) The monetary gain or losses generated by cash and cash equivalents are separately disclosed in the statement of cash flows after the cash flow from operating investment activities and financing activities, in a separate and independent line, under the description "Monetary effect on cash and cash equivalent".

Reclassification of financial assets and liabilities - Changes in business model

During July and August 2020, the Bank's management decided to update the objective related to holdings of Federal Government Treasury Bonds adjusted by CER 2.5% (maturity 07/22/2021) which at the closing date of these condensed consolidated interim financial statements they were in the Bank's portfolio. These holdings were reclassified from fair value through profit or loss business model to fair value through Other Comprehensive Income (OCI) business model due to the trend context of government debt renegotiation and the issuance of new domestic debts, the volatilities of debt securities prices that created a scenario in which it was not clear that the cash flows of these holdings will be obtained through their negotiation, instead could be also generated by holding them to maturity.

The effective interest rates at the reclassification date were 31.45% and 33.31%, respectively. The interest income recognized in the statement of income since the reclassification date amounted to 2,109,681 and 2,245,762, respectively. On July 22, 2021 and due to their maturity, these holdings were fully collected.

- 15 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENT

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Accounting judgments, estimates and assumptions

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

The Bank applies the same accounting judgments, estimates and assumptions described in note 3 section "accounting judgments, estimates and assumptions" to the consolidated financial statements as of December 31, 2020, already issued.

New standards adopted in the fiscal year

For the fiscal year beginning on January 1, 2021 the following amendment to accounting framework of the BCRA is effective:

Disclosures of the monetary effect from the application of the procedure for restating the financial statements (Communiqué "A" 7211):

As from this year, the Bank started recording in profit or loss for the period the monetary effect accrued from the monetary items measured at fair value through OCI. As a consequence, at the beginning of this fiscal year, the related unappropriated retained earnings were adjusted as a prior period earning adjustment (AREA, for its acronym in Spanish) in order to include the monetary effect of the abovementioned assets that would have been recorded in OCI as of such date.

Below are the amounts adjusted in the statement of income and other comprehensive income and in the statement of changes in the shareholders' equity for the three and six-month periods ended June 30, 2020, as a consequence of aforementioned procedure:

Before amendment - restated Amendment After amendment - restated
Description Quarter ended 06/30/2020 Accumulated
from beginning
of year up to
06/30/2020 		Quarter ended 06/30/2020 Accumulated
from beginning
of year up to
06/30/2020 		Quarter ended 06/30/2020 Accumulated
from beginning
of year up to
06/30/2020
Statement of income
(Loss) / Income from measurement of financial instruments at fair value through profit or loss (3,017,180 ) (9,495,700 ) 6,425,916 15,509,342 3,408,736 6,013,642
Income / (Loss) on net monetary position 668,366 1,136,002 (6,871,385 ) (16,495,377 ) (6,203,019 ) (15,359,375 )
Statement of other comprehensive income
Profit or losses for financial instruments measured at fair value through other comprehensive income 920,807 (1,691,525 ) 445,469 986,035 1,366,276 (705,490 )
Statement of changes in the shareholders' equity
Unappropriated retained earnings (59,347,893 ) (42,614,917 ) (445,469 ) (997,246 ) (59,793,362 ) (43,612,163 )
Other comprehensive income / (loss) - Other 803,864 (1,594,747 ) 445,469 997,246 1,249,333 (597,501 )

- 16 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

New pronouncements

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

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

a) Amendments to IFRS 3 - Reference to the Conceptual: the amendments are intended to replace a reference to a previous version of the IASB's Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential 'day 2' gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" or IFRIC 21 "Levies", if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. This amendment is applicable as of January 1, 2022. The Bank does not expect this standard to have a material impact on the financial statements.
b) Amendments to IAS 16 - Property, Plant and Equipment (PP&E): proceeds before Intended Use. The amendment prohibits entities from deducting from the cost of an item of PP&E, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. This amendment is applicable as of January 1, 2022. The Bank does not expect this standard to have a material impact on the financial statements.
c) Amendments to IAS 37 - Onerous Contracts - Costs of Fulfilling a Contract: the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a 'directly related cost approach'. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract. The impact of these amendments on Entities that previously applied the incremental cost approach, is that they will see provisions increase to reflect the inclusion of costs related directly to contract activities, whilst entities that previously recognized contract loss provisions using the guidance from the former standard, IAS 11 Construction Contracts, will be required to exclude the allocation of indirect overheads from their provisions. This amendment is applicable as of January 1, 2022. The Bank does not expect this standard to have a material impact on the financial statements.
d) Annual improvement cycle (2018-2020): the following is a summary of the amendments from the 2018-2020 annual improvements cycle:
· IFRS 1 First-time Adoption of International Financial Reporting - Subsidiary as a first-time adopter: the amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by the parent, based on the parent's date of transition to IFRS. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1. This amendment is applicable as of January 1, 2022.
· IFRS 9 Financial Instruments Fees in the '10 per cent' test for derecognition of financial liabilities: the amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of them original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. This amendment is applicable as of January 1, 2022.
· IFRS 16 "Leases" Illustrative examples - Lease incentives: the amendment removes the Example 13 accompanying IFRS 16 of payments from the lessor relating to leasehold improvements. This removes potential confusion regarding the treatment of lease incentives when applying IFRS 16.

- 17 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The Bank does not expect this standard to have a material impact on the financial statements.

e) Amendments to IAS 1 "Presentation of Financial Statements" and IFRS Practice Statement 2 - Disclosures to accounting policies: the amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policies and examples of when an accounting policy likely. Therefore, a guidance with explanations and examples denominated "four-step materiality process" was developed. This amendment is applicable as of January 1, 2023. The Bank does not expect this standard to have a material impact on the financial statements.
f) Amendments to IAS 8 "Accounting policies, changes in accounting estimates and Errors" - Definition of Accounting Estimates: the amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amended standard clarifies that the effects on an accounting estimate of a change in an input or a change in a measurement technique are changes in accounting estimates if they do not result from the correction of prior period errors. The previous definition of a change in accounting estimate specified that changes in accounting estimates may result from new information or new developments. Therefore, such changes are not corrections of errors. This amendment is applicable as of January 1, 2023. The Bank does not expect this standard to have a material impact on the financial statements.
g) Amendments to IAS 12 "Income Tax" - Deferred Tax related to Assets and Liabilities arising from a Single Transaction: the IASB issued amendments to IAS 12, which narrow the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences. The amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of professional judgement (having considered the applicable tax law) whether such deductions are attributable for tax purposes to the liability recognized in the financial statements (and interest expense) or to the related asset component (and interest expense). Professional judgement is important in determining whether any temporary differences exist on initial recognition of the asset and liability. This amendment is applicable as of January 1, 2023. The Bank does not expect this standard to have a material impact on the financial statements.
4. CONTINGENT TRANSACTIONS

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

As of June 30, 2021 and December 31, 2020, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Description 06/30/2021 12/31/2020
Undrawn commitments of credit cards and checking accounts 117,002,986 119,334,229
Guarantees granted (1) 1,818,038 1,607,624
Overdraft and unused agreed commitments (1) 935,400 649,940
Letters of credit 700 1,113,712
Subtotal 119,757,124 122,705,505
Less: Allowance for expected credit losses (ECL) (16,185 ) (21,564 )
Total 119,740,939 122,683,941

- 18 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

(1) Includes transactions not covered by BCRA debtor classification standard. For Guarantee granted, it includes an amount of 150,211 and 202,862 as of June 30, 2021 and December 31, 2020, respectively. For Overdraft and unused agreed commitments, it includes an amount of 200,674 and 102,293 as of June 30, 2021 and December 31, 2020, respectively.

Risks related to the contingent transactions described above have been evaluated and are controlled within the framework of the Bank's credit risk policy, described in note 41 to the consolidated financial statements as of December 31, 2020, already issued.

5. DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The table below shows the amounts corresponding to the detail of debt securities at fair value through profit or loss as of June 30, 2021 and December 31, 2020:

Description 06/30/2021 12/31/2020
Government securities 61,015,231 68,432,133
Private securities 927,190 474,291
Total 61,942,421 68,906,424
6. OTHER FINANCIAL ASSETS

The breakdown of the other financial assets as of June 30, 2021 and December 31, 2020 is as follows:

Description 06/30/2021 12/31/2020
Sundry debtors (see note 9) 8,317,660 9,262,347
Receivables from spot sales of foreign currency pending settlement 4,786,519 10,577,816
Receivables from other spot sales pending settlement 1,626,739 2,158,192
Private securities 509,290 758,767
Receivables from spot sales of government securities pending settlement 56,235 694,224
Other 124,506 241,497
Subtotal 15,420,949 23,692,843
Allowances for ECL (20,847 ) (23,721 )
Total 15,400,102 23,669,122

Disclosures related to allowance for ECL are detailed in note 7 "Loss allowance for credit losses on credit exposures not measured at fair value through profit or loss", section 7.4.

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

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

- 19 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Note 10 discloses financial assets measured at fair value on a recurring basis and financial assets not recognized at fair value. This classification is made pursuant to the expressed in note 3 "Basis for the preparation of these financial statements and applicable accounting standards" for the annual consolidated financial statements as of December 31, 2020, already issued. Additionally, note 10 explains the information related to the valuation process.

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

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

7.1 Loans and other financing measured at amortized cost

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

Description 06/30/2021 12/31/2020
Loans and other financing 282,740,304 335,053,815
Individual assessment 71,694,540 93,106,542
Collective assessment 211,045,764 241,947,273
Less: Allowance for ECL (1) (10,194,476 ) (12,560,768 )
Total 272,545,828 322,493,047

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

As is explained in note 41.1.3 "Adjustment for expected losses due to COVID-19 pandemic" to the consolidated financial statements as of December 31, 2020, already issued, the Bank make a special adjustment prospectively. As of June 30, 2021 and December 31, 2020 such adjustment amounted to 3,308,876 and 4,639,067, respectively.

The following table shows the credit quality and the debt balance to credit risk, based on the Bank's credit risk rating system, the probability of default (PD) and the year-end stage classification, taking into account the several guidelines related to flexible conditions for credit established by the BCRA to moderate the pandemic effects generated by COVID-19. The amounts are presented gross of the impairment allowances.

- 20 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

06/30/2021
Internal rating grade Range PD Stage 1 Stage 2 Stage 3 Total %
Performing 259,531,532 7,331,088 266,862,620 94.38
High grade 0.00% - 3.50% 211,067,940 121,995 211,189,935 74.69
Standard grade 3.51% - 7.00% 33,456,156 2,142,179 35,598,335 12.59
Sub-standard grade 7.01% - 33.00% 15,007,436 5,066,914 20,074,350 7.10
Past due but not impaired 33.01% - 99.99% 1,310,023 10,524,974 11,834,997 4.19
Impaired 100% 4,042,687 4,042,687 1.43
Total 260,841,555 17,856,062 4,042,687 282,740,304 100
% 92.25 6.32 1.43 100
12/31/2020
Internal rating grade Range PD Stage 1 Stage 2 Stage 3 Total %
Performing 310,995,907 10,862,254 321,858,161 96.06
High grade 0.00% - 3.50% 255,192,273 44,463 255,236,736 76.18
Standard grade 3.51% - 7.00% 39,992,173 2,323,495 42,315,668 12.63
Sub-standard grade 7.01% - 33.00% 15,811,461 8,494,296 24,305,757 7.25
Past due but not impaired 33.01% - 99.99% 995,099 8,403,396 9,398,495 2.81
Impaired 100% 3,797,159 3,797,159 1.13
Total 311,991,006 19,265,650 3,797,159 335,053,815 100
% 93.12 5.75 1.13 100

7.1.1 Loans on an individual assessment

The table below shows the credit quality and the debt balance to credit risk of commercial loans based by grade on the Bank's internal credit rating system, PD range and period-end stage classification. The Bank's internal credit rating systems and the evaluation and measurement approaches are explained in note 41 section "credit risk" to the consolidated financial statements as of December 31, 2020, already issued.

- 21 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

06/30/2021
Internal rating grade Range PD Stage 1 Stage 2 Stage 3 Total %
Performing 64,916,953 2,439,516 67,356,469 93.95
High grade

0.00% - 3.50%

61,299,263 61,299,263 85.51
Standard grade

3.51% - 7.00%

2,249,560 1,431,905 3,681,465 5.13
Sub-standard grade

7.01% - 33.00%

1,368,130 1,007,611 2,375,741 3.31
Past due but not impaired

33.01% - 99.99%

431,870 3,078,652 3,510,522 4.90
Impaired 100% 827,549 827,549 1.15
Total 65,348,823 5,518,168 827,549 71,694,540 100
% 91.15 7.70 1.15 100
12/31/2020
Internal rating grade Range PD Stage 1 Stage 2 Stage 3 Total %
Performing 85,171,181 3,486,032 88,657,213 95.22
High grade 0.00% - 3.50% 80,562,534 1,018 80,563,552 86.53
Standard grade 3.51% - 7.00% 3,436,580 1,823,056 5,259,636 5.65
Sub-standard grade 7.01% - 33.00% 1,172,067 1,661,958 2,834,025 3.04
Past due but not impaired 33.01% - 99.99% 467,034 2,023,884 2,490,918 2.68
Impaired 100% 1,958,411 1,958,411 2.10
Total 85,638,215 5,509,916 1,958,411 93,106,542 100
% 91.98 5.92 2.10 100

7.1.2 Loans on a collective assessment

The table below shows the credit quality and the debt balance to credit risk of loans portfolio under collective assessment, by grade of credit risk classification based on the Bank's internal credit rating system, PD range and period-end stage classification. The Bank's internal credit rating systems and the evaluation and measurement approaches are explained in note 41 section "credit risk" to the consolidated financial statements as of December 31, 2020, already issued.

- 22 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

06/30/2021
Internal rating grade Range PD Stage 1 Stage 2 Stage 3 Total %
Performing 194,614,579 4,891,572 199,506,151 94.53
High grade 0.00% - 3.50% 149,768,677 121,995 149,890,672 71.02
Standard grade 3.51% - 7.00% 31,206,596 710,274 31,916,870 15.12
Sub-standard grade 7.01% - 33.00% 13,639,306 4,059,303 17,698,609 8.39
Past due but not impaired 33.01% - 99.99% 878,153 7,446,322 8,324,475 3.94
Impaired 100% 3,215,138 3,215,138 1.52
Total 195,492,732 12,337,894 3,215,138 211,045,764 100
% 92.63 5.85 1.52 100
12/31/2020
Internal rating grade Range PD Stage 1 Stage 2 Stage 3 Total %
Performing 225,824,726 7,376,222 233,200,948 96.39
High grade

0.00% - 3.50%

174,629,739 43,445 174,673,184 72.19
Standard grade

3.51% - 7.00%

36,555,593 500,439 37,056,032 15.32
Sub-standard grade

7.01% - 33.00%

14,639,394 6,832,338 21,471,732 8.88
Past due but not impaired

33.01% - 99.99%

528,065 6,379,512 6,907,577 2.85
Impaired 100% 1,838,748 1,838,748 0.76
Total 226,352,791 13,755,734 1,838,748 241,947,273 100
% 93.55 5.69 0.76 100

7.2 Other debt securities at amortized cost

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

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

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

06/30/2021
Description Stage 1 Stage 2 Stage 3 Total %
Corporate bonds 200,675 200,675 72.59
Financial trust 75,777 75,777 27.41
Total 276,452 276,452 100
% 100 100

- 23 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

12/31/2020
Description Stage 1 Stage 2 Stage 3 Total %
Corporate bonds 457,861 457,861 68.67
Financial trust 208,905 208,905 31.33
Total 666,766 666,766 100
% 100 100

The related ECL for corporate bonds as of June 30, 2021 and December 31, 2020 amounted to 630 and 1,547 respectively. The ECL related to financial trusts as of June 30, 2021 and December 31, 2020 amounted to 46 and 136, respectively.

7.3 Government securities at amortized cost or fair value through OCI

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

A detail of these investments and their characteristics are disclosed in note 8.

7.4. Other financial assets

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

06/30/2021
Description Stage 1 Stage 2 Stage 3 Total %
Other financial assets 15,420,949 15,420,949 100
Total 15,420,949 15,420,949 100
% 100 100

12/31/2020
Description Stage 1 Stage 2 Stage 3 Total %
Other financial assets 23,692,843 23,692,843 100
Total 23,692,843 23,692,843 100
% 100 100

The ECL related to these types of instruments amounted to 20,847 and 23,721 as of June 30, 2021 and December 31, 2020, respectively, including the ECL related to the payments to be collected for transaction mentioned in note 9.

In exhibit R "Value adjustment for credit losses - Allowance for uncollectibility risk" are also disclosed the ECL movements by portfolio and products.

- 24 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

8. OTHER DEBT SECURITIES

The table below shows the amounts corresponding to the detail of other debt securities as of June 30, 2021 and December 31, 2020:

Description 06/30/2021 12/31/2020
At fair value through OCI
Central Bank internal bills 122,500,547 161,262,023
Government securities 84,564,877 56,131,039
Government securities - Foreign 4,116,331 5,690,746
Total at fair value through OCI 211,181,755 223,083,808
At amortized cost
Government securities 20,669,313 38,333,248
Private securities 275,776 665,083
Total at amortized cost 20,945,089 38,998,331
Total 232,126,844 262,082,139

9. EQUITY INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS - PRISMA MEDIOS DE PAGO SA

The table below shows the amounts corresponding to the detail of equity instruments at fair value through profit or loss as of June 30, 2021 and December 31, 2020:

Description 06/30/2021 12/31/2020
Prisma Medios de Pago SA (1) 1,791,063 1,780,477
Other 295,859 303,688
Total 2,086,922 2,084,165
(1) On January 21, 2019, the Bank, together with the other shareholders, accepted a purchase offer made by AI ZENITH (Netherlands) B.V. (a company related to Advent International Corporation) for the acquisition of 1,933,051 common shares of par value Ps.1 each and entitled to one vote, representing 4.6775 % of its share capital, equivalent to 51% of the Bank's capital stock in such company.

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

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

The amounts receivable, in pesos and US dollars, are recorded in the item "Other financial assets".

- 25 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The remaining holding of the Bank in Prisma (equivalent to 49%), is recorded in "Equity instruments at fair value through profit or loss" determined from valuations performed by independent experts, which was adjusted in less, according to Memorandums issued by the BCRA. As of June 30, 2021 the valuation was adjusted by Memorandums dated March 12 and 22, 2021 while, as of December 31, 2020, as required by a Memorandum dated April 29, 2019.

In addition, sellers retained the usufruct (dividends) of the shares sold to be reported by Prisma for the year ended December 31, 2018, which were collected on April 26, 2019, and have the possibility to execute a put for the non-sold shares of this transaction (49%) and the buyer has the obligation to buy them, on an specific term established on the agreement, according to specifics clauses. Besides the proportion applicable to the buyer of the dividends to be reported for the following fiscal years -with the buyer's commitment to voting in favor of the distribution of certain minimum percentages- will be used to create a guarantee trust to repay the deferred price amount through the concession by the buyer and Prisma of a usufruct over the economic rights of the shares in favor of such trust.

On February 22, 2021 the Bank collected cash dividends for an amount of 495,178 which 251,700 were applied to decrease the receivable generated by the financing granted to AI ZENITH (Netherlands) B.V, for the purchase of Prisma´s shares. In addition, on May 28, 2021, the Bank collected cash dividends for an amount of 311,980 which 156,774 were applied to decrease the receivable generated by the financing abovementioned.

10. FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

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

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

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

Fair value hierarchy

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

- Level 1: quoted prices (unadjusted) observable in active markets that the Bank accesses to at the measurement day for identical assets or liabilities. The Bank considers markets as active only if there are sufficient trading activities with regards to the volume and liquidity of the identical assets or liabilities and when there are binding and exercisable price quotes available at each reporting period.
- Level 2: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are observable for the asset or liability, either directly or indirectly. Such inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in inactive markets and observable inputs other than quoted prices, such as interest rates and yield curves, implied volatilities, and credit spreads. In addition, adjustments to level 2 inputs may be required for the condition or location of the asset or the extent to which it relates to items that are comparable to the valued instrument. However, if such adjustments are based on unobservable inputs which are significant to the entire measurement, the Bank will classify the instruments as Level 3.
- Level 3: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are not based on observable market information.

- 26 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The following tables show the hierarchy in the Bank's financial asset and liability at fair value measurement, as of June 30, 2021 and December 31, 2020:

Financial assets and financial liabilities measured at fair value
on a recurring basis as of June 30, 2021
Description Total Level 1 Level 2 Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss 61,942,421 61,065,752 7 876,662
Derivatives financial instruments 3,640 3,640
Other financial assets 509,290 478,446 30,844
Equity instruments at fair value through profit or loss 2,086,922 10,913 2,076,009
At fair value through OCI
Other debt Securities 211,181,755 88,681,208 122,500,547
Total 275,724,028 150,239,959 122,500,554 2,983,515
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss 11,599 11,599
Derivatives i instruments 1,700 1,700
Total 13,299 13,299
Financial assets and financial liabilities measured at fair value
on a recurring basis as of December 31, 2020
Description Total Level 1 Level 2 Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss 68,906,424 68,432,133 8 474,283
Derivatives financial instruments 9,064 9,064
Other financial assets 758,766 725,957 32,809
Equity instruments at fair value through profit or loss 2,084,165 12,350 2,071,815
At fair value through OCI
Other debt Securities 223,083,808 144,646,222 78,437,586
Financial assets delivered as guarantee 871,942 871,942
Total 295,714,169 214,688,604 78,446,658 2,578,907
Financial liabilities
At fair value through profit or loss
Derivatives financial instruments 288 288
Total 288 288

- 27 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Description of valuation process

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

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

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

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

As of June 30, 2021 and December 31, 2020, the Bank has neither changed the techniques nor the assumptions used to estimate the fair value of the financial instruments.

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

As of June 30, 2021
Description Debt instruments Other financial
assets 		Equity investment at
fair value through
profit or loss
Amount at the beginning 474,283 32,809 2,071,815
Transfers to Level 3
Transfers for Level 3
Profit and loss 113,819 466,630
Recognition and derecognition 375,270 5,499
Monetary effects (86,710 ) (7,464 ) (462,436 )
Amount at the end of the period 876,662 30,844 2,076,009

As of December 31, 2020
Description Debt instruments Other financial
assets 		Equity investment at
fair value through
profit or loss
Amount at the beginning 1,390,632 39,244 2,604,975
Transfers to Level 3
Transfers for Level 3
Profit and loss 260,413 11,871 167,522
Recognition and derecognition (992,011 ) (8,153 ) 21,445
Monetary effects (184,751 ) (10,153 ) (722,127 )
Amount at the end of the fiscal year 474,283 32,809 2,071,815

- 28 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Quantitative information about Level 3 fair value measurements

The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of Level 3 principal assets measured at fair value on a recurring basis for which the Bank uses an internal model (with the exception of the Bank's holding in Prisma for the reasons described in note 9).

Fair value of Level 3 Assets Significant

Range of inputs

06/30/2021

Range of inputs

Description

06/30/2021

Valuation technique

unobservable inputs Low High Unit
Debt Securities of Financial Trusts Provisional 313,171 Income approach (discounted cash flow) Discount rate in pesos 39.56 53.80 %
Corporate bonds 560,816 Income approach (discounted cash flow) Discount rate in pesos 25.12 45.92 %
Fair value of Level 3 Assets Significant

Range of inputs

12/31/2020

Range of inputs

Description

12/31/2020

Valuation technique

unobservable inputs

Low High Unit
Debt Securities of Financial Trusts Provisional 471,332 Income approach (discounted cash flow) Discount rate in pesos 43.84 47.60 %

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

06/30/2021 12/31/2020
Favorable changes Unfavorable changes

Favorable changes

 Unfavorable changes
Debt Securities of Financial Trusts Provisional 1,505 (1,413 ) 563 (550 )
Corporate bonds 32,356 (28,213 )

Changes in fair value levels

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

As of June 30, 2021 and December 31, 2020, the Bank has not recognized any transfers between levels 1, 2 and 3.

- 29 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Financial assets and liabilities not recognized at fair value

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

- Instruments with fair value similar to the carrying amount: financial assets and liabilities that are liquid or have short-term maturities (less than three months) were deemed to have a fair value similar to the carrying amount.
- Fixed and variable rate of financial instruments: the fair value of financial assets was recognized discounting future cash flows at current market rates for each period or fiscal year, as applicable, for financial instruments of similar characteristics. The estimated fair value of fixed-interest rate deposits and liabilities was assessed discounting future cash flows by using estimated interest rates for deposits or placings with similar maturities to those of the Bank's portfolio.
- For public listed assets and liabilities, or those for which the prices are reported by certain renown pricing providers, the fair value was determined based on such prices.

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of June 30, 2021 and December 31, 2020:

06/30/2021
Description Carrying amount Level 1 Level 2 Level 3 Fair value
Financial assets
Cash and deposits in banks 143,464,821 143,464,821 143,464,821
Repo transactions 13,051,632 13,051,632 13,051,632
Other financial assets 14,890,812 14,890,812 14,890,812
Loans and other financing 272,545,828 250,778,144 250,778,144
Other debt securities 20,945,089 297,004 20,742,799 81,624 21,121,427
Financial assets delivered as guarantee 14,442,544 14,442,544 14,442,544
Total 479,340,726 186,146,813 20,742,799 250,859,768 457,749,380
Financial liabilities
Deposits 492,308,853 259,969,946 232,208,865 492,178,811
Repo transactions 275,381 275,381 275,381
Other financial liabilities 40,365,436 38,829,122 1,530,229 40,359,351
Financing received from the BCRA and other financial entities 709,115 561,231 144,231 705,462
Issued corporate bonds 2,431,593 2,252,867 2,252,867
Subordinated corporate bonds 39,093,191 32,604,514 32,604,514
Total 575,183,569 299,635,680 36,531,841 232,208,865 568,376,386

- 30 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

12/31/2020
Description Carrying amount Level 1 Level 2 Level 3 Fair value
Financial assets
Cash and deposits in banks 162,880,917 162,880,917 162,880,917
Repo transactions 49,404,999 49,404,999 49,404,999
Other financial assets 22,910,356 22,910,356 22,910,356
Loans and other financing 322,493,047 300,727,499 300,727,499
Other debt securities 38,998,331 13,233,959 27,834,926 185,890 41,254,775
Financial assets delivered as guarantee 17,039,867 17,039,867 17,039,867
Total 613,727,517 265,470,098 27,834,926 300,913,389 594,218,413
Financial liabilities
Deposits 612,511,991 304,616,838 307,546,598 612,163,436
Repo transactions 775,221 775,221 775,221
Other financial liabilities 61,679,495 60,004,223 1,668,442 61,672,665
Financing received from the BCRA and other financial entities 1,151,861 405,891 733,953 1,139,844
Issued corporate bonds 6,174,607 5,164,364 5,164,364
Subordinated corporate bonds 42,986,620 36,474,071 36,474,071
Total 725,279,795 365,802,173 44,040,830 307,546,598 717,389,601
11. INVESTMENT IN ASSOCIATES AND JOINT ARRANGEMENTS

11.1 Associates entities

a) Macro Warrants SA

The Bank holds an investment in the associate Macro Warrants SA. The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of the associate. In order to measure this investment, the Bank used accounting information of Macro Warrants SA as of March 31, 2021. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between April 1, 2021 and June 30, 2021.

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

Summarized statement of financial position 06/30/2021 12/31/2020
Total assets 70,901 73,849
Total liabilities 8,501 15,221
Shareholders' equity 62,400 58,628
Proportional Bank's interest 5 % 5 %
Investment carrying amount 3,120 2,931

As of June 30, 2021 and 2020, the investment carrying amount in the net income for the periods amounted to 187 and 315, respectively.

- 31 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

b) Play Digital SA

As explain in note 1, the Bank holds an investment in the associate Play Digital SA. The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of the associate.

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

Summarized statement of financial position 06/30/2021 12/31/2020
Total assets 1,927,555 826,973
Total liabilities 135,400 109,808
Shareholders' equity 1,792,155 717,165
Proportional Bank's interest 9.9545 % 9.9545 %
178,400 71,390
Less: additional paid-in irrevocable contributions and irrevocable contributions 121,519
Plus: irrevocable contributions 129,112
Investment carrying amount 185,993 71,390

As of June 30, 2021, the investment carrying amount in the net income for the period amounted to 18,608 (loss).

11.2 Joint ventures

The Bank participates in the following joint ventures, implemented through Uniones Transitorias de Empresas (UTE, for its acronym in Spanish):

a) Banco Macro SA - Wordline Argentina SA Unión transitoria: on April 7, 1998, the Bank executed an agreement with Siemens Itron Services SA to organize an UTE controlled on a joint basis through a 50% interest, the purpose of which is to facilitate a data processing center for the tax administration, to modernize the systems and tax collection processes of the Province of Salta and manage and recover municipal taxes and fees.

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

Summarized statement of financial position 06/30/2021 12/31/2020
Total assets 501,186 485,664
Total liabilities 110,823 123,315
Shareholders' equity 390,363 362,349
Proportional Bank's interest 50 % 50 %
Investment carrying amount 195,182 181,175

As of June 30, 2021 and 2020, the investment carrying amount in the net income for the periods amounted to 63,071 and 46,490, respectively.

b) Banco Macro SA - Gestiva SA Unión transitoria: on May 4, 2010 and August 15, 2012, the Bank executed with Gestiva SA the UTE agreement to form "Banco Macro SA - Gestiva SA - Unión Transitoria de Empresas", under joint control, the purpose of which is to render the integral processing and management services of the tax system of the Province of Misiones, the management thereof and tax collection services. The Bank holds a 5% interest in this UTE.

- 32 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

On April 5, 2018, the Bank, the UTE and the tax authorities of the Misiones provincial government entered into an agreement of "termination by mutual agreement" of the adaptation agreement, without implying or modifying the Bank's rights and obligations as a financial agent of the province for the services provision established in the agreement. On May 31, 2021 and due to abovementioned agreement, this UTE was derecognized. As of December 31, 2020, according to the above-mentioned, the remaining investment amounted to 47.

12. OTHER NON-FINANCIAL ASSETS

The breakdown of the other non-financial assets as of June 30, 2021 and December 31, 2020 is as follows:

Description 06/30/2021 12/31/2020
Investment property (see Exhibit F) 1,203,229 1,228,399
Advanced prepayments 1,027,732 584,267
Tax advances 137,193 757,280
Other 162,162 227,359
Total 2,530,316 2,797,305
13. RELATED PARTIES

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

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

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

- 33 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

As of June 30, 2021 and December 31, 2020, amounts balances related to transactions generated with related parties are as follows:

As of June 30, 2021
Main subsidiaries (1)
Macro
Bank
Limited 		Macro
Securities
SA 		Macro
Fondos
SGFCISA 		Argenpay
SAU 		Associates Key
management
personnel (2) 		Other
related
parties 		Total
Assets
Cash and deposit in banks 767 767
Other financial assets 70,026 286,455 356,481
Loans and other financing (3)
Overdraft 54,071 561,172 615,243
Credit Cards 64,832 36,742 101,574
Lease 13,730 13,730
Personal loans 1,526 1,526
Mortgage loans 228,741 228,741
Other loans 888,047 7,814 1,111,363 2,007,224
Guarantee granted 852,832 852,832
Total assets 767 888,047 70,026 356,984 2,862,294 4,178,118
Liabilities
Deposits 6 1,363,714 154,553 24,303 52,264 1,537,949 2,079,987 5,212,776
Other financial liabilities 177 13,494 13,671
Other non-financial liabilities 11,341 11,341
Total liabilities 6 1,363,714 154,553 24,303 52,264 1,538,126 2,104,822 5,237,788
(1) These transactions are eliminated during the consolidation process.
(2) Includes close family members of the key management personnel.
(3) The maximum financing amount for loans and other financing as of June 30, 2021 for Macro Securities SA, Key management personnel and other related parties amounted to 889,080, 479,659 and 3,876,296, respectively.
As of December 31, 2020
Main subsidiaries (1)
Macro
Bank
Limited 		Macro
Securities
SA 		Macro
Fondos
SGFCISA 		Argenpay
SAU 		Associates Key
management
personnel (2) 		Other
related
parties 		Total
Assets
Cash and deposit in banks 845 845
Repo transaction 961,722 961,722
Other financial assets 185 185
Loans and other financing (3)
Documents 1,915 1,915
Overdraft 41,049 509,341 550,390
Credit Cards 56,794 13,789 70,583
Lease 1,296 6,546 7,842
Personal loans 14,602 14,602
Mortgage loans 105,489 105,489
Other loans 892,030 476,845 1,368,875
Guarantee granted 1,042,324 1,042,324
Total assets 845 1,855,048 217,934 2,050,945 4,124,772

- 34 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

As of December 31, 2020
Main subsidiaries (1)
Macro
Bank
Limited 		Macro
Securities
SA 		Macro
Fondos
SGFCISA 		Argenpay
SAU 		Associates Key
management
personnel (2) 		Other
related
parties 		Total
Liabilities
Deposits 9 841,453 163,691 71,405 54,314 777,831 4,733,794 6,642,497
Other financial liabilities 19,569 203 14,805,504 14,825,276
Other non-financial liabilities 14,316 14,316
Total liabilities 9 861,022 163,691 71,405 54,314 778,034 19,553,614 21,482,089
(1) These transactions are eliminated during the consolidation process.
(2) Includes close family members of the key management personnel.
(3) The maximum financing amount for loans and other financing as of December 31, 2020 for Macro Securities SA, Key management personnel and other related parties amounted to 896,053, 1,249,917 and 5,856,843, respectively.

Profit or loss related to transactions generated during the six-month periods ended June 30, 2021 and 2020 with related parties are as follows:

As of June 30, 2021
Main subsidiaries (1)
Macro
Bank
Limited 		Macro
Securities
SA 		Macro
Fondos
SGFCISA 		Argenpay
SAU 		Associates Key
management
personnel (2) 		Other
related
parties 		Total
Income / (loss)
Interest income 1,717 58,913 807,203 867,833
Interest expense (3,497 ) (7,569 ) (22,141 ) (47,596 ) (80,803 )
Commissions income 6,256 54 72 7 8,183 14,572
Commissions expense (11 ) (145 ) (156 )
Other operating income 1 2,826 14 2,841
Administrative expense (102,061 ) (102,061 )
Other operating expense (30,803 ) (30,803 )
Income / (loss) 1 7,302 54 (7,497 ) 36,768 634,795 671,423
(1) These transactions are eliminated during the consolidation process.
(2) Includes close family members of the key management personnel.

- 35 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

As of June 30, 2020
Main subsidiaries (1)
Macro
Bank
Limited 		Macro
Securities
SA 		Macro
Fondos
SGFCISA 		Argenpay
SAU 		Associates Key
management
personnel (2) 		Other
related
parties 		Total
Income / (loss)
Interest income 2,878 58,141 490,654 551,673
Interest expense (4,263 ) (1,838,656 ) (34,818 ) (1,877,737 )
Commissions income 4,512 179 33 53 18,159 22,936
Commissions expense (150 ) (294 ) (444 )
Income from measurement of financial instruments at fair value through profit or loss 5,206 5,206
Other operating income 3 2 17 22
Allowance for loan losses (13,500 ) (13,500 )
Administrative expense (96,703 ) (96,703 )
Other operating expense (61,867 ) (61,867 )
Income / (loss) 3 (6,110 ) 179 2 (4,230 ) (1,780,612 ) 320,354 (1,470,414 )
(1) These transactions are eliminated during the consolidation process.
(2) Includes close family members of the key management personnel.

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

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

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2021 and 2020, totaled 263,709 and 175,444, respectively.

In addition, fees received by the Directors as of June 30, 2021 and 2020 amounted to 739,959 and 1,394,378, respectively.

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

Composition 06/30/2021 12/31/2020
Board of Directors 21 22
Senior managers of the key management personnel 12 11
Total 33 33
14. OTHER FINANCIAL LIABILITIES

The breakdown of the other financial liabilities as of June 30, 2021 and December 31, 2020 is as follows:

- 36 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Description 06/30/2021 12/31/2020
Credit and debit card settlement - due to merchants 20,363,000 21,560,253
Amounts payable for spot purchases of foreign currency pending settlement 6,632,526 10,589,872
Amounts payable for other spot purchases pending settlement 3,470,633 19,433,805
Payment orders pending settlement foreign exchange 2,515,221 3,851,349
Collections and other transactions on account and behalf others 1,682,677 1,771,515
Finance leases liabilities 1,386,551 1,473,222
Amounts payable for spot purchases of government securities pending settlement 1,184,315 527,053
Other 3,130,513 2,472,426
Total 40,365,436 61,679,495
15. PROVISIONS

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

Exhibit J "Changes in Provisions" presents the changes in provisions, as of June 30, 2021 and December 31, 2020.

The expected terms to settle these obligations are as follows:

06/30/2021
Description Within 12 months

Beyond 12

Months

 06/30/2021 12/31/2020
For administrative, disciplinary and criminal penalties 718 500 1,218 900
Letters of credits, guarantees and other Commitments (1) 16,185 16,185 21,564
Commercial claims in progress (2) 182,786 78,337 261,123 863,632
Labor lawsuits 79,882 130,421 210,303 285,428
Pension funds - reimbursement 41,293 65,811 107,104 111,351
Other 30,226 337,303 367,529 352,011
Total 351,090 612,372 963,462 1,634,886
(1) These amounts correspond to the ECL calculated for contingent transactions which are mentioned in note 4.
(2) See also note 37.2.

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

16. OTHER NON-FINANCIAL LIABILITIES

The breakdown of other non-financial liabilities as of June 30, 2021 and December 31, 2020 is as follows:

- 37 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Description 06/30/2021 12/31/2020
Dividends payables (see note 28) 26,580,415 20,778,766
Salaries, bonuses and payroll taxes payables 5,619,588 6,153,149
Withholdings 4,546,716 5,184,030
Taxes payables 2,453,286 2,241,287
Miscellaneous payables 1,334,998 1,788,031
Retirement pension payment orders pending settlement 477,993 513,246
Fees payables 24,221 631,195
Other 556,601 754,924
Total 41,593,818 38,044,628
17. ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED

The following tables show the analysis of financial assets and liabilities the Bank expects to recover and settle as of June 30, 2021 and December 31, 2020:

06/30/2021 Without due
date 		Total up to
12 months 		Total over
12 months
Assets
Cash and deposits in banks 143,464,821
Debt securities at fair value through profit or loss 52,876,832 9,065,589
Derivative financial instruments 3,640
Repo transactions 13,051,632
Other financial assets 1,658,112 9,085,958 4,656,032
Loans and other financing (1) 741,988 177,954,045 93,849,795
Other debt securities 206,880,142 25,246,702
Financial assets delivered as guarantee 14,135,606 306,938
Equity instruments at fair value through profit or loss 2,086,922
Total assets 162,087,449 460,159,187 132,818,118
Liabilities
Deposits 254,547,859 237,751,545 9,449
Financial liabilities at fair value through profit or loss 11,599
Derivative financial instruments 1,700
Repo transactions 275,381
Other financial liabilities 39,472,236 893,200
Financing received from the BCRA and other financial institutions 697,890 11,225
Issued corporate bonds 2,431,593
Subordinated corporate bonds 802,511 38,290,680
Total liabilities 254,547,859 281,444,455 39,204,554

- 38 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

12/31/2020

Without due

date

Total up to
12 months 		Total over
12 months
Assets
Cash and deposits in banks 162,880,917
Debt securities at fair value through profit or loss 65,828,616 3,077,808
Derivative financial instruments 9,064
Repo transactions 49,404,999
Other financial assets 2,544,892 15,878,484 5,245,746
Loans and other financing (1) 784,466 223,178,526 98,530,055
Other debt securities 233,374,862 28,707,277
Financial assets delivered as guarantee 17,039,867 871,942
Equity instruments at fair value through profit or loss 2,084,165
Total assets 185,334,307 588,546,493 135,560,886
Liabilities
Deposits 298,750,292 313,734,853 26,846
Derivative financial instruments 288
Repo transactions 775,221
Other financial liabilities 60,705,976 973,519
Financing received from the BCRA and other financial institutions 1,103,522 48,339
Issued corporate bonds 3,194,775 2,979,832
Subordinated corporate bonds 804,947 42,181,673
Total liabilities 298,750,292 380,319,582 46,210,209
(1) The amounts included in "without due date", are related to the non-performing portfolio.
18. DISCLOSURES BY OPERATING SEGMENT

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

19. INCOME TAX
a) Inflation adjustment on income tax

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

i) Such adjustment will be applicable in the fiscal year in which the variation of the IPC will be higher than 100% for the thirty-six months before the end of the tax period.
ii) Regarding to the first, second and third fiscal year after its effective date, this procedure will be applicable if the variation of the abovementioned index, calculated from the beginning until the end of each of those fiscal years exceeds 55%, 30% and 15% for the first, second and third fiscal year of application, respectively.

- 39 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

iii) The positive or negative inflation adjustment, as the case may be, corresponding to the first, second and third fiscal years beginning on January 1, 2018, shall be allocated one third in the fiscal year for which the adjustment is calculated and the remaining two thirds in equal parts in the following two immediate fiscal years.
iv) The positive or negative inflation adjustment, corresponding to the first and second fiscal years beginning on January 1, 2019, shall be allocated one sixth to the fiscal year in which the adjustment is determined and the remaining five sixth in the following immediate fiscal years.
v) For fiscal years beginning on January 1, 2021, 100% of the adjustment may be deducted in the year in which it will be determined.

As of June 30, 2021 and December 31, 2020, all the conditions established by the income tax Law to practice the inflation adjustment are met and the current and deferred income tax was recognized, including the effects of the application of the inflation adjustment on income taxes established by Law (see the last paragraphs of this note).

b) Income tax rate

The Law No. 27541 suspended, up to fiscal years beginning on January 1, 2021 included, the income tax rate reduction that had established the Law 27430, setting up for the suspended period a rate of 30%. On June 16, 2021, through Decree 387/2021, the Law 27630 was issued. This law established for fiscal years beginning on January 1, 2021 included, a progressive tax rates scheme of 25%, 30% and 35% which will be applied, on a progressively basis, to the taxable accumulated net profit at the end of each the fiscal year.

c) The main items of income tax expense in the condensed consolidated interim financial statements are as follows:
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Current income tax expense / (profit) (1) 1,072,571 2,296,640 (1,848,527 ) 4,472,168
Loss for deferred income taxes 67,399 1,181,574 5,492,555 5,204,380
Monetary effects 146,942 379,670 267,726 477,251
Income tax loss recorded in the statement of income 1,286,912 3,857,884 3,911,754 10,153,799
Income tax loss recorded in other comprehensive income 240,141 541,056 448,931 105,957
Total 1,527,053 4,398,940 4,360,685 10,259,756

(1) See the following paragraph.

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

- 40 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

In addition, on October 24, 2019 Banco Macro SA filed to AFIP-DGI two requests for the recovery of payments established by the first paragraph of section 81 Law 11683, in order to obtain the return of the amounts of 4,782,766 and 5,015,451 (not restated), paid to the tax authority as income tax for the fiscal years 2013 to 2017 and 2018, respectively, due to the impossibility to apply the inflation adjustment method established by the Income Tax Law (before the amendments include by Laws 27430 and 27468, for the fiscal years 2013 to 2017, and as per 2019 and amendments, for the fiscal year 2018), plus the related compensatory interest (files SIGEA Nº 19144-14224/2019 and 19144-14222/2019). As the regulatory authority has not resolved the abovementioned claims, on August 7, 2020 the Bank filed, under the terms of the second paragraph of section 81 Law 11683, the requests for the recovery of payment to the Federal Civil and Commercial Court of Appeal which are in process at Court Nº 8 and 2, respectively (Files 11285/2020 and 11296/2020).

Additionally, on July 23, 2021, the Bank filed with AFIP a request for recovery of payment for an amount of 254,305 paid as income tax for the fiscal year 2020.

On December 19, 2019 the AFIP notified the beginning of an income tax audit for the period 2018, and on May 3, 2021, the Bank became aware that the same regulatory agency began an income tax audit for the periods 2013 to 2017, both included.

20. COMMISSIONS INCOME
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Performance obligations satisfied at a point in time
Commissions related to obligations 4,214,455 8,091,542 3,966,269 8,137,981
Commissions related to credit cards 2,335,942 4,792,895 2,517,791 5,142,614
Commissions related to insurance 468,755 946,997 502,884 991,335
Commissions related to trading and foreign exchange transactions 172,313 337,957 153,744 277,783
Commissions related to securities value 129,507 272,516 151,938 286,252
Commissions related to loans and other financing 39,179 63,707 121,163 146,166
Commissions related to financial guarantees granted 1,122 1,257 280 488
Performance obligations satisfied over certain time period
Commissions related to credit cards 72,872 160,067 107,297 228,002
Commissions related to trading and foreign exchange transactions 7,576 17,620 10,100 23,884
Commissions related to obligations 190 393 366 1,040
Commissions related to loans and other financing 8 308 462 561
Commissions related to financial guarantees granted 79 1
Total 7,441,919 14,685,338 7,532,294 15,236,107

- 41 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

21. DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Translation of foreign currency assets and liabilities into pesos 574,514 1,788,526 953,198 1,718,604
Income from foreign currency exchange 65,259 200,733 226,710 304,002
Total 639,773 1,989,259 1,179,908 2,022,606
22. OTHER OPERATING INCOME
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Services 818,662 1,571,516 847,316 1,904,910
Adjustments and interest from other receivables 320,823 553,560 210,510 466,124
Other receivables for financial intermediation 179,971 521,961 47,365 47,365
Adjustments from other receivables with CER clauses 93,991 160,444 46,503 110,435
Sale of property, plant and equipment 219 2,114 627 679
Initial recognition of loans (3,326 ) 26,892 26,892
For derecognition or substantial modification of financial liabilities 283,859 283,859
Other (893 ) 429,562 134,781 497,126
Total 1,409,447 3,239,157 1,597,853 3,337,390
23. EMPLOYEE BENEFITS
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Remunerations 6,079,487 11,884,850 6,511,124 12,023,659
Payroll taxes 1,393,189 2,700,050 1,449,232 2,674,005
Compensations and bonuses to employees 737,956 1,504,537 516,636 1,094,311
Employee services 184,277 358,146 135,694 300,989
Total 8,394,909 16,447,583 8,612,686 16,092,964

- 42 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

24. ADMINISTRATIVE EXPENSES
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Maintenance, conservation and repair expenses 661,802 1,307,661 688,719 1,330,311
Taxes 598,565 1,199,220 546,396 1,155,359
Armored truck, documentation and events 522,230 1,095,717 676,437 1,223,232
Electricity and communications 431,511 873,712 491,341 983,836
Security services 416,207 834,216 450,610 915,191
Other fees 386,451 668,470 269,745 560,408
Software 307,141 659,930 344,124 661,111
Advertising and publicity 169,956 234,021 123,833 215,239
Fees to directors and syndics 101,582 217,975 429,279 909,521
Insurance 55,026 105,566 56,041 96,965
Representation, travel and transportation expenses 40,791 72,904 32,810 85,566
Stationery and office supplies 25,313 47,400 27,753 58,446
Leases 19,101 53,700 41,227 77,307
Hired administrative services 1,534 4,297 734 1,751
Other 149,366 300,496 183,064 320,736
Total 3,886,576 7,675,285 4,362,113 8,594,979
25. OTHER OPERATING EXPENSES
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Turnover tax 3,614,536 7,493,647 3,496,366 7,365,665
For credit cards 1,242,072 2,684,479 1,424,783 2,743,563
Deposit guarantee fund contributions 208,154 457,708 215,157 406,712
Charges for other provisions 180,122 622,300 294,052 769,405
Taxes 86,236 188,936 184,806 382,644
Interest on lease liabilities 47,352 93,133 66,331 118,109
Loss from sale or impairment of investments in properties and other non-financial assets 31,257 57,077 19,039 21,133
Insurance claims 14,022 25,993 24,448 47,717
Donations 1,145 1,969 33,840 205,013
For administrative, disciplinary and criminal penalties 533 34,566
Other 842,478 1,661,377 399,497 940,641
Total 6,267,907 13,321,185 6,158,319 13,000,602

- 43 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

26. ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

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

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

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

- Operating activities: the normal revenue-producing activities of the Bank as well as other activities that cannot qualify as investing or financing activities.
- Investing activities: the acquisition, sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.
- Financing activities: activities that result in changes in the size and composition of the shareholders' equity and liabilities of the Bank and that are not part of the operating or investing activities.

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

Description 06/30/2021 12/31/2020 06/30/2020 12/31/2019
Cash and deposits in banks 143,464,821 162,880,917 156,052,910 171,777,625
Debt Securities at fair value through profit or loss 4,035,163
Other debt securities 126,616,687 166,952,769 164,035,311 79,185,529
Loans and other financing 478,634 527,271 529,117 510,956
Total 274,595,305 330,360,957 320,617,338 251,474,110
27. CAPITAL STOCK

The Bank's subscribed and paid-in capital as of June 30, 2021, amounted to 639,413. Since December 31, 2018, the Bank's capital stock has changed as follows:

Capital stock
issued and
paid-in 		Issued
outstanding 		In treasury
As of December 31, 2018 669,663 640,715 28,948
Own shares acquired (1) (1,317 ) 1,317
Capital stock decrease (2) (30,265 ) (30,265 )
Capital stock increase (3) 15 15

As of June 30, 2021 and December 31, 2020 and 2019

 639,413 639,413
(1) Related to the repurchase of the Bank's own shares under the programs established by the Bank's Board of Directors on August 8, 2018, October 17, 2018 and December 20, 2018 with the purpose of reducing share price fluctuations, minimizing possible temporary imbalances between market supply and demand.

- 44 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The Program dated on August 8, 2018, established, that the maximum amount of the investment amounted to 5,000,000 and the maximum numbers of shares to be acquired were equivalent to 5% of the capital stock. At the end of this program the Bank had acquired 21,463,005 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote for an amount of 9,709,068 (nominal value: 3,113,925).

The Program dated on October 17, 2018, established the start over of the repurchase of the Bank's own shares, with the pending use of funds of the abovementioned Program, already expired. At the end of this program, the Bank had acquired 6,774,019 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote for an amount of 2,765,285 (nominal value: 995,786).

The Program dated on December 20, 2018, established that the maximum amount of the investment amounted to 900,000 and the maximum numbers of shares to be acquired were equivalent to 1% of the capital stock. At the end of this program the Bank had acquired 2,028,251 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote for an amount of 782,659 (nominal value: 298,196) of which, as of December 31, 2018 were settled 711,386 common shares for an amount of 258,142 (nominal value: 98,353), and in January 2019 were settled 1,316,865 common shares for an amount of 524,517 (nominal value: 199,843).

(2) Related to capital stock decrease approved by the Shareholders' Meeting of Banco Macro SA held on April 30, 2019 for an amount of 30,265, equivalent to 30,265,275 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote, equivalent to all the own shares acquired mentioned in (1). On August 14, 2019 the Bank was notified that the capital stock decrease was registered at the Public Registry of Commerce.
(3) Related to the capital stock increase through the issuance of 15,662 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote, approved by Shareholders' Meeting mentioned in (2), due to the merger effects between Banco Macro SA and Banco del Tucumán SA. On October 29, 2019 the Bank was notified that the capital stock increase was registered at the Public Registry of Commerce.
28. EARNINGS PER SHARE - DIVIDENDS

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

To determine the weighted average number of common shares outstanding during the period, the Bank used the number of common shares outstanding at the beginning of the period adjusted, if applicable, by the number of common shares bought back or issued during the period multiplied by the number of days that the shares were outstanding in the period. Note 27 provides a breakdown of the changes in the Bank's capital stock.

The calculation of basic earnings per share is disclosed in the table of Earnings per share included in the consolidated statement of income. See additionally note 38 and the Earning distribution proposal.

Dividends paid and proposed

The Shareholders' Meeting held on April 30, 2020, resolved to distribute cash dividends for 12,788,268 (not restated), which considering the number of shares outstanding at the date of such resolution, represented 20 pesos per share (not restated). According to Communiqué "A" 7035, the Central Bank extended the suspension of payment on earning distributions up to December 31, 2020. Afterwards, through Communiqué "A" 7181, such suspension was extended up to June 30, 2021. On June 24, 2021, the BCRA through Communiqué "A" 7312, decided to extend the abovementioned suspension up to December 31, 2021. The Shareholders' Meeting held on October 21, 2020, resolved to distribute a supplementary cash dividend which will be calculated by multiplying the dividend of 20 pesos per share already approved by the Shareholders' Meeting held on April, 30 2020, by the coefficient obtained after dividing the most recent CPI published by the INDEC and informed by such entity to the date on which the BCRA issues its authorization for the payment, by the CPI for the month of April 2020. The aggregate amount to be distributed for this purpose may not exceed the amount of 3,791,722 (not restated).

- 45 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The Shareholders' Meeting held on April 30, 2021, resolved to distribute cash dividends or dividends in kind, in this case, measured at market value, or any combination of both alternatives for an amount of 10,000,426 (not restated) which considering the number of shares outstanding at the date of such resolution, represented 15.64 pesos per share (not restated), subject to prior authorization of BCRA. As mentioned in the previous paragraph and according to Communiqué "A" 7312, the cash dividends payment is suspended, up to December 31, 2021. For further information see also note 38.

29. DEPOSIT GUARANTEE INSURANCE

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

Banco Macro SA holds an 8.4180% interest in the capital stock of Sedesa according to the percentages disclosed by BCRA Communiqué "B" 12152 on April 14, 2021.

All deposits in pesos and foreign currency placed in participating entities in the form of checking accounts, savings accounts, certificates of deposits or other forms of deposit that the BCRA may determine from time to time shall be subject to the abovementioned Deposit Guarantee Insurance System up to the amount of 1,500 which must meet the requirements provided for in Presidential Decree 540/1995 and other requirements that the regulatory authority may from time to time determine. On the other hand, the BCRA provided for the exclusion of the guarantee system, among others, of any deposits made by other financial entities, deposits made by persons related to the Bank and securities deposits.

30. RESTRICTED ASSETS

As of June 30, 2021 and December 31, 2020, the following Bank's assets are restricted:

Item 06/30/2021 12/31/2020
Debt securities at fair value through profit or loss and other debt securities
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 used as security in favor of Sedesa (1). 164,376 183,549
· Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021, securing the sectorial Credit Program of the Province of San Juan. Production investment financing fund. 76,337 76,673
· Federal Government Treasury Bonds in pesos adjusted by CER 1.30% maturity 09/20/2022 as of June 30, 2021 and Federal Government Treasury letters at discount in pesos maturity 01/29/2021 as of December 31, 2020, securing the transaction of MAE Futuro Garantizado CPC2. 74,500 24,564
· Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021 securing the regional economies Competitiveness Program - IDB loan No. 3174/OC-AR. 49,121 49,338
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the CNV. 36,954 41,264
· Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021 for the contribution to the Guarantee Fund II in BYMA according to section 45 Law 26831 and supplementary regulations established by CNV standards (NT 2013, as amended). 7,468 4,000
Subtotal debt securities at fair value through profit or loss and other debt securities 408,756 379,388

- 46 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Item (contd.) 06/30/2021 12/31/2020
Other financial assets
· Mutual fund shares for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/13, as amended, of the CNV. 116,181 129,400
· Sundry debtors - Other. 5,096 14,361
· Sundry debtors - attachment within the scope of the claim filed by the DGR against the CABA for differences on turnover tax. 827 1,036
Subtotal Other financial assets 122,104 144,797
Loans and other financing - non-financial private sector and foreign residents
· Interests derived from contributions made as contributing partner (2). 335,000 325,843
Subtotal loans and other financing 335,000 325,843
Financial assets delivered as a guarantee
· Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities. 12,168,007 15,089,989
· Guarantee deposits related to credit and debit card transactions. 1,638,361 1,651,611
· Other guarantee deposits. 329,238 298,266
· For securities forward contracts. 306,938 871,943
Subtotal Financial assets delivered as a guarantee 14,442,544 17,911,809
Other non-financial assets
· Real property related to a call option sold 270,555 271,227
Subtotal other non-financial assets 270,555 271,227
Total 15,578,959 19,033,064

(1) As replacement for the preferred shares of former Nuevo Banco Bisel SA 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. Due to the Bank paid such obligations on August 12, 2021, as of the date of issuance of these condensed consolidated interim financial statements, the pledge over the discount bonds in pesos regulated by Argentine legislation was lifted.
(2) As of June 30, 2021 and December 31, 2020 it is related to the risk fund Fintech SGR and Garantizar SGR. In order to keep tax benefits related to these contributions, they must be maintained between two and three years from the date they were made.

Moreover, on November 9, 2020 the Bank paid 16,473 for a call option which gives right to increase up to 24.99% the Bank's interest in the capital stock of Fintech SGR.

31. TRUST ACTIVITIES

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

- 47 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

31.1. Financial trusts for investment purposes

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

In addition, the Bank's portfolio is completed with financial trusts for investment purposes, trust securities of definitive financial trusts in public and private offering (Secubono) and certificates of participation (Arfintech).

As of June 30, 2021 and December 31, 2020, debt securities and certificates of participation in financial trusts for investment purposes, total 419,792 and 713,047, respectively.

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

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

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

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed consolidated interim financial statements, the assets managed through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 9,604 and 8,323, respectively.

31.3. Trusts guaranteeing loans granted by the Bank

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

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

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed consolidated interim financial statements, the assets managed by the Bank amounted to 2,147,039 and 2,583,741, respectively.

31.4. Trusts in which the Bank acts as trustee (management)

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

- 48 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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 June 30, 2021 and December 31, 2020, considering the latest available accounting information as of these condensed consolidated interim financial statements, the assets managed by the Bank amounted to 12,028,847 and 11,637,825, respectively.

32. COMPLIANCE WITH CNV REGULATIONS

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

32.1.1 Operations of Banco Macro SA

Considering Banco Macro SA's current operations, and according to the different categories of agents established by CNV rules (as per General Resolution No. 622/2013, as amended), the Bank is registered with this agency as agent for the custody of collective investment products of mutual funds (AC PIC FCI, for their acronyms in Spanish) - Depositary company comprehensive clearing and settlement agent and trading agent (ALyC and AN - comprehensive, for their acronyms in Spanish), financial trustee agent (FF, for its acronym in Spanish) and Guarantee Entity (in the process of being registered).

Additionally, the Bank's shareholders' equity as of June 30, 2021 stated in UVAs amounted to 2,249,411,821 and exceeds minimum amount required by this regulation for the different categories of agents in which the Bank is registered, amounting to 1,420,350 UVAs as of that date, and the minimum statutory guarantee account required of 710,175 UVAs, which the Bank paid-in with government securities as described in note 30 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

32.1.2 Operations of Macro Securities SA

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

Additionally, the shareholders' equity of such Company as of June 30, 2021 stated in UVAs amounted to 27,717,078 and exceeds the minimum amount required by this regulation, amounting to 470,350 UVAs and the minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders' equity, which the Company paid-in with mutual fund shares. Moreover, the agents "ACyD FCI" are required to have a minimum Shareholder's equity up to 2,500.

- 49 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

Considering the current operations of this subsidiary, and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013, as amended, issued by such agency, such Company is registered as agent for the Administration of Collective Investment Products of Mutual Funds.

Additionally, the shareholders' equity of this Company as of June 30, 2021 stated in UVAs amounted to 4,895,500 and exceeds the minimum amount required by this regulation, amounting to 150,000 UVAs plus 20,000 UVAs per each additional mutual fund it manages. The minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders' equity, which the Company paid-in with mutual fund shares.

32.1.4 Operations of Macro Fiducia SA

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

Additionally, the shareholders' equity of such Company as of June 30, 2021 and December 31, 2020 stated in UVAs amounted to 1,073,598 and 1,142,819, respectively, and exceeds the minimum amount required by General resolution No. 795 established in 950,000 UVAs. The minimum statutory guarantee account requires a minimum of 50% of the minimum amount of Shareholders' equity, which the Company paid-in with mutual fund shares. The CNV through General resolution No. 825, decided that the 50% of the amounts required as of June 30, 2021 and December 31, 2020, shall be credited and the Shareholders' equity may not be less than 6,000.

32.2 Documents in custody

As a general policy, the Bank delivers for custody to third parties the documentary support of its aged accounting and management operations, i.e. those whose date is prior to the last fiscal year-end, except for the Inventory Book, in which aging is deemed to include those with a date prior to the two fiscal years ended. In compliance with CNV General Resolution No. 629 requirements, the Bank has placed (i) the Inventory Books for fiscal years ended through December 31, 2017 included, and (ii) certain documentation supporting the economic transactions for fiscal years ended through December 31, 2017, 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 Agustín Tosco with no number, Colectora Sur, between Puente San Carlos and Puente 60 blocks, Province of Córdoba and Avenida Luis Lagomarsino 1750, formerly Ruta 8 Km 51.200, Pilar, Province of Buenos Aires).

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

32.3 As depositary of mutual funds

As of June 30, 2021 Banco Macro SA, in its capacity as depositary company, holds in custody the shares in mutual funds subscribed by third parties and assets from the following mutual funds:

Funds Number of shares Equity
Pionero Acciones 9,071,173 371,299
Pionero Ahorro Dólares 3,582,433 311,696
Pionero Argentina Bicentenario 419,358,269 1,219,328
Pionero Capital 2,001,659,117 2,234,024
Pionero Empresas FCI Abierto Pymes 243,377,726 1,553,911

- 50 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Funds (contd.) Number of shares Equity
Pionero FF 36,125,224 677,263
Pionero Gestión 874,727,220 1,142,591
Pionero Pesos 502,872,127 5,124,182
Pionero Pesos Plus 7,705,559,592 47,210,084
Pionero Renta 97,271,809 5,955,020
Pionero Renta Ahorro 131,065,621 2,985,743
Pionero Renta Ahorro Plus 254,635,069 1,265,550
Pionero Renta Estratégico 710,168,940 2,413,339
Pionero Renta Fija Dólares 2,908,799 202,049
Pionero Renta Mixta I 24,814,206 132,743
Argenfunds Abierto Pymes 3,203,933,434 7,524,153
Argenfunds Ahorro Pesos 194,361,765 2,131,089
Argenfunds Liquidez 3,647,271,733 6,834,398
Argenfunds Renta Argentina 7,991,639 31,197
Argenfunds Renta Balanceada 613,347,147 3,116,515
Argenfunds Renta Capital 28,098,367 2,753,282
Argenfunds Renta Crecimiento 26,205,527 2,499,319
Argenfunds Renta Dinámica 514,155 13
Argenfunds Renta Fija 163,461,043 2,785,900
Argenfunds Renta Flexible 1,053,959,088 3,919,563
Argenfunds Renta Global 8,983,257 38,119
Argenfunds Renta Mixta 4,924,522 14
Argenfunds Renta Mixta Plus 353,432 27,712
Argenfunds Renta Pesos 113,452,667 901,022
Argenfunds Renta Total 835,175,866 1,004,502
Argenfunds Renta Variable 297,029,046 6,709
Argenfunds Retorno Absoluto 595,552,587 1,349,226
33. ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for June 2021 are listed below, indicating the amounts as of month-end of the related items:

- 51 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Description Banco Macro SA
Cash and deposits in banks
Amounts in BCRA accounts 77,411,304
Other debt securities
Liquidity letters of Central Bank of Argentina computable for the minimum cash requirements 43,628,554
Government securities computable for the minimum cash requirements 18,344,486
Financial assets delivered as guarantee
Special guarantee accounts with the BCRA 12,168,007
Total 151,552,351
34. PENALTIES APPLIED TO THE ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE BCRA

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

Next follows a description of the situation of Banco Macro SA as of June 30, 2021:

Summary proceedings filed by the BCRA

Financial summary proceedings: No. 1496 dated 02/24/2016. Penalty amount: 30,608 (not restated).

Reason: control observations over subsidiaries.

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

Status: pending resolution before the BCRA. On 04/07/2016, we filed the defenses and evidence. On 05/18/2016 we requested on behalf of Mr. Delfín Jorge Ezequiel Carballo the resolution of the motion for lack of standing to be sued. On 09/09/2020 - notified on 02/22/2021, the BCRA filed Resolution No. 132/20 which acquitted Delfín Jorge Ezequiel Carballo and imposed a fine to the Bank and other responsible directors. On 03/01/2021 the Bank paid the fines. On 03/15/2021 the Bank filed a direct appeal against such resolution to the BCRA, which will be decided at Courtroom I of the Federal Civil and Commercial Court of Appeals (CNACAF, for its acronym in Spanish), where is pending resolution.

Penalties imposed by the Financial Information Unit (UIF)

File: No. 62/2009 dated 01/16/2009.

Reason: observations on the purchase of foreign currency from April 2006 through August 2007. Penalty amount: 718 (not restated).

Penalty imposed on: Banco Macro SA and those in charge of anti-money laundering regulation compliance (Juan Pablo Brito Devoto and Luis Carlos Cerolini).

Status: the UIF passed Resolution No. 72/2011 on 06/09/2011, imposing fines to those responsible. After successive remedies filed by the Bank, part of the fines were dismissed in relation to statute-barred periods, and the decision became final on 06/25/2019; therefore, the case file will be submitted to the UIF to readjust fines to the open period. As of the date, is pending that UIF readjust the fines related to transactions performed during the period beginning on 3/5/2007 and since 4/17/2007 to 8/22/2007 according to Courtroom III resolution of CNACAF dated 10/31/2016. On 04/27/2021 UIF, in compliance with what was ruled by Courtroom IV and Courtroom III of CNACAF, filed the Resolution No. 028 and readjusted the imposed fine for an amount of 502 which was paid by the Bank on 07/07/2021. This file is closed.

- 52 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

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

Status: on 12/26/2016 the UIF passed Resolution No. 164/16 imposing fines on those responsible and issuing a favorable decision on the plea of lack of capacity to be sued lodged by Messrs. Carballo and Magnanini. Against such resolution, the Bank and the individual responsibles filed direct appeals, which will be decided at Room III of the CNACAF. Such appeals were dismissed through a final sentence dated 07/18/2019. The term to file the federal extraordinary appeal against such resolution is already running. On 08/15/2019, the Bank filed a federal extraordinary appeal which was dismissed through resolution dated 09/26/2019. Against such resolution, on 10/03/2019 the Bank filed an appeal to Argentine Supreme Court (CSJN, for its acronym in Spanish), which is pending resolution from CSJN.

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

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

Reason: potential non-compliance with the obligation to inform a "Significant Event". Penalty amount: 500.

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

Status: on 10/28/2014 the Bank and the persons involved filed their defenses offering evidence and requesting their acquittal. On 08/03/2015 the term to produce evidence was closed and on 08/19/2015 the defendants lodged their memorials. On 03/04/2021, the Board of Directors of CNV, filed a resolution dismissing the nullity and imposing a fine to the Bank jointly and severally with its Directors at the moment when the facts where investigated. Against such resolution, on 05/03/2021 a direct appeal was filed.

File: 2577/2014 (CNV Resolution No. 18863) dated 07/20/2017.

Reason: potential non-compliance with de provisions of section 59, Law 19550, and paragraph 1 of Chapter 6 Section 19 of Article IV of Chapter II of CNV Rules (Revised 2013, as amended) in force at the time of the issues under analysis.

- 53 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Persons subject to summary proceedings: Banco Macro SA, in its capacity as custody agent of collective investment products of mutual funds, regular directors and regular members of the Statutory Audit Committee (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito, Juan Pablo Brito Devoto, Luis Carlos Cerolini, Federico Pastrana, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Constanza Brito, Emmanuel Antonio Alvarez Agis, Alejandro Almarza, Carlos Javier Piazza and Vivian Haydee Stenghele).

Status: On May 22, 2019, the CNV (Argentine Securities Commission) issued Resolution No. 80/2019, whereby a warning penalty was imposed on the persons subject to the summary proceedings (except for Delfín J. E. Carballo and Federico Pastrana, as to whom the lack of capacity to be sued was sustained). On 6/7/2019, the Bank, its directors and statutory auditors filed a direct remedy requesting the abrogation of the penalty. The file was submitted to the CNACAF Courtroom II, which issued the resolution for the commencement of proceedings on 19/09/2019. The CNV has answered the served of the direct appeals filed by the Bank and Argenfunds. On 02/12/2021 the file moved to analyze in order to issue a final decision.

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

Reason: alleged breach to the contents of the Code of Procedure applicable to Anti-money Laundering and Terrorism Financing as Settlement and Clearing Agent at the time of an inspection of the CNV and to the Internal Audit Process referred to in its capacity as comprehensive settlement and clearing agent (UIF Resolution No. 229/2011, as amended).

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

Status: on 04/23/2019, UIF passed Resolution No. 41, whereby it imposed fines to responsibles. Against such resolution, the Bank, its Board of Directors and its Statutory audits filed a direct appeal on 06/12/2019, requesting a repeal of the penalty imposed. Such appeal is in process at CNACAF. The file was submitted to Courtroom V of CNACAF that received the proceedings on 06/21/2019. The direct appeal filed was notified to UIF on 12/3/2019. On 02/19/2020, the UIF answered the mentioned served and after that the file was passed to the Public Attorney. On 07/29/2020, the case file returned from the Public Prosecutor's Office to be analyzed by the court in order to issue a decision. On 05/11/2021, the Courtroom V of the CNACAF issued a sentence dismissing the direct appeal filed by the Banco Macro SA and against that on 05/26/2021, this Bank filed a federal extraordinary appeal.

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

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

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

Status: on 05/17/2018 UIF passed resolution No. 13/2016, whereby it filed the summary proceedings related to observations over an overall inspection performed by BCRA. On 06/15/2018, the responsibles filed their defenses. On 7/2/2018, the UIF sustained the lack of capacity to be sued of Delfín Jorge Ezequiel Carballo, discarding his responsibility in this summary proceeding. The proceedings were opened to the production of evidence and closing of the evidence stage; on September 2018 the defendants lodged their memorial. On 01/08/2021 UIF filed Resolution No. 80 which imposed a fine to the Bank and the other responsibles. On 01/26/2021 through BCRA account, the fine was paid for an amount of 60. On 03/02/2021, against such resolution a direct appeal to CNACAF was deducted. The proceeding will be decided at Room IV of such jurisdiction.

- 54 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

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

Status: On 10/02/2019, Banco Macro SA and the individual responsables were passed of the initiation of the proceedings. On 10/31/2019, the Bank and the individuals subject to summary proceedings filed their defense. To date, the plea filed in relation to the statute of limitations has not been resolved yet, and no initial notification has been issued yet. On 01/07/2020, the party hearing the summary proceedings considered the defense filed and deferred the motion to dismiss for lack of capacity to be sued and statute of limitations upon issuing an opinion about the substance of the case. The administrative terms were suspended due to the social and preventive lockdown declared in the country due to Covid-19 pandemic (DNU 297/2020), until 11/29/2020, included. On 11/30/2020, terms were resumed (DNU 876/2020).

Although the above described penalties do not involve material amounts, as of the date of issuance of these condensed consolidated interim financial statements, the total amount of monetary penalties received, pending payment due to any appeal lodged by the Bank, amounts to 1.218 and was recognized according to the BCRA Communiqués "A" 5689 and 5940, as amended and supplemented.

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

35. CORPORATE BONDS ISSUANCE

The corporate bond liabilities recorded by Banco Macro SA in these condensed consolidated interim financial statements amount to:

Corporate Bonds Original value Residual face
value as of
06/30/2021 		06/30/2021 12/31/2020
Subordinated Resettable - Class A U$S 400,000,000 (1) U$S 400,000,000 39,093,191 42,986,620
Non-subordinated - Class B $ 4,620,570,000 (2) $ 2,889,191,000 2,431,593 3,046,413
Non-subordinated - Class C $ 3,207,500,000 (3) 3,128,194
Total 41,524,784 49,161,227
(1) On April 26, 2016, the general regular shareholders' meeting approved the creation of a Global Program for the Issuance of Medium-Term Debt Securities, in accordance with the provisions of Law No. 23576, as amended and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US dollars), or an equal amount in other currencies, under which it is possible to issue simple corporate bonds, not convertible into shares in one or more classes. Also, on April 28, 2017, the General and Special Shareholder' Meeting resolved to extend the maximum amount of the abovementioned Global Program up to USD 1,500,000,000 (one thousand five hundred millions US dollars).

On November 4, 2016, under the abovementioned Global Program, Banco Macro SA issued Subordinated Resettable Corporate Bonds, class A, at a fixed rate of 6.750% p.a. until reset date, fully amortizable upon maturity (November 4, 2026) for a face value of USD 400,000,000 (four hundred million US dollars), under the terms and conditions set forth in the pricing supplement dated October 21, 2016. Interest is paid semiannually on May 4 and November 4 of every year and the reset date will be November 4, 2021. Since reset date, these Corporate Bonds will accrue a benchmark reset rate plus 546.3 basis points, according to the abovementioned terms and conditions.

In addition, the Bank has the option to fully redeem the issuance as the reset date and under the conditions established in the pricing supplement after that date. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.

- 55 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

(2) On May 8, 2017, under the Global Program mentioned on item a.1), Banco Macro SA issued non-subordinated simple corporate bonds Class B not convertible into shares, at a fixed rate of 17.50%, fully amortizable upon maturity (May 8, 2022) for a face value of pesos 4,620,570,000 equivalent to USD 300,000,000 (three hundred million US dollars), under the terms and conditions set forth in the price supplement dated April 21, 2017. Interest is paid semiannually on November 8 and May 8 of every year, beginning on November 8, 2017.

In addition, the Bank may fully redeem the issuance for tax matters, but not partially. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.

On October 17, 2018 and October 16, 2019 the Board of Directors decided to pay off these corporate bonds for a face value of pesos 1,229,518,000 and pesos 501,861,000, respectively, equivalent to the amount of purchases made as those dates.

As of the date of issuance of these condensed consolidated interim financial statements the Bank made purchases of this issuance for a face value of pesos 511,495,000, with a remaining outstanding face value of pesos 2,377,696,000.

(3) On April 9, 2018, under the Global Program mention on item a.1), Banco Macro SA issued non-subordinated simple corporate bonds Class C, for a face value of pesos 3,207,500,000, at an annual variable rate equivalent to the sum of (i) Badlar private rate applicable for the related accrued period; plus (ii) applicable margin of 3.5% p.a., fully amortizable upon maturity (April 9, 2021). Interest will be paid quarterly for the periods due on July 9, October 9, January 9 and April 9 of every year, beginning on July 9, 2018.

In addition, the Bank may fully redeem the issuance for tax matters, but not partially. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.

In addition, on October 16, 2019 and January 29, 2020, the Board of Directors decided to pay off these corporate bonds for a face value of pesos 750,500,000 and pesos 44,000,000, respectively.

On April 9, 2021, the Bank cancelled the total principal and interest for a face value of 2,413,000,000.

The Shareholder´s Meeting held on April 27, 2018, resolved to increase the maximum amount of the Global Program for the Issuance of Corporate Bonds for a face value from USD 1,500,000,000 to USD 2,500,000,000 or an equal amount in other currencies, as determinated by the Board of Directors in due time. During the meeting held on April 10, 2019 the Board of Directors decided to use the maximum amount of the Global Program for the Issuance of Corporate Bonds approved on April 27, 2018, i.e., U$S 1,000,000,000 (one billon US dollars) or an equal amount in other currencies or value units, for the issuance of Corporate Bonds under CNV frequent issuers system.

36. OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank maintains different off balance sheet transactions, pursuant to the BCRA standards. Below are the amounts of the main off balance sheet transactions as of June 30, 2021 and December 31, 2020:

Item 06/30/2021 12/31/2020
Custody of government and private securities and other assets held by third parties 236,313,953 231,133,104
Preferred and other collaterals received from customers (1) 86,634,282 105,867,606
Outstanding checks not yet paid 10,439,321 9,444,643
Checks already deposited and pending clearance 8,188,941 4,785,972
(1) Related to collaterals used to secure loans transactions and other financing, under the applicable rules in force in this matter.

- 56 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

37. TAX AND OTHER CLAIMS
37.1. Tax claims

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

a) AFIP's challenges against the income tax returns filed by former Banco Bansud SA (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 former Banco Macro SA (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 CSJN in similar cases, which have issued resolutions that are favorable to the Bank's position.

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

The Bank's Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above-mentioned proceedings other than those disclosed in these condensed consolidated interim financial statements.

37.2. Other claims

In addition, before merging with and into the Bank, Banco Privado de Inversiones SA (BPI) had a pending class action styled "Adecua v. Banco Privado de Inversiones on ordinary proceedings", File No. 19073/2007, pending with Commercial Court No. 3 in and for the CABA, Clerk's Office No. 5, whereby it was required to reimburse to its clients the life insurance amounts overcharged to amounts payable as well as to reduce the amounts charged in this regard in the future; this legal proceeding was concluded upon the abovementioned merger because BPI complied in full with the terms of the court-approved agreement reached with Adecua before answering the complaint. However, in March 2013, when BPI had already been merged with and into the Bank, the trial court resolved to amend the terms of the agreement and ordered the reimbursement of amounts of money to a larger number of clients as compared to the number arising from the terms approved by the court in due time. Such resolution was appealed by the Bank as BPI's surviving company. The appeal was dismissed by the Court of Appeals, which abrogated both the trial court decision and the court-approved agreement, thus ordering the Bank to answer the complaint. This gave rise to the filing of an extraordinary appeal against such decision as well as the subsequent filing of a complaint for the extraordinary appeal denied. On May 5, 2021, the Bank was notified of the dismissal of the complaint appeal, ordering the return of the main process to the CNACAF for continuing with the proceedings.

Moreover, the Bank is also subject to three class actions initiated by consumers' associations for the same purpose, all of them currently pending with Commercial Court No. 7 in and for the CABA, Clerk's Office No. 13: a) Adecua v, Banco Macro on ordinary proceedings, File No. 20495/2007; b) Damnificados Financieros Asociación Civil Para Su Defensa et al v, Banco Macro on summary proceedings, File No. 37729/2007; c) Unión de Usuarios y Consumidores v. Nuevo Banco Bisel on ordinary proceedings, File No. 44704/2008. Regarding the actions mentioned in a) and b), on February 1, 2021, an agreement was reached and filed for court-approval effects. On such agreement, the Bank assumed to reimburse to its clients and former clients under the agreement, the 75% (seventy five percent) of the difference between the premium collected for life insurance over the debt balance of several products, and the amount that results for applying 2.45 per thousand on the assured amounts for the period between May 2, 2004, and July 31, 2011, both included, plus interest at the current rate of Banco de la Nación Argentina until the final approval of the agreement. On March 16, 2021, the agreement was approved by the Court. On April 8, 2021, the Bank completed the first stage of the approved agreement, while the rest of it will be fulfilled between May and November 2021.

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

- 57 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Furthermore, in other case the Bank was challenged for charging credit card users until December 2014 a commission for "purchase limit excess" that consisted of a percentage over the purchase limit excess amount. It was styled "User and Consumer Union et. al v. Banco Macro SA on summary proceedings" [Unión de Usuarios y Consumidores y otro c/ Banco Macro SA s/ Sumarísimo], file No. 31958/2010, pending with Commercial Court No. 1 in and for the CABA, Clerk's Office No 1. On 03/15/2019 a court order was passed against the Bank from a trial court that ordered the reimbursement for all the collected amounts plus VAT and interest. Although this court decision was appealed, the Entity understands that there is a low probability that a favorable ruling shall be obtained from the trial court, as the Entity became aware of that the Court of Appeals approved related actions against other two banks, an agreement was reached and filed for court-approval effects on 11/03/2020. On such agreement, the Bank compromised to reimburse to credit card users for the period from August 2007 to December 2014, the amounts collected over the abovementioned concepts plus VAT over such commissions and interest calculated at the average current rate for Documents transactions in force at the Banco de la Nación Argentina. On August 26, 2020, the agreement was approved by the judge. On October 28, 2020, the first stage of the agreement was fulfilled while the second stage will be fulfilled in the next 12 months.

The Bank's Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above-mentioned proceedings other than those disclosed in these condensed consolidated interim financial statements.

38. RESTRICTION ON DIVIDENDS DISTRIBUTION
a) According to BCRA regulations, 20% of Banco Macro SA income for the year, without including Other comprehensive income, for the year plus/less prior-year adjustments and less accumulated losses as for the prior year-end, if any, should be allocated to the legal retained earnings.
b) Through Communiqué "A" 6464, the BCRA establishes the general procedure to distribute earnings. According to that procedure, earnings may only be distributed if certain circumstances are met, such as no records of financial assistance from the BCRA due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies and not being subject to the provisions of sections 34 and 35 bis of the Financial Entities Law (sections dealing with tax payment and restructuring agreements and reorganization of the Bank), among other conditions listed in the abovementioned communiqué that must be met. In addition, as established by BCRA Communiqué "A" 6768, the earnings distribution approved by the Shareholders' Meeting of the Bank could only be formalized once the Superintendence of Financial and Foreign Exchange Institutions assesses the potential effects of the application of IFRS according to Communiqué "A" 6430 (section 5.5 IFRS 9 "Impairment"), the reduction of the lower loss allowances and a higher computable equity (RPC, for its acronym in Spanish) as a consequence of the application of Communiqué "A" 6946 section 2, as amended, for payroll financing to microenterprises and the restatement of financial statements according to Communiqué "A" 6651 in accordance with accounting standards established by Communiqué "A" 6847 and the guidelines to apply the restatement procedures established by Communiqué "A" 6849.

In addition, profits may only be distributed to the extent that the financial institution has positive results, after deducting, on a non-accounting basis, from retained earnings and the optional reserves for the future distribution of profits, (i) the amounts of the legal and other earnings reserves which are mandatory, (ii) all debit amounts of each one of the accounting items recognized in "Other Comprehensive Income", (iii) income from of the revaluation of property, plant and equipment, intangible assets and investment property, (iv) the positive net difference between the amortized cost and the fair value of government debt instruments and/or monetary regulation instruments issued by the BCRA for those instruments recognized at amortized cost, (v) the adjustments identified by the Superintendence of Financial and Exchange Entities of the BCRA or by the independent external auditor and that have not been recognized in the accounting records and (vi) certain franchises granted by the BCRA. Additionally, no profit distributions shall be made out of the profit originated as a result of the first-time application of the IFRS, which was created a special reserve, and its balance as of June 30, 2021 was 9,122,405 (nominal value: 3,475,669).

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

In addition, through Communiqué "A" 7312, the BCRA established the suspension of earning distribution of financial entities up to December 31, 2021.

- 58 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

In compliance with the abovementioned the General regular and Extraordinary Shareholders' Meeting of Banco Macro SA held on April 30, 2021 and taking into account that at the end of the fiscal year ended December 31, 2020, the Bank had negative unappropriated retained earnings for 50,602,847 and personal property tax on business corporation for 311,944, decided to apply them as follows (figures stated in terms of purchasing power as of December 31, 2020):

a)30,268,993 to the net income for the fiscal year 2020;

b)442 to the voluntary reserve; and

c)20,645,356 to the voluntary reserve for future distributions of earnings.

In addition, the abovementioned Shareholders' Meeting resolved to distribute cash dividends which is described in note 28.

39. CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

As financial institution, Banco Macro SA is governed by the Financial Entities Law No. 21526, as supplemented, and the regulations issued by the BCRA and, is exposed to intrinsic risks related to the financial industry. Moreover, the Bank adheres to the good banking practices laid out in BCRA Communiqué "A" 5201 (Financial Entities Corporate Governance Guidelines). Detailed explanations about the main aspects related to capital management, corporate governance transparency policy and risk management related to the Bank, are disclosed in note 41 to the consolidated financial statements as of December 31, 2020, already issued.

Additionally, the table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of June 2021, together with the integration thereof (computable equity) as of the end of such month:

Description 06/30/2021
Minimum capital requirements 45,224,407
Computable equity 212,201,943
Capital surplus 166,977,536
40. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKETS

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

During 2020, among other regulations, relevant modifications to the tax regulation system were introduced, including changes in the income tax, withholdings related to foreign exchange transactions and for the acquisition of foreign currency for hoarding purposes, and were also established material restrictions to the exchange market access.

At the same time, the government's debt restructuring process continued under domestic and foreign legislation which includes the undergoing negotiation with the International Monetary Funds.

- 59 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Particularly, regarding to the price of Us dollar, since the end of 2019, the gap between the official price of the US dollar -used mainly for foreign trade- and the alternative values that arise through the stock market operation and also with respect to the unofficial value, began to widen around 80% as of the date of issuance of these condensed consolidated interim financial statements.

Although, at the end of issuance of these condensed consolidated interim financial statements certain volatility levels abovementioned have been decreased, the local and international macroeconomic context generates certain degree of uncertainty regarding its future progress, and also considering the effect mentioned in note 41, mainly related to the level of the global economic recovery.

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

41. EFFECTS OF THE CORONAVIRUS (COVID-19) OUTBREAK

In early March 2020, the World Health Organization recognized Coronavirus (Covid-19) as a pandemic. This emergency situation over public health was worldwide expanded and several countries have taken different measures to contain the effects. This situation and the measures adopted have materially affected the international economy activity with different impacts on several countries and business lines.

Particularly in the Argentine Republic, on March 19, 2020, through Decree No. 297/2020, the Government established the "social, preventive and compulsory isolation" which, after several extends and amendments, which as of the date of issuance of these condensed consolidated interim financial statements, is still effective in some urban agglomerations and some communes of the Argentinian provinces, while in other cities it was making flexible into "social, preventive and compulsory distancing".

Along with health protection rules, tax and financial measures were taken to mitigate the impact on the economy associated with the pandemic, including public direct financial assistance measures for part of the population, the establishment of financial and fiscal facilities for both individuals and companies. As regards measures related to the financial institutions, the BCRA established maturities extensions, froze the mortgage loan installments and encouraged banks to lend to companies at reduced rates. In addition, as explained in note 38, the distribution of dividends of the finance institutions was suspended until December 31, 2021.

In addition, in the mandatory quarantine context, the BCRA ruled that financial institutions would not be able to open their branches for public service during that period and should continue to provide services to users remotely. They could also trade with each other and their clients in the exchange market remotely. During quarantine, remote trading of stock exchanges and capital markets authorized by the CNV, by the custodians and capital market agents registered with the CNV was admitted.

In view of the extension of mandatory quarantine, the BCRA then decided that financial institutions would open their branches from Friday, April 3, 2020 for public attention through previous appointments obtained by the Bank's website.

The Bank is developing its activities under the conditions detailed above, giving priority to the compliance of social isolation measures by its employees, with the primary objective of taking care of the public health and well-being of all its stakeholders (employees, suppliers, customers, among others). To this end, it has put in place contingency procedures and has enabled its staff to carry out their tasks remotely. From a commercial point of view, it has emphasized maintaining a close relationship with its customers, trying to respond to their needs at this difficult time, sustaining all virtual channels of care to ensure operability and a good response to requirements, monitoring compliance with their business obligations and monitoring the active portfolio in order to detect possible delays in collection and set new conditions for them.

Considering the size of the abovementioned situation, the Bank's Management estimates that this situation could have an impact on its operations and the financial situation and the profit or loss of the Bank, which are under analysis, and will ultimately depend on the extent and duration of the health emergency and the success of the measures taken and taken in the future.

42. EVENTS AFTER REPORTING PERIOD

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

43. ACCOUNTING PRINCIPLES - EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

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

- 60 -

Jorge Pablo Brito
Vice Chairman

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING
BY SITUATION AND COLLATERAL RECEIVED
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
COMMERCIAL 06/30/2021 12/31/2020
In normal situation 69,511,035 91,193,586
With senior "A" collateral and counter-collateral 5,765,668 4,250,562
With senior "B" collateral and counter-collateral 11,138,216 12,157,675
Without senior collateral or counter-collateral 52,607,151 74,785,349
Subject to special monitoring 2,805,767 3,756,906
In observation
With senior "A" collateral and counter-collateral 424
With senior "B" collateral and counter-collateral 1,953,034 2,669,701
Without senior collateral or counter-collateral 852,733 764,583
In negotiation or with financing agreements
With senior "B" collateral and counter-collateral 170,543
Without senior collateral or counter-collateral 151,655
Troubled 27,673 103,334
With senior "B" collateral and counter-collateral 6,246
Without senior collateral or counter-collateral 21,427 103,334
With high risk of insolvency 102,488 106,727
With senior "B" collateral and counter-collateral 88,002 98,051
Without senior collateral or counter-collateral 14,486 8,676
Irrecoverable 684,564 654,026
With senior "A" collateral and counter-collateral 60,407 66,545
With senior "B" collateral and counter-collateral 483,531 532,684
Without senior collateral or counter-collateral 140,626 54,797
Subtotal Commercial 73,131,527 95,814,579

- 61 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT B
(Continued)
CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING
BY SITUATION AND COLLATERAL RECEIVED
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Consumer and mortgage 06/30/2021 12/31/2020
Performing 205,269,392 241,196,061
With senior "A" collateral and counter-collateral 14,667,892 24,541,513
With senior "B" collateral and counter-collateral 17,566,842 20,507,499
Without senior collateral or counter-collateral 173,034,658 196,147,049
Low risk 3,172,714 93,226
With senior "A" collateral and counter-collateral 208,922 6,272
With senior "B" collateral and counter-collateral 139,703 69
Without senior collateral or counter-collateral 2,824,089 86,885
Low risk - in special treatment 12,363 13,207
With senior "A" collateral and counter-collateral 147
Without senior collateral or counter-collateral 12,216 13,207
Medium risk 1,308,302 269,103
With senior "A" collateral and counter-collateral 215,393 5,688
With senior "B" collateral and counter-collateral 34,960 37,629
Without senior collateral or counter-collateral 1,057,949 225,786
High risk 1,812,483 469,078
With senior "A" collateral and counter-collateral 141,336 26,239
With senior "B" collateral and counter-collateral 95,080 59,325
Without senior collateral or counter-collateral 1,576,067 383,514
Irrecuperable 867,503 1,027,669
With senior "A" collateral and counter-collateral 9,859 14,073
With senior "B" collateral and counter-collateral 229,944 300,540
Without senior collateral or counter-collateral 627,700 713,056
Subtotal consumer and mortgage 212,442,757 243,068,344
Total 285,574,284 338,882,923

- 62 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT B
(Continued)
CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING
BY SITUATION AND COLLATERAL RECEIVED
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

This exhibit discloses the contractual figures as established by the BCRA. The conciliation with the condensed consolidated interim statement of financial position is listed.

06/30/2021 12/31/2020
Loans and other financing 272,545,828 322,493,047
Added:
Allowances for loans and other financing 10,194,476 12,560,768
Adjustment amortized cost and fair value 227,529 169,289
Debt securities of financial trust - Measured at amortized cost 75,777 208,905
Corporate bonds 200,675 457,861
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value (73,254 ) (73,068 )
Guarantees provided and contingent liabilities 2,403,253 3,066,121
Total computable items 285,574,284 338,882,923

- 63 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT C
CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Number of customers 06/30/2021 12/31/2020
Cut off
balance 		% of total
portfolio 		Cut off
balance 		% of total
portfolio
10 largest customers 22,415,847 7.85 37,853,753 11.17
50 next largest customers 25,348,701 8.88 29,463,040 8.69
100 next largest customers 16,295,648 5.71 17,115,435 5.05
Other customers 221,514,088 77.56 254,450,695 75.09
Total (1) 285,574,284 100.00 338,882,923 100.00
(1) See reconciliation in Exhibit B

- 64 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT D
CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERM
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Item

Matured

Remaining terms to maturity

Total

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
Non-financial government sector 911,657 682,813 629,935 1,025,019 1,707,924 4,957,348
Financial sector 338,920 10,569 17,616 1,035,282 613,637 110,905 2,126,929
Non-financial private sector and foreign residents 2,705,455 101,102,736 37,746,004 34,438,093 45,598,618 57,507,549 91,423,335 370,521,790
Total 2,705,455 102,353,313 38,439,386 35,085,644 47,658,919 59,829,110 91,534,240 377,606,067

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERM

AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Item

Matured

Remaining terms to maturity

Total

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
Non-financial government sector 300,857 889,539 904,997 1,632,602 2,807,529 595,523 7,131,047
Financial sector 91,692 458,821 679,870 421,382 1,260,402 2,912,167
Non-financial private sector and foreign residents 1,641,312 118,514,119 38,541,011 52,565,609 62,048,081 58,986,885 95,988,333 428,285,350
Total 1,641,312 118,906,668 39,889,371 54,150,476 64,102,065 63,054,816 96,583,856 438,328,564

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

- 65 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT F
CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
value at 		Total life Depreciation for the period Residual
value at the
Item beginning of
fiscal year 		estimated
in years 		Increases Decreases Accumulated Decrease For the
period 		At the end end of the
period
Cost
Real property 38,192,383 50 395,541 3,127,733 4 393,749 3,521,478 35,066,446
Furniture and facilities 5,001,300 10 242,099 1,205 2,262,359 407 232,872 2,494,824 2,747,370
Machinery and equipment 6,882,991 5 383,582 38,574 4,333,266 3,069 536,746 4,866,943 2,361,056
Vehicles 1,072,916 5 54,569 59,038 878,859 51,408 45,340 872,791 195,656
Other 3,377 3,345 9 3,354 23
Work in progress 1,050,867 1,020,426 570,014 1,501,279
Right of use real property (1) 2,601,838 5 357,242 13,677 1,129,649 9,483 324,934 1,445,100 1,500,303
Total property, plant and equipment 54,805,672 2,453,459 682,508 11,735,211 64,371 1,533,650 13,204,490 43,372,133
CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
value at 		Total life Depreciation for the fiscal year Residual
value at the
Item beginning of
fiscal year 		estimated
in years 		Increases Decreases Accumulated Decrease For the
fiscal year 		At the end end of the
fiscal year
Cost
Real property 37,374,182 50 849,817 31,616 2,368,630 15,158 774,261 3,127,733 35,064,650
Furniture and facilities 4,615,509 10 386,771 980 1,798,584 34 463,809 2,262,359 2,738,941
Machinery and equipment 6,092,935 5 790,189 133 3,238,731 56 1,092,377 4,331,052 2,551,939
Vehicles 1,050,188 5 101,440 78,712 857,722 73,094 94,231 878,859 194,057
Other 3,342 35 3,319 26 3,345 32
Work in progress 1,490,377 582,916 1,022,426 1,050,867
Right of use real property 2,087,024 5 662,338 147,524 516,778 41,931 654,168 1,129,015 1,472,823
Total property, plant and equipment 52,713,557 3,373,506 1,281,391 8,783,764 130,273 3,078,872 11,732,363 43,073,309
(1) During the fiscal year 2021, this item observed transfers from intangible assets.

- 66 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT F
(Continued)
CONSOLIDATED CHANGE IN INVESTMENT PROPERTY
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
Value at		 Useful life Depreciation for the period Residual
value at
Item beginning of
fiscal year 		estimated in
years 		Increases Decreases Accumulated Decrease For the
period 		At the
end 		the end of
the period
Cost
Rented properties 275,988 50 45,311 1,542 46,853 229,135
Other investment properties 1,061,350 50 2,326 21,908 63,628 3,222 7,268 67,674 974,094
Total investment property 1,337,338 2,326 21,908 108,939 3,222 8,810 114,527 1,203,229
CONSOLIDATED CHANGE IN INVESTMENT PROPERTY
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
Value at		 Useful life Depreciation for the fiscal year Residual
value at
the end of
Item beginning of
fiscal year 		estimated in
years 		Increases Decreases Accumulated Decrease For the
fiscal year 		At the
end 		the fiscal
year
Cost
Rented properties 275,987 50 1 42,227 3,084 45,311 230,677
Other investment properties 1,051,450 50 87,980 78,080 48,667 10 14,971 63,628 997,722
Total investment property (1) 1,327,437 87,981 78,080 90,894 10 18,055 108,939 1,228,399
(1) During the fiscal year 2020, this item observed transfers to and from property, plant and equipment.

- 67 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT G
CONSOLIDATED CHANGE IN INTANGIBLE ASSETS
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
Value at		 Useful life Depreciation for the period Residual
value at the
Item beginning of
fiscal year 		estimated in
years 		Increases Decreases Accumulated Decrease For the
period 		At the
end 		end of the
period
Cost
Licenses 3,445,772 5 471,459 13,332 1,787,817 608 373,538 2,160,747 1,743,152
Other intangible assets (1) 10,815,242 5 1,113,194 6,076,864 2 947,359 7,024,221 4,904,215
Total intangible assets 14,261,014 1,584,653 13,332 7,864,681 610 1,320,897 9,184,968 6,647,367
CONSOLIDATED CHANGE IN INTANGIBLE ASSETS
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
Value at		 Useful life Depreciation for the fiscal year Residual
value at the
Item beginning of fiscal year estimated in years Increases Decreases Accumulated Decrease For the
fiscal year 		At the
end 		end of the fiscal year
Cost
Licenses 2,788,167 5 657,605 1,142,931 1 644,592 1,787,522 1,658,250
Other intangible assets 8,700,748 5 2,115,988 1,494 4,302,615 1,493 1,775,742 6,076,864 4,738,378
Total intangible assets 11,488,915 2,773,593 1,494 5,445,546 1,494 2,420,334 7,864,386 6,396,628
(1) During the fiscal year 2021, this item was transferred to Property, Plant and equipment.

- 68 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
06/30/2021 12/31/2020
Number of customers Outstanding balance % of total portfolio Outstanding balance % of total portfolio
10 largest customers 38,387,065 7.80 117,304,161 19.15
50 next largest customers 29,631,122 6.02 57,754,254 9.43
100 next largest customers 20,186,990 4.10 26,195,154 4.28
Other customers 404,103,676 82.08 411,258,422 67.14
Total 492,308,853 100.00 612,511,991 100.00

- 69 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Remaining terms to maturity
Item Up to 1
month		 Over 1
month and
up to 3
months		 Over 3
months
and up to
6 months		 Over 6
months
and up
to 12
months		 Over 12
months
and up to
24
months		 Over 24
months		 Total
Deposits 442,470,719 46,468,092 6,667,438 1,080,556 11,607 2,539 496,700,951
From the non-financial government sector 48,766,130 2,314,673 881,017 2,187 51,964,007
From the financial sector 719,603 719,603
From the non-financial private sector and foreign residents 392,984,986 44,153,419 5,786,421 1,078,369 11,607 2,539 444,017,341
Liabilities at fair value through profit or loss 11,599 11,599
Derivative instruments 1,700 1,700
Repo transactions 276,548 276,548
Other financial institutions 276,548 276,548
Other Financial Liabilities 38,801,972 283,312 149,620 242,121 348,375 545,781 40,371,181
Financing received from the Central Bank of Argentina and other financial institutions 194,870 267,878 219,835 31,774 14,042 728,399
Issued corporate bonds 208,048 2,585,744 2,793,792
Subordinated corporate bonds 1,292,310 1,421,159 2,842,317 48,238,790 53,794,576
Total 481,755,708 47,019,282 8,538,951 5,361,354 3,216,341 48,787,110 594,678,746

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

- 70 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT I
(Continued)

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Remaining terms to maturity
Item Up to 1
month 		Over 1
month and
up to 3
months 		Over 3
months
and up to
6 months 		Over 6
months
and up to
12
months 		Over 12
months
and up to
24
months 		Over 24
months 		Total
Deposits 551,301,782 56,455,722 6,995,250 3,791,585 43,622 2,741 618,590,702
From the non-financial government sector 85,061,780 6,966,749 1,130,393 2,667 93,161,589
From the financial sector 872,778 872,778
From the non-financial private sector and foreign residents 465,367,224 49,488,973 5,864,857 3,788,918 43,622 2,741 524,556,335
Derivative instruments 52 236 288
Repo transactions 777,499 777,499
Other financial institutions 777,499 777,499
Other Financial Liabilities 60,000,802 167,526 157,713 397,528 331,596 644,611 61,699,776
Financing received from the Central Bank of Argentina and other financial institutions 525,662 249,986 255,754 101,141 50,246 7,174 1,189,963
Issued corporate bonds 262,362 3,461,582 260,735 3,240,567 7,225,246
Subordinated corporate bonds 1,423,631 1,423,632 3,131,145 54,706,254 60,684,662
Total 612,868,159 56,873,470 12,293,930 5,974,621 6,797,176 55,360,780 750,168,136

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

- 71 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish - See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Amounts at
beginning of		 Decreases Monetary effects
generated for
Item fiscal year Increases Reversals Charge off provisions 06/30/2021
Provisions for eventual commitments 21,564 182 1,055 (4,506 ) 16,185
For Administrative, disciplinary and criminal penalties 900 34,566 34,033 (215 ) 1,218
Other 1,612,422 623,174 975,482 (314,055 ) 946,059
Total Provisions 1,634,886 657,922 1,010,570 (318,776 ) 963,462
CONSOLIDATED CHANGES IN PROVISIONS
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Amounts at
beginning of		 Decreases Monetary effects
generated for
Item fiscal year Increases Reversals Charge off provisions 12/31/2020
Provisions for eventual commitments 29,469 9,866 10,052 (7,719 ) 21,564
For Administrative, disciplinary and criminal penalties 1,224 (324 ) 900
Other 2,483,379 1,406,154 10 1,580,476 (696,625 ) 1,612,422
Total Provisions 2,514,072 1,416,020 10 1,590,528 (704,668 ) 1,634,886

- 72 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY AMOUNTS
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
06/30/2021
Total parent
company
and local		 Total per currency 12/31/2020
Item branches US dollar Euro Real Other Total
Assets
Cash and deposits in banks 112,529,777 111,813,366 518,174 23,052 175,185 132,493,616
Debt securities at fair value through profit or loss 768,607 768,607 7,466
Other financial assets 5,461,801 5,461,801 6,237,690
Loans and other financing 19,550,538 19,533,227 17,311 29,189,112
Other financial institutions 26,606
From the non-financial private sector and foreign residents 19,550,538 19,533,227 17,311 29,162,506
Other debt securities 5,607,762 5,607,762 7,381,983
Financial assets delivered as guarantee 1,933,564 1,926,748 6,816 2,283,883
Equity Instruments at fair value through profit or loss 13,335 13,335 14,571
Total assets 145,865,384 145,124,846 542,301 23,052 175,185 177,608,321
Liabilities
Deposits 87,968,378 87,968,312 66 96,625,502
Non-financial government sector 5,342,156 5,342,156 5,261,720
Financial sector 659,413 659,413 719,227
Non-financial private sector and foreign residents 81,966,809 81,966,743 66 90,644,555
Other financial liabilities 7,037,505 6,747,791 276,888 12,826 23,121,210
Financing from Central Bank and other financial Institutions 610,066 592,658 17,354 54 588,541
Subordinated corporate bonds 39,093,191 39,093,191 42,986,620
Other non-financial liabilities 21,678 21,678 25,457
Total liabilities 134,730,818 134,423,630 294,308 12,880 163,347,330

- 73 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT Q
CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Net financial Income/ (Loss)
Mandatory measurement
Items Quarter ended 06/30/2021 Accumulated from beginning of year up to 06/30/2021 Quarter ended 06/30/2020 Accumulated from beginning of year up to 06/30/2020
For measurement of financial assets at fair value through profit or loss
Gain from government securities 4,839,387 9,324,511 3,028,184 5,131,463
Gain from private securities 443,280 623,485 153,442 511,581
Gain from derivative financial instruments
Forward transactions 28,574 85,569
(Loss) / Gain from other financial assets (3,068 ) (16,361 ) 17,396 8,591
(Loss) / Gain from equity instruments at fair value through profit or loss (19,205 ) 422,806 122,136 265,221
Gain / (Loss) from sales or decreases of financial assets at fair value (1) 26,534 (6,383 ) 59,004 11,217
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Forward transactions (5,353 ) (5,353 )
Total 5,281,575 10,342,705 3,408,736 6,013,642
(1) Includes reclassifications of instruments classified at fair value through other comprehensive income that were derecognized or charged during the period.

- 74 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT Q
(Continued)
CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Net financial Income/(Loss)

Interest and adjustment for the application of the
effective interest rate of financial assets measured at
amortized cost

Quarter
ended 06/30/2021		 Accumulated
from
beginning of
year up to
06/30/2021		 Quarter
ended
06/30/2020		 Accumulated
from
beginning of
year up to 06/30/2020
Interest income
for cash and bank deposits 2,906 5,822 21,199 117,620
for government securities 1,301,418 3,936,041 1,632,221 4,327,607
for debt securities 64,995 179,480 520,459 1,444,575
for loans and other financing
Non-financial public sector 407,815 920,033 933,977 2,273,804
Financial sector 132,464 318,891 375,490 774,166
Non-financial private sector
Overdrafts 1,455,350 3,337,976 3,947,107 9,915,706
Documents 1,639,706 3,175,212 1,371,086 3,385,740
Mortgage loans 3,395,475 6,783,784 2,239,626 5,084,143
Pledge loans 145,487 268,252 144,736 313,382
Personal loans 9,897,620 20,156,534 10,473,230 21,011,584
Credit cards 2,880,023 5,892,063 3,425,277 7,755,524
Financial leases 15,683 39,906 17,092 52,642
Other 3,158,310 7,014,145 4,158,898 7,312,742
for repo transactions
Central Bank of Argentina 1,343,123 3,648,604 2,200,817 2,710,473
Other financial institutions 15,910 31,914 1,405 67,598
Total 25,856,285 55,708,657 31,462,620 66,547,306
Interest expenses
for deposits
Non-financial private sector
Checking accounts (78,959 ) (885,162 ) (167,234 ) (357,675 )
Saving accounts (280,341 ) (536,293 ) (184,803 ) (415,422 )
Time deposits and investments accounts (17,464,361 ) (38,754,915 ) (12,656,714 ) (26,094,873 )
for Financing received from Central Bank of Argentina and other financial institutions (43,478 ) (91,830 ) (21,072 ) (56,029 )
for repo transactions
Other financial institutions (66,966 ) (127,455 ) (30,277 ) (134,100 )
for other financial liabilities (4,048 ) (10,006 ) (17,441 ) (50,740 )
Issued corporate bonds (132,267 ) (523,165 ) (539,018 ) (989,847 )
for subordinated corporate bonds (698,642 ) (1,435,902 ) (747,765 ) (1,473,104 )
Total (18,769,062 ) (42,364,728 ) (14,364,324 ) (29,571,790 )

- 75 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT Q
(Continued)
CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Income for the period Other comprehensive
income 		Income for the period Other comprehensive
income

Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income

Quarter
ended
06/30/2021		 Accumulated
from
beginning of
year up to
06/30/2021		 Quarter
ended
06/30/2021		 Accumulated
from
beginning of
year up to
06/30/2021		 Quarter
ended
06/30/2020		 Accumulated
from
beginning of
year up to
06/30/2020		 Quarter
ended
06/30/2020		 Accumulated
from
beginning of
year up to
06/30/2020
From debt government securities 18,395,061 38,577,378 (90,008 ) 261,929 13,003,356 26,840,573 1,366,276 (705,490 )
Total 18,395,061 38,577,378 (90,008 ) 261,929 13,003,356 26,840,573 1,366,276 (705,490 )
Income for the period
Items Quarter ended 06/30/2021 Accumulated from beginning of year up to 06/30/2021 Quarter ended 06/30/2020 Accumulated from beginning of year up to 06/30/2020
Commissions income
Commissions related to obligations 4,214,645 8,091,935 3,966,635 8,139,021
Commissions related to credits 39,187 64,015 121,625 146,727
Commissions related to loans commitments and financial guarantees 1,122 1,336 280 489
Commissions related to securities value 129,507 272,516 151,938 286,252
Commissions for credit cards 2,408,814 4,952,962 2,625,088 5,370,616
Commissions for insurances 468,755 946,997 502,884 991,335
Commissions related to trading and foreign exchange transactions 179,889 355,577 163,844 301,667
Total 7,441,919 14,685,338 7,532,294 15,236,107
Commissions expenses
Commissions related to trading and foreign exchange transactions (17,186 ) (30,207 ) (40,334 ) (73,524 )
Other
Commissions paid ATM exchange (448,347 ) (907,705 ) (328,230 ) (746,475 )
Checkbooks commissions and compensating cameras (130,249 ) (250,831 ) (122,165 ) (252,958 )
Commissions credit cards and foreign trade (81,931 ) (154,605 ) (59,574 ) (167,801 )
Total (677,713 ) (1,343,348 ) (550,303 ) (1,240,758 )

- 76 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT R
VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Movements between stages of period
ECL of remanent life of financial asset
Item Balances at
beginning of the
fiscal year		 ECL of the next 12
months		 Financial instruments
with a significant
increase in credit risk		 Financial
instruments with
impairment		 Effect monetary
generated for
provisions		 06/30/2021
Other financial assets 23,721 2,087 (4,961 ) 20,847
Loans and other financing 12,560,768 (2,506,712 ) 906,750 1,757,278 (2,523,608 ) 10,194,476
Other financial institutions 20,819 (7,210 ) (3,848 ) 9,761
To the non-financial private sector and foreign residents
Overdrafts 859,393 13,318 234,134 (516,224 ) (130,412 ) 460,209
Documents 670,011 (22,627 ) (21,319 ) 8,199 (124,982 ) 509,282
Mortgage loans 943,629 (27,164 ) 91,880 38,483 (200,658 ) 846,170
Pledge loans 168,367 11,599 (11,272 ) 23,952 (35,538 ) 157,108
Personal loans 3,566,400 (370,188 ) 908,326 855,052 (821,709 ) 4,137,881
Credit cards 4,247,078 (1,597,818 ) (369,121 ) 1,022,863 (815,992 ) 2,487,010
Financial leases 12,592 853 430 (4,612 ) (2,240 ) 7,023
Other 2,072,479 (507,475 ) 73,692 329,565 (388,229 ) 1,580,032
Eventual commitments 21,564 (188 ) (530 ) (4,661 ) 16,185
Other debt securities 1,683 (761 ) (246 ) 676
Total of allowances 12,607,736 (2,505,574 ) 906,220 1,757,278 (2,533,476 ) 10,232,184
VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Movements between stages of the fiscal year
ECL of remanent life of financial asset
Item Balances at
beginning of the
fiscal year		 ECL of the next
12 months		 Financial instruments
with a significant
increase in credit risk		 Financial
instruments with
impairment		 Effect monetary
generated for
provisions		 12/31/2020
Other financial assets 17,585 14,184 (8,048 ) 23,721
Loans and other financing 8,649,831 5,272,238 2,523,653 (598,286 ) (3,286,668 ) 12,560,768
Other financial institutions 47,087 (16,357 ) (9,911 ) 20,819
To the non-financial private sector and foreign residents
Overdrafts 1,316,744 17,039 1,582 (26,954 ) (449,018 ) 859,393
Documents 626,667 173,801 105,705 (38,823 ) (197,339 ) 670,011
Mortgage loans 653,538 131,583 378,483 4,923 (224,898 ) 943,629
Pledge loans 220,184 30,847 8,992 (21,617 ) (70,039 ) 168,367
Personal loans 3,134,887 1,145,448 625,984 (294,605 ) (1,045,314 ) 3,566,400
Credit cards 1,353,095 2,712,340 1,007,702 (92,146 ) (733,913 ) 4,247,078
Financial leases 9,130 (2,439 ) (989 ) 9,685 (2,795 ) 12,592
Other 1,288,499 1,079,976 396,194 (138,749 ) (553,441 ) 2,072,479
Eventual commitments 29,469 6,665 (6,818 ) 437 (8,189 ) 21,564
Other debts securities 3,305 333 (1,955 ) 1,683
Total of allowances 8,700,190 5,293,420 2,516,835 (597,849 ) (3,304,860 ) 12,607,736

- 77 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes Exhibits 06/30/2021 12/31/2020
ASSETS
Cash and Deposits in Banks 8 140,561,991 143,492,988
Cash 21,370,642 31,859,637
Central Bank of Argentina 77,411,304 62,655,817
Other Local and Foreign Entities 41,774,058 48,970,939
Other 5,987 6,595
Debt Securities at fair value through profit or loss 8 A 60,093,724 66,655,728
Derivative Financial Instruments 8 3,640 9,064
Repo transactions 8 13,051,632 50,366,721
Other financial assets 5, 6 and 8 R 12,975,218 20,455,779
Loans and other financing 6 and 8 B, C, D and R 272,650,001 322,577,439
Non-financial Public Sector 3,654,025 4,530,232
Other Financial Entities 1,548,635 2,284,216
Non-financial Private Sector and Foreign Residents 267,447,341 315,762,991
Other Debt Securities 8 A and R 227,579,079 255,832,260
Financial Assets delivered as guarantee 8 and 27 14,343,683 17,809,838
Equity Instruments at fair value through profit or loss 7 and 8 A 2,086,754 2,084,006
Investment in subsidiaries, associates and joint arrangements 9 5,926,678 5,926,246
Property, plant and equipment F 43,337,326 43,039,201
Intangible Assets G 6,645,456 6,394,438
Other Non-financial Assets 10 2,226,225 2,474,688
Non-current assets held for sale 2,746,236 2,770,475
TOTAL ASSETS 804,227,643 939,888,871

- 78 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes Exhibits 06/30/2021 12/31/2020
LIABILITIES
Deposits 8 H and I 489,940,298 607,949,389
Non-financial Public Sector 51,604,518 92,195,398
Financial Sector 719,603 872,778
Non-financial Private Sector and Foreign Residents 437,616,177 514,881,213
Derivative Financial Instruments 8 I 1,700 288
Repo Transactions 8 I 275,381 775,221
Other Financial Liabilities 8 and 12 I 36,283,007 41,645,336
Financing received from the Central Bank of Argentina and other financial entities 8 I 708,860 1,151,580
Issued Corporate Bonds 8 and 32 I 2,431,593 6,174,607
Current Income Tax Liabilities 1,532,559 6,252,088
Subordinated Corporate Bonds 8 and 32 I 39,093,191 42,986,620
Provisions 13 J and R 963,462 1,634,886
Deferred Income Tax Liabilities 17 9,056,920 7,884,460
Other Non-financial Liabilities 14 41,445,891 37,855,423
TOTAL LIABILITIES 621,732,862 754,309,898
SHAREHOLDERS´EQUITY
Capital Stock 25 K 639,413 639,413
Non-capital contributions 12,429,781 12,429,781
Adjustments to Shareholders' Equity 66,364,319 66,364,319
Earnings Reserved 101,150,253 137,626,823
Unappropriated Retained Earnings (7,406,399 ) (63,428,906 )
Other Comprehensive Income accumulated 3 2,273,441 1,408,308
Net Income for the period/ fiscal year 7,043,973 30,539,235
TOTAL SHAREHOLDERS´EQUITY 182,494,781 185,578,973
TOTAL SHAREHOLDERS´EQUITY AND LIABILITIES 804,227,643 939,888,871

The notes 1 to 40 to the condensed separate interim financial statement and the exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim financial statement.

- 79 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED SEPARATE STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes Exhibits Quarter
ended
06/30/2021 		Accumulated
from
beginning of
year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from
beginning of
year up to
06/30/2020
Interest income Q 44,199,966 94,181,959 44,352,768 93,233,361
Interest expense Q (18,770,378 ) (42,368,225 ) (14,364,324 ) (29,571,790 )
Net Interest income 25,429,588 51,813,734 29,988,444 63,661,571
Commissions income 18 Q 7,369,393 14,517,907 7,428,957 15,033,960
Commissions expense Q (620,591 ) (1,237,261 ) (540,628 ) (1,226,060 )
Net Commissions income 6,748,802 13,280,646 6,888,329 13,807,900
Subtotal (Net Interest income plus Net Commissions income) 32,178,390 65,094,380 36,876,773 77,469,471
Loss from measurement of financial instruments at fair value through profit or loss Q 5,090,733 10,090,588 3,386,700 5,784,354
Profit from sold or derecognized assets at amortized cost 61,176 127,330 28,141 1,377,422
Differences in quoted prices of gold and foreign currency 19 631,773 1,902,990 1,112,419 1,919,419
Other operating income 20 1,061,088 2,561,709 1,399,893 2,977,616
Allowances for loan losses (213,463 ) (213,463 ) (3,532,650 ) (4,896,088 )
Net Operating Income 38,809,697 79,563,534 39,271,276 84,632,194
Employee benefits 21 (8,264,184 ) (16,180,125 ) (8,511,404 ) (15,845,424 )
Administrative expenses 22 (3,827,349 ) (7,560,604 ) (4,301,264 ) (8,474,160 )
Depreciation and amortization of fixed assets F and G (1,427,617 ) (2,849,421 ) (1,375,717 ) (2,691,432 )
Other Operating Expenses 23 (6,213,530 ) (13,217,256 ) (6,102,936 ) (12,920,126 )
Operating Income 19,077,017 39,756,128 18,979,955 44,701,052
Income from subsidiaries, associates and joint arrangements 9 163,498 299,840 179,218 348,574
Loss on net monetary position (13,403,454 ) (29,295,733 ) (6,151,719 ) (15,216,297 )
Income before tax on continuing operations 5,837,061 10,760,235 13,007,454 29,833,329
Income tax on continuing operations 17.b) (1,220,025 ) (3,716,262 ) (3,846,993 ) (10,016,586 )
Net Income from continuing operations 4,617,036 7,043,973 9,160,461 19,816,743
Net Income for the period 4,617,036 7,043,973 9,160,461 19,816,743

- 80 -

Jorge Pablo Brito
Vice Chairperson
SEPARATE EARNINGS PER SHARE
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Quarter
ended
06/30/2021 		Accumulated
from
beginning of
year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Net Profit attributable to Parent's shareholders 4,617,036 7,043,973 9,160,461 19,816,743
PLUS: Potential diluted earnings per common share
Net Profit attributable to Parent's shareholders adjusted as per diluted earnings 4,617,036 7,043,973 9,160,461 19,816,743
Weighted average of outstanding common shares for the period 639,413 639,413 639,413 639,413
PLUS: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares for the period adjusted as per dilution effect 639,413 639,413 639,413 639,413
Basic earnings per share (in pesos) 7.2207 11.0163 14.3264 30.9921

- 81 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes Exhibits Quarter
ended
06/30/2021 		Accumulated
from
beginning of
year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from
beginning of
year up to
06/30/2020
Net Income for the period 4,617,036 7,043,973 9,160,461 19,816,743
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion (200,273 ) (307,563 ) 116,743 105,520
Foreign currency translation differences of the period (200,273 ) (307,563 ) 116,743 105,520
Profit or losses for financial instruments measured at fair value through OCI (IFRS 9(4.1.2)(a)) 412,986 1,281,835 1,056,406 257,302
Profit or losses for the period financial instruments at fair value through OCI Q (90,247 ) 371,068 1,173,764 (602,246 )
Adjustment for reclassification of period 743,374 1,451,823 331,573 965,505
Income tax 17. b) (240,141 ) (541,056 ) (448,931 ) (105,957 )
Interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method 125 (109,139 ) 192,927 (103,320 )
Income/ (losses) for the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method 125 (109,139 ) 192,927 (103,320 )
Total Other Comprehensive Income that will be reclassified to profit or loss for the period 212,838 865,133 1,366,076 259,502
Total Other Comprehensive Income 212,838 865,133 1,366,076 259,502
Total Comprehensive Income 4,829,874 7,909,106 10,526,537 20,076,245

The notes 1 to 40 to the condensed separate interim financial statement and the exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim financial statement.

- 82 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 38)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Changes

Notes

Capital stock Non-capital Contributions

Adjustments

to Shareholders'

Equity

Other Comprehensive Income Earnings Reserved

Unappropriated Retained Earnings (1)

Total
Equity

Outstanding shares Additional paid-in capital Accumulative foreign currency translation difference in financial statements conversion Other (1) Legal Other
Restated amount at the beginning of the fiscal year 639,413 12,429,781 66,364,319 1,134,570 273,738 40,217,417 97,409,406 (32,889,671 ) 185,578,973
Total comprehensive income for the period
- Net income for the period 7,043,973 7,043,973
- Other comprehensive income for the period (307,563 ) 1,172,696 865,133
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2021 35
-Cash dividends (10,660,756 ) (10,660,756 )
-Absortion of loss accumulated
Voluntary reserve (554 ) 554
Voluntary reserve for future distribution earnings (25,482,718 ) 25,482,718
Personal property tax on business corporation (332,542 ) (332,542 )
Amount at the end of the period 639,413 12,429,781 66,364,319 827,007 1,446,434 40,217,417 60,932,836 (362,426 ) 182,494,781
CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 38)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Changes

Notes

Capital stock Non-capital Contributions

Adjustments

to Shareholders' Equity

Other Comprehensive Income Earnings Reserved

Unappropriated Retained Earnings (1)

Total
Equity

Outstanding shares Additional paid-in capital Accumulative foreign currency translation difference in financial statements conversion Other (1) Legal Other
Restated amount at the beginning of the fiscal year 639,413 12,429,781 66,364,319 984,352 (751,483 ) 26,295,118 67,418,238 5,524,917 178,904,655
Total comprehensive income for the period
- Net income for the period 19,816,743 19,816,743
- Other comprehensive income for the period 105,520 153,982 259,502
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2020
- Legal reserve 13,922,299 (13,922,299 )
- Normative reserve 55,031,524 (55,031,524 )
- Cash dividends (19,941,900 ) (19,941,900 )
Amount at the end of the period 639,413 12,429,781 66,364,319 1,089,872 (597,501 ) 40,217,417 102,507,862 (43,612,163 ) 179,039,000

(1) Amounts at the beginning of the fiscal year were adjusted in accordance with Communication "A" 7211. See also Note 3 to the condensed consolidated interim financial statements section "New standards adopted in the fiscal year".

The notes 1 to 40 to the condensed separate interim financial statement and the exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim financial statement.

- 83 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes 06/30/2021 06/30/2020
Cash flows from operating activities
Income for the period before Income Tax 10,760,235 29,833,329
Adjustment for the total monetary effect of the period 29,295,733 15,216,297
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation 2,849,421 2,691,432
Allowance for loan losses 213,463 4,896,088
Difference in quoted prices of foreign currency (8,918,983 ) (8,912,115 )
Other adjustments 21,494,077 12,120,390
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit and loss 10,597,167 (8,964,549 )
Derivative financial instruments 5,424 61,025
Repo transactions 37,315,089 (101,398,381 )
Loans and other financing
Non-financial public sector 876,207 1,261,432
Other financial entities 735,581 3,460,292
Non-financial private sector and foreign residents 47,999,559 25,141,206
Other debt securities (10,508,295 ) (29,108,047 )
Financial assets delivered as guarantee 3,466,155 (2,681,802 )
Equity instruments at fair value through profit or loss (2,748 ) 202,726
Other assets 7,372,233 (6,851,226 )
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector (40,590,880 ) 59,662,608
Financial sector (153,175 ) (11,148 )
Non-financial private sector and foreign residents (77,265,036 ) 87,008,171
Derivative financial instruments 1,412 (1,311,340 )
Repo transactions (499,840 ) 204,254
Other liabilities (8,036,221 ) 3,751,507
Payments for Income Tax (6,220,465 ) (5,341,005 )
Total cash from operating activities (A) 20,786,113 80,931,144

- 84 -

Jorge Pablo Brito
Vice Chairperson
CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Items Notes 06/30/2021 06/30/2020
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets (3,061,192 ) (2,084,589 )
Total cash used in investing activities (B) (3,061,192 ) (2,084,589 )
Cash flows from financing activities
Payments:
Non subordinated corporate bonds (3,177,684 ) (1,787,519 )
Central Bank of Argentina - (14,556 )
Financing from local financial entities (354,184 ) (2,140,910 )
Subordinated corporate bonds (1,304,758 ) (1,387,485 )
Other payments related to financing activities (299,698 ) (354,886 )
Total cash used in financing activities (C) (5,136,324 ) (5,685,356 )
Effect of exchange rate fluctuations (D) 14,443,366 16,090,173
Monetary effect on cash and cash equivalents (E) (64,689,273 ) (34,689,077 )
Net (decrease)/ increase in cash and cash equivalents (A+B+C+D+E) (37,657,310 ) 54,562,295
Restated Cash and cash equivalents at the beginning of the fiscal year 24 304,755,011 244,544,692
Cash and cash equivalents at the end of the period 24 267,097,701 299,106,987

The notes 1 to 40 to the condensed separate interim financial statement and the exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim financial statement.

- 85 -

Jorge Pablo Brito
Vice Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

1. CORPORATE INFORMATION

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

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

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

Since 1994, Banco Macro SA's market strategy was mainly focused on the regional areas outside the Autonomous City of Buenos Aires (CABA, for its acronym in Spanish). Following this strategy, in 1996, Banco Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial and other banks.

In 2001, 2004, 2006 and 2010, the Bank acquired the control of Banco Bansud SA, Nuevo Banco Suquía SA, Nuevo Banco Bisel SA and Banco Privado de Inversiones SA, respectively. Such entities merged with and into Banco Macro SA in December 2003, October 2007, August 2009 and December 2013, respectively. In addition, during the fiscal year 2006, the Bank acquired control over Banco del Tucumán SA, which was merged with Banco Macro SA in October 2019.

On July 17, August 26, October 15, 2020, March 4, and May 12, 2021, the Bank made irrevocable capital contributions in advance of future share subscription to the company Play Digital SA, which were accepted for the Extraordinary Shareholder's Meeting of that company. Additionally, on December 15, 2020, the Extraordinary Shareholder's Meeting approved a capital stock increase. Thus, the Bank subscribed new shares on December 16, 2020 (see note 1 to the condensed consolidated interim financial statements).

On August 25, 2021, the Bank's Board of Directors approved the issuance of these condensed separate interim financial statements.

2. OPERATIONS OF THE BANK

Note 2 to the condensed consolidated interim financial statements includes a detailed description of the agreements that relate the Bank with the provincial and municipalities governments.

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

Applicable Accounting Standards

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

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

The transitory exceptions and regulatory guidelines established by BCRA to the application of effective IFRS, that have affected the preparation of these condensed separate interim financial statements are as follows:

a) According to Communiqué "A" 6114, as supplementary, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on January 1, 2020 included, financial institutions defined as "Group A" by BCRA rules, in which the Bank is included, begin to apply section 5.5 "Impairment" of the IFRS 9 "Financial Instruments" (sections B5.5.1 to B5.5.55), except for the temporary exclusion for the debt securities of the non-financial public sector established by BCRA Communiqué "A" 6847. As of the date of issuance of these condensed separate interim financial statements, the Bank is in the process of quantifying the effect of the full application of the mentioned standard.
b) Additionally, the Bank received on March 12 and 22, 2021 and April 29, 2019 Memorandums from the BCRA, which established specifics guidelines related to the measurement of the Bank's holding in Prisma Medios de Pago SA as explained in note 7. Considering such guidelines, the Bank adjusted the fair value previously determined. As of the date of issuance of these condensed separate interim financial statements, the Bank is in the process of quantifying the difference over such fair value and the fair value calculated according to IFRS, which could be material.

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed separate interim financial statements in accordance with the IFRS as adopted by the BCRA through Communiqué "A" 7183. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Note 3 to the condensed consolidated interim financial statements presents further detailed descriptions of the basis for the presentation of such financial statements and the main accounting policies used and the relevant information of the subsidiaries. All that is explained therein shall apply to these condensed separate interim financial statements.

Going concern

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

Subsidiaries

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

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

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

Shares in profits and losses of subsidiaries and associates are recognized under "Income / (loss) from associates and joint ventures" in the statement of income. Ownership interest in other comprehensive income of subsidiaries is accounted for under "Income / (loss) for the period in other comprehensive income of subsidiaries, associates and joint ventures accounted for using the participation method", in the statement of other comprehensive income.

Transcription into books

As of the date of issuance of these condensed separate interim financial statements, the same are in the process of being transcribed into the Books of Accounts of Banco Macro SA.

Reclassification of financial assets and liabilities - Changes in business model

During July and August 2020, the Bank's management decided to update the objective related to holdings of Federal Government Treasury Bonds adjusted by CER 2.5% (maturity 07/22/2021) which at the closing date of these condensed separate interim financial statements they were in the Bank's portfolio. For further information see note 3 section "Reclassification of financial assets and liabilities - Changes in business model" to the condensed consolidated interim financial statements.

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

New standards adopted

New standards adopted are described in note 3 to the condensed consolidated interim financial statements.

New pronouncements

New pronouncements are described in note 3 to the condensed consolidated interim financial statements.

4. CONTINGENT TRANSACTIONS

In order to meet specific financial needs of customers, the Bank's credit policy also includes, among others, the granting of guarantees, securities, bonds, letters of credit and documentary credits. The Bank is also exposed to overdrafts and unused agreed credits on credit cards of the Bank. Since they imply a contingent obligation for the Bank, they expose the Bank to credit risks other than those recognized in statement of financial position and they are, therefore, an integral part of the total risk of the Bank. These transactions are detailed in note 4 to the condensed consolidated interim financial statements.

Risks related to the contingent transactions described above have been evaluated and are controlled within the framework of the Bank's credit risk policy, described in note 41 to the consolidated financial statements as of December 31, 2020, already issued.

5. OTHER FINANCIAL ASSETS

The breakdown of the other financial assets as of June 30, 2021 and December 31, 2020 is as follows:

Description 06/30/2021 12/31/2020
Sundry debtors (see note 7) 7,997,961 8,933,154
Receivables from spot sales of foreign currency pending settlement 4,786,519 10,577,816
Receivables from spot sales of government securities pending settlement 56,235 694,224
Private securities 30,844 32,809
Other 124,506 241,497
Subtotal 12,996,065 20,479,500
Allowances for ECL (20,847 ) (23,721 )
Total 12,975,218 20,455,779

Disclosures related to allowance for ECL are detailed in note 6 "Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss".

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

In note 7 to the condensed consolidated interim financial statements, are detailed the allowances recognized by the Bank under this concept.

In addition, in exhibit R "Value adjustment for credit losses - Allowance for uncollectibility risk" are also disclosed the Expected Credit Losses (ECL) movements by portfolio and products.

7. EQUITY INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS - PRISMA MEDIOS DE PAGO SA

The Bank's investment in Prisma Medios de Pago SA as of June 30, 2021 and December 31, 2020 is described in note 9 to the condensed consolidated interim financial statements.

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

8. FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

Note 10 to the condensed consolidated interim financial statements describes the methods and assumptions used to determine the fair value, both of the financial instruments recognized at fair value as of those not accounted for at such fair value in these condensed separate interim financial statements. In addition, the Bank discloses the relevant information as to instruments included in Level 3 of the fair value hierarchy.

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

Fair value hierarchy

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

- Level 1: quoted prices (unadjusted) observable in active markets that the Bank accesses to at the measurement day for identical assets or liabilities. The Bank considers markets as active only if there are sufficient trading activities with regards to the volume and liquidity of the identical assets or liabilities and when there are binding and exercisable price quotes available at each reporting period.
- Level 2: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are observable for the asset or liability, either directly or indirectly. Such inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in inactive markets and observable inputs other than quoted prices, such as interest rates and yield curves, implied volatilities, and credit spreads. In addition, adjustments to level 2 inputs may be required for the condition or location of the asset or the extent to which it relates to items that are comparable to the valued instrument. However, if such adjustments are based on unobservable inputs which are significant to the entire measurement, the Bank will classify the instruments as Level 3.
- Level 3: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are not based on observable market information.

The following tables show the hierarchy in the Bank's financial asset and liability at fair value measurement, as of June 30, 2021 and December 31, 2020:

Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2021
Description Total Level 1 Level 2 Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss 60,093,724 59,217,062 876,662
Derivatives financial instruments 3,640 3,640
Other financial assets 30,844 30,844
Equity instruments at fair value through profit or loss 2,086,754 10,745 2,076,009
At fair value through OCI
Other debt Securities 206,633,990 84,133,443 122,500,547
Total 268,848,952 143,364,890 122,500,547 2,983,515
Financial liabilities
At fair value through profit or loss Derivatives i instruments 1,700 1,700
Total 1,700 1,700

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2020
Description Total Level 1 Level 2 Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss 66,655,728 66,181,445 474,283
Derivatives financial instruments 9,064 9,064
Other financial assets 32,809 32,809
Equity instruments at fair value through profit or loss 2,084,006 12,191 2,071,815
At fair value through OCI
Other debt Securities 216,833,929 138,396,343 78,437,586
Financial assets delivered as guarantee 871,942 871,942
Total 286,487,478 205,461,921 78,446,650 2,578,907
Financial liabilities
At fair value through profit or loss Derivatives financial instruments 288 288
Total 288 288

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

As of June 30, 2021
Description Debt instruments Other financial assets Equity investment at
fair value through
profit or loss
Amount at the beginning 474,283 32,809 2,071,815
Transfers to Level 3
Transfers for Level 3
Profit and loss 113,819 466,630
Recognition and derecognition 375,270 5,499
Monetary effects (86,710 ) (7,464 ) (462,436 )
Amount at the end of the period 876,662 30,844 2,076,009
As of December 31, 2020
Description Debt instruments Other financial assets Equity investment at
fair value through
profit or loss
Amount at the beginning 1,390,632 39,244 2,604,975
Transfers to Level 3
Transfers for Level 3
Profit and loss 260,413 11,871 167,522
Recognition and derecognition (992,011 ) (8,153 ) 21,445
Monetary effects (184,751 ) (10,153 ) (722,127 )
Amount at the end of the fiscal year 474,283 32,809 2,071,815

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

In note 10 to the condensed consolidated interim financial statements, are detailed the valuation techniques and significant unobservable inputs used in the valuation of assets at Level 3.

Changes in fair value levels

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

As of June 30, 2021 and December 31, 2020, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.

Financial assets and liabilities not recognized at fair value

The following table shows a comparison between the fair value and the carrying amount of financial instruments not recognized at fair value as of June 30, 2021 and December 31, 2020:

06/30/2021
Description Carrying
amount 		Level 1 Level 2 Level 3 Fair value
Financial assets
Cash and deposits in banks 140,561,991 140,561,991 140,561,991
Repo transactions 13,051,632 13,051,632 13,051,632
Other financial assets 12,944,374 12,944,374 12,944,374
Loans and other financing 272,650,001 250,778,144 250,778,144
Other debt securities 20,945,089 297,004 20,742,799 81,624 21,121,427
Financial assets delivered as guarantee 14,343,683 14,343,683 14,343,683
Total 474,496,770 181,198,684 20,742,799 250,859,768 452,801,251
Financial liabilities
Deposits 489,940,298 257,863,972 231,946,284 489,810,256
Repo transactions 275,381 275,381 275,381
Other financial liabilities 36,283,007 34,752,536 1,530,229 36,282,765
Financing received from the BCRA and other financial entities 708,860 561,231 143,976 705,207
Issued corporate bonds 2,431,593 2,252,867 2,252,867
Subordinated corporate bonds 39,093,191 32,604,514 32,604,514
Total 568,732,330 293,453,120 36,531,586 231,946,284 561,930,990
12/31/2020
Description Carrying
amount 		Level 1 Level 2 Level 3 Fair value
Financial assets
Cash and deposits in banks 143,492,988 143,492,988 143,492,988
Repo transactions 50,366,721 50,366,721 50,366,721
Other financial assets 20,422,970 20,422,970 20,422,970
Loans and other financing 322,577,439 300,727,499 300,727,499
Other debt securities 38,998,331 13,233,959 27,834,926 185,890 41,254,775
Financial assets delivered as guarantee 16,937,896 16,937,896 16,937,896
Total 592,796,345 244,454,534 27,834,926 300,913,389 573,202,849

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

12/31/2020
Carrying amount Level 1 Level 2 Level 3 Fair value
Financial liabilities
Deposits 607,949,389 300,290,773 307,310,127 607,600,900
Repo transactions 775,221 775,221 775,221
Other financial liabilities 41,645,336 39,975,268 1,668,442 41,643,710
Financing received from the BCRA and other financial entities 1,151,580 405,891 733,673 1,139,564
Issued corporate bonds 6,174,607 5,164,364 5,164,364
Subordinated corporate bonds 42,986,620 36,474,071 36,474,071
Total 700,682,753 341,447,153 44,040,550 307,310,127 692,797,830
9. INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT ARRANGEMENTS

The Bank's interests on subsidiaries, associates and joint ventures are disclosed in note 11 to the condensed consolidated interim financial statements.

10. OTHER NON-FINANCIAL ASSETS

The breakdown of other non-financial assets as of June 30, 2021 and December 31, 2020 is as follows:

Description 06/30/2021 12/31/2020
Advanced prepayments 1,017,982 571,401
Investment property (see Exhibit F) 945,179 968,995
Tax advances 128,904 753,173
Other 134,160 181,119
Total 2,226,225 2,474,688
11. RELATED PARTIES

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

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

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

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021,unless expressly stated)

As of June 30, 2021 and December 31, 2020, amount balances related to transactions generated with related parties are as follows:

As of June 30, 2021
Main subsidiaries
Macro Bank Limited Macro Securities SA Macro Fondos SGFCISA Argenpay SAU Associates Key management personnel (1) Other related parties Total
Assets
Cash and deposit in banks 767 767
Other financial assets 70,026 70,026
Loans and other financing (2)
Overdraft 54,071 560,980 615,051
Credit Cards 64,832 27,317 92,149
Lease 13,730 13,730
Personal loans 1,526 1,526
Mortgage loans 228,741 228,741
Other loans 888,047 7,814 1,111,363 2,007,224
Guarantee granted 852,832 852,832
Total assets 767 888,047 70,026 356,984 2,566,222 3,882,046
Liabilities
Deposits 6 1,363,714 154,553 24,303 52,264 418,309 902,371 2,915,520
Other financial liabilities 160 921 1,081
Other non-financial liabilities 11,341 11,341
Total liabilities 6 1,363,714 154,553 24,303 52,264 418,469 914,633 2,927,942
(1) Includes close family members of the key management personnel.
(2) The maximum financing amount for loans and other financing as of June 30, 2021 for Macro Securities SA, Key management personnel and other related parties amounted to 889,080, 463,639 and 3,876,296, respectively.
As of December 31, 2020
Main subsidiaries
Macro Bank Limited

Macro Securities SA

Macro Fondos SGFCISA Argenpay SAU Associates Key management personnel (1) Other related parties Total
Assets
Cash and deposit in banks 845 845
Repo transaction 961,722 961,722
Other financial assets
Loans and other financing (2) 1,915 1,915
Documents 41,049 509,341 550,390
Overdraft 56,794 6,182 62,976
Lease 1,296 6,546 7,842
Personal loans 14,602 14,602
Mortgage loans 105,489 105,489
Other loans 892,030 476,845 1,368,875
Guarantee granted 1,042,324 1,042,324
Total assets 845 1,855,048 217,934 2,043,153 4,116,980

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

As of December 31, 2020
Main subsidiaries
Macro Bank Limited Macro Securities SA Macro Fondos SGFCISA Argenpay SAU Associates Key management personnel (1) Other related parties Total
Liabilities
Deposits 9 841,453 163,691 71,405 54,314 622,487 994,775 2,748,134
Other financial liabilities 19,569 187 10,486 30,242
Other non-financial liabilities 14,316 14,316
Total liabilities 9 861,022 163,691 71,405 54,314 622,674 1,019,577 2,792,692
(1) Includes close family members of the key management personnel.
(2) The maximum financing amount for loans and other financing as of December 31, 2020 for Macro Securities SA, Key management personnel and other related parties amounted to 896,053, 1,237,941 and 5,856,843, respectively.

Profit or loss related to transactions generated during the six-month periods ended June 30, 2021 and 2020 with related parties are as follows:

As of June 30, 2021
Main subsidiaries
Macro Bank Limited Macro Securities SA Macro Fondos SGFCISA Argenpay SAU Associates Key management personnel (1) Other related parties Total
Income / (loss)
Interest income 1,717 61,325 520,957 583,999
Interest expense (3,497 ) (7,569 ) (19,464 ) (47,596 ) (78,126 )
Commissions income 6,256 54 72 5 8,183 14,570
Commissions expense (11 ) (145 ) (156 )
Other operating income 1 2,826 14 2,841
Administrative expense (102,061 ) (102,061 )
Other operating expense (30,803 ) (30,803 )
Income / (loss) 1 7,302 54 (7,497 ) 41,855 348,549 390,264
(1) Includes close family members of the key management personnel.

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

As of December 31, 2020
Main subsidiaries (1)
Macro Bank Limited Macro Securities SA Macro Fondos SGFCISA Argenpay SAU Associates Key management personnel (2) Other related parties Total
Income / (loss)
Interest income 2,878 58,102 465,730 526,710
Interest expense (4,263 ) (1,838,503 ) (34,875 ) (1,877,641 )
Commissions income 4,512 179 33 36 4,345 9,105
Commissions expense (150 ) (294 ) (444 )
Income from measurement of financial instruments at fair value through profit or loss 5,206 5,206
Other operating income 3 2 17 22
Allowance for loan losses (13,500 ) (13,500 )
Administrative expense (96,703 ) (96,703 )
Other operating expense (61,867 ) (61,867 )
Income / (loss) 3 (6,110 ) 179 2 (4,230 ) (1,780,515 ) 281,559 (1,509,112 )
(1) Includes close family members of the key management personnel.

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

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

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2021 and 2020, totaled 227,575 and 155,469, respectively.

In addition, fees received by the Directors as of June 30, 2021 and 2020 amounted to 716,664 and 1,375,921, respectively.

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

Composition 06/30/2021 12/31/2020
Board of Directors 12 13
Senior managers of the key management personnel 11 11
Total 23 24
12. OTHER FINANCIAL LIABILITIES

The breakdown of other financial liabilities as of June 30, 2021 and December 31, 2020 is as follows:

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

Description 06/30/2021 12/31/2020
Credit and debit card settlement - due to merchants 20,363,000 21,560,253
Amounts payable for spot purchases of foreign currency pending settlement 6,632,526 10,589,872
Payment orders pending settlement foreign exchange 2,515,221 3,851,349
Collections and other transactions on account and behalf others 1,682,677 1,771,515
Finance leases liabilities 1,380,708 1,468,018
Amounts payable for spot purchases of government securities pending settlement 1,184,315 546,623
Other 2,524,560 1,857,706
Total 36,283,007 41,645,336
13. PROVISIONS

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

Exhibit J "Changes in Provisions" presents the changes in provisions as of June 30, 2021 and December 31, 2020.

The expected terms to settle these obligations are detailed in note 15 to the condensed consolidated interim financial statements.

14. OTHER NON-FINANCIAL LIABILITIES

The breakdown of other non-financial liabilities as of June 30, 2021 and December 31, 2020 is as follows:

Description 06/30/2021 12/31/2020
Dividends payables (see note 35) 26,580,416 20,778,766
Salaries, bonuses and payroll taxes payables 5,552,666 6,053,565
Withholdings 4,527,523 5,164,968
Taxes payables 2,453,286 2,241,287
Miscellaneous payables 1,307,036 1,757,787
Retirement pension payment orders pending settlement 477,993 513,246
Fees payables 65 597,027
Other 546,906 748,777
Total 41,445,891 37,855,423

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NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

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

The following tables show the analysis of financial assets and liabilities the Bank expects to recover and settle as of June 30, 2021 and December 31, 2020:

06/30/2021 Without due
date 		Total up to 12
months 		Total over 12
months
Assets
Cash and deposits in banks 140,561,991
Debt securities at fair value through profit or loss 51,065,942 9,027,782
Derivative financial instruments 3,640
Repo transactions 13,051,632
Other financial assets 1,179,666 7,139,520 4,656,032
Loans and other financing (1) 741,988 178,058,218 93,849,795
Other debt securities 202,763,811 24,815,268
Financial assets delivered as guarantee 14,036,745 306,938
Equity instruments at fair value through profit or loss 2,086,754
Total assets 158,607,144 452,389,701 132,348,877
Liabilities
Deposits 252,441,885 237,488,964 9,449
Derivative financial instruments 1,700
Repo transactions 275,381
Other financial liabilities 35,389,807 893,200
Financing received from the BCRA and other financial institutions 697,635 11,225
Issued corporate bonds 2,431,593
Subordinated corporate bonds 802,511 38,290,680
Total liabilities 252,441,885 277,087,591 39,204,554
12/31/2020 Without due
date 		Total up to 12
months 		Total over 12
months
Assets
Cash and deposits in banks 143,492,988
Debt securities at fair value through profit or loss 64,043,002 2,612,726
Derivative financial instruments 9,064
Repo transactions 50,366,721
Other financial assets 1,818,934 13,391,099 5,245,746
Loans and other financing (1) 784,466 223,262,918 98,530,055
Other debt securities 227,684,116 28,148,144
Financial assets delivered as guarantee 16,937,896 871,942
Equity instruments at fair value through profit or loss 2,084,006
Total assets 165,118,290 579,628,862 134,536,671

- 97 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

12/31/2020

Without due

date

 Total up to 12
months 		Total over 12
months
Liabilities
Deposits 294,391,553 313,530,990 26,846
Derivative financial instruments 288
Repo transactions 775,221
Other financial liabilities 40,671,817 973,519
Financing received from the BCRA and other financial institutions 1,103,241 48,339
Issued corporate bonds 3,194,775 2,979,832
Subordinated corporate bonds 804,947 42,181,673
Total liabilities 294,391,553 360,081,279 46,210,209
(1) The amounts included in "without due date", are related to the non-performing portfolio.
16. DISCLOSURES BY OPERATING SEGMENT

The Bank has an approach of its banking business that is described in note 18 to the condensed consolidated interim financial statements.

17. INCOME TAX
a) Inflation adjustment and tax rate on income tax

In note 19 to the condensed consolidated interim financial statements are detailed the legal aspects of the inflation adjustment on income tax and the corporate tax rate on tax rate.

b) The main items of income tax expense in the condensed separate interim financial statements are as follows:
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from
beginning of
year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Current income tax expense / (profit) (1) 1,003,998 2,171,514 (1,933,792 ) 4,320,272
Loss for deferred income taxes 74,889 1,172,460 5,522,690 5,230,940
Monetary effects 141,138 372,288 258,095 465,374
Income tax loss recorded in the statement of income 1,220,025 3,716,262 3,846,993 10,016,586
Income tax loss recorded in other comprehensive income 240,141 541,056 448,931 105,957
Total 1,460,166 4,257,318 4,295,924 10,122,543

(1) See the following paragraph of this note.

- 98 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

As decided by the Board of Directors in the meeting dated May 11, 2020, considering certain case-law on the subject assessed by its legal and tax advisors, on May 26, 2020, the Bank filed with the Administración Federal de Ingresos Públicos (AFIP, for its acronym in Spanish) its annual income tax return considering the total effect of the inflation adjustment on income tax (see section a) iv) of note 19 to the condensed consolidated interim financial statements). As a result, the current income tax determined by the Bank for fiscal year 2019 amounted to 7,002,124 (not restated). The same criterion was applied to determine the annual income tax report for 2020, which generated an accrued income tax for Banco Macro SA for such fiscal year that amounted to 9,933,210 (not restated).

In addition, on October 24, 2020 Banco Macro SA filed to AFIP-DGI two requests for the recovery of payments established by the first paragraph of section 81 Law 11683, in order to obtain the return of the amounts 4,782,766 and 5,015,451 (not restated), paid to the tax authority as income tax for the fiscal years 2013 to 2017 and 2018, respectively, due to the impossibility to apply the inflation adjustment method established by the Income Tax Law. For further information see note 19 to the condensed consolidated interim financial statements.

Additionally, on July 23, 2021, the Bank filed with AFIP a request for recovery of payment for an amount of 254,305 paid as income tax for the fiscal year 2020.

On December 19, 2019, the AFIP notified the beginning of an income tax audit for 2018, and on May 3, 2021, the Bank became aware that the AFIP also began an income tax audit for the period elapsed from 2013 through 2017.

18. COMMISSIONS INCOME
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Performance obligations satisfied at a point in time
Commissions related to obligations 4,214,648 8,091,935 3,966,554 8,138,510
Commissions related to credit cards 2,335,942 4,792,895 2,517,791 5,142,614
Commissions related to insurance 468,755 946,997 502,884 991,335
Commissions related to trading and foreign exchange transactions 172,313 337,957 153,744 277,783
Commissions related to securities value 59,788 111,390 44,153 79,413
Commissions related to loans and other financing 36,179 57,009 125,326 150,329
Commissions related to financial guarantees granted 1,122 1,257 280 488
Performance obligations satisfied over certain time period
Commissions related to credit cards 72,872 160,067 107,297 228,002
Commissions related to trading and foreign exchange transactions 7,576 17,620 10,100 23,884
Commissions related to obligations 190 393 366 1,040
Commissions related to loans and other financing 8 308 462 561
Commissions related to financial guarantees granted 79 1
Total 7,369,393 14,517,907 7,428,957 15,033,960

- 99 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

19. DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Translation of foreign currency assets and liabilities into pesos 566,513 1,702,256 885,708 1,615,417
Income from foreign currency exchange 65,260 200,734 226,711 304,002
Total 631,773 1,902,990 1,112,419 1,919,419
20. OTHER OPERATING INCOME
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Services 475,322 895,941 650,505 1,547,195
Adjustments and interest from other receivables 320,823 553,560 210,510 466,124
Other receivables for financial intermediation 179,971 521,961 47,365 47,365
Adjustments from other receivables with CER clauses 93,991 160,444 46,503 110,435
Sale of property, plant and equipment 157 2,052 627 679
Initial recognition of loans (3,326 ) 26,892 26,892
For derecognition or substantial modification of financial liabilities 283,859 283,859
Other (5,850 ) 427,751 133,632 495,067
Total 1,061,088 2,561,709 1,399,893 2,977,616
21. EMPLOYEE BENEFITS
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Remunerations 6,002,887 11,740,460 6,448,179 11,891,447
Payroll taxes 1,373,569 2,660,356 1,433,846 2,631,508
Compensations and bonuses to employees 703,571 1,421,365 494,314 1,022,219
Employee services 184,157 357,944 135,065 300,250
Total 8,264,184 16,180,125 8,511,404 15,845,424

- 100 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

22. ADMINISTRATIVE EXPENSES
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Maintenance, conservation and repair expenses 653,551 1,290,523 683,303 1,318,329
Taxes 587,942 1,181,236 527,018 1,129,471
Armored truck, documentation and events 519,535 1,091,728 675,184 1,221,889
Electricity and communications 430,610 871,920 490,668 982,566
Security services 416,207 834,216 450,610 915,191
Other fees 374,058 644,803 259,882 534,216
Software 307,141 659,930 344,124 661,111
Advertising and publicity 169,353 232,527 122,974 213,884
Fees to directors and syndics 87,510 189,669 418,242 882,838
Insurance 53,883 103,551 54,756 94,987
Representation, travel and transportation expenses 39,425 69,348 30,098 76,963
Stationery and office supplies 25,062 46,960 27,581 58,026
Leases 19,101 53,700 40,733 76,351
Hired administrative services 1,534 4,297 734 1,751
Other 142,437 286,196 175,357 306,587
Total 3,827,349 7,560,604 4,301,264 8,474,160
23. OTHER OPERATING EXPENSES
06/30/2021 06/30/2020
Description Quarter
ended
06/30/2021 		Accumulated
from beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from beginning
of year up to
06/30/2020
Turnover tax 3,589,157 7,441,445 3,478,192 7,330,168
For credit cards 1,242,072 2,684,479 1,424,783 2,743,563
Deposit guarantee fund contributions 208,154 457,708 215,157 406,712
Charges for other provisions 180,122 622,300 294,052 769,405
Taxes 86,153 188,853 176,737 374,550
Interest on lease liabilities 47,352 93,133 66,331 118,109
Insurance claims 14,022 25,993 24,448 47,717
Loss from sale or impairment of investments in properties and other non-financial assets 9,080 17,455
Donations 1,052 1,772 33,705 204,730
For administrative, disciplinary and criminal penalties 533 34,566
Other 835,833 1,649,552 389,531 925,172
Total 6,213,530 13,217,256 6,102,936 12,920,126

- 101 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

24. ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

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

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

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

- Operating activities: the normal revenue-producing activities of the Bank as well as other activities that cannot qualify as investing or financing activities.
- Investing activities: the acquisition, sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.
- Financing activities: activities that result in changes in the size and composition of the shareholders´ equity and liabilities of the Bank and that are not part of the operating or investing activities.

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

Description 06/30/2021 12/31/2020 06/30/2020 12/31/2019
Cash and deposits in banks 140,561,991 143,492,988 140,782,091 166,176,541
Debt Securities at fair value through profit or loss 4,035,163
Other debt securities 122,500,547 161,262,023 158,324,896 78,368,151
Total 267,097,701 304,755,011 299,106,987 244,544,692
25. CAPITAL STOCK

Note 27 to the condensed consolidated interim financial statements presents the changes in the Bank's capital stock.

26. DEPOSIT GUARANTEE INSURANCE

Note 29 to the condensed consolidated interim financial statements describes the Deposit Guarantee Insurance System and the scope thereof.

Banco Macro SA holds an 8.4180% interest in the capital stock according to the percentages disclosed by BCRA Communiqué "B" 12152 issued on April 14, 2021.

- 102 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

27. RESTRICTED ASSETS

As of June 30, 2021 and December 31, 2020 the following Bank's assets are restricted:

Item 06/30/2021 12/31/2020
Debt securities at fair value through profit or loss and other debt securities
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 used as security in favor of Sedesa (1). 164,376 183,549
· Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021, securing the sectorial Credit Program of the Province of San Juan. Production investment financing fund. 76,337 76,673
· Federal Government Treasury Bonds in pesos adjusted by CER 1.30% maturity 09/20/2022 as of June 30, 2021 and Federal Government Treasury letters at discount in pesos maturity 01/29/2021 as of December 31, 2020, securing the transaction of MAE Futuro Garantizado CPC2. 74,500 24,564
· Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021 securing the regional economies Competitiveness Program - IDB loan No. 3174/OC-AR. 49,121 49,338
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the CNV. 36,954 41,264
· Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021 for the contribution to the Guarantee Fund II in BYMA according to section 45 Law 26831 and supplementary regulations established by CNV standards (NT 2013, as amended). 7,468 4,000
Subtotal debt securities at fair value through profit or loss and other debt securities 408,756 379,388
Other financial assets
· Sundry debtors - attachment within the scope of the claim filed by the DGR against the CABA for differences on turnover tax. 827 1,036
Subtotal Other financial assets 827 1,036
Loans and other financing - non-financial private sector and foreign residents
· Interests derived from contributions made as contributing partner (2) 335,000 325,843
Subtotal loans and other financing 335,000 325,843
Financial assets delivered as a guarantee
· Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities. 12,168,007 15,089,989
· Guarantee deposits related to credit and debit card transactions 1,638,361 1,651,611
· For securities forward contracts 306,938 871,943
· Other guarantee deposits 230,377 196,295
Subtotal Financial assets delivered as a guarantee 14,343,683 17,809,838
Other non-financial assets
· Real property related to a call option sold. 270,555 271,227
Subtotal other non-financial assets 270,555 271,227
Total 15,358,821 18,787,332
(1) As replacement for the preferred shares of former Nuevo Banco Bisel SA 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. As of the date of issuance of these condensed separate interim financial statements, the pledge over the discount bonds in pesos regulated by Argentine legislation was lifted.
(2) As of June 30, 2021 and December 31, 2020 it is related to the risk fund Fintech SGR and Garantizar SGR. In order to keep tax benefits related to these contributions, they must be maintained between two and three years from the date they were made.

Moreover, on November 9, 2020 the Bank paid 16,473 for a call option which gives right to increase up to 24.99% the Bank's interest in the capital stock of Fintech SGR.

- 103 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

28. TRUST ACTIVITIES

Note 31 to the condensed consolidated interim financial statements describes the different trust agreements according to the business purpose sought by the Bank, which may be summarized as follows:

28.1 Financial trusts for investment purposes

As of June 30, 2021 and December 31, 2020 the debt securities with investment purposes and certificate of participation in financial trusts total 419,792 and 713,047, respectively.

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

28.2 Trusts created using financial assets transferred by the Bank (Securitization)

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed separate interim financial statements, the assets managed through Macro Fiducia SA of this type of trusts amount to 9,604 and 8,323, respectively.

28.3 Trusts guaranteeing loans granted by the Bank

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed separate interim financial statements, the assets managed by the Bank amount to 2,147,039 and 2,583,741, respectively.

28.4 Trusts in which the Bank acts as Trustee (Management)

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed separate interim financial statements, the assets managed by the Bank amount to 2,706,383 and 2,982,685, respectively.

29. COMPLIANCE WITH CNV REGULATIONS

Considering Banco Macro SA's current operations, and according to the different categories of agents established by CNV rules (as per General Resolution 622/2013, as amended), the Bank is registered with this agency as Agent for the Custody of Collective Investment Products of Mutual Funds (AC PIC FCI, for their acronyms in Spanish) - Depositary Company, comprehensive clearing and settlement agent and trading agent (ALyC and AN - comprehensive, for their acronyms in Spanish), financial trustee Agent (FF, for its acronym in Spanish) and Guarantee Entity (in the process of being registered). Note 32.3 to the condensed consolidated interim financial statements describes the number of shares subscribed by third parties and the assets held by the Bank in its capacity as depositary company.

- 104 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

Additionally, the Bank's shareholders' equity as of June 30, 2021 stated in Unit of Purchasing Power (UVA, for its acronym in Spanish) amounted to 2,249,411,821 and exceeds the minimum amount required by this for the different categories of agents in which the Bank is registered, amounting to 1,420,350 UVAs as of that date, and the minimum statutory guarantee account required of 710,175 UVAs, which the Bank paid-in with government securities as described in note 27 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

In addition, note 32.2 to the condensed consolidated interim financial statements presents the general policy of documents in custody, describing which information has been disclosed and delivered to third parties for custody.

30. ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for June 2021 are described in note 33 to the condensed consolidated interim financial statements.

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

Note 34 to the condensed consolidated interim financial statements describes the penalties applied and the summary proceedings filed by the BCRA against the Bank, classified as follows:

- Summary proceedings filed by the BCRA.
- Penalties applied by the BCRA.
- Penalties applied by the UIF.

The Bank's Management and its legal counsel consider no further significant accounting effects, other than those previous mentioned, should be recorded or disclosed.

32. CORPORATE BONDS ISSUANCE

Note 35 to the condensed consolidated interim financial statements describes liabilities for corporate bonds recognized by the Bank as of June 30, 2021 and December 31, 2020, under the terms and values therein expressed.

33. OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank recognizes different off balance sheet transactions, pursuant to the BCRA standards. Below are the amounts of the main off balance sheet transactions as of June 30, 2021 and December 31, 2020:

Item 06/30/2021 12/31/2020
Custody of government and private securities and other assets held by third parties 208,030,145 199,520,280
Preferred and other collaterals received from customers (1) 86,446,885 105,868,902
Outstanding checks not yet paid 10,439,321 9,444,643
Checks already deposited and pending clearance 8,188,941 4,785,972
(1) Related to collaterals used to secure loans transactions and other financing, under the applicable rules in force in this matter.
34. TAX AND OTHER CLAIMS

34.1. Tax claims

Note 37.1 to the condensed consolidated interim financial statements describes the most relevant claims pending resolution and filed by Federal Public Revenue Agency AFIP and the tax authorities of the relevant jurisdiction.

- 105 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish - See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

The Bank's Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above mentioned proceedings other than those disclosed in these condensed separate interim financial statements.

34.2. Other claims

Note 37.2. to the condensed consolidated interim financial statements describes the most relevant claims pending resolution and filed by the different consumer´s associations.

The Bank's Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above mentioned proceedings other than those disclosed in these condensed separate interim financial statements.

35. RESTRICTION ON DIVIDENDS DISTRIBUTION

Note 38 to the condensed consolidated interim financial statements describes the main legal provisions regulating the restriction on profit distribution.

36. CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

Note 39 to the condensed consolidated interim financial statements describes the main guidelines of the Bank as to capital management, corporate governance transparency policy and risk management.

37. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKET

The international and domestic macroeconomics environments in which the Bank operates, and its impacts are described in note 40 to the condensed consolidated interim financial statements.

38. EFFECTS OF THE CORONAVIRUS (COVID-19) OUTBREAK

In early March 2020, the World Health Organization recognized Coronavirus (Covid-19) as a pandemic. This emergency situation over public health was worldwide expanded and several countries have taken different measures to contain the effects. This situation and the measures adopted have materially affected the international economy activity with different impacts on several countries and business lines and are detailed in note 41 to the condensed consolidated interim financial statements.

39. EVENTS AFTER REPORTING PERIOD

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

40. ACCOUNTING PRINCIPLES - EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These condensed separate interim financial statements are presented in accordance with the accounting framework established by the BCRA, as mention in note 3. These accounting standards may not conform with accounting principles generally accepted in other countries.

- 106 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT A
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Holdings Position
06/30/2021 12/31/2020 06/30/2021
Name Identification Fair
Value 		Fair
value
level 		Book
amounts 		Book
amounts 		Position
without
options 		Options Final
position
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
- Local
Government securities
Federal government treasury bonds in pesos adjustment by CER - Maturity: 08-05-2021 5359 1 21,159,590 9,008,675 21,609,437 21,609,437
Federal government treasury bonds in pesos adjustment by CER - Maturity: 07-22-2021 5315 1 15,999,281 11,844,833 16,853,308 16,853,308
Federal government treasury bonds in pesos BADLAR +100 PB - Maturity: 08-05-2021 5360 1 8,645,957 7,091,924 8,645,957 8,645,957
Federal government treasury bonds in pesos adjustment by CER - Maturity: 09-20-2022 5495 1 4,697,102 5 4,697,102 4,697,102
Federal government treasury bonds in pesos adjustment by CER - Maturity: 03-25-2024 5493 1 2,817,678 315,925 2,817,678 2,817,678
Federal government treasury bonds in pesos BADLAR +200 PB - Maturity: 04-03-2022 5480 1 1,644,448 668,765 1,644,448 1,644,448
Federal government treasury bonds in pesos - Maturity: 10-03-2021 5318 1 1,458,913 1,458,913 1,458,913
Federal government treasury bonds in pesos adjustment by CER - Maturity: 03-25-2023 5492 1 937,376 998,280 937,376 937,376
Federal government treasury bonds linked to dollar - Maturity: 11-30-2021 5498 1 674,705 674,705 674,705
Letters of National Estate in pesos adjustment by CER to discount - Maturity: 05-23-2022 5936 1 523,058 523,058 523,058
Other 658,954 36,253,038 658,954 658,954
Subtotal local government securities 59,217,062 66,181,445 60,520,936 60,520,936
Private securities
Corporate Bonds Tarjeta Naranja C048 - Maturity: 04-26-2022 55317 3 560,816 560,816 560,816
Debt Securities in Financial Trusts Surcos 3 214,146 312,192 214,146 214,146
Debt Securities in Financial Trusts Confibono 3 99,025 99,025 99,025
Securities of companies of public services 3 2,675 2,950 2,675 2,675
Debt Securities in Financial Trusts Secubono 159,141
Subtotal local private securities 876,662 474,283 876,662 876,662
TOTAL DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 60,093,724 66,655,728 61,397,598 61,397,598

- 107 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT A
(continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Holdings Position
06/30/2021 12/31/2020 06/30/2021
Name Identification Fair
Value 		Fair
value
level 		Book
amounts 		Book
amounts 		Position
without
options 		Options Final
position
OTHER DEBT SECURITIES
Measured at fair value through other comprehensive income
- Local
Government securities
Federal government treasury bonds in pesos adjustment by CER - Maturity: 09-20-2022 5495 1 20,813,022 20,813,022 20,813,022
Federal government treasury bonds in pesos BADLAR + 100 PB - Maturity: 08-05-2021 5360 1 19,757,566 24,157,072 19,757,566 19,757,566
Federal government treasury bonds in pesos adjustment by CER - Maturity: 07-22-2021 5315 1 11,321,381 11,205,468 11,321,381 11,321,381
Letters of National Estate in pesos adjustment by CER to discount - Maturity: 04-18-2022 5934 1 8,082,946 8,082,946 8,082,946
Letters of National Estate to variable rate in pesos - Maturity: 10-29-2021 5933 1 6,346,442 6,346,442 6,346,442
Federal government treasury bonds in pesos adjustment by CER - Maturity: 08-05-2021 5359 1 4,516,184 4,286,066 4,516,184 4,516,184
Letters of Federal Treasury to discount in pesos - Maturity: 09-30-2021 5929 1 4,098,677 4,098,677 4,098,677
Federal government treasury bonds in pesos adjustment by CER - Maturity: 03-25-2023 5492 1 2,595,213 1,302,457 2,595,213 2,595,213
Bonds of the Argentine Republic in pesos - Private Badlar + 200 PBS - Maturity: 04-03-2022 5480 1 2,286,699 41,288 2,286,699 2,286,699
Letters of National Estate in pesos adjustment by CER to discount - Maturity: 05-23-2022 5936 1 2,111,301 2,111,301 2,111,301
Other 2,204,012 14,579,555 2,204,012 2,204,012
Subtotal local government securities 84,133,443 55,571,906 84,133,443 84,133,443
Central Bank of Argentina Bills
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-15-2021 2 21,569,852 21,569,852 21,569,852
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-20-2021 2 17,719,980 17,719,980 17,719,980
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-22-2021 2 17,509,014 17,509,014 17,509,014
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-08-2021 2 15,376,626 15,376,626 15,376,626
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-06-2021 2 13,942,443 13,942,443 13,942,443
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-01-2021 2 13,686,590 13,686,590 13,686,590
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-13-2021 2 12,685,136 12,685,136 12,685,136
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-27-2021 2 10,010,906 10,010,906 10,010,906
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-21-2021 26,592,027
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-12-2021 24,730,181
Other 109,939,815
Subtotal Central Bank of Argentina Bills 122,500,547 161,262,023 122,500,547 122,500,547
Total Other debt securities measured at fair value though other comprehensive income 206,633,990 216,833,929 206,633,990 206,633,990
Measured at amortized cost
- Local
Government securities
Federal government bonds in pesos 22% - Maturity: 05-21-2022 5496 20,058,540 2 19,933,587 25,267,884 20,240,525 20,240,525
Treasury bills of Province of Neuquén Series 1 Class 1 - Maturity: 04-07-2021 42382 267,680 2 311,254 311,254 311,254
Debt securities of Province of Río Negro in pesos - Maturity: 04-12-2022 42385 188,244 2 218,340 218,340 218,340
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033 45696 297,004 1 206,132 230,176 206,132 206,132
Federal government treasury bonds adjustment by CER - Maturity: 04-17-2021 5494 10,745,645
Federal government treasury letters at variable rate in pesos - Maturity: 03-31-2021 5388 1,984,327
Federal government treasury bonds adjustment by CER - Maturity: 03-18-2022 5491 69,806
Bonds Par denominated in Pesos - Maturity 12-31-2038 45695 35,410
Subtotal local government securities 20,669,313 38,333,248 20,976,251 20,976,251
Private securities
Corporate Bonds YPF SA Class 043 -Maturity: 10-21-2023 50939 105,969 2 85,554 93,077 85,554 85,554
Corporate Bonds Central Térmica Roca SA Class 004 -Maturity: 07-24-2021 52650 61,688 2 57,799 46,197 57,799 57,799
Debt Securities in Financial Trusts Secubono Series 207 Class A - Maturity: 03-28-2022 55448 45,085 3 41,806 41,806 41,806
Debt Securities in Financial Trusts Secubono Series 202 Class A - Maturity: 09-28-2021 55155 35,102 3 33,206 33,206 33,206
Corporate Bonds Generación Mediterránea SA Class 008 Class B -Maturity: 08-29-2021 52778 29,904 2 27,071 26,284 27,071 27,071
Corporate Bonds Santander Río Bank S.A. Class 021 -Maturity: 01-26-2022 53219 26,668 2 26,393 32,220 26,393 26,393
Corporate Bonds Banco de la Ciudad de Buenos Aires Class 16 - Maturity: 12-05-2022 92655 4,106 2 3,228 3,663 3,228 3,228
Debt Securities in Financial Trusts Secubono Series 201 Class A - Maturity: 08-30-2021 55089 1,437 3 719 98,579 719 719
Corporate Bonds YPF SA Class 046 -Maturity: 03-04-2021 51308 122,634
Debt Securities in Financial Trusts Secubono Series 200 Class A - Maturity: 06-28-2021 54966 89,012
Other 153,417
Subtotal local private securities 275,776 665,083 275,776 275,776
Total Other debt securities measured at cost amortized 20,945,089 38,998,331 21,252,027 21,252,027
TOTAL OTHER DEBT SECURITIES 227,579,079 255,832,260 227,886,017 227,886,017

- 108 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish - See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Holdings Position
06/30/2021 12/31/2020 06/30/2021
Name Identification Fair
Value 		Fair
value
level 		Book
amounts 		Book
amounts 		Position
without
options 		Options Final
position
Equity Instruments
Measured at fair value through profit or loss
- Local
Prisma Medios de Pago SA 3 1,791,063 1,780,477 1,791,063 1,791,063
Mercado Abierto Electrónico SA 3 180,874 180,745 180,874 180,874
Matba Rofex SA 3 26,014 26,621 26,014 26,014
C.O.E.L.S.A 3 19,511 24,452 19,511 19,511
Argentina Clearing y Resgistro SA 3 19,004 18,462 19,004 19,004
Sedesa 3 15,315 14,640 15,315 15,315
Provincanje SA 3 8,857 7,824 8,857 8,857
AC Inversora SA 3 5,389 6,754 5,389 5,389
Mercado a Término Rosario SA 3 4,308 5,399 4,308 4,308
Proin SA 3 1,960 2,456 1,960 1,960
Other 1,124 1,605 1,124 1,124
Subtotal local 2,073,419 2,069,435 2,073,419 2,073,419
- Foreign
Banco Latinoamericano de Comercio Exterior SA 1 10,745 12,191 10,745 10,745
Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales 3 2,590 2,380 2,590 2,590
Subtotal foreign 13,335 14,571 13,335 13,335
Total measured at fair value through profit or loss 2,086,754 2,084,006 2,086,754 2,086,754
TOTAL EQUITY INSTRUMENTS 2,086,754 2,084,006 2,086,754 2,086,754
TOTAL GOVERNMENT AND PRIVATE SECURITIES 289,759,557 324,571,994 291,370,369 291,370,369

- 109 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT B

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish - See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Commercial 06/30/2021 12/31/2020
In normal situation 69,613,334 91,279,348
With senior "A" collateral and counter-collateral 5,691,025 4,250,562
With senior "B" collateral and counter-collateral 11,138,216 12,158,971
Without senior collateral or counter-collateral 52,784,093 74,869,815
Subject to special monitoring 2,805,767 3,756,906
In observation
With senior "A" collateral and counter-collateral 424
With senior "B" collateral and counter-collateral 1,953,034 2,669,701
Without senior collateral or counter-collateral 852,733 764,583
In negotiation or with financing agreements
With senior "B" collateral and counter-collateral 170,543
Without senior collateral or counter-collateral 151,655
Troubled 27,673 103,334
With senior "B" collateral and counter-collateral 6,246
Without senior collateral or counter-collateral 21,427 103,334
With high risk of insolvency 102,488 106,727
With senior "B" collateral and counter-collateral 88,002 98,051
Without senior collateral or counter-collateral 14,486 8,676
Irrecoverable 684,564 654,026
With senior "A" collateral and counter-collateral 60,407 66,545
With senior "B" collateral and counter-collateral 483,531 532,684
Without senior collateral or counter-collateral 140,626 54,797
Subtotal Commercial 73,233,826 95,900,341

- 110 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish - See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Consumer and mortgage 06/30/2021 12/31/2020
Performing 205,269,392 241,196,061
With senior "A" collateral and counter-collateral 14,667,892 24,541,513
With senior "B" collateral and counter-collateral 17,566,842 20,507,499
Without senior collateral or counter-collateral 173,034,658 196,147,049
Low risk 3,172,714 93,226
With senior "A" collateral and counter-collateral 208,922 6,272
With senior "B" collateral and counter-collateral 139,703 69
Without senior collateral or counter-collateral 2,824,089 86,885
Low risk - in special treatment 12,363 13,207
With senior "A" collateral and counter-collateral 147
Without senior collateral or counter-collateral 12,216 13,207
Medium risk 1,308,302 269,103
With senior "A" collateral and counter-collateral 215,393 5,688
With senior "B" collateral and counter-collateral 34,960 37,629
Without senior collateral or counter-collateral 1,057,949 225,786
High risk 1,812,483 469,078
With senior "A" collateral and counter-collateral 141,336 26,239
With senior "B" collateral and counter-collateral 95,080 59,325
Without senior collateral or counter-collateral 1,576,067 383,514
Irrecoverable 867,503 1,027,669
With senior "A" collateral and counter-collateral 9,859 14,073
With senior "B" collateral and counter-collateral 229,944 300,540
Without senior collateral or counter-collateral 627,700 713,056
Subtotal consumer and mortgage 212,442,757 243,068,344
Total 285,676,583 338,968,685

- 111 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT B
(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish - See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

This exhibit discloses the contractual figures as established by the BCRA. The conciliation with the separated statement of financial position is listed below:

06/30/2021 12/31/2020
Loans and other financing 272,650,001 322,577,439
Added:
Allowances for loans and other financing 10,192,602 12,562,138
Adjustment amortized cost and fair value 227,529 169,289
Debt securities of financial trust - Measured at amortized cost 75,777 208,905
Corporate bonds 200,675 457,861
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value (73,254 ) (73,068 )
Guarantees provided and contingent liabilities 2,403,253 3,066,121
Total computable items 285,676,583 338,968,685

- 112 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT C

CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish - See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

06/30/2021 12/31/2020
Number of customers Cut off balance % of total
portfolio 		Cut off balance % of total
portfolio
10 largest customers 22,415,849 7.85 37,853,756 11.17
50 next largest customers 25,764,135 9.02 29,837,978 8.80
100 next largest customers 16,203,980 5.67 17,115,435 5.05
Other customers 221,292,619 77.46 254,161,516 74.98
Total (1) 285,676,583 100.00 338,968,685 100.00

(1) See reconciliation in Exhibit B

- 113 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT D

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish - See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Remaining terms to maturity
Item Matured Up to 1
month 		Over 1
month and
up to 3
months 		Over 3
months and
up to 6
months 		Over 6
months and
up to 12
months 		Over 12
months and
up to 24
months 		Over 24
months 		Total
Non-financial government sector 911,657 682,813 629,935 1,025,019 1,707,924 4,957,348
Financial sector 338,920 10,569 17,616 1,035,282 613,637 110,905 2,126,929
Non-financial private sector and foreign residents 2,699,460 101,882,129 37,267,271 34,438,093 45,390,753 57,507,549 91,423,335 370,608,590
Total 2,699,460 103,132,706 37,960,653 35,085,644 47,451,054 59,829,110 91,534,240 377,692,867
BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Remaining terms to maturity
Item Matured Up to 1
month 		Over 1
month and
up to 3
months 		Over 3
months and
up to 6
months 		Over 6
months and
up to 12
months 		Over 12
months and
up to 24
months 		Over 24
months 		Total
Non-financial government sector 300,857 889,539 904,997 1,632,602 2,807,529 595,523 7,131,047
Financial sector 91,692 458,821 679,870 421,382 1,260,402 2,912,167
Non-financial private sector and foreign residents 1,633,463 118,233,607 38,914,669 52,566,052 62,048,081 58,986,885 95,988,333 428,371,090
Total 1,633,463 118,626,156 40,263,029 54,150,919 64,102,065 63,054,816 96,583,856 438,414,304
This exhibit disclosures contractual future cash flows that include interests and accessories to be accrued until maturity of the contracts.

- 114 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT F

CHANGE OF PROPERTY, PLANT AND EQUIPMENT
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Original
value at

beginning
of fiscal

Total life estimated in Depreciation for the period Residual
value at
the end of
Item

year

years Increases Decreases Accumulated Decrease Of the period At the end the period
Cost
Real property 38,192,383 50 395,541 3,127,733 4 393,749 3,521,478 35,066,446
Furniture and facilities 4,917,062 10 239,614 1,205 2,196,801 407 228,592 2,424,986 2,730,485
Machinery and equipment 6,867,415 5 383,582 38,574 4,320,247 3,069 536,031 4,853,209 2,359,214
Vehicles 1,043,473 5 48,968 48,051 857,051 40,604 42,501 858,948 185,442
Work in progress 1,050,867 1,020,426 570,014 1,501,279
Right of use (1) 2,586,844 5 351,089 6,141 1,119,859 3,290 320,763 1,437,332 1,494,460
Total property, plant and equipment 54,658,044 2,439,220 663,985 11,621,691 47,374 1,521,636 13,095,953 43,337,326
CHANGE OF PROPERTY, PLANT AND EQUIPMENT
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Original

value at

beginning
of fiscal

Total life
estimated in		 Depreciation for the fiscal year Residual
value at the
end of the
Item

year

years Increases Decreases Accumulated Decrease For the fiscal year At the end

fiscal year

Cost
Real property 37,374,182 50 849,817 31,616 2,368,630 15,158 774,261 3,127,733 35,064,650
Furniture and facilities 4,531,853 10 386,010 801 1,739,965 36 456,872 2,196,801 2,720,261
Machinery and equipment 6,077,355 5 790,151 91 3,227,391 23 1,090,665 4,318,033 2,549,382
Vehicles 1,020,739 5 101,439 78,705 841,734 73,097 88,414 857,051 186,422
Work in progress 1,490,377 582,916 1,022,426 1,050,867
Right of use 2,066,343 5 649,908 129,407 505,124 31,490 645,591 1,119,225 1,467,619
Total property, plant and equipment 52,560,849 3,360,241 1,263,046 8,682,844 119,804 3,055,803 11,618,843 43,039,201
(1) During the fiscal year 2021, this item observed transfers from intangible assets.

- 115 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT F
(Continued)
CHANGE IN INVESTMENT PROPERTY
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
Value at
beginning
of fiscal		 Useful life
estimated in		 Depreciation for the period Residual
value at the
end of the
Item year years Increases Decreases Accumulated Decrease Of the period At the end period
Cost
Rented properties 275,988 50 45,311 1,542 46,853 229,135
Other investment properties 791,113 50 2,326 21,908 52,795 3,222 5,914 55,487 716,044
Total investment property 1,067,101 2,326 21,908 98,106 3,222 7,456 102,340 945,179
CHANGE IN INVESTMENT PROPERTY
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
Value at
beginning
of fiscal		 Useful life
estimated in		 Depreciation for the fiscal year Residual
value at the
end of the
Item year years Increases Decreases Accumulated Decrease For the fiscal year At the end fiscal year
Cost
Rented properties 275,987 50 1 42,227 3,084 45,311 230,677
Other investment properties 781,896 50 87,297 78,080 40,543 11 12,263 52,795 738,318
Total investment property (1) 1,057,883 87,298 78,080 82,770 11 15,347 98,106 968,995

(1) During the fiscal year 2020, this item observed transfers to and from property, plant and equipment.

- 116 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT G
CHANGE IN INTANGIBLE ASSETS
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
Value at
beginning
of fiscal		 Useful life
estimated in		 Depreciation for the period Residual
value at the
end of the
Item year years Increases Decreases Accumulated Decrease Of the period At the end period
Cost
Licenses 3,445,772 5 471,459 13,332 1,787,817 608 373,538 2,160,747 1,743,152
Other intangible assets (1) 10,801,159 5 1,112,907 6,064,971 946,791 7,011,762 4,902,304
Total intangible assets 14,246,931 1,584,366 13,332 7,852,788 608 1,320,329 9,172,509 6,645,456
CHANGE IN INTANGIBLE ASSETS
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Original
Value at
beginning
of fiscal		 Useful life
estimated		 Depreciation for the fiscal year Residual
value at the
end of the
Item year in years Increases Decreases Accumulated Decrease For the fiscal year At the end fiscal year
Cost
Licenses 2,788,167 5 657,605 1,142,931 1 644,592 1,787,522 1,658,250
Other intangible assets 8,686,387 5 2,114,772 4,290,319 1 1,774,653 6,064,971 4,736,188
Total intangible assets 11,474,554 2,772,377 5,433,250 2 2,419,245 7,852,493 6,394,438

(1) During the fiscal year 2021, this item was transferred to Property, Plant and equipment.

- 117 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT H
DEPOSIT CONCENTRATION
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
06/30/2021 12/31/2020
Number of customers Outstanding balance % of total portfolio Outstanding balance % of total portfolio
10 largest customers 38,387,065 7.84 117,304,161 19.30
50 next largest customers 30,688,240 6.26 58,146,330 9.56
100 next largest customers 20,357,348 4.16 26,472,711 4.35
Other customers 400,507,645 81.74 406,026,187 66.79
Total 489,940,298 100.00 607,949,389 100.00

- 118 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF JUNE 30, 2021
 (Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Remaining terms to maturity
Item Up to 1 month Over 1
month and
up to 3
months 		Over 3
months and
up to 6
months 		Over 6
months and
up to 12
months 		Over 12
months
and up to
24 months 		Over 24
months 		Total
Deposits 440,102,165 46,468,092 6,667,438 1,080,556 11,607 2,539 494,332,397
From the non-financial government sector 48,766,130 2,314,673 881,017 2,187 51,964,007
From the financial sector 719,603 719,603
From the non-financial private sector and foreign residents 390,616,432 44,153,419 5,786,421 1,078,369 11,607 2,539 441,648,787
Derivative instruments 1,700 1,700
Repo transactions 276,548 276,548
Other financial institutions 276,548 276,548
Other financial liabilities 34,724,568 282,307 148,113 239,609 348,375 545,781 36,288,753
Financing received from the Central Bank of Argentina and other financial institutions 194,615 267,878 219,835 31,774 14,042 728,144
Issued corporate bonds 208,048 2,585,744 2,793,792
Subordinated corporate bonds 1,292,310 1,421,159 2,842,317 48,238,790 53,794,576
Total 475,297,896 47,018,277 8,537,444 5,358,842 3,216,341 48,787,110 588,215,910

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

- 119 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT I

(Continued)

BREAKDOWN OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF DECEMBER 31, 2020
 (Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Remaining terms to maturity
Item Up to 1 month Over 1
month and
up to 3
months 		Over 3
months and
up to 6
months 		Over 6
months
and up to
12 months 		Over 12
months and
up to 24
months 		Over 24
months 		Total
Deposits 546,739,181 56,455,722 6,995,250 3,791,585 43,622 2,741 614,028,101
From the non-financial government sector 85,061,780 6,966,749 1,130,393 2,667 93,161,589
From the financial sector 872,778 872,778
From the non-financial private sector and foreign residents 460,804,623 49,488,973 5,864,857 3,788,918 43,622 2,741 519,993,734
Derivative instruments 52 236 288
Repo transactions 777,499 777,499
Other financial institutions 777,499 777,499
Other financial liabilities 39,969,026 164,494 153,507 397,179 331,596 644,611 41,660,413
Financing received from the Central Bank of Argentina and other financial institutions 525,381 249,986 255,754 101,141 50,246 7,174 1,189,682
Issued corporate bonds 262,362 3,461,582 260,735 3,240,567 7,225,246
Subordinated corporate bonds 1,423,631 1,423,632 3,131,145 54,706,254 60,684,662
Total 588,273,501 56,870,438 12,289,724 5,974,272 6,797,176 55,360,780 725,565,891

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

- 120 -

Jorge Pablo Brito
Vice Chairperson

EXHIBIT J

CHANGES IN PROVISIONS
AS OF JUNE 30, 2021
 (Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Amounts at
beginning of 		Decreases Monetary
effects
generated by
Item fiscal year Increases Reversals Charge off provisions 06/30/2021
Provisions for eventual commitments 21,564 182 1,055 (4,506 ) 16,185
For Administrative, disciplinary and criminal penalties 900 34,566 34,033 (215 ) 1,218
Other 1,612,422 623,174 975,482 (314,055 ) 946,059
Total Provisions 1,634,886 657,922 1,010,570 (318,776 ) 963,462
CHANGES IN PROVISIONS
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Amounts at
beginning of		 Decreases Monetary
effects
generated by
Item fiscal year Increases Reversals Charge off provisions 12/31/2020
Provisions for eventual commitments 29,469 9,866 10,052 (7,719 ) 21,564
For Administrative, disciplinary and criminal penalties 1,224 (324 ) 900
Other 2,483,379 1,406,154 10 1,580,476 (696,625 ) 1,612,422
Total Provisions 2,514,072 1,416,020 10 1,590,528 (704,668 ) 1,634,886

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Jorge Pablo Brito
Vice Chairperson

EXHIBIT K

COMPOSITION OF CAPITAL STOCK

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish - See Note 40)

Shares Capital Stock
Class Stock
number 		Face value Votes per
share 		Issued
outstanding 		Paid in
Registered common stock A 11,235,670 1 5 11,236 11,236
Registered common stock B 628,177,738 1 1 628,177 628,177
Total 639,413,408 639,413 639,413

COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish - See Note 40)

Shares Capital Stock
Class Stock
number 		Face value Votes per
share 		Issued
outstanding 		Paid in
Registered common stock A 11,235,670 1 5 11,236 11,236
Registered common stock B 628,177,738 1 1 628,177 628,177
Total 639,413,408 639,413 639,413

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Jorge Pablo Brito
Vice Chairperson

EXHIBIT L

FOREIGN CURRENCY AMOUNTS
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
 (Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

06/30/2021
Total parent
company and		 Total per currency 12/31/2020
Item local branches US dollar Euro Real Other Total
Assets
Cash and deposits in banks 109,626,959 108,911,006 517,776 23,052 175,125 113,105,708
Debt securities at fair value through profit or loss 704,150 704,150
Other financial assets 5,249,990 5,249,990 5,855,089
Loans and other financing 18,886,690 18,869,379 17,311 28,667,773
Other financial institutions 26,606
From the non-financial private sector and foreign residents 18,886,690 18,869,379 17,311 28,641,167
Other debt securities 1,059,997 1,059,997 1,132,104
Financial assets delivered as guarantee 1,859,170 1,859,170 2,201,702
Equity instruments at fair value through profit or loss 13,335 13,335 14,571
Investments in associates and joint ventures 2,832,826 2,832,826 3,264,382
Total assets 140,233,117 139,499,853 535,087 23,052 175,125 154,241,329
Liabilities
Deposits 85,432,907 85,432,907 91,783,949
Non-financial government sector 5,342,156 5,342,156 5,261,720
Financial sector 659,413 659,413 719,227
Non-financial private sector and foreign residents 79,431,338 79,431,338 85,803,002
Other financial liabilities 4,898,407 4,608,693 276,888 12,826 5,528,742
Financing from the Central Bank and other financial institutions 609,811 592,403 17,354 54 588,260
Subordinated corporate bonds 39,093,191 39,093,191 42,986,620
Other non-financial liabilities 7,217 7,217 8,128
Total liabilities 130,041,533 129,734,411 294,242 12,880 140,895,699

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Jorge Pablo Brito
Vice Chairperson

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Type of
contract 		Purpose of
the
transactions
performed		 Underlying
asset		 Type of
settlement		 Negotiation
environment or
counter-party		 Originally
agreed
weighted
monthly
average term		 Residual
weighted
monthly
average
term		 Weighted daily
average term
settlement of
differences (days)		 Amount (1)
Futures Intermediation - own account Foreign currency Daily settlement of differences ROFEX (over-the-counter electronic market) 2 2 1 2,591,443
Repo transactions Intermediation - own account Local government securities With delivery of underlying asset Other countries of local 1 1 14,877,506
Options Intermediation - own account Other With delivery of underlying asset Over The Counter - Residents in Argentina - Non-financial sector 36 9 - 281,436

(1) Related to the valuation of the underlying traded, exposed in absolute value.

- 124 -

Jorge Pablo Brito
Vice Chairperson
EXHIBIT Q
BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Net financial Income/ (Loss)
Mandatory measurement
Items Quarter ended
06/30/2021 		Accumulated
from
beginning of
year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from
beginning of
year up to
06/30/2020
For measurement of financial assets at fair value through profit or loss
Gain from government securities 5,029,267 9,591,592 3,094,813 5,225,829
Gain from private securities 82,285 113,819 58,120 198,899
Gain from derivative financial instruments
Forward transactions 28,574 85,569
(Loss) / Gain from other financial assets (3,071 ) (5,931 ) 28,473 2,125
(Loss) / Gain from equity instruments at fair value through profit or loss (38,930 ) 403,081 122,136 265,221
Gain / (Loss) from sales or decreases of financial assets at fair value (1) 26,535 (6,620 ) 54,584 6,711
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Forward transactions (5,353 ) (5,353 )
Total 5,090,733 10,090,588 3,386,700 5,784,354
(1) Includes reclassifications of instruments classified at fair value through other comprehensive income that were derecognized or collected during the period.

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Jorge Pablo Brito
Vice Chairperson
EXHIBIT Q
(Continued)
BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Net financial income/ (Loss)
Interest and adjustment for the application of the effective interest rate of financial assets measured at amortized cost Quarter ended 06/30/2021 Accumulated from beginning of year up to 06/30/2021 Quarter ended 06/30/2020 Accumulated from beginning of year up to 06/30/2020
Interest income
for cash and bank deposits 2,906 5,822 21,195 117,594
for government securities 1,301,418 3,936,041 1,530,827 4,226,213
for private securities 64,970 179,453 520,459 1,444,575
for loans and other financing
Non-financial public sector 407,815 920,033 933,977 2,273,804
Financial sector 132,464 318,891 375,490 774,166
Non-financial private sector
Overdrafts 1,456,198 3,339,572 3,947,078 9,917,020
Documents 1,639,706 3,175,212 1,371,086 3,385,740
Mortgage loans 3,395,475 6,783,784 2,239,626 5,084,143
Pledge loans 145,487 268,252 144,736 313,382
Personal loans 9,897,620 20,156,534 10,473,230 21,011,584
Credit cards 2,851,401 5,842,254 3,422,806 7,753,053
Financial leases 12,703 25,025 17,197 45,378
Other 3,156,960 7,012,605 4,156,846 7,299,527
for repo transactions
Central Bank of Argentina 1,343,123 3,648,604 2,200,817 2,710,473
Other financial institutions 15,910 31,914 1,405 67,598
Total 25,824,156 55,643,996 31,356,775 66,424,250
Interest expenses
for deposits
Non-financial private sector
Checking accounts (78,959 ) (885,162 ) (167,234 ) (357,675 )
Saving accounts (280,341 ) (536,293 ) (184,803 ) (415,422 )
Time deposits and investments accounts (17,465,676 ) (38,758,412 ) (12,656,714 ) (26,094,873 )
for Financing received from Central Bank of Argentina and other financial institutions (43,478 ) (91,830 ) (21,072 ) (56,029 )
For repo transactions
Other financial institutions (66,966 ) (127,455 ) (30,277 ) (134,100 )
for other financial liabilities (4,049 ) (10,006 ) (17,441 ) (50,740 )
Issued corporate bonds (132,267 ) (523,165 ) (539,018 ) (989,847 )
for subordinated corporate bonds (698,642 ) (1,435,902 ) (747,765 ) (1,473,104 )
Total (18,770,378 ) (42,368,225 ) (14,364,324 ) (29,571,790 )

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Jorge Pablo Brito
Vice Chairperson
EXHIBIT Q
(Continued)
BREAKDOWN OF STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Income for the period Other comprehensive income Income for the period Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income Quarter
ended
06/30/2021 		Accumulated
from
beginning of
year up to
06/30/2021 		Quarter
ended
06/30/2021 		Accumulated
from
beginning of
year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from
beginning of
year up to
06/30/2020 		Quarter ended 06/30/2020 Accumulated from beginning of year up to 06/30/2020
From debt government securities 18,375,810 38,537,963 (90,247 ) 371,068 12,995,993 26,809,111 1,173,764 (602,246 )
Total 18,375,810 38,537,963 (90,247 ) 371,068 12,995,993 26,809,111 1,173,764 (602,246 )
Income for the period
Items Quarter
ended
06/30/2021 		Accumulated
from
beginning
of year up to
06/30/2021 		Quarter
ended
06/30/2020 		Accumulated
from
beginning
of year up to
06/30/2020
Commissions income
Commissions related to obligations 4,214,838 8,092,328 3,966,920 8,139,550
Commissions related to credits 36,187 57,317 125,788 150,890
Commissions related to loans commitments and financial guarantees 1,122 1,336 280 489
Commissions related to securities value 59,788 111,390 44,153 79,413
Commissions to credit cards 2,408,814 4,952,962 2,625,088 5,370,616
Commissions to insurances 468,755 946,997 502,884 991,335
Commissions related to trading and foreign exchange transactions 179,889 355,577 163,844 301,667
Total 7,369,393 14,517,907 7,428,957 15,033,960
Commissions expenses
Commissions related to trading and foreign exchange transactions (17,186 ) (30,207 ) (40,334 ) (73,524 )
Other
Commissions paid ATM exchange (392,704 ) (805,324 ) (319,243 ) (733,532 )
Checkbooks commissions and compensating cameras (130,249 ) (250,831 ) (122,165 ) (252,958 )
Commissions Credit cards and foreign trade (80,452 ) (150,899 ) (58,886 ) (166,046 )
Total (620,591 ) (1,237,261 ) (540,628 ) (1,226,060 )

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Jorge Pablo Brito
Vice Chairperson
EXHIBIT R
VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Movements between stages of period
ECL of remanent life of financial asset
Item Amounts at
beginning of
the fiscal
year 		ECL of the next
12 months 		Financial
instruments with a
significant increase
in credit risk 		Financial
instruments
with
impairment 		Effect
monetary
generated for
provisions 		06/30/2021
Other financial assets 23,721 2,087 (4,961 ) 20,847
Loans and other financing 12,562,138 (2,510,413 ) 906,750 1,757,278 (2,523,151 ) 10,192,602
Other financial institutions 20,819 (7,210 ) (3,848 ) 9,761
To the non-financial private sector and foreign residents
Overdrafts 859,392 13,318 234,134 (516,224 ) (130,412 ) 460,208
Documents 670,012 (22,627 ) (21,319 ) 8,199 (124,983 ) 509,282
Mortgage loans 943,629 (27,164 ) 91,880 38,483 (200,658 ) 846,170
Pledge loans 168,368 11,599 (11,272 ) 23,952 (35,538 ) 157,109
Personal loans 3,566,403 (370,186 ) 908,326 855,052 (821,712 ) 4,137,883
Credit cards 4,247,077 (1,597,818 ) (369,121 ) 1,022,863 (815,991 ) 2,487,010
Financial leases 12,592 853 430 (4,612 ) (2,240 ) 7,023
Other 2,073,846 (511,178 ) 73,692 329,565 (387,769 ) 1,578,156
Eventual commitments 21,564 (188 ) (530 ) (4,661 ) 16,185
Other debt securities 1,683 (761 ) (246 ) 676
Total allowances 12,609,106 (2,509,275 ) 906,220 1,757,278 (2,533,019 ) 10,230,310
VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish - See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)
Movements between stages of period
ECL of remanent life of financial asset
Item Amounts at
beginning of
the fiscal
year 		ECL of the next
12 months 		Financial
instruments with a
significant increase
in credit risk 		Financial
instruments
with
impairment 		Effect
monetary
generated for
provisions 		12/31/2020
Other financial assets 17,585 14,184 (8,048 ) 23,721
Loans and other financing 8,641,945 5,281,632 2,523,653 (598,287 ) (3,286,805 ) 12,562,138
Other financial institutions 47,087 (16,357 ) (9,911 ) 20,819
To the non-financial private sector and foreign residents
Overdrafts 1,316,690 17,042 1,582 (26,954 ) (448,968 ) 859,392
Documents 626,667 173,801 105,706 (38,823 ) (197,339 ) 670,012
Mortgage loans 653,538 131,583 378,483 4,923 (224,898 ) 943,629
Pledge loans 220,184 30,850 8,992 (21,617 ) (70,041 ) 168,368
Personal loans 3,134,887 1,145,451 625,984 (294,605 ) (1,045,314 ) 3,566,403
Credit cards 1,353,095 2,712,340 1,007,702 (92,146 ) (733,914 ) 4,247,077
Financial leases 9,130 (2,439 ) (989 ) 9,685 (2,795 ) 12,592
Other 1,280,667 1,089,361 396,193 (138,750 ) (553,625 ) 2,073,846
Eventual commitments 29,469 6,666 (6,819 ) 437 (8,189 ) 21,564
Other debts securities 3,305 333 (1,955 ) 1,683
Total allowances 8,692,304 5,302,815 2,516,834 (597,850 ) (3,304,997 ) 12,609,106

- 128 -

Jorge Pablo Brito
Vice Chairperson

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Banco Macro SA published this content on 28 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2021 14:31:01 UTC.