GRUPO SUPERVIELLE S.

SUPV
End-of-day quote. End-of-day quote  - 03/01
58.85ARS +3.52%

Grupo Supervielle S A : ´s Financial Statements as of September 30, 2020

12/09/2020 | 04:21pm

Condensed Interim Financial Statements

For the nine-month period ended on

September 30, 2020, presented on comparative basis in homogeneous currency

Contents

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION............................................

2

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME .................................

4

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY..........

7

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS ............................................................

9

1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES OF THE UNAUDITED

CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS ..................................................................

11

2.

SEGMENT REPORTING .......................................................................................................................................

28

3.

FAIR VALUES .........................................................................................................................................................

31

4.

RELATED PARTY TRANSACTIONS..................................................................................................................

33

5.

COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED COMPREHENSIVE INCOME.......

34

6.

DIVIDENDS..............................................................................................................................................................

38

7.

INSURANCE ............................................................................................................................................................

38

8.

MUTUAL FUNDS ....................................................................................................................................................

38

9.

ADDITIONAL INFORMATION REQUIRED BY THE BCRA .........................................................................

39

10.

CONTRACT AS A FINANCIAL AGENT BY THE PROVINCE OF SAN LUIS .............................................

43

11.

FINANCIAL RISK FACTORS ...............................................................................................................................

43

12.

INTERNATIONAL FINANCING PROGRAMS ..................................................................................................

43

13.

IMPACT OF COVID-19 ON SOCIETY OPERATIONS .....................................................................................

43

SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER DEBT

SECURITIES, EQUITY INSTRUMENTS...........................................................................................................................

46

SCHEDULE B - CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS

AND COLLATERAL RECEIVED .......................................................................................................................................

49

SCHEDULE C - CONCENTRATION OF LOANS AND OTHER FINANCING ............................................................

51

SCHEDULE D - BREAKDOWN OF TOTAL LOANS AND OTHER FINANCING ....................................................

52

SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT..............................................................................................

53

SCHEDULE G - INTANGIBLE ASSETS ............................................................................................................................

54

SCHEDULE H - CONCENTRATION OF DEPOSITS ......................................................................................................

55

SCHEDULE I - BREAKDOWN OF FINANCIAL LIABILITIES FROM REMAINING TERMS ...............................

56

SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY....................................................................

57

SCHEDULE R - LOAN LOSS RISK PROVISIONS ..........................................................................................................

58

SEPARATE CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION.....................................................

60

SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME ..........................................

61

EARNING PER SHARE ........................................................................................................................................................

62

SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME ..........................................

63

SEPARATE CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY...................

64

SEPARATE CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY...................

65

SEPARATE CONDENSED INTERIM STATEMENT OF CASH FLOW .......................................................................

66

1. BASIS OF PREPARATION OF THE UNAUDITED SEPARATE CONDENSED INTERIM FINANCIAL

STATEMENTS .......................................................................................................................................................................

67

2.

FAIR VALUES .........................................................................................................................................................

70

3.

INVESTMENT IN SUBSIDIARIES AND ASSOCIATES ...................................................................................

72

4. COMPOSITION OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF COMPREHENSIVE

INCOME..................................................................................................................................................................................

73

5.

RESTRICTED ASSETS ..........................................................................................................................................

75

6.

COMPANIES UNDER SECT. 33 OF CORPORATE LAW AND OTHER RELATED COMPANIES ..........

75

7.

LOAN AND DEBT ESTIMATED TERMS ...........................................................................................................

79

8.

CAPITAL STOCK ...................................................................................................................................................

79

9.

CASH FLOW STATEMENT AND EQUIVALENTS...........................................................................................

80

10.

SUBSEQUENT EVENTS ........................................................................................................................................

80

SCHEDULE A - OTHER DEBT SECURITIES ..................................................................................................................

81

SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT..............................................................................................

82

SCHEDULE G - INTANGIBLE ASSETS ............................................................................................................................

83

SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY ...................................................................

84

Additional Information pursuant to Art, 12, Chapter III, Title IV of standards issued by the National Securities

Commission .............................................................................................................................................................................

85

INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2020 ........................................................................................................

87

Consolidated Condensed Interim Financial Statements

For the nine-month period ended on

September 30 2020, presented on comparative basis in homogeneous currency

Name: Financial year:

Legal Address: Core Business:

1

GRUPO SUPERVIELLE S.A.

Grupo Supervielle S.A.

N° 42 started on January 1, 2020

Bartolomé Mitre 434, piso 5 Ciudad Autónoma de Buenos Aires

Carry out, on its own account or third parties' or related to third parties, in the country or abroad, financing activities through cash or instrument contributions to already-existing or to-be-set-up corporations, whether controlling such corporations or not, as well as the purchase and sale of securities, shares, debentures and any kind of property values, granting of fines and/or guarantees, set up or transfer of loans as guarantee, including real, or without it not including operations set forth by the Financial Entities Law and any other requiring public bidding.

Registration Number at the IGP:

Date of Registration at IGP:

Amendment of by-laws (last):

Expiration date of the Company's By-Laws: Corporations Article 33 Companies general Law

212,617

October 15, 1980

April 24, 2018 (Registration in progress)

October 15, 2079

Note 6 to Separate Condensed Interim Financial Statements

Composition of Capital Stock as of September 30, 2020

Shares

Capital Stock

Votes per

Subscribed

Integrated

Quantity

Class

N.V. $

in thousands

in thousands

share

of $

of $

61,738,188

A: Non endorsable, common shares

1

5

61,738

61,738

of a nominal value

394,984,134

B: Non endorsable, common shares

1

1

394,984

394,984

of a nominal value

456,722,322

456,722

456,722

2

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As of September 30, 2020 and December 31, 2019

(Expressed in thousands of pesos in homogeneous currency)

ASSETS

Notes and

09/30/2020

12/31/2019

Schedules

Cash and due from banks

1.8 and 3

27,970,120

32,288,051

Cash

7,239,657

10,701,634

Financial institutions and correspondents

20,581,692

21,549,840

Argentine Central Bank

17,504,093

19,477,359

Other local and foreign financial institutions

3,077,599

2,072,481

Others

148,771

36,577

Debt Securities at fair value through profit or loss

1.8, 3, 5.1

4,452,384

695,213

and A

Derivatives

5.2 y 3

112,088

315,000

Repo transactions

3

22,059,850

-

Other financial assets

1.8, 5.3 and 3

6,635,237

2,564,234

Loans and other financing

3, 5.4 and B

98,191,094

108,714,512

To the non-financial public sector

116,977

35,307

To the financial sector

16,893

78,903

To the Non-Financial Private Sector and Foreign residents

98,057,224

108,600,302

Other debt securities

3, 5.5 and A

51,131,881

13,050,125

Financial assets in guarantee

3 and 5.6

5,165,915

6,522,526

Current income tax assets

-

125,295

Investments in equity instruments

3 and A

87,569

17,828

Property, plant and equipment

F

5,449,373

4,894,097

Investment properties

F

4,286,107

4,958,492

Intangible assets

G

5,456,616

5,347,095

Deferred income tax assets

2,733,623

1,600,419

Other non-financial assets

5.7

2,395,565

1,582,850

Inventories

5.8

60,838

54,364

TOTAL ASSETS

236,188,260

182,730,101

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements .

3

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As of September 30, 2020 and December 31, 2019

(Expressed in thousands of pesos in homogeneous currency)

Notes and

09/30/2020

12/31/2019

Schedules

LIABILITIES

Deposits

3, 5.9 and H

170,259,118

108,847,091

Non-financial public sector

8,114,000

6,689,417

Financial sector

13,574

34,361

Non-financial private sector and foreign residents

162,131,544

102,123,313

Liabilities at fair value through profit or loss

3 and 5.10

189,074

231,803

Repo transactions

3

-

391,101

Other financial liabilities

3 and 5.11

8,355,652

11,148,581

Financing received from the Argentine Central Bank and

3 and 5.12

7,647,629

11,027,517

other financial institutions

Negotiable Obligations Issued

3 and 9.4

4,232,918

7,443,081

Current income tax liabilities

1,106,045

-

Subordinated negotiable obligations

3 and 9.4

1,050,485

2,592,387

Provisions

5.13

749,078

809,509

Deferred income tax liabilities

164,712

577,896

Other non-financial liabilities

5.14

10,638,831

10,056,997

TOTAL LIABILITIES

204,393,542

153,125,963

SHAREHOLDERS' EQUITY

Capital stock

456,722

456,722

Paid in capital

29,890,007

29,890,007

Capital Adjustments

2,620,076

2,620,076

Reserves

17,084,754

12,792,445

Retained earnings

(21,043,363)

(12,697,188)

Other comprehensive income

286,745

105,676

Net income for the period/year

2,474,412

(3,587,155)

Shareholders' Equity attributable to owners of the parent

31,769,353

29,580,583

company

Shareholders' Equity attributable to non-controlling interests

25,365

23,555

TOTAL SHAREHOLDERS' EQUITY

31,794,718

29,604,138

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

236,188,260

182,730,101

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.

4

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the nine and three-month period ended on September 30, 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

Notes

Nine-month period ended

Three-month period ended

on

on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

Interest income

5.15

43,426,455

40,636,588

14,867,007

13,220,329

Interest expenses

5.16

(18,339,371)

(34,180,776)

(6,477,590)

(11,087,469)

Net interest income

25,087,084

6,455,812

8,389,417

2,132,860

Service fee income

5.19

7,747,868

8,007,631

2,555,106

2,620,475

Service fee expenses

5.20

(2,286,056)

(2,001,999)

(814,574)

(757,435)

Income from insurance activities

7

1,112,656

1,142,299

327,042

420,121

Net Service Fee Income

6,574,468

7,147,931

2,067,574

2,283,161

Subtotal

31,661,552

13,603,743

10,456,991

4,416,021

Net income from financial instruments (NIFFI) at fair

5.17

2,117,614

22,016,523

1,067,825

6,301,026

value through profit or loss

Result from assets withdrawals rated at amortized cost

5.18

(6,553,905)

-

(4,208,930)

-

Exchange rate difference on gold and foreign currency

689,414

(1,015,846)

260,847

(891,599)

Subtotal

(3,746,877)

21,000,677

(2,880,258)

5,409,427

Other operating income

5.21

2,766,048

2,468,301

899,646

747,714

Result from exposure to changes in the purchasing

4,365,222

(5,639,513)

3,529,039

(2,023,474)

power of the currency

Loan loss provisions

(6,955,877)

(8,068,586)

(2,723,339)

(2,872,255)

Net operating income

28,090,068

23,364,622

9,282,079

5,677,433

Personnel expenses

5.22

12,219,311

12,372,714

4,166,883

3,768,121

Administration expenses

5.23

6,752,969

6,764,528

2,232,476

2,198,701

Depreciations and impairment of non-financial assets

5.24

1,591,730

1,509,749

548,519

552,676

Other operating expenses

5.25

4,475,844

5,384,026

1,462,597

1,781,331

Operating income

3,050,214

(2,666,395)

871,604

(2,623,396)

Income before taxes from continuing operations

3,050,214

(2,666,395)

871,604

(2,623,396)

Income tax

574,178

291,323

11,480

(282,136)

Net income for the period

2,476,036

(2,957,718)

860,124

(2,341,260)

Net income for the period attributable to owners of the

2,474,412

(2,955,065)

859,614

(2,339,331)

parent company

Net income for the period attributable to non-

1,624

(2,653)

510

(1,929)

controlling interests

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.

5

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

EARNING PER SHARE

For the nine and three-month period ended on September, 30 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

Nine-month period

Three-month period

Item

ended on

ended on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

NUMERATOR

Net income for the period attributable to owners of the

2,474,412

(2,955,065)

859,614

(2,339,331)

parent company

PLUS: Diluting events inherent to potential ordinary shares

-

-

-

Net income attributable to owners of the parent company

2,474,412

(2,955,065)

859,614

(2,339,331)

adjusted by dilution

DENOMINATOR

Weighted average of ordinary shares

456,722

456,722

456,722

456,722

PLUS: Weighted average of number of ordinary shares

-

-

-

-

issued with dilution effect.

Weighted average of number of ordinary shares issued of the

456,722

456,722

456,722

456,722

period adjusted by dilution effect

Basic Income per share

5.42

(6.47)

1.88

(5.12)

Diluted Income per share

5.42

(6.47)

1.88

(5.12)

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements

6

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the nine and three-month period ended on September, 30 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

Nine-month period ended

Three-month period

on

ended on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

Net income for the period

2,476,036

(2,957,718)

860,124

(2,341,260)

Components of Other Comprehensive Income not to be

reclassified to profit or loss

Income for the period from equity instrument at fair value

(1,812)

-

(695)

-

through other comprehensive income

Income tax

544

-

209

-

Net income from equity instrument at fair value

(1,268)

-

(486)

-

through changes in other comprehensive income

Total Other Comprehensive Income not to be

(1,268)

-

(486)

-

reclassified to profit or loss

Components of Other Comprehensive Loss to be

reclassified to profit or loss

Loss for the period from financial instrument at fair value

260,748

(3,997)

(140,855)

(283)

through other comprehensive income

Income tax

(78,225)

1,199

42,279

85

Net income from financial instrument at fair value

182,523

(2,798)

(98,576)

(198)

through changes in other comprehensive income

Total Other Comprehensive Loss to be reclassified to

182,523

(2,798)

(98,576)

(198)

profit or loss

Total Other Comprehensive Income

181,255

(2,798)

(99,062)

(198)

Other comprehensive income attributable to owners of the

181,069

(2,794)

(98,961)

(197)

parent company

Other comprehensive income attributable to non-

186

(4)

(101)

(1)

controlling interests

Total Comprehensive Income

2,657,291

(2,960,516)

761,062

(2,341,458)

Total comprehensive income attributable to owners of the

2,655,481

(2,957,859)

760,653

(2,339,528)

parent company

Total comprehensive income attributable to non-

1,810

(2,657)

409

(1,930)

controlling interests

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.

7

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the nine-month period ended on September, 30 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

Other comprehensive income

Earnings or

Total

Total

Shareholders´ equity

Total

Capital

Capital

Paid in

Legal

Other

Retained

los accrued by

Shareholders´ equity

Items

attributable to non-

Shareholde

stock

adjustments

capital

reserve

reserves

earnings

Revaluation

financial

attributable to

controlling interest

rs´equity

of PPE

institutions at

parent company

FV through

profit and loss

Re-expressed Balance at December 31, 2019

456,722

2,620,076

29,890,007

171,838

12,620,607

(16,284,343)

99,501

6,175

29,580,583

23,555

29,604,138

Distribution of retained earnings by the

shareholders' meeting on April 28, 2020:

Constitution of reserves

-

-

-

-

4,759,020

(4,759,020)

-

-

-

-

-

Dividend distribution

-

-

-

-

(466,711)

-

-

-

(466,711)

-

(466,711)

Net Income for the period

-

-

-

-

-

2,474,412

-

-

2,474,412

1,624

2,476,036

Other comprehensive income for the period

-

-

-

-

-

-

181,069

181,069

186

181,255

Balance at September 30, 2020

456,722

2,620,076

29,890,007

171,838

16,912,916

(18,568,951)

99,501

187,244

31,769,353

25,365

31,794,718

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.

8

GRUPO SUPERVIELLE S.A.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the nine-month period ended on September, 30 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

Other comprehensive income

Total

Earnings or

Total

Capital

Shareholders´ equity

Total

Capital

Legal

Other

Retained

los accrued by

Shareholders´ equity

Items

adjustmen

Paid in capital

attributable to non-

Shareholde

stock

reserve

reserves

earnings

Revaluation

financial

attributable to

ts

controlling interest

rs´equity

of PPE

institutions at

parent company

FV through

profit and loss

Re-expressed Balance at December 31, 2018

456,722

2,620,076

29,889,414

171,838

10,075,415

(8,924,661)

-

-

34,288,804

28,668

34,317,472

IFRS 9 Impact Adjustments

-

-

-

-

-

(657,333)

-

-

(657,333)

(503)

(657,836)

Balance at December 31, 2018

456,722

2,620,076

29,889,414

171,838

10,075,415

(9,581,994)

-

-

33,631,471

28,165

33,659,636

Other movements

-

-

593

-

-

-

-

-

593

105

698

Distribution of retained earnings by the

shareholders' meeting on April 26, 2019:

Constitution of reserves

-

-

-

-

2,545,192

(2,545,192)

-

-

-

-

-

Dividend distribution

-

-

-

-

-

(492,960)

-

-

(492,960)

(492,960)

Net Income for the period

-

-

-

-

-

(2,955,065)

-

-

(2,955,065)

(2,653)

(2,957,718)

Other comprehensive income for the period

-

-

-

-

-

-

-

(2,794)

(2,794)

(4)

(2,798)

Balance at September 30, 2019

456,722

2,620,076

29,890,007

171,838

12,620,607

(15,575,211)

-

(2,794)

30,181,245

25,613

30,206,858

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.

9

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the nine-month period ended on September, 30 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

09/30/2020

09/30/2019

CASH FLOW FROM OPERATING ACTIVITIES

Net income for the period before Income Tax

3,050,214

(2,666,395)

Adjustments to obtain flows from operating activities:

Depreciation and impairment of non-financial assets

(1,591,730)

1,509,749

Loan loss provisions

6,955,877

8,068,586

Other adjustments

- Exchange rate difference on gold and foreign currency

(689,414)

1,015,846

-

Interests from loans and other financing

(43,426,455)

(40,636,588)

-

Interests from deposits and financing

18,339,371

34,180,776

- Net income from financial instruments at fair value through profit or loss

(2,117,614)

(22,016,523)

- Result from assets withdrawals rated at amortized cost

6,553,905

-

- Result from exposure to changes in the purchasing power of the currency

(4,365,222)

5,639,513

- Interest on liabilities for financial leases

131,276

153,835

-

Allowances reversed

(431,199)

(449,385)

(Increases) / decreases from operating assets:

Debt securities at fair value through profit or loss

(7,055,181)

26,542,679

Derivatives

202,912

(257,223)

Repo transactions

(22,059,850)

(5,460,065)

Loans and other financing

To the non-financial public sector

(81,670)

21,330

To the other financial entities

62,010

47,544

To the non-financial sector and foreign residents

46,609,192

64,363,334

Other debt securities

(38,081,756)

2,878,187

Financial assets in guarantee

1,356,611

(1,160,189)

Investments in equity instruments

(69,741)

7,616

Other assets

(378,440)

(7,147,964)

Increases / (decreases) from operating liabilities:

Deposits

Non-financial public sector

1,424,583

(10,504,078)

Financial sector

(20,787)

(10,492)

Private non-financial sector and foreign residents

41,770,046

(62,767,818)

Liabilities at fair value through profit or loss

(42,729)

(504,323)

Derivatives

-

(177,250)

Repo operations

(391,101)

434,836

Other liabilities

(1,635,622)

1,884,997

Income Tax paid

(967,450)

(731,703)

Total operating activities (A)

3,050,036

(7,741,168)

CASH FLOW FROM INVESTING ACTIVITIES

Payments:

Purchase of PPE, intangible assets and other assets

(1,513,357)

(1,050,092)

Purchase of investments in subsidiaries

-

(219,612)

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.

10

GRUPO SUPERVIELLE S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

For the nine-month period ended on September, 30 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

09/30/2020

09/30/2019

CASH FLOW FROM INVESTING ACTIVITIES

Collections:

Purchase of PPE, intangible assets and other assets

46,586

89,833

Total investing activities (B)

(1,466,771)

(1,179,871)

CASH FLOWS FROM FINANCING ACTIVITIES

Payments:

Interest on finance lease liabilities

(1,366,164)

(355,890)

Financing received from Argentine Financial Institutions

(18,253,288)

(8,658,392)

Unsubordinated negotiable obligations

(5,936,449)

(6,846,332)

Subordinated negotiable obligations

(1,570,607)

-

Dividends paid

(466,711)

(492,960)

Collections:

Changes in the ownership of subsidiaries that do not result in loss of control

-

698

Financing received from Argentine Financial Institutions

14,873,400

7,464,280

Unsubordinated negotiable obligations

2,653,805

3,234,849

Subordinated negotiable obligations

-

263,911

Total Financing activities (C)

(10,066,014)

(5,389,836)

EFFECT OF CHANGES IN THE EXCHANGE RATE (D)

13,403,261

40,060,168

NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)

4,920,512

25,749,293

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR

34,232,005

88,372,255

(NOTE 1.8)

Result from exposure to changes in the purchasing power of the currency of cash

(7,762,911)

(44,895,854)

and equivalents

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (NOTE 1.8)

31,389,606

69,225,694

  1. In the items "Loans and other financing - non-financialsector and foreign residents"and "Other Assets", "Purchase of PPE,intangible asstes and other assets" and "Other liabilities" and "Purchase of PPE,intangible asstes and other assets" and "Other assets" 835,663, 598,984 and 672,385 corresponding to non-monetary transactions were eliminated.

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.

11

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES OF THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Grupo Supervielle S.A. (hereinafter, "the Group"), is a company whose main activity is investment in other companies, Its main income comes from the distribution of dividends from these companies and the obtaining of income from other financial assets.

The consolidated financial statements of Grupo Supervielle S.A. they have been consolidated, line by line with the financial statements of Banco Supervielle S.A., Cordial Compañía Financiera S.A., Sofital S.A. F. e I.I., Tarjeta Automática S.A., Supervielle Asset Management S.A., Espacio Cordial Servicios S.A., Supervielle Seguros S.A., InvertirOnline S.A.U., InvertirOnline,Com Argentina S.A.U., Micro Lending S.A.U., Supervielle Productores Asesores de Seguros S.A., Bolsillo Digital S.A.U. and Futuros del Sur S.A.

The main investment of the Company is its shareholding in Banco Supervielle S.A., a financial entity included in Law No. 21.526 of Financial Institutions and subject to BCRA regulations, for which the valuation and exposure guidelines used have been adopted by said Entity (see Note 1.1) in accordance with that established in Title IV, Chapter I, Section I, Article 2 of the 2013 Orderly Text of the National Securities Commission (CNV).

These consolidated financial statements have been approved by the Board of Directors of the Company at its meeting held on November 19, 2020.

1.1. Preparation basis

These condensed interim financial statements have been prepared pursuant to: (i) provisions set by Intenational Accounting Standards N° 34, "Interim Financial Information" (IAS 34) and (ii) the accouting information framework set by the Argentine Central Bank which is based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting Standards Interpretation Committee with the following exceptions:

  1. Temporary exception of IFRS 9 "Financial Instruments" application over debt instruments of the non- financial public sector,
  2. Temporary exception of the application of Section 5.5 (Value Impairment) for Group C entities, a category that includes Cordial Compañia Financiera S.A.. Therefore, provisions of the aforementioned entity are held under minimum provisions standards set by the Argentine Central Bank.

Pursuant to IAS 34, interim financial information shall include an explanation of events and transactions that have taken place as from the end of the last annual period being reported and are relevant for the understanding of changes in the financial situation, financial performance and cash flows of the Group with the purpose of relying on updated information as per the last financial statements of the fiscal year ended on December 31, 2019 ( hereinafter, "annual financial statements"). Given the aforementioned, these condensed interim financial statements do not include all the information to be required by complete financial statements prepared pursuant to International Financial Reporting Standards; hence, in virtue of a suitable understanding of the information included therein, such statements must be read jointly with annual financial statements as of December 31, 2019.

The Gruop´s Board has concluded that these interim condensed financial statements reasonably express the financial position, financial performance and cash flows.

It is worth to be mentioned that interim condensed financial statements have been prepared by applying accounting policies and measurement criteria consistent with those applied by the Group for the preparation of annual financial statements, except for what has been set forth in Note 1.1.4.

The preparation of financial statements requires that the Group carries out calculations and evaluations that affect the amount of incomes and expenses recorded in the period. In this sense, calculations are aimed at the estimation of, for example, credit risk provisions, useful life of property, plant and equipment, impairments and amortizations, recoverable value of assets, income tax charges and the reasonable value of certain financial instruments. Future real results may defer from calculations and evaluations as of the date of these consolidated condensed interim financial statements preparation.

As of these financial statements issuance date, such statements are pending of transcription to Inventory and Balance Sheet Book.

12

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

1.1.1 Going concern

As of the date of these consolidated condensed interim financial statements there are no uncertainties with respect to events or conditions that may raise doubts regarding the possibility that the Group continues to operate normally as a going concern.

1.1.2 Measuring unit

Figures included in these condensed interim financial statements are expressed in thousands of Argentine pesos, unless otherwise stated.

The Group´s interim condensed financial statements recognice changes in the currency purchasing power until August 31, 1995. As from such date, in virtue of existing economic stability conditions and pursuant to Communication "A" 2365 issued by the Argentine Central Bank, accounting measurements were not re-expressed until December 31, 2001. In virtue of Communication "A" 3702 issued by the Argentine Central Bank, the application of the method was resumed and became effective on January 1, 2002. Previous accouting measurements were considered to be expressed in the currency as of December 31, 2001.

Pursuant to Communication "A" 3921 issued by the Argentine Central Bank, in compliance with Decree 664/03 issued by the National Executive Power, the application of the re-expression of financial statements in homogeneous currency was interrupted as from March 1, 2003. Therefore, the Group applied said re-expression until February 28, 2003.

In turn, Law N° 27,468 (B.O. 04/12/2018) amended article 10° of Law N° 23,928 and its amendments, thus establishing that the abolition of all legal and regulating standards that set and authorize price indexing, monetary updating, cost changes or any other manner of re-increasing debts, taxes, prices or fees for goods, works or services does not include financial statements, regarding which the application of article 62 of the General Corporations Law N° 19,550 (T.O 1984) and its amendments shall prevail. Likewise, the aforementioned legal body set de abolition of Decree N° 1269/2002 dated on July 16, 2002 and its amendments and instructed the National Executive Power, through its controlling agencies, to set the date as from which said regulations became into effect in relation with financial statements to be submitted. Therefore, on February 22, 2019, the Argentine Central Bank issued Communication "A" 6651 which established that financial statements shall be prepared in a homogeneous currency as from January 1, 2020. Therefore, these condensed interim financial statements have been re-expressed as of September 30, 2020.

1.1.3 Comparative information

The information included in these condensed interim financial statements and in the aforementioned notes as of December 31, 2019 and September 30, 2019 is presented, exclusively with comparative purposes regarding the information as of September 30, 2020.

It is worth to be mentioned that, Communication "A" 6778, issued by the Argentine Central Bank, required the retroactive application of the impairment model set forth in section 5.5 of IFRS 9 with temporary withdrawal of non- financial public sector´s debt instruments and the re-expression of financial statements pursuant to IAS 29. In virtue of the aforementioned, the Group has applied the following:

  1. Retroactive re-expression of figures included in the Financial Situation as of December 31, 2019 for the purpose of submitting such figures as if the new accounting policies had been in force since January 1, 2019, and
  2. Retroactive re-expression of figures included in the Income Statement, Other Comprehensive Income and Changes in the Shareholders' Equity Statement as of September 30, 2019 for the purpose of submitting such figures as if the new accounting policies had been in force since January 1, 2019.

1.1.4 Changes in accounting policies and new accounting standards

With the approval of new IFRS, modifications or derogations of the standards in force, and once such changes are adopted through Adoption Bulletins issued by Federación Argentina de Consejos Profesionales en Ciencias Económicas (FACPCE), the Argentine Central Bank will determine the approval of such standards for financial entities. In general terms, no anticipated IFRS application shall be allowed unless upon adoption such anticipated measure is specified.

The following are changes that were made effective over the course of the quarter ended on September 30, 2020:

13

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

  1. Impairment of financial assets

Pursuant to Communication "A" 6430 and 6847 Financial Entities shall start to apply provisions on Financial Assets Impairment included in paragraph 5.5 of IFRS 9 as from fiscal years starting on 1 January, 2020, except for Non-financial Public Sector´s debt securities, which shall be temporarily excluded from the scope of said provisions. Likewise, Communication "A" 6938 issued by the Argentine Central Bank set the postponement of the application of the section targeted to "B" group Companies until January 1, 2021,a category that includes Cordial Compañía Financiera S.A.; therefore, provisions of said Entity are held under the minimum provisions regulations set by the Argentine Central Bank. It is worth mentioning that through communications "A" 7108 and 7134, the Argentine Central Bank ordered the classification of financial entities into groups "A", "B" and "C", leaving Cordial Compañía Financiera classified as Group "C" as of October 1, 2020.

Upon the application of impairment model included in section 5.5 of IFRS 9, a decrease of about 344,8 million and 936,0 million would have been recorded in the shareholders ´equity as of September 30, 2020 and December 31, 2019 respectively.

September 30, 2020

December 31, 2019

Provisions recorded in

8,683,827

7,170,484

financial statements

Provisions pursuant to

9,161,740

8,507,651

section 5.5 of IFRS 9

Difference (*)

477,913

1,337,167

(*) These balances do not include the effect of income tax

IFRS 9 foresees an expected credit los model, by means of which financial assets are classified in three impairment stages, based on changes in credit quality as from its initial recognition and show how a Company measures impairment loss and applies the effective interest method. Note 1.2 offers greater detail on how expected credit loss is measured.

Pursuant to Communication "A" 6778 issued by the Argentine Central Bank, Financial Entities shall apply the following in virtue of the effects of the application of section 5.5 of IFRS 9:

  1. Utilized internal models that shall meet IFRS 9 requirements; thus, applying such models to all assets included in such regulation with temporary exception abovementioned, and
  2. Apply the Regulation retroactively, thus setting the transition date on January 1, 2019.

The following chart includes the reconciliation between uncollectibility risk provisions as of 12-31-2019 pursuant to the criteria set by the Amended Text on "Debtors Classification" and "Minimum Uncollectibility Risk Provisions" set by the Argentine Central Bank and the new uncollectibility risk provisions pursuant the expected credit loss model set by IFRS 9 with temporary exceptions above mentioned in the first paragraph:

Credit risk

Credit risk

provision

provision

pursuant to

pursuant to

minimum-

Re-

Category of financial instrument

Reclassifications

IFRS 9 (as per

provisions-related

measurements

scope of

Standards set by

Communication

the Argentine

"A" 6847)

Central Bank

Loans and other financing

-

-

-

-

Other financial assets

77,727

224,792

302,519

Loans and other financing

Other Financial Entities

14,772

-

-

14,772

NFPS and Res. Abroad

-

-

-

-

Overdrafts

786,797

-

1,017,370

1,804,167

Documents

928,374

-

(483,336)

445,038

Mortgage loans

521,317

-

42,797

564,114

Pledge loans

52,897

14,817

51,389

119,103

Personal loans

1,232,719

12,573

(234,726)

1,010,566

Credit Cards

775,397

-

(113,644)

661,753

Financial Lease

93,226

-

76,664

169,890

Others

2,654,981

-

(580,767)

2,074,214

Debt securities

4,438

-

(90)

4,348

Contingent commitments

449

-

(449)

-

TOTAL

7,143,094

27,390

-

7,170,484

14

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

  • Cordial Compañía Financiera S.A.´s balances of provisions are held under minimum provisions Standards pursuant to
    Communication "A" 6990 issued by the Argentine Central Bank.

Note 1.2 includes further information on the definition of credit risk provision pursuant to the expected credit loss model set by IFRS 9 with scope set by the Argentine Central Bank.

  1. Re-expressionby inflation of financial statements

Pursuant to IAS 29 "Financial Information in hyperinflationary economies", financial statements of an entity, whose functional currency accounts for that currency of a hyperinflationary economy shall be expressed in terms of a current measurement unit as of the reporting fiscal year closing date regardless of whether such statements are based on the historical cost method or a current cost method. To such ends, in general terms, such entity shall calculate the inflation recorded as from the acquisition date or revaluation date, when applicable, in non-monetary items. Such requirements also include the comparative information of financial statements.

With the purpose of stating whether an economy is classified as Hyperinflationary in accordance with IAS 29, the provision sets forth a series of factors to be considered, which includes an accrued inflation rate in three years close to or higher than the 100%. That is the reason why, pursuant to IAS 29, the Argentine economy must be considered as a high inflation economy as from July 1, 2018.

In short, pursuant to IFRS 29 re-expression mechanism, monetary assets and liabilities shall not be re-expressed since such assets and liabilities are expressed in a measurement unit in force as of the reported period closing. Assets and liabilities subject to adjustments tied to specific agreements, shall be adjusted pursuant to such agreements. Non- monetary items measured at current values at the end of the reported period, such as the realization net value or others, shall be re-expressed. The remaining non-monetary assets and liabilities shall be re-expressed in accordance with a general price index. The loss or earning of a net monetary position shall be included in the net income of the reported period in a separate item. It is worth to be mentioned that earnings or losses over the monetary position of instruments at fair value through profit and loss in OCI is included in Other Comprehensive Income of the period/fiscal year. Upon the sale of such instruments its result is reclassified in the line "Results from sale or withdrawal of financial instruments rated at amortized cost" in the net income of the period/fiscal year.

Pursuant to Communication "A" 6651, issued by the Argentine Central Bank on February 22, 2019, financial statements shall be prepared in a constant currency as from fiscal years starting on January 1, 2020. In this sense, Communication "A" 6849 issued by the Argentine Central Bank sets the re-expression frequency of the accounting information in a homogeneous currency on a monthly basis, and the index utilized to such ends accounts for the National Consumer Index drawn up by INDEC (basis month: December 2016) and for such items with previous initial date, IPIM issued by FACPCE is utilized, pursuant to Ruling JG 517/16. Likewise, transition date, in virtue of the retroactive application has been set on January 1, 2019.

(c) Other Changes in the Accounting Framework set by the Argentine Central Bank

Pursuant to Communication "A" 6847, financial entities will be allowed to re-categorize, as from Januray 1,2020, instruments of the non-financial public sector rated at fair value through profit and loss and at fair value through profit and loss in OCI at an amortized cost criterion, while utilizing the accounting value of such date as addition value. As for instruments affected by this option, interest accrual and accessories shall be interrupted as long as the accounting value is above its fair value. Upon such measurement, the abovementioned financial instruments, at fair value as of September 30, 2020 there would be no significant impact on equity and results for the period.

(d) Definition of a business - Changes in accordance to IFRS 3

On October 22, 2018, IASB released changes, which include the definition of business with the purpose of helping entities determine whether a transaction must be recorded as a combination of business or the acquisition of an asset. Such changes:

  1. Clarifies that, the definition of business, an acquired group of activities and assets, shall include at least a good and a substantial process that together shall contribute significantly to the capacity of developing products;
  2. Removes the evaluation of whether market players can replace the lack of processes or goods and continue with the production of products;
  3. Add explanatory guidelines and examples to help entities evaluate whether a substantial process has been acquired;

15

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

  1. Restrict definitions of a business or product by focusing on goods and services granted to clients and remove the reference to the capacity of reducing costs, and
  2. Add an optional concentration trial that enables a simplified evaluation of whether a set of activities and acquired businesses are not a business.

Entities need to apply changes in transactions which acquisitions date as from the beginning of the first annual period over which it has been informed as of January 1, 2020.

The Group does not see any initial effect unless a combination of businesses is made effective.

(e) Definition of significant or relatively significant Changes to IAS 1 and IAS 8

On October 31, 2018, IASB released these changes with the purpose of improving the understanding of the definition of significant or relatively significant, coordinating the drawing up of the definition in IFRS and the Conceptual Framework to avoid any misunderstanding whatsoever that may stem from the different definitions, in that sense, IASB has added support requirements in IAS 1 in the definition to add importance and clarity in its application. Additionally, said board provides existing guides regarding the definition of significant and relatively significant in a single place together with the definition.

This change affects mainly section 7 of IAS 1, section 5 of IAS 8 and removes section 6 of IAS 8. Such change is applicable in a prospective manner to annual periods as from January 1, 2020.

The Group considers that such changes have no significant effect in its financial statements.

(f) Changes in the Financial Information Conceptual Framework

IASB has issued a new Conceptual Framework. Said change will not imply any changes in the accounting standards in force. However, entities that utilize the Conceptual Framework to define accounting policies for those transactions, events or situations that are not included in the accounting standards in force, apply a new Conceptual Framework as from January 1, 2020, thus evaluating whether their accounting policies are still the most suitable ones.

The Group considers that such changes have no significant effect in its financial statements.

  1. Change in the Reference Interest rate (IBOR) - Changes to IFRS 9

On September 26, 2019, IASB released a change that requires additional disclosures regarding the uncertainty resulting from the reform in the reference interest rate. Such release accounts for the first reaction to potential effects that IBOR reform may produce in financial statements and modifies specific cash flow coverage accounting requirements assuming that the reference interest rate is not modified as a result of such reform. These changes have become effective as from January 1, 2020 with retroactive effect.

The Group considers that such changes have no significant effect in its financial statements.

The following sets forth changes that have not become in force as of September 30, 2020:

  1. Sale or contribution of assets between an investor and its associate or joint Venture - changes in IFRS 10 and IAS 28.

IASB carried out changes specifically on IFRS 10 "Consolidated Financial Entities" and IAS 28 "Investments in associates and joint ventures". Such changes clarify the accounting of sales or contribution of assets between the investor and its associates and joint ventures and confirm that the accounting treatment depends on whether non- monetary assets sold or contributed to the associate or joint venture account for a "business" (as defined in IFRS 3).

When non-monetary assets account for a business, the investor will recognize earnings or losses of the sale or contribution of assets. If assets do not account for a business, earnings or losses are recognized by the investor only up to the amount recognized by the investor in the associate or joint venture. These changes are applied with retroactive effect.

IASB has decided to delay the application date for this modification until the research project over the interest method is concluded.

16

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The Group is evaluating the impact of the application of this new standard.

  1. IFRS 17 "Insurance contracts"

On May 18, 2017, IASB issued IFRS 17 "Insurance contracts" which provides a comprehensive framework based on principles for measurement and presentation of all insurance contracts. The new rule will supersede IFRS 4 Insurance contracts and requires that insurance contracts be measured using cash flows of existing enforcement and that income be recognized as the service is rendered during the coverage period. The standard will come into force for the fiscal years beginning as from November 1, 2021.

The Group is evaluating the impact of the application of this new standard.

  1. Changes in IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Reference interest rate reform (IBOR)

With the purpose of working out issues resulting from the implementation of the reference interest rate reform (IBOR), on August 27, the IASB released changes in standards. The most important changes are related to the accounting of financial instruments at amortized cost. Such changes require that financial entities update contractual cash flows resulting from the reference interest rate reform through the modification of the effective interest rate pursuant to paragraph B5.4.5 of IFRS 9. Therefore, no impact on income is recorded as a result of such modification. Said change shall be applied only when necessary as a direct consequence of the application of the reference interest rate reform (IBOR). IFRS 16 was also modified; thus, requiring lessees to utilize the same modification when accounting changes in leasing payments to be produced as a result of the reference interest rate reform (IBOR). Such changes will become effective as from January 1, 2021.

The Entity is assessing the impact of said new standard.

1.2 Impairment of financial assets

The Group evaluates, based on a prospective approach, expected credit losses ("ECL") related to financial assets rated at amortized cost or fair value with changes in another comprehensive income, the exposure resulting from loan commitments and financial guarantee contracts with the scope set by Communication "A" 6847 issued by the Argentine Central Bank.

The Group measures ECL of financial instruments reflecting the following:

  1. A probability amount, weighed and unbiased, that is defined through the evaluation of a range of possible result;
  2. The temporal value of money; and
  3. The reasonable and sustainable information available at no cost nor excessive effort on the submission date on past events, current conditions and future economic condition forecasts.

IFRS 9 sets forth the following "Three stages" model for the impairment based on changes in the credit quality from initial recognition:

  • If, on the submission date, the credit risk of a financial instrument has not increased significantly since its initial recognition, the Group will classify such instrument in "Stage 1".
  • If a significant increase in credit risk ("SICR") is detected, from its initial recognition, the instrument is moved to "Stage 2", but such instrument is not deemed to contain a credit impairment.
  • If the financial instrument contains credit impairment, it is moved to "Stage 3".
  • For financial instruments in "Stage 1", the Bank measures ECL at an amount equivalent to the amount of expected credit loss during the useful life term of the asset that result from potential default events within the next 12 months.
    As for Financial Instruments in "Stage 2" and "Stage 3", the Group measures ECL during the useful life term of the asset (hereinafter "lifetime"). Note 1.2.1 includes a description of how the Group defines when a significant increase in credit risk has occurred.
  • A generalized concept in the measurement of ECL pursuant to IFRS 9 shall be considered prospective information.

17

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

  • Financial assets with impairment on credit value, either purchased or produced, account for those financial assets which have been impaired since initial recognition. ECL of this type of financial instruments is always measured during the asset lifetime ("Stage 3").

The following chart summarizes the impairment requirements pursuant to IFRS 9 (for financial assets that do not entail impairment on credit value, either purchased or produced:

Changes in the credit quality since initial recognition

Stage 1

Stage 2

Stage 3

(initial recognition)

(significant increase of credit

(Impaired credit)

risk since initial recognition)

ECL over the next

ECL during the financial instrument lifetime

12 months

The following describes the Group´s judgements and assumptions for ECL measurement:

1.2.1. Significant increase in credit risk

The Group considers that a financial asset has experienced a significant credit risk increase when one or more than the following qualitative and quantitative criteria have been observed:

Individuals and Businesses

  • Maximum delay at a financial asset level between 31 and 90 days
  • Maximum situation Argentine Central Bank over 1.
  • At a Client level, an Internal Behavior Score below cutting point.1

Corporate Banking

  • Maximum situation Argentine Central Bank over 1.
  • Hold an Internal Rating of Classification "C" (Default probability over 30%).

Consumer Finance

  • Maximum delay at a financial asset level between 31 and 90 days

Sectoral Analysis - Covid-19 Risk

In virtue of the fact that internal impairment models do not reflect properly Covid-19 impact on the local and global economic situation (See Note 13) as historical information is utilized, a sectoral analysis has been included as additional definition of the significant risk increase.

In such analysis, companies' default risk is evaluated according to the type of industry and the impact such companies have suffered in face of the current economic situation, while taking into account their features, seasonal nature, etc.

In this sense, such analysis has been applied in Small and Medium Size companies and E&P, such additional definition of significant risk increases for "Real State", "Entertainment" and "Tourism & Gastronomy" activities. Such impact was measured as of June closing, though remaining activities are still under assessment in virtue of the evaluation of future impacts.

1 Definition of cutting point for SICR - Payroll Plan High CL PC=>400. Remaining CL=>500. | Open market High Income CL=>700. Remaining CL =>700. | Retirees: High Income CL =>610. Remaining CL =>610.

18

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

1.2.2. Individual and collective evaluation basis

Expected losses are estimated both in a collective and individual manner.

The Group´s individual estimation is aimed at calculating expected losses for significantly impaired risks. In these cases, the amount of credit losses is calculated as the difference between expected cash flows discounted at the effective interest rate of the operation and the value in the books of the instrument.

For collective estimation of expected credit losses, instruments are distributed in groups of assets depending on credit risk features. Exposures within each group are segmented in accordance with the similar features of the credit risk, including the debtor´s payment capacity pursuant to contractual conditions. These risk features need to play a key role in the estimation of future flows of each group. Credit risk features may consider the following factors, among others:

Entity

Parameter

Segment

Personal loans (1)

Credit cards (1)

Overdrafts

Default Probability

Documents

(DP)

Mortgage loans

Refinancing

Individual and

Others

Businesses

Personal loans

Credit cards

Severity (LGD)

Overdrafts

Mortgage loans

Refinancing

Others

Entity

Parameter

Segment

Small Companies

Default Probability

Medium Companies

(DP) (2)

Big Companies

Financial Sector

Corporate

Overdrafts

Banking

Documents

Severity (LGD)

Leasing

Unsecured loans

Others

OCIF

Credit cards closed

Credit cards opened

Default Probability

Cash loan

Consumer

(DP)

Consumer and Directed Cash Loan

Refinancing

Finance(3)

Consumer Loans Tarjeta Automática

Credit Cards

Severity (LGD)

Loans

Refinancing

19

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

  1. For personal loans and credit cards, the segment dimension is added, since there is sufficient materiality. The segments are: Retirees, High Income Open Market, High Income Salary Plan, Non High Income Open Market, Non High Income Salary Plan, Entrepreneurs and SMEs, Former Retirees and Ex Salary Plan.
  2. The segments to calculate the probability of default in Business Banking were grouped by company size in Stage 1. For stages 2 and 3, the probability of default was calculated including all the business banking segments to form a statistical materiality group enough.
  3. As of the date of these financial statements, the balances of provisions related to Cordial Compañía Financiera S.A., are established under the Minimum Provision Standards as set forth in Communication "A" 6990 of the B.C.R.A.

Credit risk features utilized for the abovementioned segments are the following, among others: type of financial instrument, debtor´s activity sector, activity geographical area, type of guarantee, time elapsed of submitted financial statements and other key factors to calculate expected cash flows.

The suitable segmentation of financial instruments is monitored and reviewed on a regular basis by the Credit Risk and Stress Test Area.

1.2.3 Definition of default and impaired credit

The Group considers that a financial instrument is in default when such instrument entails one or more of the following criteria:

Individuals and Businesses

  • Financial instruments delinquent after 90 days in contractual payments.

Corporate Banking

  • Financial instruments with B.C.R.A. situation greater than or equal to 3.

Consumer Finance

  • Financial instruments delinquent after 90 days in contractual payments.

Abovementioned criteria are applied in a consistent manner to all financial instruments and are aligned with the definition of default utilized by the Bank in virtue of the administration of credit risk. Likewise, such definition is consistently applied to define DP, Exposure at Default ("hereinafter, "EAD") and Loss Given Default (hereinafter, "LGD").

1.2.4. Measurement of Expected Credit Loss - Explanation of inputs, assumptions and calculation techniques

ECL is measured on a 12-month basis or along the instrument´s lifetime, depending on whether a significant increase in credit risk has been recorded since initial recognition or whether an asset is considered to contain credit impairment. ECLs account for the product discounted from Default Probability (DP), Exposure at Default (EAD) and Loos Given Default (LGD), defined as follows:

  • DP accounts for the probability of debtor´s breaching his/her financial obligation (pursuant to the "Definition of credit default and impairment" set forth in Note 1.2.3), either during the next 12 months or the remaining lifetime (DP lifetime) of the financial asset.
  • EAD is based on the amounts the Group expects to owe at the moment of the default, during the next 12 months or the remaining lifetime (DP lifetime) of the financial asset (EAD Lifetime). For example, for a revolving commitment, the Group includes the current available balance plus any additional amount expected to become available until the current contractual limit at the moment of the default, when applicable.
  • LGD accounts for the Group´s expectation regarding the loss amount in an exposure under default.

LGD changes depending on the counterparty type, the type and time elapsed of the claim and the availability of guarantees or any other credit support. LGD is expressed as a loss percentage for the exposure unit at the moment of default (EAD) and is calculated on a 12-month basis or along the instrument lifetime, where the 12-month LGD accounts for the loss percentage expected to incur if the default takes place within the next 12 months and lifelong

20

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

LGD accounts for the loss percentage expected to incur if the default takes place during the remaining lifetime of the financial asset.

.

ECL is defined by projecting DP, LGD and EAD for each future month and each individual or collective exposure. These three components are multiplied and adjusted pursuant to the survival (that is, the exposure has not been pre- settled or entered into default in a previous month). The aforementioned effectively calculates ECL for each future month, which is later discounted as of submission date and is added. The discount rate utilized for the calculation of ECL accounts for the original or rough effective interest rate of such date.

As for the calculation of parameters utilized for the calculation of the aforementioned ECL, the Entity based its calculation on the internal model development know-how for the calculation of parameters, thus adapting the development of such models pursuant to IFRS 9.

The Group includes prospective economic information in its definition of DP, EAD and LGD over 12 months or Lifetime. See Note 1.2.5 for the explanation of prospective information and its consideration in the calculation of ECL.

1.2.5 Prospective information considered in expected credit loss models

The evaluation of significant credit increases and the calculation of ECL include prospective information. The Group carried out a historical analysis and identifies key economic variable that affect the credit risk and expected credit losses for each portfolio.

Forecasts of these economic variable ("base economic scenario") are provided on a six-month basis by the Research team of the Group and offer a better estimated outlook of the economy for the next 12 months. The impact of such economic variables on DP and LGD resulted from the statistic regression analysis to understand the impact the changes in these variables has had historically on default rates and LGD components.

In addition to the base economic scenario, the Research team of the Group also provides two potential scenarios together with scenario analysis. The number of other scenarios is defined in accordance with the analysis of the main products to ensure the lineal effect between the future economic scenario and related expected credit losses. The number of scenarios and its features are re-evaluated on a six-month basis, except a situation occurs in the macroeconomic framework that justifies a greater regularity.

As of January 1, 2020 and as of September 30, 2020, as for its portfolios, the Group concluded that three scenarios have properly captured non-lineal items. Scenario analysis are defined by means of a combination of statistic and know-how judgement analysis, taking into account the range of potential results of which each scenario is representative. The evaluation of credit risk significant increases is carried out by means of the utilization of DP lifetime in the base scenario and other scenarios, multiplied by the related analysis of each scenario, together with qualitative and quantitative and backstop indicators (See Note 1.2.1). The aforementioned is defined if the financial instrument is in Stage 1, Stage 2 or Stage 3 and, therefore, whether to register a 12-month ECL or Lifetime. As with any economic forecast, projections and probabilities of occurrence are subject to a high degree of inherent uncertainty, and therefore actual results may be significantly different than projected. The Group considers that these forecasts account for its best calculation of potential results and has analyzed the non-lineal and asymmetric impacts within the different portfolios of the Group to establish that chosen scenarios are representative of the range of potential scenarios.

The most significant assumptions utilized to calculate ECL as of September 30, 2020 are as follows:

Parameter

Segment

Macroeconomic

Optimistic

Base

Pessimistic

variable

scenario

scenario

scenario

Individuals

and Businesses

Default

Corporate

EMAE

124.04

120.67

115.37

probability

banking

Consumer

finance

21

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The following are estimations assigned to each scenario as of September 30, 2020:

Base scenario

80%

Optimistic scenario

10%

Pessimistic scenario

10%

Sensitivity analysis

The chart below includes changes in ECL as of September 30, 2020 that would result from reasonably potential changes in the following parameters:

September 30, 2020

ECL previsions

8,683,827

Total portfolio

107,026,508

Irregular Portfolio Coverage

181,65%

ECL per Scenario

Favorable Impact

8,421,279

High Impact

8,749,679

Coverage Ratio per Scenario

Favorable Impact

176.15%

High Impact

183.02%

1.2.6 Maximum exposure to credit risk

The chart below includes an analysis of credit risk exposure of the financial instruments for which expected credit loss provisions are recognized. The gross amount of financial assets books included in the chart accounts for the maximum credit risk exposure of such assets.

September 30, 2020

Total

Stage 1

Stage 2

Stage 3

Overdrafts

36,186,740

1,104,396

1,219,129

38,510,265

Documents

16,883,179

293,600

222,059

17,398,838

Mortgage loans

8,001,205

2,542,155

1,482,824

12,026,184

Pledge loans

1,123,252

229,250

209,590

1,562,092

Personal loans

35,133,968

1,309,816

1,148,510

37,592,294

Individuals and Business

14,469,241

1,100,900

749,452

16,319,593

Consumer finance

20,664,727

208,916

399,058

21,272,701

Credit cards

31,213,670

4,294,279

623,378

36,131,327

Individuals and Business

27,135,200

3,943,329

426,265

31,504,794

Consumer finance

4,078,470

350,950

197,113

4,626,533

Financial Lease

2,509,728

420,836

160,078

3,090,642

Others

28,646,727

5,714,866

2,829,991

37,191,584

Total

159,698,469

15,909,198

7,895,559

183,503,226

1.2.7 Guarantees and other credit improvements

A guarantee is an instrument by means of which the Entity´s debtor or a third party is committed upon any obligation default, to be offered as support for such debt settlement. The Entity accepts a guarantee with support before a potential breach on behalf of a debtor.

22

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The Argentine Central Bank classifies these guarantees in three types: Preferred "A" (considered self-settleable), Preferred "B" (made up by mortgage or pledge loans) and remaining guarantees (mainly bank guarantees and fines).

In virtue of the administration of guarantees, the Group relies on a specific area devoted to the review of the legal compliance and suitable instrumentation of received guarantees. In accordance with the type of guarantees, the guarantors may be natural or legal persons (in the case of mortgages, pledges, fines, guarantees and liquid funds) and international top level Financial Entities (for credit letters stand by).

The Group monitors guarantees related to financial assets considered as impaired credits since such guarantee is likely to be executed to mitigate potential credit losses.

1.2.8 Credit risk provision

Credit risk provision recognized in the period is affected by a range of factors as follows:

  • Transfers between Stage 1 and Stage 2 or 3 given financial instruments experience significant increases (or decreases) in credit risk or are impaired over the period, and the resulting "increase" between ECL at 12 months and
    Lifetime;
  • Additional assignments for new financial instruments recognized during the period, as well as write-offs for withdrawn financial instruments;
  • Impact on the calculation of ECL of changes in DP, EAD and LGD during the period, resulting from the regular updating of model inputs;
  • Impact on the measurement of ECL as a result of changes in models and assumptions;
  • Impact resulting from time elapsing as a consequence of the current value updating;
  • Conversion to local currency for foreign-currency-denominated assets and other movements; and
  • Financial assets withdrawn during the period and application of provisions related to assets withdrawn from the balance sheet during the period. The following charts explain changes in the provision for credit risk between the beginning and end of the period due to the following factors:

Stage 1

Stage 2

Stage 3

ECL at 12

ECL

ECL Lifetime

Total

months

Lifetime

Credit risk provision as of 12/31/2019

1,386,804

716,016

5,067,665

7,170,485

Transfers:

From Stage 1 to Etapa 2

(87,806)

547,403

-

459,597

From Stage 1 to Etapa 3

(16,120)

-

531,679

515,559

From Stage 2 to Etapa 3

-

(172,861)

633,436

460,575

From Stage 2 to Etapa 1

8,310

(59,216)

-

(50,906)

From Stage 3 to Etapa 2

-

4,804

(31,160)

(26,356)

From Stage 3 to Etapa 1

801

-

(43,136)

(42,335)

Net changes

5,367,138

1,234,277

(1,256,169)

5,345,246

Withdrawn financial assets

(3,313,119)

(688,655)

(1,428,001)

(5,429,775)

Direct charge

(281,521)

(101,632)

(24,519)

(407,672)

Difference of quotation and other

39,766

91,555

170,032

301,353

movements

Credit risk provision as of 09/30/2020

3,104,253

1,571,691

3,619,827

8,295,771

*Cordial Compañía Financiera S.A.´s balances of provisions are held under minimum provisions Standards pursuant to Communication "A" 6990 issued by the Argentine Central Bank.

1.2.9 Account withdrawal policy

The Group withdraws, partially or as a whole, financial assets from the balance sheet, once all recovery efforts have been used up and has concluded that there are no reasonable expectations. Indicators of lack of reasonable recovery

23

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

expectation include (i) the cease of execution activities and (ii) when the Bank´s recovery method is given by the guarantee execution and the value of the guarantee is not enough for a total reasonable recovery expectation.

The Group may withdraw financial assets from its balance sheet which are still subject to execution activities. Contractual amounts pending of collection of such withdrawn assets during the period ended on September 30, 2020 amount to 5,429,775. The Group seeks to recover amounts legally owed as a whole, but partially withdrawn in the balance sheet since there is no reasonable recovery expectation.

1.3. Critical accounting policies and estimates

The preparation of condensed interim financial statements in accordance with the accounting framework established by the Argentine Central Bank requires the use of certain critical accounting estimates. It also requires Management to exercise its judgment in the process of applying the accounting standards established by the Argentine Central Bank to establish the Group's accounting policies.

The Group has identified the following areas that involve a higher degree of judgment or complexity, or areas in which the assumptions and estimates are significant for the consolidated financial statements that are essential for understanding the underlying accounting / financial reporting risks:

a) Fair value of derivatives and other financial instruments

The fair value of financial instruments that do not list in active markets are measured through the use of valuation techniques. Such techniques are validated and regularly reviewed by qualified independent personnel of the area that developed such techniques. All models are evaluated and adjusted before being use in order to make sure that results express current information and comparative market prices. As long as possible, models use only observable information; however, factors such as credit risk (own or counterparty), volatilities and correlations require the use of estimates. Changes in assumptions regarding such factors may impact on the fair value reported for financial instruments.

b) Allowances for loan losses and advances.

As of January 1, 2020, the Group adopted retroactively to January 1, 2019, with the scope mentioned in Note 1.1.4.

(A)., section 5.5. of IFRS 9 referring to the impairment of financial assets. In this sense, the Group evaluates the expected credit losses (ECL) on a prospective basis of the credit risk associated with the financial assets measured at amortized cost, to the debt instruments measured at fair value with changes in other comprehensive income, to accounts receivable for leases, as well as commitments and guarantees granted not measured at fair value, with the exception of debt instruments of the Non-Financial Public Sector that are temporarily excluded from the provisions for impairment of financial assets, contained in section 5.5 of IFRS 9, as well as the provisions of Cordial Compañía Financiera S.A. as provided in Communication "A" 6990 of the B.C.R.A.

The measurement of expected credit losses is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behavior (for example, the probability that the customer will go into default and that losses will result for the Group). The explanation of the inputs, assumptions and estimation techniques used to measure the ECL is presented in more detail in Note 1.2, including the key sensitivities of the ECL to changes in these elements.

It should be noted that, in the application of accounting requirements to measure ECL, significant judgments are necessary, such as:

    1. Determination of the criterion of significant increase in credit risk
    2. Choice of appropriate models and assumptions for the measurement of ECL
    3. Establishment of the number and relative weight of the prospective scenarios for each portfolio segment and the associated ECL, and
    4. Establishment of groups of similar financial assets for the purpose of measuring ECL.
  1. Impairment of Non-Financial Assets

Intangible assets with finite lives and property, plants and equipment are amortized or depreciated along their useful lives in a straight-line method. The Group reviews the conditions related to these assets to determine whether events and circumstances justify a review of the amortization and remaining depreciation period and whether there are factors or circumstances that imply an impairment in the value of assets that cannot be recovered.

24

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The Group has applied the judgment in the identification of impairment indicators for property, plant and equipment and intangible assets. The Group has defined that there was no evidence of impairment for any period included in the consolidated Financial Statements. Given the aforementioned, no recoverable value has been calculated.

The evaluation process for potential impairment of an asset of indefinite useful life is subject to and require a significant judgment in many points over the course of the analysis, including the identification of its cash-generating unit, the identification and allocation of assets and liabilities to a cash-generating unit and the definition of their recoverable value. The recoverable value is compared with the carrying value in order to define the non-recoverable portion of such value. When calculating the recoverable value of the cash-generating unit in virtue of the assessment of annual or regular impairment, the Group use estimates and significant judgments on future cash flows of the cash- generating unit. Its cash flow forecasts are based on assumptions that account for the best use of its cash-generating unit.

Although the Group believes that assumptions and forecasts used are suitable in virtue of the information available for the administration, changes in assumptions or circumstances may require changes in the assessment. Negative changes in assumptions utilized in an impairment tests of indefinite useful life intangible assets may result in the reduction or removal of the excess of fair value over the book value, which would result in the potential recognition of the impairment.

The Group decided that it would not be necessary to recognize an impairment loss in indefinite useful life intangible assets under such conditions.

d) Income tax and deferred tax

A significant judgment is required to determine liabilities and assets from current and deferred taxes. The current tax is measured at the amount expected to be paid to the taxation authority using the tax rates that have been enacted or substantially enacted by the end of the reporting period. The deferred tax is measured over temporary differences between tax basis of assets and liabilities and book values at the tax rates that are expected to apply when the asset is realized or the liability settled.

Assets from deferred tax are recognized upon the possibility of relying on future taxable earnings against which temporary differences can be used, based on the Senior Management´s assumptions regarding amounts and opportunities of future taxable earnings. Later, it is necessary to determine whether assets from deferred tax are likely to be used and set off future taxable earnings. Real results may differ from estimates, such as changes in tax legislation or the result of the final review of affidavits issued by tax authorities and tax courts.

Likely future tax earnings and the number of tax benefits are based on a medium term business plan prepared by the administration. Such plan is based on reasonable expectations.

1.4. Changes in loans and other financing

Under certain circumstances, the Group renegotiates or changes contractual cash flows of loans granted to clients. In these cases, the Group evaluates whether the new terms are substantially different from initial terms. The Group carries out this practice while taking into account the following:

  1. If the client is in financial difficulties, the Bank evaluates whether such change only reduces contractual cash flows to amounts expected to be paid by the borrower.
  2. Significant extension of the term when the borrower does not have financial difficulties.
  3. Significant change in the interest rate.
  4. Change in the currency in which the loan is denominated.
  5. Integration of guarantees or credit improvements that significantly affect the credit risk related to the loan.

If, after the change, the loan terms are substantially different, the Group withdraws the original financial instrument and recognizes a new asset at fair value and recalculates a new effective interest rate for such asset. Therefore, renegotiation date is considered as the initial recognition date in virtue of the calculation of impairment and the definition of a new significant increase in credit risk. However, the Group also evaluates whether the new recognized asset is considered as an impaired asset, especially when the renegotiation stemmed from the lack of payment capacity on behalf of the client. The differences in the accounting value are recognized in the results as well as losses and earnings resulting from the withdrawal of such financial asset.

25

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

If the terms of the loan after the change are not substantially different, the renegotiation or change will not produce the withdrawal of the financial asset, and the Group will recalculate the gross accounting value based on reviewed funds flow while recognizing a guarantee or loss from the change in results. The new gross accounting value is recalculated as the value discounted from the modified funds flow at the initial effective interest rate.

1.5. Consolidation

A subsidiary is an entity (or subsidiary), including structured entities, in which the Group has control because it (i) has the power to manage relevant activities of the subsidiary (ii) has exposure, or rights, to variable returns from its involment with the subsidiary, and (iii) has the ability to use its power over the subsidiary in order to affect the amount of the investor´s returns. The existence and the effect of the substantive rights, including substantive rights of potential vote, are considered when evaluating whether the Group has power over the other entity. For a right to be substantive, the right holder must have the practical competence to exercise such right whenever it is necessary to make decisions on the direction of the entity's relevant activities. The Group can have control over an entity, even when it has less voting powers than those required for the majority.

Accordingly, the protecting rights of other investors, as well as those related to substantive changes in the subsidiary´ activities or applicable only in unusual circumstances, do not prevent the Group from having power over a subsidiary. The subsidiaries are consolidated as from the date on which control is transferred to the Group, ceasing its consolidation as from the date on which control ceases.

The following chart provides the subsidiaries which are object to consolidation:

Percentage of Participation

Company

Condition

Legal Adress

Principal

09/30/2020

12/31/2019

Activity

Direct

Direct and

Direct

Direct and

Indirect

Indirect

Bartolomé Mitre

Commercial

Banco Supervielle S.A.

Controlled

434, C.A.B.A.,

97.10%

99.90% (1)

97.10%

99.90% (1)

Bank

Argentina

Cordial Compañía

Reconquista 320,

Financial

Controlled

C.A.B.A.,

5.00%

99.90%

5.00%

99.90%

Financiera S.A.

Company

Argentina

Bartolomé Mitre

Tarjeta Automática S.A.

Controlled

434, C.A.B.A.,

Credit Card

87.50%

99.99%

87.50%

99.99%

Argentina

Supervielle Asset

Bartolomé Mitre

Controlled

434, C.A.B.A.,

Mutual Fund

95.00%

100.00%

95.00%

100.00%

Management S.A.

Argentina

Bartolomé Mitre

Sofital S.A.F. e I.I.

Controlled

434. C.A.B.A.,

Real State

96.80%

100.00%

96.80%

100.00%

Argentina

San Martín

Espacio Cordial de

719/731. 1° Piso.

Controlled

Ciudad de

Retail Services

95.00%

100.00%

95.00%

100.00%

Servicios S.A.

Mendoza.

Argentina

Reconquista 320.

Supervielle Seguros S.A.

Controlled

1° Piso. C.A.B.A.,

Insurance

95.00%

100.00%

95.00%

100.00%

Argentina

Bartolomé Mitre

Financial

Micro Lending S.A.U.

Controlled

434. C.A.B.A.,

100.00%

100.00%

100.00%

100.00%

Company

Argentina

San Martin 323.

InvertirOnline S.A.U.

Controlled

11° Piso.

Clearing and

100.00%

100.00%

100.00%

100.00%

C.A.B.A.,

settlement agent

Argentina

San Martin 323.

InvertirOnline.Com

Controlled

11° Piso.

Representations

100.00%

100.00%

100.00%

100.00%

Argentina S.A.U.

C.A.B.A.,

Argentina

Supervielle Productores

Reconquista 320.

Asesores de Seguros

Controlled

1° Piso. C.A.B.A.,

Insurance Broker

95.20%

100.00%

95.00%

100.00%

S.A.

Argentina

26

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Percentage of Participation

Company

Condition

Legal Adress

Principal

09/30/2020

12/31/2019

Activity

Direct

Direct and

Direct

Direct and

Indirect

Indirect

Bartolomé Mitre

Computer

Bolsillo Digital S.A.U.

Controlled

434, C.A.B.A.,

100.00%

100.00%

100.00%

100.00%

Services

Argentina

03 de Febrero

Clearing and

Futuros del Sur S.A.

Controlled

515, Rosario,

100.00%

100.00%

100.00%

100.00%

settlement agent

Santa Fe

  1. Grupo Supervielle S,A,'s direct and indirect interest in Banco Supervielle S,A votes amounts to 99.87% as of 09/30/20 and 12/31/2019.
  2. All the subsidiaries carry out their activities in Argentina, the local and functional currency being Argentine pesos.

1.6. Consolidated Structured Entities

The Group has securitized certain financial instruments, mainly loans, originated by personal and pledge loans through the transfers of said instruments to financial trusts that issue multiple classes of debt securities and participation certificates.

Regarding the financial statements as of December 31, 2019 the following consolidated structured entities have been consolidated as of the date of these consolidated condensed interim financial statements:

Financial

Due of

Securitized

Issued Securities

Issuers

Set-up on

principal

Trust

Amount

Type

Amount

Type

Amount

obligation

Cordial Compañía

22

11/13/2019

01/15/2021

$ 571,560

VDF

VN$ 469,260

CP

VN$

Financiera

102,300

Micro Lending S.A.U.

III

06/08/2011

10/12/2016

$ 39,779

VDF TV A

VN$ 31,823

CP

VN$ 1,592

VDF B

Micro Lending S.A.U.

IV

09/01/2011

06/29/2017

$ 40,652

VDF TV A

VN$ 32,522

CP

VN$ 1,626

VDF B

On September 24, 2020, pursuant to the instruction issued by the only Beneficiary of the 100% of Financial Trust 21 Participation Certificate, and provisions included in the Financial Trust Contract dated on June 18, 2019, assets in trust were transferred to the Beneficiary as total payment of holdings as of such date.

The Group controls a structured entity when it is exposed to, or holds the right to, variable returns and has the capacity to allocate returns through its power to run the activities of the entity, Structured entities are consolidated as from the date on which the control is transferred to the Group. The consolidation of such entities is ceased on the date on which such control is terminated.

As for financial trusts, the Group has evaluated the following:

  • The purpose and design of the trust
  • Identification of relevant activities
  • Decision-makingprocess on these activities
  • If the rights that the Group owns allow it to direct the relevant activities of the trust
  • If the Group is exposed, or is entitled to the variable results from its participation in said trust
  • If the Group has the capacity to affect said results through its power over the trust

In accordance with the aforementioned, the Group has decided that it holds control on such financial trusts and, therefore, such structured entities have been consolidated.

27

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The following chart details the assets and liabilities of Structured Entities that have been consolidated by the Group as of September 30, 2020:

09/30/2020

12/31/2019

Assets

Loans

28,419

1,950,097

Financial assets

25,511

133,098

Other assets

730,766

356,706

Total Assets

784,696

2,439,901

Liabilities

Financial liabilities

84,740

1,741,980

Other liabilities

44,615

50,909

Total Liabilities

129,355

1,792,889

1.7. Foreign currency translation

  1. Functional and presentation currency

Figures included in the consolidated financial statements as per each entity of the Group are expressed in the functional currency, that is, in the currency of the main economic setting where it operates. Consolidated condensed interim financial ftatements are expressed in Argentine pesos, which is the functional currency and the reporting currency of the Group.

  1. Transactions and balances

Transactions in foreign currency are converted in the functional currency at the reference Exchange rate released by the Argentine Central Bank and those carried out in other currencies, at the repo rate in US dollars for the reference Exchange rate released by the Argentine Central Bank. Earnings and losses in foreign currency that result in the liquidation of such transactions and the conversion of monetary assets and liabilities denominated in foreign currency at closing exchange rates, are recognized in the integral income statement, under "Difference of exchange rate in gold and foreign currency", except when such items are deferred in the shareholders' equity for transactions classified as cash flow hedging, when applicable.

As of September 30, 2020 and December 31, 2019 the balances in US dollars were converted at the reference exchange rate determined by the Argentine Central Bank. In the case of foreign currencies other than US dollars, they have been converted to this currency using the types of passes reported by the Argentine Central Bank.

1.8. Cash and due from banks

Cash and due from banks includes cash available, freely available deposits in local banks and correspondent banks abroad, which are liquid short-term instruments and have a maturity of less than three months from the date of origination.

Assets recorded in cash and due from Banks are recorded at amortized cost which is close to its fair value.

Cash equivalents are made up by highly liquid short-term securities with three-month or shorter initial maturities, with fair value rating.

The composition of the cash on each of the indicated dates is detailed below:

Item

09/30/2020

12/31/2019

09/30/2019

12/31/2018

Cash and due from banks

27,970,120

32,288,051

25,678,238

63,372,992

Debt securities at fair value through profit or loss

1,574,015

695,213

42,977,942

23,766,021

Money Market Funds

1,845,471

1,248,741

569,514

1,233,242

Cash and cash equivalents

31,389,606

34,232,005

69,225,694

88,372,255

28

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

For their part, the reconciliations between the balances of those items considered cash equivalents in the Statement of Cash Flow and those reported in the Statement of Financial Position as of the indicated dates are set out below:

Items

09/30/2020

12/31/2019

09/30/2019

12/31/2018

Cash and due from Banks

As per Statement of Financial Position

27,970,120

32,288,051

25,678,238

63,372,992

As per the Statement of Cash Flows

27,970,120

32,288,051

25,678,238

63,372,992

Debt securities at fair value through profit or loss

As per Statement of Financial Position

4,452,384

695,213

43,110,664

28,434,534

Securities not considered as cash equivalents

(2,878,369)

-

(132,722)

(4,668,513)

As per the Statement of Cash Flows

1,574,015

695,213

42,977,942

23,766,021

Money Market Funds

As per Statement of Financial Position - Other financial

6,635,237

2,564,234

2,397,378

3,227,261

assets

Other financial assets not considered as cash

(4,789,766)

(1,315,493)

(1,827,864)

(1,994,019)

As per the Statement of Cash Flow

1,845,471

1,248,741

569,514

1,233,242

Reconciliation of financing activities at September 30, 2020 and December 31, 2019 is as follows:

Items

Balances at

Cash Flows

Other non-cash

Balances at

12/31/2019

Inflows

Payments

movements

09/30/2020

Unsubordinated Negotiable Obligations

7,443,081

2,653,805

(5,936,449)

72,481

4,232,918

Subordinated Negotiable Obligations

2,592,387

-

(1,570,607)

28,705

1,050,485

Financing received from the Argentine Central

11,027,517

14,873,400

(18,253,288)

-

7,647,629

Bank and other financial institutions

Lease Liabilities

1,157,328

-

(1,366,164)

1,306,346

1,097,510

Total

22,220,313

17,527,205

(27,126,508)

1,407,532

14,028,542

2. SEGMENT REPORTING

The Group determines operating segments based on performance reports which are reviewed by the Board and key personnel of the Senior Management and updated upon changes.

With the purpose of implementing a strategic vision focused on the individual client and Small and Medium Size Companies that require and values closeness and digital service models, the Retail Banking sector turned into a new area of Individuals and Businesses.

In this sense, Small and Medium Size Companies clients and the loan portfolio have been transferred from the Corporate Division to the Individuals and Businesses area. Such change became effective on Junuary 1, 2020. The comparative information as of September 30, 2019 and December 31, 2019 was modified with the purpose of showing the new organization and making it comparable to information as of September 30, 2020.

As from January 1, 2020, the Bank´s clients receive the following services:

  • Individuals and Businesses Segment:
    • Small companies, individuals and companies that record anual sales of up to 100,000
    • "Small and Medium Size Companies", companies that record anual sales of over 100,000 up to 700,000
  • Corporate Baking Segment:
    • Megras that record anual sales over 700,000 up to 2,500,000
    • Big Companies. Grandes companies that record anual sales of over 2,500,000

29

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The Group considers the business for the type of products and services offered, identifying the following operating segments:

a- Individuals and Businesses - Includes a wide range of financial products and services targeted to small

comoanies, included in Entrepreneours & SMSs, and high income people identified with so-called Identité proposal. Likewise, the Bank offers services and products targeted to retirees and pensioneers.

b- Corporate Banking - Includes advisory services at a corporate and financial level, as well as the administration of assets and loans targeted to big clients.

c- Treasury: This segment is in charge of the assignment of liquidity of the Entity in accordance with the different commercial areas´ needs and its own needs, Treasury implements financial risk administration policies of the Bank, administers trading desk operations, distributes financial products, such as negotianle securities and develops business with the financial sector clients and whole sale non-financial sector clients.

d- Consumer - Includes loans and other credit products targeted to middle and lowed-middle income sectors and non-financial products and services.

e- Insurance: Includes insurance products, with a focus on life insurance, to targeted customers segments.

f- Mutual Fund Administration and Other Segments - Includes MFs administered by the Group, Includes also assets, liabilities and results of Micro Lending S.A.U., Invertir Online,Com Argentina S.A.U., InvertirOnline S.A.U., Bolsillo Digital S.A.U and Futuros del Sur S.A

Operating results of the different operating segments of the Group are reviewed individually with the purpose of taking decisions over the allocation of resources and the performance appraisal of each segment. The performance of such segments will be evaluated based on operating earnings and losses and is measured consistently with operating earnings and losses of the consolidated earnings and losses statement.

When a transaction is carried out between operating segments, they are taken in an independent and equitative manner, as in cases of transactions with third parties. Later, income, expenses and results from transfers between operating segments are removed from the consolidation.

The Group does not present information by geographical segments because there are no operating segments in economic environments with risks and returns that are significantly different.

The following chart includes information by segment as of September 30, 2020 and 2019:

Result by segments

Interest income Interest expenses

Distribution of results by Treasury

Net interest income

Services Fee Income

Services Fee Expenses

Income from insurance activities

Net Service Fee Income

Subtotal

Net income from financial instruments at fair value through profit or loss

Income from withdrawal of assets rated at amortized cost

Exchange rate difference on gold and foreign currency

NIFFI And Exchange Rate Differences

Other operating income

Result from exposure to changes in the purchasing power of the currency

Loan loss provisions

Net operating income

Personnel expenses

Administration expenses

Depreciations and impairment of non- financial assets

Other operating expenses

Individuals

Adm.

Corporate

MF and

Total as of

and

Treasury

Consumer

Insurance

Adjustments

Banking

other

09.30.2020

Businesses

segments

15,083,906

8,787,840

16,840,486

2,945,298

1

35,793

(266,869)

43,426,455

(5,302,592)

(771,016)

(11,673,830)

(864,248)

-

(19,314)

291,629

(18,339,371)

2,946,747

(4,423,347)

1,476,600

-

-

-

-

-

12,728,061

3,593,477

6,643,256

2,081,050

1

16,479

24,760

25,087,084

5,142,453

477,055

31,673

1,257,899

-

1,025,663

(186,875)

7,747,868

(1,622,146)

(131,061)

(29,138)

(538,412)

-

(31,950)

66,651

(2,286,056)

-

-

-

-

962,488

-

150,168

1,112,656

3,520,307

345,994

2,535

719,487

962,488

993,713

29,944

6,574,468

16,248,368

3,939,471

6,645,791

2,800,537

962,489

1,010,192

54,704

31,661,552

-

-

1,387,814

90,525

253,537

109,453

276,285

2,117,614

-

-

(6,553,905)

-

-

-

-

(6,553,905)

290,067

37,763

216,862

22,473

(77)

41,504

80,822

689,414

290,067

37,763

(4,949,229)

112,998

253,460

150,957

357,107

(3,746,877)

806,551

1,542,496

122,711

223,684

7,320

137,934

(74,648)

2,766,048

321,259

(650,612)

5,794,499

(684,170)

(247,772)

(138,106)

(29,876)

4,365,222

(2,646,699)

(3,544,070)

20,750

(785,589)

-

(269)

-

(6,955,877)

15,019,546

1,325,048

7,634,522

1,667,460

975,497

1,160,708

307,287

28,090,068

(9,099,862)

(819,150)

(522,385)

(1,145,484)

(203,681)

(338,147)

(90,602)

(12,219,311

)

(4,880,686)

(333,522)

(300,620)

(974,627)

(148,761)

(289,875)

175,122

(6,752,969)

(1,271,767)

(97,219)

(71,390)

(89,467)

(13,693)

(6,065)

(42,129)

(1,591,730)

(2,608,148)

(987,738)

(385,749)

(396,015)

(271)

(75,184)

(22,739)

(4,475,844)

30

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Result by segments

Operating income

Result from associates and joint ventures

Result before taxes

Income tax

Net income

Net income for the period attributable to owners of the parent company

Net income for the period attributable to non-controlling interest

Individuals

Adm.

Corporate

MF and

Total as of

and

Treasury

Consumer

Insurance

Adjustments

Banking

other

09.30.2020

Businesses

segments

(2,840,917)

(912,581)

6,354,378

(938,133)

609,091

451,437

326,939

3,050,214

-

-

-

1,924

-

3,923

(5,847)

-

(2,840,917)

(912,581)

6,354,378

(936,209)

609,091

455,360

321,092

3,050,214

772,247

327,870

(1,727,313)

162,388

(207,729)

(165,500)

263,859

(574,178)

(2,068,670)

(584,711)

4,627,065

(773,821)

401,362

289,860

584,951

2,476,036

(2,068,670)

(584,711)

4,627,065

(773,821)

401,362

289,860

583,327

2,474,412

-

-

-

-

-

-

1,624

1,624

Other comprehensive income

Other comprehensive income attributable to owners of the parent company

Other comprehensive income attributable to non-controlling interest

51,986

36,684

92,585

-

-

-

-

181,255

51,986

36,684

92,585

-

-

-

(186)

181,069

-

-

-

-

-

-

186

186

Comprehensive income for the period

Comprehensive income attributable to owners of the parent company Comprehensive income attributable to non- controlling interests

(2,016,684)

(548,027)

4,719,650

(773,821)

401,362

289,860

584,951

2,657,291

(2,016,684)

(548,027)

4,719,650

(773,821)

401,362

289,860

583,141

2,655,481

-

-

-

-

-

-

1,810

1,810

Assets by segments

Cash and due from banks

Debt securities at fair value through profit or loss

Individuals

Adm.

Corporate

MF and

Total as of

and

Treasury

Consumer

Insurance

Adjustments

Banking

other

09.30.2020

Businesses

segments

7,035,409

305,141

20,209,808

255,225

2,053

296,496

(134,012)

27,970,120

-

-

3,702,283

669,829

-

80,272

-

4,452,384

Loans and other financing

Other Assets

Total Assets

Liabilities by segments

Deposits

Financing received from the Argentine Central Bank and others financial institutions

48,334,228

40,469,182

3,081,055

5,747,802

731,306

49,825

(222,304)

98,191,094

8,733,227

8,519,038

71,045,380

2,469,300

1,644,

811,940

12,351,330

105,574,662

64,102,864

49,293,361

98,038,526

9,142,156

2,377,806

1,238,533

11,995,014

236,188,260

84,815,861

14,009,785

67,453,221

4,139,651

-

-

(159,400)

170,259,118

14,372

-

7,615,468

170,518

-

51,411

(204,140)

7,647,629

Unsubordinated Negotiable obligations

21,456

12,000

4,195,569

-

-

3,893

-

4,232,918

Other liabilities

5,960,788

2,912,187

4,528,706

1,504,824

1,198,466

435,341

5,713,565

22,253,877

Total Liabilities

90,812,477

16,933,972

83,792,964

5,814,993

1,198,466

490,645

5,350,025

204,393,542

Individuals

Corporate

Adm. MF

Total as of

Result by segments

and

Treasury

Consumer

Insurance

and other

Adjustments

Banking

09.30.2019

Businesses

segments

Interest income

20,726,818

13,079,538

3,378,742

4,837,583

-

239,025

(1,625,118)

40,636,588

Interest expenses

(8,242,500)

(3,260,000)

(21,171,320)

(3,136,410)

-

(190,750)

1,820,204

(34,180,776

)

Distribution of results by Treasury

4,095,583

(5,208,773)

1,113,190

-

-

-

-

-

Net interest income

16,579,901

4,610,765

(16,679,388)

1,701,173

-

48,275

195,086

6,455,812

Services Fee Income

4,801,524

1,075,287

35,506

1,705,595

-

639,381

(249,662)

8,007,631

Services Fee Expenses

(1,270,827)

(105,783)

(57,516)

(602,074)

-

(36,243)

70,444

(2,001,999)

Income from insurance activities

-

-

-

-

928,294

-

214,005

1,142,299

Net Service Fee Income

3,530,697

969,504

(22,010)

1,103,521

928,294

603,138

34,787

7,147,931

Subtotal

20,110,598

5,580,269

(16,701,398)

2,804,694

928,294

651,413

229,873

13,603,743

Net income from financial instruments at fair value through profit or loss

Exchange rate difference on gold and foreign currency

11,055

-

21,247,827

268,409

300,040

23,236

165,956

22,016,523

1,267,904

151,127

(2,458,349)

6,790

-

28,155

(11,473)

(1,015,846)

NIFFI And Exchange Rate Differences

Other operating income

Result from exposure to changes in the purchasing power of the currency Loan loss provisions

Net operating income

Personnel expenses

Administration expenses Depreciations and impairment of non- financial assets

1,278,959

151,127

18,789,478

275,199

300,040

51,391

154,483

21,000,677

1,168,987

653,615

235,337

273,759

7,096

194,388

(64,881)

2,468,301

(1,639,633)

(1,937,111)

(409,139)

(1,069,560)

(428,626)

(276,411)

120,967

(5,639,513)

(3,136,775)

(3,205,565)

2,391

(1,715,224)

-

(13,413)

-

(8,068,586)

17,782,136

1,242,335

1,916,669

568,868

806,804

607,368

440,442

23,364,622

(9,182,653)

(931,275)

(568,264)

(1,061,482)

(158,801)

(333,568)

(136,671)

(12,372,714

)

(4,749,634)

(326,006)

(306,018)

(992,280)

(215,089)

(223,600)

48,099

(6,764,528)

(1,125,801)

(121,971)

(108,174)

(98,075)

(7,872)

(5,996)

(41,860)

(1,509,749)

31

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Result by segments

Other operating expenses

Operating income

Result from associates and joint ventures

Result before taxes from continuing operations

Income tax

Net income

Net income for the period attributable to owners of the parent company

Net income for the period attributable to non-controlling interest

Other comprehensive income

Other comprehensive income attributable to owners of the parent company

Other comprehensive income attributable to non-controlling interest

Comprehensive income for the period

Comprehensive income attributable to owners of the parent company Comprehensive income attributable to non- controlling interests

Individuals

Corporate

Adm. MF

Total as of

and

Treasury

Consumer

Insurance

and other

Adjustments

Banking

09.30.2019

Businesses

segments

(2,799,682)

(1,382,581)

(439,609)

(613,764)

(1,500)

(136,904)

(9,986)

(5,384,026)

(75,634)

(1,519,498)

494,604

(2,196,733)

423,542

(92,700)

300,024

(2,666,395)

-

-

-

4,332

-

-

(4,332)

-

(75,634)

(1,519,498)

494,604

(2,192,401)

423,542

(92,700)

295,692

(2,666,395)

21,544

13,357

11,221

431,711

(201,798)

(60,743)

(506,615)

(291,323)

(54,090)

(1,506,141)

505,825

(1,760,690)

221,744

(153,443)

(210,923)

(2,957,718)

(54,090)

(1,506,141)

505,825

(1,760,690)

221,744

(153,443)

(208,270)

(2,955,065)

-

-

-

-

-

-

(2,653)

(2,653)

(1,131)

(780)

(1,917)

-

(82)

-

1,112

(2,798)

(1,131)

(780)

(1,917)

-

(82)

-

1,116

(2,794)

-

-

-

-

-

-

(4)

(4)

(55,221)

(1,506,921)

503,908

(1,760,690)

221,662

(153,443)

(209,811)

(2,960,516)

(55,221)

(1,506,921)

503,908

(1,760,690)

221,662

(153,443)

(207,154)

(2,957,859)

-

-

-

-

-

-

(2,657)

(2,657)

Assets by segments

Cash and due from banks

Debt securities at fair value through profit or loss

Loans and other financing Other Assets

Total Assets

Liabilities by segments

Individuals

Corporate

Adm. MF

Total as of

and

Treasury

Consumer

Insurance

and other

Adjustments

Banking

12.31.2019

Businesses

segments

9,405,973

1,250,911

20,630,775

392,725

4,139

2,960,579

(2,357,051)

32,288,051

-

-

381,915

113,438

-

199,860

-

695,213

51,154,872

47,049,466

4,554,310

7,094,828

555,165

37,599

(1,731,728)

108,714,512

2,889,219

1,437,588

22,096,131

3,316,547

1,334,591

658,650

9,299,599

41,032,325

63,450,064

49,737,965

47,663,131

10,917,538

1,893,895

3,856,688

5,210,820

182,730,101

Deposits

77,548,433

13,008,138

19,170,716

1,993,792

-

-

(2,873,988)

108,847,091

Financing received from the Argentine

Central Bank and others financial

15,415

-

11,004,

1,161,456

-

56,277

(1,210,078)

11,027,517

institutions

Unsubordinated Negotiable obligations

132,691

93,634

7,197,731

-

-

19,025

-

7,443,081

Other liabilities

5,703,291

1,685,267

5,323,835

3,869,688

926,932

3,159,588

5,139,673

25,808,274

Total Liabilities

83,399,830

14,787,039

42,696,729

7,024,936

926,932

3,234,890

1,055,607

153,125,963

3. FAIR VALUES

Fair value is defined as the amount by which an asset may be exchanged or a liability may be settled, in an arm's length orderly transaction between knowledgeable principal market participants (or more advantageous) at the date of measurement of the current market conditions regardless of whether such price is directly observable or estimated utilizing a valuation technique under the assumption that the Group is a going concern.

When a financial instrument is sold in a liquid and active market, its settled price in the market in a real transaction provides the best evidence of its fair value. When a stipulated price is not settled in the market or when it cannot be an indicator of a fair value of the instrument, in order to determine such fair value, another similar instrument's fair value may be used, as well as the analysis of discounted flows or other applicable techniques. Such techniques are significantly allocated by the assumptions used.

The Group classifies the fair values of the financial instruments into 3 levels, according to the quality of the data used for their determination.

Fair Value level 1: The fair value of financial instruments traded in active markets (such as publicly-traded derivatives, debt securities or available for sale) is based on market quoted prices as of the date of the reporting period. If the quote price is available and there is an active market for the instrument, it will be included in Level 1.

32

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Fair Value level 2: The fair value of financial instruments which are not traded in active markets, such as over-the- counter derivatives, is determined using valuation techniques that maximize the use of observable market data and rely the least possible on the Group's specific estimates. If all significant inputs required to fair value a financial instrument are observable, such instrument is included in level 2.

Fair Value level 3: If one or more significant inputs are not based on observable market data, the instrument is included in level 3.

The portfolio of financial instruments held by the Group is detailed below, as of September 30, 2020 and December 31, 2019:

Instrument portfolio as of 09/30/2020

FV level 1

FV level 2

FV level 3

Assets

- Debt securities at fair value through profit or loss

4,048,772

403,612

-

- Derivatives

112,088

-

-

- Other financial assets

6,052,041

-

-

- Other debt securities

1,207,134

43,532,739

-

- Financial assets in guarantee

4,952,183

-

-

- Investments in Equity Instruments

78,641

8,928

-

Total Assets

16,450,859

43,945,279

-

Liabilities

- Liabilities at fair value through profit or loss

189,074

-

-

- Other financial liabilities

7,624,087

-

-

Total Liabilities

7,813,161

-

-

Instrument portfolio as of 12/31/2019

FV level 1

FV level 2

FV level 3

Assets

- Debt securities at fair value through profit or loss

497,153

193,571

4,489

- Derivatives

315,000

-

-

- Other financial assets

1,347,049

-

-

- Other debt securities

8,769,544

-

-

- Financial assets in guarantee

6,022,164

-

-

- Investments in Equity Instruments

7,088

10,740

-

Total Assets

16,957,998

204,311

4,489

Liabilities

- Liabilities at fair value through profit or loss

231,803

-

-

- Other financial liabilities

7,333,343

-

-

Total Liabilities

7,565,146

-

-

Under IFRS, the estimated residual value of an instrument at inception is generally the transaction price. In the event that the transaction price differs from the determined fair value, the difference will be recognized in the income statement proportionally for the duration of the instrument. As of September 30, 2020, there have been no differences regarding the transaction price.

Fair Value of Other Financial Instruments

The following chart includes a comparison between the fair value and the accounting value of financial instruments not recorded at fair value as of September 30, 2020 and December 31, 2019:

Other Financial Instruments as of

Accounting

Fair value

FV Level 1

FV Level 2

FV Level 3

09/30/2020

value

Financial Assets

-Cash and due from Banks

27,970,120

27,970,120

27,970,120

-

-

-Other financial assets

583,196

583,196

583,196

-

-Loans and other financing

98,191,094

102,043,862

-

-

102,043,862

- Repo transactions

22,059,850

22,059,850

22,059,850

- Other Debt Securities

6,392,008

6,306,881

6,306,881

-

-

33

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Other Financial Instruments as of

Accounting

Fair value

FV Level 1

FV Level 2

FV Level 3

09/30/2020

value

-Financial assets in as guarantee

213,732

213,732

213,732

-

-

155,410,000

159,177,641

57,133,779

-

102,043,862

Financial Liabilities

-Deposits

170,259,118

173,217,091

-

-

173,217,091

- Other financial liabilities

731,565

731,565

731,565

-

-

-Financing received from the BCRA and other

7,647,629

7,533,147

-

-

7,533,147

financial institutions

- Unsubordinated Negotiable obligations

4,232,918

4,229,026

4,229,026

-

-

- Subordinated Negotiable Obligations

1,050,485

1,113,247

1,113,247

-

-

183,921,715

186,824,076

6,073,838

-

180,750,238

Other Financial Instruments as of

Accounting

Fair value

FV Level 1

FV Level 2

FV Level 3

12/31/2019

value

Financial Assets

-Cash and due from Banks

32,288,051

32,288,051

32,288,051

-

-

-Other financial assets

1,217,185

1,217,184

1,217,184

-

-Loans and other financing

108,714,512

113,150,527

-

-

113,150,527

- Other Debt Securities

4,280,581

4,381,820

4,381,820

-

-

-Financial assets in as guarantee

500,362

500,362

500,362

-

-

147,000,691

151,537,944

38,387,417

-

113,150,527

Financial Liabilities

-Deposits

108,847,091

108,849,095

-

-

108,849,095

-Other financial liabilities

3,815,238

3,815,238

3,815,238

-

-

-Repo transactions

391,101

391,101

391,101

-

-

-Finances received from the BCRA and

11,027,517

10,734,614

-

-

10,734,614

other financial institutions

- Unsubordinated Negotiable

7,443,081

7,443,081

7,443,081

-

-

obligations

- Subordinated Negotiable Obligations

2,592,387

2,895,939

2,895,939

-

-

134,116,415

134,129,068

14,545,359

-

119,583,709

4. RELATED PARTY TRANSACTIONS

Related parties are considered to be all those entities that directly, or indirectly through other entities, control over another, are under the same control or may exercise significant influence over the financial or operational decisions of another entity.

The Group controls another entity when it has power over the financial and operating decisions of other entities and in turn obtains benefits from it. On the other hand, the Group considers that it has joint control when there is an agreement between the parties regarding the control of a common economic activity.

Finally, those cases in which the Group has significant influence is due to the power to influence the financial and operating decisions of another entity but not being able to exercise control over them. For the determination of such situations, not only the legal aspects are observed but also the nature and substance of the relationship.

Additionally, related parties are considered to be the key personnel of the Group's Management (members of the Board and managers of the Group and its subsidiaries), as well as the entities over which key personnel may exercise significant influence or control.

Controlling Entity

Mr. Julio Patricio Supervielle is the main shareholder of the Groups, with registered address on Bartolomé Mitre 434, 5th floor, Autonomous City of Buenos Aires. Julio Patricio Supervielle´s interest in the capital and votes of the Group as of September 30, 2020 and December 31, 2019 amounts to the 35.12% and 57.89%, respectively.

Related party transactions

The financing, including the ones that were restructured, were granted in the normal course of business and in substantially the same terms, including interest rates and guarantees, as those in force at the time to grant credit to

34

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

unrelated parties. Likewise, they did not imply a higher than normal risk of bad debt or presented other types of unfavorable conditions.

5. COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED COMPREHENSIVE INCOME

  1. Debt securities at fair value through profit or loss Goverment securities
    Corporate securities
    Securities issued by the Argentine Central Bank
  2. Derivatives

Debtor balances related to forward operations in foreign currency to be settled in pesos

Debtor balances related to forward operations in foreign currency

5.3 Other financial assets

09/30/2019 12/31/2019

3,732,962 690,727

290,909 4,486

428,513-

4,452,384 695,213

111,499 315,000

589-

112,088 315,000

Participation Certificates in Financial Trusts

36,985

37,411

Investments in Mutual Funds

1,807,825

671,659

Other investments

637,455

470,346

Receivable from spot sales peading settlament

3,325,956

169,481

Several debtors

668,432

708,367

Miscellaneous debtors for credit card operations

123,621

463,637

Debtors for collections

34,963

43,333

6,635,237

2,564,234

5.4 Loans and other financing

To the non-financial public sector

116,977

35,307

To the financial sector

16,893

78,903

Overdrafts

3,397,668

6,846,111

Promisory notes

28,026,253

23,994,184

Mortgage loans

9,338,057

9,681,634

Automobile and other secured loans

1,424,259

1,491,846

Personal loans

18,662,826

19,927,265

Credit cards loans

15,182,125

15,840,543

Foreign trade Loans

11,911,525

22,196,342

Receivables from financial leases

2,705,219

3,896,966

Others

7,409,292

4,725,411

98,191,094

108,714,512

5.5 Other debt securities

Goverment securities

7,595,733

4,269,466

Securities issued by the Argentine Central Bank

43,532,739

8,769,584

Others

3,409

11,075

51,131,881

13,050,125

5.6 Financial assets in guarantee

Special guarantees accounts in the Argentine Central Bank

3,089,511

2,593,419

Deposits in guarantee

2,076,404

3,929,107

5,165,915

6,522,526

35

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

  1. Other non-financial assets Other Miscellaneous assets Loans to employees Payments in advance
    Works of art and collector's pieces Retirement insurance
    Other non-financial assets
  2. Inventories

Technology, image and audio

Household and personal use items

Tools and accessories

Allowances for impairment

5.9 Deposits Non-financialsector Financial sector Current accounts Savings accounts

Time deposits and investments accounts Others

  1. Liabilities at fair value through profit and loss Liabilities for transactions in local currency
  2. Other financial liabilities

Amounts payable for spot transactions pending settlement Collections and other operations on behalf of third parties Fees accrued to pay

Financial guarantee contracts

Liabilities associated with the transfer of financial assets not derecognised

Lease liability Others

5.12 Financing received from the Argentine Central Bank and other financial institutions

09/30/2019 12/31/2019

1,594,347 1,010,282

194,851 322,747

406,470 16,594

29,052 42,246

129,358 184,865

41,487 6,116

2,395,565 1,582,850

51,367 26,601

10,934 9,458

297 19,871

(1,760) (1,566)

60,838 54,364

8,114,000 6,689,417

13,574 34,361

18,318,641 13,311,508

62,411,407 48,906,194

78,275,920 36,341,042

3,125,576 3,564,569

170,259,118 108,847,091

189,074 231,803

189,074 231,803

3,325,832 2,682,795

3,847,964 6,389,118

1,296 329

15,663 18,671

57,921 872,136

1,097,510 1,157,328

9,466 28,204

8,355,652 11,148,581

Financing received from local financial institutions

704,681

1,148,459

Financing received from international institutions

6,942,948

9,879,058

7,647,629

11,027,517

5.13 Provisions

Provisions for unutilized balances

373,425

-

Restructuring Provision

-

611,450

Eventual commitments

14,631

449

Other contingencies

361,022

197,610

749,078

809,509

36

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

5.14 Other non-financial liabilities

09/30/2019

12/31/2019

Payroll and social securities

5,231,764

4,867,056

Sundry creditors

2,982,033

2,889,057

Tax payable

1,582,642

265,045

Planned payment orders pending settlement

602,226

1,679,422

Revenue from contracts with customers

163,260

267,184

Contribution to the deposit guarantee fund

72,673

81,275

Other

4,233

7,958

10,638,831

10,056,997

Nine-month period

Three-month period

ended on

ended on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

5.15 Interest income

Interest on overdrafts Interest on promissory notes Interest on personal loans Interest on promissory notes Interest on credit card loans Interest on mortgage loans

Interest on automobile and other secured loan Interest on foreign trade loans and USD loans

Interest on financial leases

Interest on public and private securities measured at amortized cost

Others

5.16 Interest expenses

Interest on current accounts deposits Interest on time deposits

Interest on other liabilities from financial transactions Interest from financing from financial sector Others

5.17 Net income from financial instruments at fair value through profit or loss

Income from corporate and government securities

Income from securities issued by the Argentine Central Bank Derivatives

5.18 Result from assets withdrawals rated at amortized

cost

2,029,493

4,356,081

431,380

1,611,740

4,157,630

5,531,351

1,574,615

1,943,619

9,637,137

12,217,606

3,091,836

3,765,524

4,107,788

5,212,621

1,030,881

1,509,289

2,665,135

4,613,713

949,067

1,338,906

2,535,368

3,217,052

742,297

944,717

479,247

647,904

149,524

216,807

1,065,296

1,699,636

313,661

562,501

479,809

1,128,618

141,671

317,931

14,928,657

811,127

5,715,115

(101,323)

1,340,895

1,200,879

726,960

1,110,618

43,426,455

40,636,588

14,867,007

13,220,329

2,880,278

6,,740

884,355

1,738,617

13,383,132

19,073,280

5,147,522

6,795,058

1,755,086

7,474,076

383,691

2,275,938

78,884

277,374

15,660

88,486

241,991

908,306

46,362

189,370

18,339,371

34,180,776

6,477,590

11,087,469

1,944,577

(193,460)

998,789

(1,424,502)

92,720

21,438,550

44,515

6,962,255

80,317

771,433

24,521

763,273

2,117,614

22,016,523

1,067,825

6,301,026

Result from withdrawl or sale of government securities Result from exposure to changes in the purchasing power of the currency on government securities

240,862

-

169,173

-

(6,794,767)

-

(4,378,103)

-

(6,553,905)

-

(4,208,930)

-

37

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Nine-month period

Three-month period

ended on

ended on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

5.19 Service fee income

Commissions from deposit accounts

3,256,720

3,283,258

1,001,716

1,076,791

Commissions from credit and debit cards

2,263,116

2,627,216

740,998

922,013

Commissions from loans operations

130,904

298,065

22,530

91,396

Commissions from miscellaneous operations

2,007,989

1,664,946

754,531

492,242

Others

89,139

134,146

35,331

38,033

7,747,868

8,007,631

2,555,106

2,620,475

5.20 Service fee expenses

Commissions paid

2,244,864

1,921,773

790,528

731,274

Export and foreign currency operations

41,192

80,226

24,046

26,161

2,286,056

2,001,999

814,574

757,435

5.21 Other operating incomes

Loans recovered and allowances reversed

431,199

449,385

132,906

160,038

Insurance commissions

44,123

35,080

10,380

12,396

Rental from safety boxes

246,751

267,059

98,987

91,300

Commissions from trust services

8,069

32,249

980

14,503

Returns of risk funds

1,030,907

184,031

301,705

19,720

Sales of property, plant and equipment

8,321

9,557

1,537

1,475

Miscellaneous credit adjustments

94,793

182,642

33,753

85,761

Default interests

175,911

418,488

14,068

94,938

Others

725,974

889,810

305,330

267,583

2,766,048

2,468,301

899,646

747,714

5.22 Personnel expenses

Payroll and social securities

11,306,389

11,257,945

3,917,970

3,406,633

Personnel expenses

912,922

1,114,769

248,913

361,488

12,219,311

12,372,714

4,166,883

3,768,121

5.23 Administration expenses

Directors´ and statutory auditors´fees

222,821

263,872

76,805

77,528

Other fees

1,991,176

927,361

645,218

282,144

Advertising and publicity

430,688

505,245

166,848

164,904

Taxes

1,211,788

1,277,861

421,556

376,269

Maintenance, security and services

2,175,383

1,560,843

727,346

514,065

Rent

51,600

50,947

11,035

8,514

Others

669,513

2,178,399

183,668

775,277

6,752,969

6,764,528

2,232,476

2,198,701

38

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

5.24 Depreciation and impairment of non-financial assets

Depreciation of property, plant and equipment (Schedule F)

Depreciation of miscellaneous assets Amortization of intangible assets (Schedule G) Depreciation of rent asstes by right of use (Schedule F) Impairment of property, plant and equipment

Nine-month period

Three-month period ended

ended on

on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

345,785

363,981

118,732

93,142

171,210

162,246

56,359

69,268

546,342

395,743

199,026

141,658

528,393

512,835

174,402

173,664

-

74,944

-

74,944

1,591,730

1,509,749

548,519

552,676

5.25 Other operating expenses

Promotions related with credit cards

324,518

474,298

99,110

169,706

Turnover tax

2,681,651

3,541,104

861,070

1,155,867

Result by initial recognition of loans

121,574

187,222

50,610

40,474

Charges paid to National Social Security Administration

174,274

193,579

87,026

67,441

(ANSES)

Operationaal losses

38,542

50,431

16,176

7,005

Balance adjustments loans and credit cards

72,724

114,658

16,644

27,921

Interests for leases liabilities

131,276

153,835

42,622

13,402

Coverage services

8,977

18,716

1,929

7,646

Contributions made to deposit insurance fund

188,429

230,966

79,333

74,032

Others

733,879

419,217

208,077

217,837

4,475,844

5,384,026

1,462,597

1,781,331

6. DIVIDENDS

On April 28, 2020, the Shareholders' General Meeting approved the following distribution of retained earnings for the year ended on December 31, 2019:

  • Dividend distribution (466,711)
  • Other reserve: 4,759,020

7. INSURANCE

The composition of "Income from insurance activities" as of September 30, 2020 and 2019, is as follows:

Nine-month period

Three-month period

Item

ended on

ended on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

Accrued premiums

1,578,225

1,887,143

534,292

779,888

Accrued losses

(182,302)

(253,724)

(80,182)

(173,021)

Production expenses

(283,267)

(491,120)

(127,068)

(186,746)

Total

1,112,656

1,142,299

327,042

420,121

8. MUTUAL FUNDS

As of September 30, 2020 and December 31, 2019, Banco Supervielle S.A. is the depository of the Mutual Funds managed by Supervielle Asset Management S.A. In accordance with CNV General Resolution No. 622/13, below are the portfolio, net worth and number of units of the Mutual Funds mentioned earlier.

39

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Mutual Fund

Portfolio

Net Worth

Number of Units

09/30/2020

12/31/2019

09/30/2020

12/31/2019

09/30/2020

12/31/2019

Premier Renta CP en Pesos

30,686,850

17,159,565

30,647,756

17,133,301

10,817,216,562

3,958,398,573

Premier Renta Plus en Pesos

146,299

133,476

144,569

131,095

11,293,520

10,250,999

Premier Renta Fija Ahorro

2,278,648

569,171

2,224,976

561,915

51,720,235

12,851,475

Premier Renta Fija Crecimiento

68,795

57,381

67,963

57,057

4,043,391

3,688,485

Premier Renta Variable

145,310

203,480

144,116

200,553

6,373,853

6,982,580

Premier Abierto Pymes

813,217

685,264

811,792

683,722

112,182,721

91,559,624

Premier Commodities

135,118

25,729

132,067

16,623

16,066,755

2,596,034

Premier Capital

231,635

157,825

230,999

157,409

48,602,745

36,057,519

Premier Inversión

982,213

165,532

981,758

165,

2,354,092,132

442,160,

Premier Balanceado

1,085,078

762,921

1,084,260

762,225

253,733,904

249,317,925

Premier Renta Mixta

2,515,722

162,958

2,151,138

162,825

793,133,355

76,562,093

Premier Renta Mixta en Dólares

107,244

159,236

106,334

158,650

2,160,917

2,815,589

Premier Performance Dólares

470,496

555,055

466,864

553,810

7,592,469

9,312,208

Premier Global USD

478,854

854,703

478,574

852,066

5,977,991

11,338,023

  1. ADDITIONAL INFORMATION REQUIRED BY THE BCRA
  1. DEPOSIT GUARANTEE INSURANCE SYSTEM

Law No. 24485 and Decree No. 540/95 established the creation of the Deposit Insurance System to cover the risk attached to bank deposits, in addition to the system of privileges and safeguards envisaged in the Financial Institutions Law.

Through Decree No. 1127/98 dated September 24, 1998, the National Executive Branch established the maximum coverage limit of the guarantee system, applicable to demand or time deposits, in pesos and/or foreign currency. Until February 28, 2019, such limit amounts to 450, pursuant to Communication "A" 5943. As from March 1, 2019, such limit amounted to 1,000 pursuant to Communication "A" 6654. As from May 1, 2020, the new limit amounts to $ 1,500, pursuant to Communication "A" 6973.

This regime does not include deposits made by other financial institutions (including time deposit certificates acquired through a secondary transaction), deposits made by persons directly or indirectly related to the entity, deposits of securities, acceptances or guarantees, and those set up after July 1, 1995 at an interest rate higher than that periodically set forth by the Argentine Central Bank on the basis of the daily survey carried out by that agency (*). Excluded from the regime are also the deposits whose ownership was acquired through endorsement and placements offering incentives additional to the interest rate. The system has been implemented through the creation of the so-called "Deposit Guarantee Fund" (F.G.D.), which is managed by the company Seguros de Depósitos S.A. (SEDESA) and whose shareholders are the Central Bank and the financial institutions in the proportion determined for each of them by that agency on the basis of contributions made to such fund.

  1. Enforced on January 20, 2019, pursuant to provision "A" 6435, such exclusions are as follows: Sight deposits with agreed-upon rates exceeding reference rates and term deposits and investments exceeding 1.3 times such rate. Reference rates are released on a regular basis by the Argentine Central Bank in accordance with a mobile average of the last five banking business days of passive rates that may arise for term deposits of up to 100 (or its equivalent in other currencies) from the survey to be carried out by said institution.

40

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

9.2. RESTRICTED ASSETS

As of September 30, 2020 and December 31, 2019 Grupo Supervielle's following assets are restricted:

Detail

09/30/2020

12/31/2019

Other receivables from financial transactions

Special guarantee accounts in the Argentine Central Bank

3,089,511

2,593,441

3,089,511

2,593,441

Miscellaneous Receivables

Trust guarantee deposits

218

3,800

Guarantee deposits for currency forward transactions

1,473,358

2,682,203

Guarantee deposits for credit cards transactions

391,976

317,600

Guarantee deposits for repo transactions

-

23,880

Other guarantee deposits

201,151

162,282

2,066,703

3,189,765

9.3. COMPLIANCE OF PROVISIONS ISSUED BY THE NATIONAL SECURITIES COMMISSION

Pursuant to General Ruling N° 629 issued by the National Securities Commission, supporting documentation of our accounting and administration operations for the financial years 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 and until September 30, 2020, the accounting books since September 2012 up to date and all corporate books are safeguarded in the registered headquarters.

Any other documentation or book, older than the date specified above for each case, is safeguarded by the firm AdeA S.A., whose warehouse is located on Ruta Provincial N°36, Km 31,500, Bosques, Partido de Florencio Varela, Buenos Aires Province.

9.4. ISSUANCE OF NEGOTIABLE OBLIGATIONS Banco Supervielle S.A.

The following describes issuances in force as of September 30, 2020 and December 31, 2019:

Issuance

Curren

Nro. of

Amount

Amortization

Term

Maturity date

Rate

Book Value

date

cy

Class

09/30/2020

12/31/2019

Floating Badlar

50% on 2-9-2020 and

of Private

Banks +

02/09/17

$

A

4,150,140

50% at maturity on 8-9-

42

08/09/2020

-

4,652,282

4.50%. with a

2020

minimum 18%

nominal annual

3 installments:

12/22/17

$

C

659,750

12-22-2020 33.33%.

48

12/22/2021

Floating Badlar

665,004

815,874

06-22-2021 33.33%. and

+ 4.25%

upon maturity 33.34%.

3 equal and consecutive

Floating Badlar

02/14/18

$

E

1,607,667

annual installments. 1°

60

02/14/2023

of Private

1,571,613

1,955,900

02-14-21

Banks + 4.05%

06/30/20

u$s

G

30,000,000

Quarterly: 12-22-20, 06-

12

06/30/2021

2% Nominal

1,992,409

-

22-21,06-30-21

Annual

Total

4,229,026

7,424,056

The following chart provides the main terms and conditions of issuances underway as of September 30, 2020 and December 31, 2019:

Issuance date

Currency

Nro. of

Amoun

Amortization

Term

Maturity

Rate

Book Value

Class

t

date

09/30/2020

12/31/2019

08/20/2013

US$

III

22,500

100% at mat,

84 Months

08/20/2020

7%

-

1,599,773

11/18/2014

US$

IV

13,441

100% at mat,

84 Months

11/18/2021

7%

1,050,485

992,614

Total

1,050,485

2,592,387

41

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Micro Lending S.A.U.: Program for the Issuance of Negotiable Obligations

The following is a detail of the issues in effect as of September30, 2020 and December 31, 2019:

Class

Issuance

Maturity

FV (in

Rate

09/30/2020

12/31/2019

Date

Date

thousands)

Clase III

10/04/2017

10/05/2020

35,000

Floating BADLAR + 7,0%

3,892

19,025

Total

3,892

19,025

9.5. FINANCIAL TRUSTS

The detail of the financial trusts in which The Entity acts as Trustee or as Trustee is summarized below:

As Trustee:

Banco Supervielle S.A.

Below is a detail of financial trusts:

Below is a detail of the Guarantee Management trust where the Bank acts as a trustee as of September 30, 2020:

Indenture

Original

Principal

Financial trust

executed

Due of principal obligation

principal

Beneficiaries

Settlers

balance

on

amount

The Term of this Trust Fund

Contract will be in force over

Those initially mentioned in

24 months as from 09/12/2018,

Exhibit V (DISERVEL S.R.L.,

or until the expiration of

INGENIAS S.R.L,

liabilities through

Fideicomiso de

GEOTECNIA (INV.

Disbursements (Termination

Administración

CALVENTE), NEWEN

Date"). 30 days (thirty days)

Interconexión

INGENIERIA S.A., INGICIAP

Interconexion

after the maturity of this Trust

500 KV ET

09/12/2018

-

-

S.A., MERCADOS

Electrica Rodeo

Agreement without the parties'

Nueva San Juan

ENERGETICOS, DISERVEL

S.A.

having agreed upon an

- ET Rodeo

S.R.L.) and providers of works,

Extension Commission, the

Iglesia

goods and services included in

Trustor of the trust account

the Project to be assigned by

shall receive USD 6,000 (six

the Trustee with prior consent

thousand US Dollars) at the

of the Trustor

exchange rate in force in Banco

Supervielle as a fine.

As of 09/30/2020, Banco Supervielle S.A. as Trustee, is undergoing a negotiation process for the Contract "Extension Commission".

As Settler

Banco Supervielle S.A.(Supervielle Créditos Financial Trust)

On Febriary 29, 2020 the Fideicomiso Financiero Supervielle Créditos 97, whose trutee is TMF Trust Company (Argentina) S.A. was re-included in the Bank´s loan portfolio for an amount of 84,419,269, such trust fund did not conatin CP.

Cordial Compañía Financiera S.A.(Cordial Compañía Financiera Financial Trust)

Assets in Trust:Personal Loans

Trustee:Equity TMF Trust Company (Argentina) S.A.

Financial Trust

Set-ip on

Initial Amount in

Securities issued

Trust

Participation

Debt Securities

Certificates

22

11/13/2019

571,560

102,300

469,260

42

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Micro Lending S.A.U.(Financial Trust Micro Lending)

The following are financial trusts where Micro Lending S.A.U acts as settler:

Financial

Set-up on

Securitized

Issued Securities

Trust

Amount

Type

Amount

Type

Amount

Type

Amount

III

06/08/2011

$ 39,779

VDF TV A

VN$ 31,823

VDF B

VN $ 6,364

CP

VN $ 1,592

Mat: 03/12/13

Vto: 11/12/13

Vto: 10/12/16

IV

09/01/2011

$ 40,652

VDF TV A

VN$ 32,522

VDF B

VN $ 6,504

CP

VN $ 1,626

Mat: 06/20/13

Vto: 10/20/13

Vto: 06/29/17

9.6. RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS

Pursuant to regulations set by the Argentine Central Bank, 20% of the profits for the year, net of possible prior year adjustments, where applicable, are to be allocated to the Legal Reserve.

Pursuant to the amended text on distributions of dividends, financial entities shall comply with a series of requirements, as follows: i) They shall not be subject to the provisions of Sections 34 and 35 bis of the Financial Institutions Law; ii) No liquidity assistance loans shall have been granted to them; iii) they shall be in compliance with information regimes;

  1. they shall not record shortfalls in the compiled minimum capital (without computing for such purposes the effects of the individual exemptions granted by the Superintendence of Financial and Foreign Exchange Institutions) or minimum cash, v) they shall have complied with additional capital margin when applicable.

The entities not facing any of these situations may distribute dividends in accordance with provisions set forth in said amended text, provided the entity´s liquidity or solvency is not jeopardized.

It is worth to be mentioned that pursuant to Communication "A" 6464 issued by the Argentine Central Bank, until March 31, 2020, financial entities, which, for the purpose of determining the distributable result, have not applied the additional on capital margins shall rely on previous authorization issued by the SEFyC.

On August 30, 2019 and with the purpose of stabilizing the exchange market, the Argentine Central Bank issued Communication "A" 6768, pursuant which financial entities shall rely on the previous authorization of Exchange and Financial Entities Superintendence before distributing its income. Over the course of such authorization process, the Comptroller Entity will assess, among other items, potential effects of the application of international accounting standards pursuant to Communication "A" 6430 (Paragraph 5.5 of IFRS 9 - Detriment of financial assets value) as well as the effects of the re-expression of financial statements pursuant to Communication "A" 6651.

On March 19, 2020 the Argentine Central Bank issued Communication "A" 6939 by means of which the suspension of income distribution of financial entities was made effective until June 30, 2020.

Later, on June 4, 2020, through Communication "A" 7035, the Argentine Central Bank postponed such suspension in the distribution of income until December 31, 2020.

9.7. ACCOUNTS IDENTIFYING MINIMUM CASH INTEGRATION COMPLIANCE

As of September 30, 2020 and December 31, 2019, the minimum cash reserve was made up as folllows:

Item

09/30/2020

12/31/2019 (*)

Current accounts in the Argentine Central Bank

7,980,529

8,554,797

Sight accounts in the Argentine Central Bank

9,686,687

7,909,938

Special guarantee accounts in the Argentine Central

Bank

2,903,279

1,975,535

Special accounts for previous credit payment

323,808

1,836

Total

20,894,303

18,442,106

(*) Historical values without inflation adjustment

It is worth mentioning that on those dates, the Group was in compliance with minimum cash integration requirements.

43

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

10. CONTRACT AS A FINANCIAL AGENT BY THE PROVINCE OF SAN LUIS

On January 17, 2017, Banco Supervielle S.A. received a communication from the Ministry of Public Treasury of the Province of San Luis giving notice of the termination of the Financial Agent Contract that Banco Supervielle has with the Province, effective as of February 28, 2017. The communication also states that, without prejudice to the exercise of the right to terminate the contract, the Province may continue to operate with the Bank until a new financial agent is selected.

Since February 2017, the Bank has continued rendering financial services to the Government of San Luis Province and its employees.

On June 7, 2018, the Province ratified said agreement over a 12-month period, thus regularizing the Bank´s role as exclusive payment agent, which has not been interrupted since 20 years ago. Such agreement has been renewed several times and according to the last renewal signed, it expires on November 30, 2020.

In January 2019, the government of San Luis Province disclosed the terms and conditions of the auction to be held by the Province for the new financial agent agreement. The Bank submitted its offer on March 15, 2019. Only two offers were submitted. On December 6, 2019, the Government of San Luis issued Decree N°8589 by means of which the auction was closed without assigning such financial agent agreement.

As of these financial statements, the Bank continues rendering financial services to the government of San Luis province and its employees.

11. FINANCIAL RISK FACTORS

There have been no significant changes in policies related to the administration of risks the Group may be exposed to regarding financial statements as of December 31, 2019 and in Note1.2.

12. INTERNATIONAL FINANCING PROGRAMS

In December 2017, Banco Interamericano de Desarrollo (BID) granted Banco Supervielle S.A. a loan (tranche A) for USD 40,000,000, USD 35,000,000 of which are settled over a three-year term and the remaining USD 5,000,000 over a five-year term. In June 2018, the Bank was granted a loan (tranche B) for USD 93,500,000, USD 40,000,000 are settled over a year term and the remaining USD 53,500,000 are settled over ywo years and a half.

In turn, in September 2019, the Entity was granted a senior non-guaranteed syndicated loan for USD 80,000,000 (eighty million US Dollars) at a three-year term and a Libor interest rate +3.40% by the FMO, the Dutch development bank, as organizer, and Proparco, a subsidiary of the French Development Agency. Such funds were immediately allocated among Small and Medium Size Companies Clients of our portfolio who run their businesses in regional exporting economies in different sectors.

It is worth to be mentioned that such agreement is subject to the compliance of certain financial covenants, certain "do and do not do" conditions as well as certain reporting requirements.

As of December 31, 2019, the Entity did not meet the non-performing loan ration nor the coverage. Therefore, on January 29, 2020, the Entity started the process to receive a waiver with BID, which was made effective on February 18, 2020. As a result of such waiver, BID waives its right to accelerate such debt resulting from the breach in non-performing loan ratios and coverage ratios over a period that started on October 1, 2019 and finished in December 31, 2019. Likewise, on April 16, 2020 and August 11, 2020 new exemptions were requested thus extending the agreed terms until December 31, 2020.

13. IMPACT OF COVID-19 ON SOCIETY OPERATIONS

The Society operates in a complex economic context which main variables have been featured by strong volatility at a national and international level.

The pandemic outbreak in March 2020 produced by Covid-19 has had significant consequences globally. Most countries implemented a series of unprecedented restrictions. The different sanitary restricting measures produced, to a greater or lesser extent, an almost immediate impact on economies which witnessed the quick fall of production and activity indicators. Accordingly, most governments implemented fiscal aid packages to sustain part of the population's income and reduce the risk of breaches in payment chains; thus, avoiding a financial and economic crisis as well as

44

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

companies´ bankruptcies. Argentina was not the exception and the Government took action in the wake of the pandemic.

The Argentine economy was in a recessive process and the pandemic outbreak in March 2020 turned the scenario even more complex. The country is expected to close 2020 with activity fall.

The following are the main local indicators:

  • GDP estimated fall (EMAE) as of August 2020 amounted to a 12.5%.
  • Accrued inflation between January 1, 2020 and September 30, 2020 amounted to a 22.3% (Consumer Price Index - CPI).
  • Between January 1, 2020 and September 30, 2020, the peso recorded a 21% depreciation against the USD, according to the Exchange rate released by Banco de la Nación Argentina.
  • The monetary authority implemented additional Exchange restrictions which, in turn, affected the foreign currency value in existing alternative markets for certain Exchange operations restricted in the official market.

These measures, aimed at restricting the access to the exchange market with the purpose of containing the demand of dollars, entail the Argentine Central Bank´s prior authorization request for certain operations; thus, the following operations impact for the society:

  • Payment of dividends and earnings to non-residents
  • Payment of financial loans granted to non-residents: those companies that register scheduled capital maturities between 10/15/2020 and 03/31/2021 shall submit a capital refinancing program of at least the 60%, with new external indebtedness and an average life of two years and shall be allowed to acquire only the equivalent to the 40% of agreed-upon capital commitments
  • Payment of debt securities issuance with public registration
  • Payment of indebtedness among residents in foreign currency

Additionally, the exchange regime mandated the registration and settlement of funds resulting from the following operations and concepts in local currency:

  • Exports of goods and services
  • Collection of prefinancings, advances and post-financing of exports of goods
  • Exports of services
  • Disposal of non-producednon-financial assets
  • Disposal of external assets

Such exchange restrictions, or those to be issued, might affect the Society's capacity to access the Mercado Único y Libre de Cambios (MULC) for the acquisition of necessary foreign currency to address financial obligations. Assets and liabilities in foreign currency as of September 30, 2020 have been estimated in accordance with MULC´s quotations in place.

Likewise, in October 2020, the Government launched a set of measures aimed at contributing with the development of exportable goods and promoting the local market and construction industry.

With the purpose of mitigating the economic isolation, the Argentine Central Bank issued the following set of preemptive measures:

  • Communication "A" 6937 reduced position restriction over the maximum position in liquidity bills of the Argentine Central Bank (LELIQ) with the purpose of making liquidity available and encouraging credit line provisions for Small and Medium Size Companies at a preferential rate (Not exceeding the 24% annually). Communication "A" 7054 modifies the standards on Minimum Cash" due to the authorization of financing lines at a 24% subsidized rate, which includes a special tranche for investments in national capital goods and another tranche with minimum requirements for companies that have not had access to banking loans. As from July 1, 2020, "Medium and Small Size Clients" are included in the item of "Decrease of minimum cash demand in average in pesos" provided such funds are allocated in the acquisition of machinery and equipment produced for national Small and Medium Size companies, among other modifications. As of these financial statements issuance, loans of 24% rates and 0% rates have been granted for 9.9 billion and 746 million respectively. As from October 16, 2020, through Communication "A" 7140, regulations on "Financing line for productive investments of Small and Medium Size companies were enforced.
  • Communications "A" 6942 and "A" 6949, determined that the postponement of the maturity of loans granted by local financial institutions that would become effective on March 20 and April 12, and cancelled any punitive

45

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020 Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

interest over unpaid balances in loans granted by financial entities. Communication "A" 7044 and "7107" extended maturities for loans granted by local financial entities until December 31, 2020 and unpaid installments are deferred until such loan's life termination.

  • Communication "A" 6939 suspended, until June 30, 2020, the distribution of dividends for financial entities. Such measure was extended through Communication "A" 7035 until December 31, 2020.
  • Communication "A" 6945 established that, until June 30, 2020, any operation carried out through ATMs shall not be subject to any charge or commission. Communication "A" 7107 extended such term until December 31, 2020.
  • Communications "A" 6964 and 7095 automatically refinanced unpaid balances of credit card financing to be registered between April 1, 2020 and April 30, 2020 and between September 1, 2020 and September 30, 2020 respectively. Such balances have been refinanced over a year term with three-month grace period in 9 monthly equal and consecutive installments. Likewise, pursuant to Communication "A" 6993, the Argentine Central Bank established a zero-interest-rate financing policy, applicable only to eligible clients to be defined by AFIP in the future. Additionally, through Communication "A" 7082 opened the possibility of granting "Zero Culture Rate Loans" at 24 months under a 12-month grace period. Communication "A" 7111 extended delinquency days for 1, 2, and 3 situations over a 60-day term. Such measure is applicable until December 31, 2020.
  • Decree 312/2020, issued by the Argentine Central Bank, suspended the closing of bank accounts. Decree 544/2020, issued on June 19, 2020, extends until December 31, 2020 the suspension of the obligation of closing bank accounts and the application of disqualification pursuant to Article 1° of Law N° 25,730, as well as the application of fines included in such norm.
  • Communication "A" 6980 established that non-adjustable term deposits under ARS 1 million made up by individuals as from April 20, 2020, will entail a minimum rate of 70% of the LELIQ average auction. Communication "A" 7018 extended the scope of such measures over all term deposits regardless of their minimum amount. Later, Communication "A"7027 increased the minimum rate equivalent to 79% LELIQ average auction. And, as from August 1, 2020, an additional increase from such 79% to an 87% was set for term deposits of individuals exceeding the ARS 1 million.

The volatile and uncertain context remains as of the issuance of these financial statements.

The Society's Board monitors the evolution of variables that may affect its business; thus, defining the course of action and identifying any potential impact on its equity and financial situation. The Bank's financial statements must be read in virtue of said circumstances.

46

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER DEBT SECURITIES, EQUITY INSTRUMENTS

As of September, 30 2020 and December 31, 2019:

HOLDING

POSITION

Item

Fair

Level of fair

Book value

Book value

Without

Options

Final Position

value

value

09/30/2020

12/31/2019

options

DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR

LOSS

Argentine

Government Securities

Treasury Bill $ aj CER disc. Mat.02/26/21

1

780,931

-

509,513

-

509,513

Treasury Bill $ Aj CER 1,20% Mat. 03/18/22

1

392,838

-

472,750

-

472,750

Treasury Bill Nac. $ Badlar 08/05/21

1

574,954

-

291,016

-

291,016

Treasury Bill $ Aj CER 1,50% Mat.03/25/24

1

232,588

-

271,553

-

271,553

Treasury Bill $ Aj CER 1,40% Vto.03/25/23

1

221,699

-

226,882

-

226,882

Treasury Bill Pcia. BS.AS. $ Mat.01/29/21

2

181,805

-

214,612

-

214,612

Treasury Bonus $ Aj CER 1,30% Mat.09/20/22

1

166,356

-

195,881

-

195,881

T.D. Cdad de Bs As $ TV CL.22 Mat.03/29/2024

1

154,076

-

120,874

-

120,874

Treasury Bonus BONCER 2% $ 2026

1

116,214

-

118,095

-

118,095

Argentine Bonus U$S STEP UP 2030

1

111,615

-

105,765

-

105,765

Argentine National Bonus 2,5% $ 07/22/2021 (TC21)

1

4,859

18,330

4,859

-

4,859

Bocon - Consolidation Bonus $ 8 serie (PR15)

1

6,310

23,035

6,310

-

6,310

Others

1

788,716

535,927

788,716

-

788,716

Central Bank Bills

Liquidity Central Bank Bills Mat. 10/01/2020

1

220,000

-

220,000

-

220,000

Liquidity Central Bank Bills Mat. 10/08/2020

1

208,513

-

208,513

-

208,513

Corporate Securities

ON Ypf S.A Cl.5 $ Mat.01/24/21 CG

2

167,063

-

165,292

-

165,292

ON Pan American Energy $ 12 Mat.11/19/20 CG

2

54,744

-

104,790

-

104,790

Vcp Pyme Catalinas Coop.3 V04/12/20 $ CG

3

-

3,171

0

-

0

Others

1

69,103

114,750

69,103

-

69,103

Total Debt Securities at Fair value through profit or loss

4,452,384

695,213

4,094,524

-

4,094,524

OTHER DEBT SECURITIES

Measured at fair value through profit or loss

Argentine

Government Securities

47

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

HOLDING

POSITION

Item

Fair

Level of fair

Book value

Book value

Without

Options

Final Position

value

value

09/30/2020

12/31/2019

options

Treasury Bonus $ Aj CER 1,40% Mat.03/25/23

1

336,312

-

1,103,492

-

1,103,492

Treasury Bonus Nat. $ Aj. CER 08/05/21

1

268,763

-

501,258

-

501,258

Treasury Bonus $ Aj CER 1,20% Mat. 03/18/22

1

225,200

-

237,685

-

237,685

Treasury Bonus Nat. $ Badlar 08/05/21

1

218,069

-

202,858

-

202,858

Treasury Bonus $ Aj CER 1,30% Mat.09/20/22

1

115,948

-

102,122

-

102,122

Treasury Bill $ Mat.12/22/2020

1

29,539

Treasury Bonus $ Aj CER 1,50% Mat.03/25/24

1

13,271

-

27,016

-

27,016

Centrak Bank Bills

Liquidity Central Bank Bills Mat. 10/01/20

2

12,530,000

-

17,888,256

-

17,888,256

Liquidity Central Bank Bills Mat. 10/15/20

2

9,856,340

-

17,373,388

-

17,373,388

Liquidity Central Bank Bills Mat. 10/22/20

2

9,786,050

-

10,489,080

-

10,489,080

Liquidity Central Bank Bills Mat. 10/13/20

2

4,444,474

-

4,933,230

-

4,933,230

Liquidity Central Bank Bills Mat.10/06/20

2

3,979,284

-

2,857,126

-

2,857,126

Liquidity Central Bank Bills Mat. 10/20/20

2

2,206,357

-

1,674,611

-

1,674,611

Liquidity Central Bank Bills Mat. 10/27/20

2

730,234

-

1,308,983

-

1,308,983

Liquidity Central Bank Bills Mat. 01/08/20

2

-

6,647,442

-

-

-

Liquidity Central Bank Bills Mat. 01/03/20

2

-

1,122,658

-

-

-

Liquidity Central Bank Bills Mat. 01/03/20

2

-

664,351

-

-

-

Liquidity Central Bank Bills Mat.01/06/20

2

-

304,527

-

-

-

Liquidity Central Bank Bills Mat.01/02/20

2

-

30,526

-

-

-

Corporate Securities

Others

1

32

40

32

-

32

Measured at amortized cost

Argentine

Government Securities

National Treasury Bonus Tf Mat. 11/21/2020

4,639,278

3,778,931

4,377,440

-

4,377,440

Treasury Bonus $ Fixed rate 22% Mat.05/21/22

1,464,056

-

460,407

-

460,407

Argentine Sovereign Bond. $ Badlar+200 04/03/2022

247,692

-

241,509

-

241,509

Others

37,646

-

37,646

-

37,646

Corporate securities

Ohers

3,336

501,650

3,336

-

3,336

Total other debt securities

51,131,881

13,050,125

63,819,475

-

63,819,475

48

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

HOLDING

POSITION

Item

Fair

Level of fair

Book value

Book value

Without

Options

Final Position

value

value

09/30/2020

12/31/2019

options

EQUITY INSTRUMENTS

Measured at fair value through profit and loss

Argentine

Grupo Financiero Galicia SA

1

69,548

7,088

20,135

-

20,135

Pampa Energía S.A.

1

6,061

0

10,189

-

10,189

Loma Negra S.A.

1

1,892

0

1,332

-

1,332

Central Puerto S.A. Ord. 1 voto Esc

1

1,140

0

179

-

179

Otros

Measured at fair value with changes in OCI

Argentine

Ohers

8,928

10,740

8,928

-

8,928

Total equity instruments

87,569

17,828

40,763

-

40,763

Total

55,671,834

13,763,166

67,954,762

-

67,954,762

49

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE B - CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED

As of September 30, 2020 and December 31, 2019 balances of loans and other financing are the following:

09/30/2020

12/31/2019

COMMERCIAL PORTFOLIO

Normal situation

38,906,433

49,710,525

-With "A" Preferred Collateral and Counter-guarantees

2,120,582

1,503,004

-With "B" Preferred Collateral and Counter-guarantees

7,856,722

10,646,195

- Without Preferred Collateral nor Counter-guarantees

28,929,129

37,561,326

Subject to special monitoring

- Under Observation

1,448,214

297,520

-With "A" Preferred Collateral and Counter-guarantees

128,061

13,060

-With "B" Preferred Collateral and Counter-guarantees

1,093,565

168,304

- Without Preferred Collateral nor Counter-guarantees

226,588

116,156

With problems

167,687

122,229

-With "A" Preferred Collateral and Counter-guarantees

866

7,499

-With "B" Preferred Collateral and Counter-guarantees

134,751

46,132

- Without Preferred Collateral nor Counter-guarantees

32,070

68,598

High risk of insolvency

2,159,605

4,401,912

-With "A" Preferred Collateral and Counter-guarantees

-

23,117

-With "B" Preferred Collateral and Counter-guarantees

1,603,283

1,704,681

- Without Preferred Collateral nor Counter-guarantees

556,322

2,674,114

Uncollectible

14,912

26,086

-With "A" Preferred Collateral and Counter-guarantees

-

-

-With "B" Preferred Collateral and Counter-guarantees

1,638

1,897

- Without Preferred Collateral nor Counter-guarantees

13,274

24,189

TOTAL COMMERCIAL PORTFOLIO

42,696,851

54,558,272

50

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE B - CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED

09/30/2020

12/31/2019

CONSUMER AND HOUSING PORTFOLIO

Normal situation

61,501,504

55,797,379

-With "A" Preferred Collateral and Counter-guarantees

2,445,635

850,090

-With "B" Preferred Collateral and Counter-guarantees

6,534,240

7,568,767

- Without Preferred Collateral nor Counter-guarantees

52,521,629

47,378,522

Low Risk

389,712

2,001,895

-With "A" Preferred Collateral and Counter-guarantees

6,379

111,015

-With "B" Preferred Collateral and Counter-guarantees

18,976

243,779

- Without Preferred Collateral nor Counter-guarantees

364,357

1,647,101

Medium Risk

498,717

1,623,594

-With "A" Preferred Collateral and Counter-guarantees

11,565

57,224

-With "B" Preferred Collateral and Counter-guarantees

24,232

157,747

- Without Preferred Collateral nor Counter-guarantees

462,920

1,408,623

High Risk

1,050,115

2,065,906

-With "A" Preferred Collateral and Counter-guarantees

26,108

29,347

-With "B" Preferred Collateral and Counter-guarantees

85,792

118,460

- Without Preferred Collateral nor Counter-guarantees

938,215

1,918,099

Uncollectible

889,609

360,976

-With "A" Preferred Collateral and Counter-guarantees

24,656

6,102

-With "B" Preferred Collateral and Counter-guarantees

206,969

85,073

- Without Preferred Collateral nor Counter-guarantees

657,984

269,801

Uncollectible classified as such under regulatory requirements

-

2,347

-With "A" Preferred Collateral and Counter-guarantees

-

-

-With "B" Preferred Collateral and Counter-guarantees

-

-

- Without Preferred Collateral nor Counter-guarantees

-

2,347

TOTAL CONSUMER AND HOUSING PORTFOLIO

64,329,657

61,852,097

TOTAL GENERAL(1)

107,026,508

116,410,369

The preceding note includes the classification of loans using the debtor classification system of the Central Bank of the Argentine Republic (DCS). The forecasts and guarantees granted are not included.

  1. Conciliation with Statement of Financial Position:

Loans and other financing

98,191,094

108,714,512

Other debt securities

51,131,881

13,050,125

Computable items out of balance

(42,296,467)

(5,354,268)

plus allowances

8,295,771

7,170,484

plus IFRS adjusments non computable for DCS

528,790

531,948

less non deductible ítems for DCS

(4,424)

(6,619)

less Debt securities measured at amortized cost

(51,116,604)

(13,050,081)

Total

107,026,508

116,410,369

51

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE C - CONCENTRATION OF LOANS AND OTHER FINANCING

As of September 30, 2020 and December 31, 2019 the concentration of leans and other financing are the following:

Loans and other financing

Number of Clients

09/30/2020

12/31/2019

Balance

% over total

Balance

% over total

portfolio

portfolio

10 largest customers

11,974,797

11.2%

14,791,882

12.7%

50 following largest customers

16,875,383

15.8%

20,694,999

17.8%

100 following largest customers

9,635,963

9.0%

11,189,909

9.6%

Rest of customers

68,540,365

64.0%

69,733,579

59.9%

TOTAL

107,026,508

100.0%

116,410,369

100.0%

52

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE D - BREAKDOWN OF TOTAL LOANS AND OTHER FINANCING

As of September 30, 2020 the breakdown of leans and other financing are the following:

Past due

Remaining terms for maturity

Item

Up to 24

Total

portfolio

1 month

3 months

6 months

12 months

24 months

months

Non-financial Public Sector Financial Sector Non-financial private sector and residents abroad

TOTAL

-

96,976

4,181

6,472

13,558

27,797

-

148,984

-

2,375

4,445

7,145

22,577

-

-

36,542

17,568,769

64,115,349

21,901,951

27,700,811

47,263,483

41,041,009

91,483,517

311,074,889

17,568,769

64,214,700

21,910,577

27,714,428

47,299,618

41,068,806

91,483,517

311,260,415

53

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT

Changes in property, plant and equipment as of September 30, 2020 and December 31, 2019, are as follows:

At the

Useful

Depreciation

Net carrying

Item

beginning of

Additions

Disposals

Of the

At the end of

life

Accumulated

Disposals

09/30/2020

12/31/2019

the year

period

the period

Cost model

Furniture and facilities

1,322,355

10

117,768

(123,417)

(1,004,790)

40,358

(67,815)

(1,032,247)

284,459

317,565

Machinery and equipment

3,769,484

-

625,492

(399,106)

(3,274,201)

(204,250)

(3,478,451)

517,419

495,283

Vehicles

211,677

5

39,230

(23,485)

(90,761)

13,200

(29,234)

(106,795)

120,627

120,916

Right of Use of Leased

1,838,960

50

598,984

(566,393)

(692,825)

477,174

(528,393)

(744,044)

1,127,507

1,146,135

Properties

Construction in progress

587,202

-

47,490

(103,037)

-

-

-

-

531,655

587,202

Revaluation model

Land and Buildings

2,334,147

50

685,196

(107,151)

(44,486)

(151,637)

2,867,706

2,226,996

Total

10,063,825

10

2,114,160

(1,215,438)

(5,169,728)

530,732

(874,178)

(5,513,174)

5,449,373

4,894,097

The movements in investment properties as of September 30, 2020 and December 31, 2019 are as follows:

At the

Useful

Net carrying

Item

beginning of

Disposals*

life

09/30/2020

12/31/2019

the year

Measurement at fair value

Rent building

4,958,492

50

(672,385)

4,286,107

4,958,492

Total

4,958,492

(672,385)

4,286,107

4,958,492

*Related to transfers

54

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE G - INTANGIBLE ASSETS

Intangible assets of the Group as of September 30, 2020 are as follows:

Depreciation

Net carrying

At the

Useful

Item

beginning of

Additions

Disposals

At the

life

Of the

At the end of

the year

beginning of

Disposals

09/30/2020

12/31/2019

period

the period

the year

Measurement at cost

Goodwill

3,292,987

-

-

-

-

-

-

-

3,292,987

3,292,987

Brands

179,650

-

-

-

-

-

-

-

179,650

179,650

Other intangible assets

3,515,658

-

670,567

(15,167)

(1,641,200)

463

(546,342)

(2,187,079)

1,983,979

1,874,458

TOTAL

6,988,295

-

670,567

(15,167)

(1,641,200)

463

(546,342)

(2,187,079)

5,456,616

5,347,095

Depreciation for the year is included in the line "Depreciations and impairment of non-financial assets" in the statement of comprehensive income.

55

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE H - CONCENTRATION OF DEPOSITS

As of September 30, 2020 and December 31, 2019 the concentration of deposits are the following:

Deposits

Number of customers

09/30/2020

12/31/2019

Placement

% over total

Placement

% over total

Balance

portfolio

Balance

portfolio

10 largest customers

49,830,751

29.3%

14,569,414

13.4%

50 following largest customers

30,109,704

17.7%

14,335,311

13.2%

100 following largest customers

9,375,026

5.5%

7,348,131

6.8%

Rest of customers

80,943,637

47.5%

72,594,235

66.7%

TOTAL

170,259,118

100.0%

108,847,091

100.0%

56

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE I - BREAKDOWN OF FINANCIAL LIABILITIES FROM REMAINING TERMS

As of September 30, 2020:

Remaining terms for maturity

Item

1 month

3 months

6 months

12 months

24 months

Up to 24

Total

months

Deposits

Non-financial public sector

6,782,745

1,417,035

1,074

-

-

-

8,200,854

Financial sector

13,574

-

-

-

-

-

13,574

Non-financial private sector and residents

113,189,750

30,644,941

20,115,299

1,454,989

2,202

195

165,407,376

abroad

Liabilities at fair value through profit and

32,361

-

156,713

-

-

-

189,074

loss

Repo operations

-

-

-

-

-

-

-

Other financial liabilities

6,720,950

189,512

177,113

338,619

434,802

487,488

8,348,484

Financing received from the Argentine

Central Bank and other financial

113,196

7,132,931

126,427

235,069

386,314

29,423

8,023,360

institutions

Negotiable Obligations issued

-

422,627

733,978

2,717,687

1,337,134

800,802

6,012,228

Subordinated negotiable obligations

-

36,632

-

36,034

1,060,500

-

1,133,166

TOTAL

126,852,576

39,843,678

21,310,604

4,782,398

3,220,952

1,317,908

197,328,116

57

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY

As of September 30, 2020 and December 31, 2019:

Items

ASSETS

Cash and Due from Banks

Debt securities at fair value through profit or loss

Derivatives

Other financial assets Loans and other financing Other Debt Securities Financial assets in guarantee Other non-financial assets

TOTAL ASSETS

As of September 30,

As of September 30, 2020 (per currency)

As of December 31,

2020

Dollar

Euro

Real

Others

2019

15,658,615

14,582,976

826,070

12,786

236,783

16,994,370

198,851

198,851

-

-

-

862,033

589

589

-

-

-

738,067

737,972

95

-

-

1,408,163

17,685,342

17,683,411

1,452

-

479

26,271,222

65

65

-

-

-

79

586,109

586,109

-

-

-

5,506,964

165,577

165,577

219,228

35,033,215

33,955,550

827,617

12,786

237,262

51,262,059

LIABILITIES

Deposits

21,997,285

21,569,634

427,651

-

-

28,538,219

Non-financial public sector

815,999

815,869

130

-

-

2,655,329

Financial sector

380

380

-

-

-

11,082

Non-financial private sector and foreign

21,180,906

20,753,385

427,521

-

-

25,871,808

residents

Other financial liabilities

2,718,390

2,586,196

125,026

11

7,157

5,003,785

Financing received from the Argentine Central

6,939,062

6,939,062

-

-

-

9,875,402

Bank and other financial institutions

Negotiable obligations Issued

1,992,409

1,992,409

-

-

-

-

Subordinated negotiable obligations

1,050,485

1,050,485

-

-

-

2,592,387

Other non-financial liabilities

318,941

318,940

1

-

-

417,081

TOTAL LIABILITIES

35,016,572

34,456,726

552,678

11

7,157

46,426,874

NET POSITION

16,643

(501,176)

274,939

12,775

230,105

4,835,185

58

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE R - LOAN LOSS RISK PROVISIONS

The balance of loan loss risk provisions as of September 30, 2020 is presented below:

ECL of remaining life of the financial asset

Balances at the

ECL of the

FI significant

FI with

FI with credit

Monetary

credit risk

credit

impairment

inocme

Items

beginning of

following 12

increase

impairment

either

produced by

fiscal year

months

purchased or

provisions

produced

Other financial assets

302,519

(1,179)

-

35,848

(61,457)

275,731

Loans and other financing

-

-

-

-

-

-

Other financial entities

14,772

(664)

-

-

(2,571)

11,537

Non-financial private sector and

6,848,845

2,181,168

1,259,333

(500,184)

(1,784,212)

8,004,950

residents abroad

Overdrafts

1,804,167

239,841

238,142

(1,020,864)

(229,887)

1,031,399

Documents

445,038

269,818

7,739

(5,239)

(130,748)

586,608

Mortgages

564,114

1,564,080

27,574

(350,076)

(329,112)

1,476,580

Pledge loans

119,103

(691)

(5,894)

33,984

(26,702)

119,800

Personal Loans

1,010,566

80,339

(48,402)

346,163

(253,104)

1,135,562

Credit cards

661,753

(77,495)

136,016

76,245

(145,176)

651,343

Financial lease

169,890

44,204

102,265

(4,210)

(56,894)

255,255

Others

2,074,214

61,072

801,893

423,813

(612,589)

2,748,403

Other debt securities

4,348

(2)

-

-

(793)

3,553

TOTAL PROVISIONS

7,170,484

2,179,323

1,259,333

(464,336)

(1,849,033)

8,295,771

Separate Condensed Interim Financial Statements

For the nine-month period ended on

September 30, 2020, presented on comparative basis in homogeneous currency

60

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As of September 30, 2020 and December 31, 2019

(Expressed in thousands of pesos in homogeneous currency)

Notes and

09/30/2020

12/31/2019

Schedules

ASSETS

Cash and due from banks

2, 4.1 and 9

72,888

146,132

Cash

4

2

Financial institutions and correspondents

Other local and foreign financial institutions

72,884

146,130

Other financial assets

2, 4.2, 7 and

640,257

883,058

9

Other debt securities

4.3, 9 and A

37,646

-

Current income tax assets

7

30,942

53,596

Investment in subsidiaries, associates and joint ventures

3 and 4.4

27,511,626

25,366,076

Property, plant and equipment

4.5 and F

2,305

2,930

Intangible Assets

4.6 and G

3,745,134

3,786,368

Other Non-financial assets

4.7 and 7

154,334

182,274

TOTAL ASSETS

32,195,132

30,420,434

LIABILITIES

Deferred income tax liabilities

7

119,846

517,693

Other Non-Financial Liabilities

4.8 and 7

305,933

322,158

TOTAL LIABILITIES

425,779

839,851

SHAREHOLDERS' EQUITY

Capital Stock

456,722

456,722

Capital adjustments

2,620,076

2,620,076

Paid in capital

29,890,007

29,890,007

Earnings Reserved

17,084,754

12,792,445

Retained earnings

(21,043,363)

(12,697,188)

Other comprehensive income

286,745

105,676

Net Income for the period

2,474,412

(3,587,155)

TOTAL SHAREHOLDERS' EQUITY

31,769,353

29,580,583

TOTAL NET LIABILITIES AND SHAREHOLDERS'

32,195,132

30,420,434

EQUITY

The accompanying notes and schedules are an integral part of the separate condensed interim financial statements.

61

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the nine and three-month period ended on September 30, 2020 and 2019

(Expressed in thousands of pesos in homogeneous currency)

Notes

Nine-month period ended on

Three-month period ended on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

Interest income

4.9

2,591

71,211

17

6

Interest expenses

4.10

(23,026)

(1,857)

5,867

-

Net interest income

(20,435)

69,354

5,884

6

Net income from financial instruments at fair value through

4.11

183,333

288,513

27,237

63,437

profit or loss

Exchange rate difference on gold and foreign currency

78,529

(5,494)

2,097

2,933

NIFFI And Exchange Rate Differences

261,862

283,019

29,334

66,370

Subtotal

241,427

352,373

35,218

66,376

Other operating income

4.12

160,908

171,322

51,067

74,842

Result from exposure to changes in the purchasing power of the

(11,327)

104,008

(11,338)

(220,316)

currency

Net operating income

391,008

627,703

74,947

(79,098)

Personnel expenses

4.13

90,616

136,671

31,341

32,135

Administration expenses

4.14

212,244

137,363

53,502

46,928

Depreciation and impairment of non-financial assets

41,859

41,859

13,953

13,953

Other operating expenses

4.15

17,701

21,789

2,561

8,162

Operating income

28,588

290,021

(26,410)

(180,276)

Profit of subsidiaries and associates

4.16

2,186,220

(2,768,635)

742,436

(2,044,921)

Income before taxes

2,214,808

(2,478,614)

716,026

(2,225,197)

Income tax

(259,604)

476,451

(143,588)

114,134

Net income of the period

2,474,412

(2,955,065)

859,614

(2,339,331)

The accompanying notes and schdules are an integral part of the separate condensed interim financial statements.

62

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

EARNING PER SHARE

For the nine and three-month period ended on September 30, 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

Item

Nine-month period ended on

Three-month period ended on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

NUMERATOR

Net income for the period attributable to owners of the

parent company

2,474,412

(2,955,065)

859,614

(2,339,331)

PLUS: Diluting events inherent to potential ordinary

shares

-

-

-

-

Net income attributable to owners of the parent

company adjusted by dilution

2,474,412

(2,955,065)

859,614

(2,339,331)

DENOMINATOR

Weighted average of ordinary shares

456,722

456,722

456,722

456,722

PLUS: Weighted average of number of ordinary shares

-

-

-

-

issued with dilution effect.

Weighted average of number of ordinary shares issued

456,722

456,722

456,722

456,722

of the period adjusted by dilution effect

Basic Income per share

5.42

(6.47)

1.88

(5.12)

Diluted Income per share

5.42

(6.47)

1.88

(5.12)

The accompanying notes and schdules are an integral part of the separate condensed interim financial statements.

63

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the nine and three-month period ended on September 30, 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

Nine-month period ended on

Three-month period ended

on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

Net income from the period

2,474,412

(2,955,065)

859,614

(2,339,331)

Components of Other Comprehensive Income not to be reclassified

to profit or loss

Income of the period from the participation of Other Comprehensive

income of associates and joint ventures recorded through the utilization

181,069

(3,906)

(98,961)

(1,309)

of the participation method

Total Other Comprehensive Income not to be reclassified to profit

181,069

(3,906)

(98,961)

(1,309)

or loss

Components of Other Comprehensive Loss to be reclassified to

profit or loss

Loss for the period from financial instrument at fair value through other

-

1,589

-

1,589

comprehensive income

Income tax

-

(477)

-

(477)

Total Other Comprehensive Loss to be reclassified to profit or loss

-

1,112

-

1,112

Total Other Comprehensive Income

181,069

(2,794)

(98,961)

(197)

Total Comprehensive Income

2,655,481

(2,957,859)

760,653

(2,339,528)

Total comprehensive income attributable to parent company

2,655,481

(2,957,859)

760,653

(2,339,528)

The accompanying notes and schedules are an integral part of the separate condensed interim financial statements

64

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the nine-month period ended on September 30, 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

Other comprehensive income

Earnings

or los

Capital

accrued by

Total

Capital

Paid in

Legal

Other

Retained

financial

Item

Stock

Revaluation of

shareholders´

Adjustments

capital

reserve

reserves

earnings

institutions

(Note 8)

PPE

equity

at FV

through

profit and

loss

Re-expressed Balance at December 31, 2019

456,722

2,620,076

29,890,007

171,838

12,620,607

(16,284,343)

99,501

6,175

29,580,583

Distribution of retained earnings by the shareholders' meeting on

April 28, 2020:

Constitution of reserves

-

-

-

-

4,759,020

(4,759,020)

-

-

-

Dividend distribution

-

-

-

-

(466,711)

-

-

-

(466,711)

Net Income for the period

-

-

-

-

-

2,474,412

-

-

2,474,412

Other comprehensive income for the period

-

-

-

-

-

-

181,069

181,069

Balance at September 30, 2020

456,722

2,620,076

29,890,007

171,838

16,912,916

(18,568,951)

99,501

187,244

31,769,353

The accompanying notes and schedules are an integral part of the separate condensed interim financial statements.

65

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the nine-month period ended on September 30, 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

Other comprehensive

income

Earnings

or los

Capital

Capital

Paid in

Legal

Other

Retained

accrued by

Total

Item

Stock

financial

shareholders´

Adjustments

capital

reserve

reserves

earnings

Revaluation

(Note 8)

institutions

equity

of PPE

at FV

through

profit and

loss

Re-expressed Balance at December 31, 2018

456,722

2,620,076

29,889,414

171,838

10,075,415

(8,971,401)

-

-

34,242,064

IFRS 9 Impact Adjustments

-

-

-

-

-

(610,593)

-

-

(610,593)

Balance at December 31, 2018

456,722

2,620,076

29,889,414

171,838

10,075,415

(9,581,994)

-

-

33,631,471

Other movements

-

-

593

-

-

-

-

-

593

Distribution of retained earnings by the shareholders' meeting on

April 26, 2019:

Constitution of reserves

-

-

-

-

2,545,192

(2,545,192)

-

-

-

Dividend distribution

-

-

-

-

-

(492,960)

-

-

(492,960)

Net Income for the period

-

-

-

-

-

(2,955,065)

-

-

(2,955,065)

Other comprehensive income for the period

-

-

-

-

-

-

-

(2,794)

(2,794)

Balance at September 30, 2019

456,722

2,620,076

29,890,007

171,838

12,620,607

(15,575,211)

-

(2,794)

30,181,245

The accompanying notes and schedules are an integral part of the separate condensed interim financial statements .

66

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF CASH FLOW

For the nine-month period ended on September 30, 2020 and 2019 (Expressed in thousands of pesos in homogeneous currency)

09/30/2020

09/30/2019

CASH FLOW FROM OPERATING ACTIVITIES

Net income for the period before Income Tax

2,214,808

(2,478,614)

Adjustments to obtain flows from operating activities:

Results of associates and join ventures

(2,186,220)

2,768,635

Depreciation and impairment

41,859

41,859

Exchange rate difference on gold and foreign currency

(78,529)

5,494

Interests from loans and other financing

(2,591)

(71,211)

Interests from deposits and financing

23,026

1,857

Result from exposure to changes in the purchasing power of the currency

11,327

(104,008)

Net income from financial instruments at fair value through profit or loss

(183,333)

(288,513)

(Increases) / decreases from operating assets:

Other debt securities

(346,372)

(679,282)

Other assets

536,505

1,089,628

Increases / (decreases) from operating liabilities:

Other liabilities

(16,230)

(245,390)

Income Tax paid

(115,590)

(581,119)

TOTAL OPERATING ACTIVITIES (A)

(101,340)

(540,664)

CASH FLOW FROM INVESTING ACTIVITIES

Payments:

Purchase of PPE, intangible assests and other assets

-

(16,634)

Dividends paid

(466,711)

(492,960)

Purchase of investments in subsidiaries

-

(251,342)

Contributions made to subsidiaries

(157,528)

(869,913)

Collections:

Dividends collected

427,274

921,270

TOTAL INVESTING ACTIVITIES (B)

(196,965)

(709,579)

CASH FLOWS FROM FINANCING ACTIVITIES

Payments:

Changes in the ownership of subsidiaries that do not result in loss of control

-

596

Unsubordinated negotiable obligations

-

(54,574)

TOTAL FINANCING ACTIVITIES (C)

-

(53,978)

EFFECT OF CHANGES IN THE EXCHANGE RATE (D)

172,615

735,896

TOTAL CHANGES IN CASH FLOW

NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)

(125,690)

(568,325)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

1,028,162

1,535,105

(NOTE 9)

Result from exposure to changes in the purchasing power of the currency in cash

(153,419)

(637,377)

and equivalents

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (NOTE 9)

749,053

329,403

The accompanying notes and schedules are an integral part of the separate condensed interim financial statements

67

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of September 30, 2020 presented on comparative basis (Expressed in thousands of pesos in homogeneous currency)

1. BASIS OF PREPARATION OF THE UNAUDITED SEPARATE CONDENSED INTERIM FINANCIAL STATEMENTS

Grupo Supervielle S.A. (hereinafter, "the Group"), is a company whose main activity is the investment in other companies. Its main income is given by the distribution of dividends of such companies and the raising of earnings of other financial assets.

The main investment of the Company accounts for the stake in Banco Supervielle S.A., a financial entity governed pursuant to Law N° 21,526 of Financial Statements and subject to provisions issued by the Argentine Central Bank, in virtue of which the entity has adopted valuation and disclosure guidelines pursuant to provisions included in Title IV, chapter I, Section I, article 2 of the Amended Text 2013 issued by the National Securities Commissions.

The issuance of these Consolidated Condensed Interim Financial Statements as of the three-month period ended on September 30, 2020 was passed by the Board of the Company over the course of its meeting held on November 19, 2020.

1.1. Preparation basis-

These condensed interim financial statements have been prepared pursuant to: (i) provisions set by Intenational Accounting Standards N° 34, "Interim Financial Information" (IAS 34) and (ii) the accouting information framework set by the Argentine Central Bank which is based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting Standards Interpretation Committee with the following exceptions:

  1. Temporary exception of IFRS 9 "Financial Instruments" application over debt instruments of the non- financial public sector,
  2. Temporary exception of the application of Section 5.5 (Value Impairment) for Group C entities, a category that includes Cordial Compañia Financiera S.A.. Therefore, provisions of the aforementioned entity are held under minimum provisions standards set by the Argentine Central Bank.

Pursuant to IAS 34, interim financial information shall include an explanation of events and transactions that have taken place as from the end of the last annual period being reported and are relevant for the understanding of changes in the financial situation, financial performance and cash flows of the Group with the purpose of relying on updated information as per the last financial statements of the fiscal year ended on December 31, 2019 ( hereinafter, "annual financial statements"). Given the aforementioned, these condensed interim financial statements do not include all the information to be required by complete financial statements prepared pursuant to International Financial Reporting Standards; hence, in virtue of a suitable understanding of the information included therein, such statements must be read jointly with annual financial statements.

The Group´s Board has concluded that these interim condensed financial statements reasonably express the financial position, financial performance and cash flows.

It is worth to be mentioned that interim condensed financial statements have been prepared by applying accounting policies and measurement criteria consistent with those applied by the Group for the preparation of annual financial statements, except for what has been set forth in Note 1.1.4.

The preparation of financial statements requires that the Group carries out calculations and evaluations that affect the amount of incomes and expenses recorded in the period. In this sense, calculations are aimed at the estimation of, for example, credit risk provisions, useful life of property, plant and equipment, impairments and amortizations, recoverable value of assets, income tax charges and the reasonable value of certain financial instruments. Future real results may defer from calculations and evaluations as of the date of these separate condensed interim financial statements preparation.

As of these financial statements issuance date, such statements are pending of transcription to Inventory and Balance Sheet Book.

1.1.1 Going concern

As of the date of these separate condensed interim Financial Statements there are no uncertainties with respect to events or conditions that may raise doubts regarding the possibility that the Group continues to operate normally as a going concern.

68

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of September 30, 2020 presented on comparative basis (Expressed in thousands of pesos in homogeneous currency)

1.1.2 Measuring unit

Figures included in these condensed interim financial statements are expressed in thousands of Argentine pesos, unless otherwise stated.

The Group´s interim condensed financial statements recognice changes in the currency purchasing power until August 31, 1995. As from such date, in virtue of existing economic stability conditions and pursuant to Communication "A" 2365 issued by the Argentine Central Bank, accounting measurements were not re-expressed until December 31, 2001. In virtue of Communication "A" 3702 issued by the Argentine Central Bank, the application of the method was resumed and became effective on January 1, 2002. Previous accouting measurements were considered to be expressed in the currency as of December 31, 2001.

Pursuant to Communication "A" 3921 issued by the Argentine Central Bank, in compliance with Decree 664/03 issued by the National Executive Power, the application of the re-expression of financial statements in homogeneous currency was interrupted as from March 1, 2003. Therefore, the Group applied said re-expression until February 28, 2003.

In turn, Law N° 27,468 (B.O. 04/12/2018) amended article 10° of Law N° 23,928 and its amendments, thus establishing that the abolition of all legal and regulating standards that set and authorize price indexing, monetary updating, cost changes or any other manner of re-increasing debts, taxes, prices or fees for goods, works or services does not include financial statements, regarding which the application of article 62 of the General Corporations Law N° 19,550 (T.O 1984) and its amendments shall prevail. Likewise, the aforementioned legal body set de abolition of Decree N° 1269/2002 dated on July 16, 2002 and its amendments and instructed the National Executive Power, through its controlling agencies, to set the date as from which said regulations became into effect in relation with financial statements to be submitted. Therefore, on February 22, 2019, the Argentine Central Bank issued Communication "A" 6651 which established that financial statements shall be prepared in a homogeneous currency as from January 1, 2020. Therefore, these condensed interim financial statements have been re-expressed as of September 30, 2020.

1.1.3 Comparative information

The information included in these condensed interim financial statements and in the aforementioned notes as of December 31, 2019 and September 30, 2019 is presented, exclusively with comparative purposes regarding the information as of September 30, 2020.

It is worth to be mentioned that, Communication "A" 6778, issued by the Argentine Central Bank, required the retroactive application of the impairment model set forth in section 5.5 of IFRS 9 with temporary withdrawal of non-financial public sector´s debt instruments and the re-expression of financial statements pursuant to IAS 29. In virtue of the aforementioned, the Group has applied the following:

  1. Retroactive re-expression of figures included in the Financial Situation as of December 31, 2019 for the purpose of submitting such figures as if the new accounting policies had been in force since January 1, 2019, and
  2. Retroactive re-expression of figures included in the Income Statement, Other Comprehensive Income and Changes in the Shareholders' Equity Statement as of September 30, 2019 for the purpose of submitting such figures as if the new accounting policies had been in force since January 1, 2019.

1.1.4 Changes in accounting policies and new accounting standards

With the approval of new IFRS, modifications or derogations of the standards in force, and once such changes are adopted through Adoption Bulletins issued by Federación Argentina de Consejos Profesionales en Ciencias Económicas (FACPCE), the Argentine Central Bank will determine the approval of such standards for financial entities. In general terms, no anticipated IFRS application shall be allowed unless upon adoption such anticipated measure is specified.

The following are changes that were made effective over the course of the quarter ended on September 30, 2020:

(a) Impairment of financial assets

Pursuant to Communication "A" 6430 and 6847 Financial Entities shall start to apply provisions on Financial Assets Impairment included in paragraph 5.5 of IFRS 9 as from fiscal years starting on 1 January, 2020, except for Non-financial Public Sector´s debt securities, which shall be temporarily excluded from the scope of said provisions. Likewise, Communication "A" 6938 issued by the Argentine Central Bank set the postponement of the application of the section

69

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of September 30, 2020 presented on comparative basis (Expressed in thousands of pesos in homogeneous currency)

targeted to "B" group Companies until January 1, 2021,a category that includes Cordial Compañía Financiera S.A.; therefore, provisions of said Entity are held under the minimum provisions regulations set by the Argentine Central Bank. It is worth mentioning that through communications "A" 7108 and 7134, the Argentine Central Bank ordered the classification of financial entities into groups "A", "B" and "C", leaving Cordial Compañía Financiera classified as Group "C" as of October 1, 2020.

Upon the application of impairment model included in section 5.5 of IFRS 9, a decrease of about 344,8 million and 936,0 million would have been recorded in the shareholders ´equity as of September 30, 2020 and December 31, 2019 respectively.

(b) Re-expression by inflation of financial statements

Pursuant to IAS 29 "Financial Information in hyperinflationary economies", financial statements of an entity, whose functional currency accounts for that currency of a hyperinflationary economy shall be expressed in terms of a current measurement unit as of the reporting fiscal year closing date regardless of whether such statements are based on the historical cost method or a current cost method. To such ends, in general terms, such entity shall calculate the inflation recorded as from the acquisition date or revaluation date, when applicable, in non-monetary items. Such requirements also include the comparative information of financial statements.

With the purpose of stating whether an economy is classified as Hyperinflationary in accordance with IAS 29, the provision sets forth a series of factors to be considered, which includes an accrued inflation rate in three years close to or higher than the 100%. That is the reason why, pursuant to IAS 29, the Argentine economy must be considered as a high inflation economy as from July 1, 2018.

In short, pursuant to IFRS 29 re-expression mechanism, monetary assets and liabilities shall not be re-expressed since such assets and liabilities are expressed in a measurement unit in force as of the reported period closing. Assets and liabilities subject to adjustments tied to specific agreements, shall be adjusted pursuant to such agreements. Non-monetary items measured at current values at the end of the reported period, such as the realization net value or others, shall be re-expressed. The remaining non-monetary assets and liabilities shall be re-expressed in accordance with a general price index. The loss or earning of a net monetary position shall be included in the net income of the reported period in a separate item. It is worth to be mentioned that earnings or losses over the monetary position of instruments at fair value through profit and loss in OCI is included in Other Comprehensive Income of the period/fiscal year. Upon the sale of such instruments its result is reclassified in the line "Results from sale or withdrawal of financial instruments rated at amortized cost" in the net income of the period/fiscal year.

Pursuant to Communication "A" 6651, issued by the Argentine Central Bank on February 22, 2019, financial statements shall be prepared in a constant currency as from fiscal years starting on January 1, 2020. In this sense, Communication "A" 6849 issued by the Argentine Central Bank sets the re-expression frequency of the accounting information in a homogeneous currency on a monthly basis, and the index utilized to such ends accounts for the National Consumer Index drawn up by INDEC (basis month: December 2016) and for such items with previous initial date, IPIM issued by FACPCE is utilized, pursuant to Ruling JG 517/16. Likewise, transition date, in virtue of the retroactive application has been set on January 1, 2019.

  1. Other Changes in the Accounting Framework set by the Argentine Central Bank

Pursuant to Communication "A" 6847, financial entities will be allowed to re-categorize, as from Januray 1,2020, instruments of the non-financial public sector rated at fair value through profit and loss and at fair value through profit and loss in OCI at an amortized cost criterion, while utilizing the accounting value of such date as addition value. As for instruments affected by this option, interest accrual and accessories shall be interrupted as long as the accounting value is above its fair value. Upon such measurement, the abovementioned financial instruments, at fair value as of September 30, 2020 there would be no significant impact on equity and results for the period.

1.2 Critical accounting policies and estimates

The accounting policies are consistent with those used in the financial statements as of December 31, 2019.

The preparation of financial statements requires the Entity to make estimates and evaluations that affect the amount of the assets and liabilities recorded, and the disclosure of contingencies, as well as the income and expenses recorded in the year. In this sense, estimates are made to calculate, for example, provisions for uncollectible, useful lives of property, plant and

70

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of September 30, 2020 presented on comparative basis (Expressed in thousands of pesos in homogeneous currency)

equipment, depreciation and amortization, the recoverable value of assets, the charge for income tax, , some labor positions and the contingency, labor, civil and commercial lawsuits. Actual future results may differ from the estimates and evaluations made at the date of preparation of these Separated Condensed Interim Financial Statements.

2. FAIR VALUES

Fair value is defined as the amount by which an asset may be exchanged or a liability may be settled, in an arm's length orderly transaction between knowledgeable principal market participants (or more advantageous) at the date of measurement of the current market conditions regardless of whether such price is directly observable or estimated utilizing a valuation technique under the assumption that the Group is a going concern.

When a financial instrument is sold in a liquid and active market, its settled price in the market in a real transaction provides the best evidence of its fair value. When a stipulated price is not settled in the market or when it cannot be an indicator of a fair value of the instrument, in order to determine such fair value, another similar instrument's fair value may be used, as well as the analysis of discounted flows or other applicable techniques. Such techniques are significantly allocated by the assumptions used.

The Group classifies the fair values of the financial instruments into 3 levels, according to the quality of the data used for their determination.

Fair Value level 1: The fair value of financial instruments traded in active markets (such as publicly-traded derivatives, debt securities or available for sale) is based on market quoted prices as of the date of the reporting period. If the quote price is available and there is an active market for the instrument, it will be included in Level 1.

Fair Value level 2: The fair value of financial instruments which are not traded in active markets, such as over-the-counter derivatives, is determined using valuation techniques that maximize the use of observable market data and rely the least possible on the Group's specific estimates. If all significant inputs required to fair value a financial instrument are observable, such instrument is included in level 2.

Fair Value level 3: If one or more significant inputs are not based on observable market data, the instrument is included in level 3.

The portfolio of financial instruments held by the Group is detailed below, at the close of the period ended on September 30, 2020 and December 31, 2019:

Portfolio of instruments at 09/30/2020

FV Level 1

FV Level 2

FV Level 3

Assets

- Other debt securities

37,646

-

-

- Other financial assets

640,257

-

-

Total Assets

677,903

-

-

Portfolio of instruments at 12/31/2019

FV Level 1

FV Level 2

FV Level 3

Assets

- Other financial assets

883,058

-

-

Total Assets

883,058

-

-

Fair Value of Other Financial Instruments

The following chart includes a comparison between the fair value and the accounting value of financial instruments not recorded at fair value as of September 30, 2020 and December 31, 2019:

Other Financial Instruments as of 09/30/2020

Accounting

Fair value

FV Level 1

FV Level 2

FV Level 3

value

Financial Assets

-Cash and due from banks

72,888

72,888

72,888

-

-

Total Assests

72,888

72,888

72,888

-

-

71

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of September 30, 2020 presented on comparative basis (Expressed in thousands of pesos in homogeneous currency)

Other Financial Instruments as of 12/31/2019

Accounting

Fair value

FV Level 1

FV Level 2

FV Level 3

value

Financial Assets

-Cash and due from banks

146,132

146,132

146,132

-

-

Total Assests

146,132

146,132

146,132

-

-

72

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of September 30, 2020 presented on comparative basis (Expressed in thousands of pesos in homogeneous currency)

3. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES

Market

Issuers' last Financial Statements

Book value

Book value at

Subsidiary

Class

Value/Nom

Number

Capital

Shareholder

Main Activity

at 09.30.2020

12.31.2019

inal

Stock

s' equity

Banco Supervielle S.A.

Ord.

1

805,533,007

Commercial Bank

829,564

24,788,585

24,048,863

22,331,596

Cordial Compañía Financiera S.A.

Ord.

1

12,847,878

Financial Company

256,957

2,775,663

138,781

158,526

Sofital S.A.F.e.I.I.

Ord.

1

20,854,642

Financial operations and administration of securities

21,544

1,141,411

737,925

661,332

Promotion, spreading, creation, purchase-sale,

professional services and other activities related with the

creation and functioning of credit, debit and similar cards

Tarjeta Automática S.A.

Ord.

1

397,091,618

for the acquisition of all type of goods, products, services,

453,819

256,373

224,325

355,801

or other type, processing clients' accounts, Clearing

and/or compensation among clients, and/or adhered

entities and/or admitted in the system,

Supervielle Asset Management S.A.

Ord.

1

1,336,915

Mutual Fund Management

1,407

285,423

271,152

216,746

Espacio Cordial de Servicios S.A.

Ord.

1.000

1,273

Trading of products and services

1,340

287,818

247,166

263,027

Supervielle Seguros S.A.

Ord.

1

1,393,391

Insurance company

14,667

1,186,785

1,099,918

918,498

FF Fintech SUPV I

-

-

655,000

Financial Trust

64,874

492

77,897

62,517

Micro Lending S.A.U.

Ord.

1

362,000,000

Financing investments

362,000

112,587

106,703

111,957

InvertirOnline S.A.U

Ord.

100

2,400

Settlement and Clearing Agent

240

338,795

Invertir Online

InvertirOnline.Com

Ord.

0,01

80,451,077

Representations

804

15,337

355,766

281.688

Argentina S.A.U

Supervielle Productores Asesores de

Ord.

1

30,095,000

Insurance Broker

31,599

19,238

20,507

116

Seguros S.A.

Bolsillo Digital S.A.U

Ord.

1

48,100,000

Computer Services

48,100

46,501

46,501

37

Futuros del Sur S.A.

Ord.

1

50,560

Settlement and Clearing Agent

50,560

136,122

136,122

4,235

Total investments in subsidiaries, associates and joint ventures

27,511,626

25,366,076

73

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of September 30, 2020 presented on comparative basis (Expressed in thousands of pesos in homogeneous currency)

4. COMPOSITION OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF COMPREHENSIVE INCOME

  1. Cash and due from banks Cash
    Financial institutions and correspondents
  2. Other financial assets

Mutual funds investments

Other investments

Miscellaneous Debtors

  1. Other debt securities Public securities
  2. Investments in subsidiaries, associates and joint ventures Banco Supervielle S.A.
    Cordial Compañía Financiera S.A. Sofital S.A.F. e I.I.
    Tarjeta Automática S.A. Supervielle Asset Management S.A. Espacio Cordial de Servicios S.A.

Supervielle Seguros S.A.

  1. Fintech SUPV I Micro Lending S.A.U
    Invertir Online S.A.U e invertir Online.com Argentina Supervielle Broker de Seguros S.A.
    Bolsillo Digital S.A.U. Futuros del Sur S.A.

4.5 Property, plant and equipment

Vehicles

4.6 Intangible Assets

  1. Goodwill - Businness combination Relations with clients

    Brand

    Proprietary Software & Technology

  2. Other non-financial assets Overdrafts to employees Retirement insurance Other non-financialassets
  3. Other non-financial liabilities Compensation and social charges payable Miscellaneous creditors
    Provision for long-term incentive Provision Board fees

09/30/2020 12/31/2019

42

72,884 146,130

72,888 146,132

638,519 372,761

  • 509,269
    1,738 1,028

640,257 883,058

37,646-

37,646-

24,048,863 22,331,596

138,781 158,526

737,925 661,332

224,325 355,801

271,152 216,746

247,166 263,027

1,099,918 918,498

77,897 62,517

106,703 111,957

355,766 281,688

20,507116

46,50137

136,122 4,235

27,511,626 25,366,076

2,305 2,930

2,305 2,930

3,004,529 3,004,529

536,434 566,053

179,650 179,650

24,521 36,136

3,745,134 3,786,368

2,309 2,638

123,879 179,636

28,146-

154,334 182,274

30,628 27,921

227,315 229,092

47,990 61,526

  • 3,619
    305,933 322,158

74

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of September 30, 2020 presented on comparative basis (Expressed in thousands of pesos in homogeneous currency)

Nine-month period

Three-month period

ended on

ended on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

4.9 Interest income

Earned interests

2.591

17

17

6

Profit by government securities measure at amortized cost

-

71.194

-

-

2.591

71.211

17

6

4.10 Interest expenses

Expenses from NO issuance

-

(2)

-

-

Lost interest from NO issuance

-

(34)

-

-

Profit by government securities measure at amortized cost

(23,026)

(1,821)

5,867

-

(23,026)

(1,857)

5,867

-

4.11 Net from financial instruments at fair value through profit or

loss

Interests from Time Deposits

43,224

65,305

-

55,309

Income from Holding - MF

86,092

134,824

-

-

Income from Holding -Government Securities

54,017

88,384

27,237

8,128

183,333

288,513

27,237

63,437

4.12 Other operating income

Subsidiaries' advisory fees

135,933

101,274

42,478

30,536

Third parties' advisory fees

-

1,506

-

318

Royalties

847

804

265

246

Other income

1,354

2,992

1,354

-

Revaluation of retirement insurance contributions

22,774

64,596

6,970

43,738

Income from sale of shares

-

150

-

4

160,908

171,322

51,067

74,842

4.13 Personnel expenses

Personnel expenses

90,616

136,671

31,341

32,135

90,616

136,671

31,341

32,135

4.14 Administration expenses

Bank expenses

457

1,604

106

323

Professional fees

37,711

50,825

9,787

18,947

Fees to directors and syndics

135,702

44,893

36,100

16,250

Taxes, rates and contributions

8,243

14,574

1,171

3,080

Insurance

393

1,934

-

-

Expenses and office services

5,555

5,398

1,655

1,528

Other expenses

24,183

18,135

4,683

6,800

212,244

137,363

53,502

46,928

4.15 Other operating expenses

Turnover tax from Service Activities

7,192

5,196

2,137

1,555

Turnover tax from Financial Activities

5,165

7,214

424

3,772

Prescription of tax credits

-

241

-

-

Personal property tax shares and equity

5,343

-

-

-

Lost interests

1

9,138

-

2,835

17,701

21,789

2,561

8,162

75

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of September 30, 2020 presented on comparative basis (Expressed in thousands of pesos in homogeneous currency)

4.16 Results from associates and joint ventures

Results from equity investment in Banco Supervielle S.A

Results from equity investment in Cordial Compañía Financiera S.A. Results from equity investment in Tarjeta Automática S.A.

Results from equity investment in Supervielle Asset Management S.A.

Results from equity investment in Espacio Cordial de Servicios S.A. Results from equity investment in Supervielle Seguros S.A. Results from equity investment in Sofital S.A.F. e I.I.

Results from equity investment in Micro Lending S.A.U. Results from equity investment in InvertirOnline S.A. e InvertirOnline.Com Argentina S.A.

Results from equity investment in FF Fintech S.A.

Results from equity investment in Supervielle Productores Asesores de Seguros S.A.

Results from equity investment in Bolsillo Digital S.A.U. Results from equity investment in Futuros del Sur S.A.

5. RESTRICTED ASSETS

Nine-month period

Three-month period

ended on

ended on

09/30/2020

09/30/2019

09/30/2020

09/30/2019

1,536,199

(2,594,836)

486,420

(1,718,284)

(19,745)

(64,002)

(7,347)

(8,605)

(131,475)

(198,389)

(46,985)

(59,776)

218,985

149,708

76,177

5,503

(15,861)

(28,236)

(13,682)

(22,362)

348,951

314,961

113,810

33,740

109,250

(181,124)

33,912

(52,275)

(5,255)

(194,186)

11,024

(207,469)

88,577

26,212

20,428

(17,558)

3,058

1,383

3,992

2,270

(13,641)

(38)

(3,547)

(17)

(7,988)

(88)

(4,496)

(88)

75,165

-

72,730

-

2,186,220

(2,768,635)

742,436

(2,044,921)

As of September 30, 2020 and December 31, 2019, the Group does not hold restricted assets.

6. COMPANIES UNDER SECT. 33 OF CORPORATE LAW AND OTHER RELATED COMPANIES

As of September 30, 2020 and December 31, 2019, corporations where Grupo Supervielle S.A. holds direct or indirect shares, and with which it consolidates its Financial Statements are the following:

Percentage of direct

Percentage of direct

Principal

and indirect

Company

Condition