MEANSTO BUILDOUR OWN

ANNUALSUSTAINABILITYREPORT2014ABRIDGED VERSION

TO TAKE CAREOF OUR PEOPLE’S

CONTENTSOUR CORPORATEDNA

VISIONBanco Macro would like to be renowned for being the leaderin client satisfaction.

MISSIONAt Banco Macro, we work every dayto build trust relationships and to stand out for our unique culture: “to take care of our clients”.

OURVALUES

CLOSENESSWe made a difference becauseof our personal and human contact. Knowing our clients lets us backthem up in their projects.

AGILITYWe are determined: we lookfor quick and efficient solutions.We are flexible: we adapt to the needs of each client and market.

SELF-DEMANDINGWe turn to constant improvementin our professional quality.We seek excellency in management.

COMMITMENT TOTHE DEVELOPMENTWe back our companies, undertakers and regional communities –wherewe operate- for their progress.We boost production investments, starting from our own benefits.

SUSTAINABILITYSTRATEGIES

04.ABOUT THIS REPORT

06.OUR COMPANY

08.BUSINESS MODEL

11.OUR CORPORATE GOVERNANCE

12.TRANSPARENCY IN ALLOUR ACTIONS

18.RESPONSIBILITY FOR PEOPLE’SWELFARE AND INCLUSION

22.FINANCIAL INCLUSIONAND EDUCATION

28.SMEs AND UNDERTAKINGSDEVELOPMENT

32.DIRECT AND INDIRECTENVIRONMENTAL IMPACT

12.

18.

20.

32.28.

22.

At Banco Macro we reach, activateand help grow.

We constitute a positive change forcewhich pushes to go forward, workingevery day to provide everybody withthe opportunity to believe and to grow.We are very much committed as weare responsible for the developmentof hances for companies, undertakersand communities to make progress.

We work to be present in everycorner of Argentina.We foster insertion in the financialsystem to get a real economic andsocial inclusion.We bet on providing quality productsand services.We bet on a fluent dialogue and aclear and transparent accountabilityreport. We bet on present and futuregenerations benefits. We bet on going forwards and we say “here we are”.

That is why we are also so close,always

To read the complete version of the Report,visit: www.macro.com.ar

ABOUT THISREPORT

P . 03

Through this summarized report, called “Sustainability Report”, we want to tell our stakeholders –clients, suppliers, collaborators, allied oganizations, public sector and meansof communications- about the main actions, programs and processes with a high social and environmental value published in the Banco Macro’s 2014 Annual Report.

The Annual Report was made according to the guidelines fixed bythe International Integrated Reporting Council (IIRC) in the document called “The International <IR> Framework”. Hence, we present the bank’s sustainability pillars related to the IIRC model capitals: financial, industrial, intellectual, human, social and natural.Besides, we used the G4 Guide of the Global Reporting Initiative (GRI),in accordance with the “Core” option, for the Sector Supplement inthe financial industry. To select the contents we made a materiality analysis and we selected the topics that are relevant for our companyso that this Report contained information that is relevant for the Bank and for our key public.Through the document called “Setting the connection”, we put forward our Communication about 2014 Progress and informed about the compliance with the 10 Principles on human rights, labor rights, environment and anticorruption of the UN Global Pact relatedto the GRI indicators.

No individual success is possiblein a society that is fragmentedand degraded. Welfare can only exist if accessible to every member of the community. According tothis concept, at Banco Macro werun our business, focusing on SMEs and people in need of our advice; we develop actions for everyone’s benefit, offering every clienta wide rage of opportunitiesto carry out personal and professional projects, and henceto incorporate everyone in the country into the financial field.

Jorge Horacio BritoPresident

At Banco Macro, we wantto incorporate the concept of sustainability into every action. Thus, during the last years,we defined our integral strategywith action pillars that respondto stakeholders' expectations,and with aspects, every bank must cope with, which are sensitiveto our industry. This way, to give information on our performancein 2014 and for the first time,we have prepared an integrated report through which we inform our public about the economic, social and environmental impacts and results in the same bulletin, consolidating our commitmentto the sustainable developmentin our country through our corporate management.

Milagro Medrano International RelationsManager

P . 04

ANNUAL SUSTAINABILITY REPORT 2014

OUR BUSINESSMODEL

OURCOMPANY

A decade later, we started to operateas a retail bank and focusedon low banking level segments. In December 2010, the merge with Banco Privado de Inversiones was made. Fromthe very beginning, we aimed to have stable and continuous incomes, to be profitable,to generate social value in the whole countryand to manage resources efficiently.This way, and for over 35 years, our results have reflected that we have met our institutional objectives and commitments:to provide a better quality service and tooffer more and better products to our clients.

We aim at integrating sustainability in every action taken by the Bank sothat the business model is based in the operations that caracterize our sector.And we also look to generate a positive social and environmental impactin present and future generations.

This way, based on the frame made by the International Integrated Reporting Council (IIRC),the Business model adopted by the Bank identifies the necessary capital for the developmentand those that generate impact for the entity and its stakeholders. Together with strategy,values and sustainability-focused corporate culture, these resources create economic,social and environmental value.This capital results in actions, processes and programs developed during the year and informedabout in this document, result quantitative indicators included. This way, the constructionof value is the result of the Bank’s comprehensive sustainability-focused management.

As Banco Macro, our financial non-banking activities started in 1985 with the acquisitionof Macro Financiera.

P . 05

BANCO MACRO S.A.

Bancodel Tucumán

S.A.

89.93%Macro Bank

Limited(Bahamas)

99.99%Macro

Securities S.A(Soc. Bolsa)

99.92%

Macro FondosS.G.F.C.I

(Soc. GerenteFCI)

99.94%Macro

Fiducia S.A(Fiduciaria)

98.61%

SUMMARY OF OURMANAGEMENT IN FIGURES

ECONOMIC PERFORMANCE

Financial Indicators (in millions of pesos)

Net worth at the end of the financial year 11,492 8.627

Loans to the non-financial private sector 44,497 39,415

Deposits 54,717 43,427

Results of the financial year 3,480 2,444

GEOGRAPHICAL REPRESENTATION

Total number of branches 432 430

Total numbers of ATMs 1,274 1,155

Total number of SSTs 838 832

Total number of locations wherewe are the only banking institution 186 168

SOCIAL PERFORMANCE

CLIENTS

Number of individual clients 2,733,073 2,628,614 (1)

Number of corporate clients 77,379 77,059 (2)

SUPPLIERS

Number of suppliers 4,863 4,808

Percentage of nacional suppliers 91.30% 91.30%

EMPLOYEES

Number of collaborators 8,641 8,569

COMMUNITY

Social investment 21,776,889 11,419,229

Number of beneficiaries 202,962 195,210

Number of allied organizations 79 95

ENVIRONMENTAL PERFORMANCE

Clients adhering to the E-statement service 443,185 (3) 359,782

Recycled paper (kg) 52,734 54,822

Recycled plastic (kg) 1,608 1,906

2014 2013

(1) Considered holders of Individual Banking with active products.

(2) Considered clients of Corporate Banking with active products.

(3) Information through November 2014.

P . 06

ANNUAL SUSTAINABILITY REPORT 2014

BUSINESSMODEL

COMPLIANCE WITHSUSTAINABILITYOBJECTIVES:RISK MANAGEMENTAND OPPORTUNITIES

CORPORATEGOVERNANCEMANAGEMENT

START

STRATEGICPILLARS ARISING FROM THIS MODEL

INDUSTRIALCAPITAL• Branches

• Help desk

• ATMs

• SSTs

INTELLECTUALCAPITAL

• Investment in productsfor each segment

• Investment in technology

FINANCIALCAPITAL

• Investments

• Social capital

TRANSPARENCYIN ALL ACTIONS

RESPONSIBILITY FORPEOPLE’S WELFAREAND INCLUSION

END

INDUSTRIALCAPITAL

• A bank with the greatest numberof branches in the country

• Reduction in the number of complaints

• Accesibility at branches

INTELECTUALCAPITAL

• Social card

• Retired people accessto banking services

• Microcredits

• Automatic channelsfor operations

FINANCIALCAPITAL

• Results of thefinancial year

• Dividends

OF ECONOMIC, SOCIAL ANDENVIRONMENTAL VALUE.

REGULATION,LEGISLATIONAND INTERNATIONALSTANDARDS

ACTIONS WITH CLIENTS,COLLABORATORS, SUPPLIERS,NGOS, PUBLIC SECTOR ANDMEANS OF COMMUNICATION

MISSION, VISIONAND VALUES

%

HUMANCAPITAL

• Wages and socialsecurity contributions

• Investment in trainingand development

SOCIAL ANDREPUTATION CAPITAL

• Social investment

• Participation in means ofcommunication at a federal level

• Investment in avolunteer program

NATURALCAPITAL

• Investment inenvironmental management

• Developmentof awareness-raising

campaigns

FINANCIALINCLUSION ANDEDUCATION

SMES ANDUNDERTAKINGSDEVELOPMENT

DIRECT AND INDIRECTENVIRONMENTALIMPACT

HUMANCAPITAL

• Improvement in healthand social security rates

• Turnover rate

• Training hours

SOCIAL ANDREPUTATION CAPITAL

• Social programs beneficiaries

• Awards and acknowledgements

• Presence in means ofcommunication throughout

the country

NATURALCAPITAL

• Energy saving

• Resource recycling

• Awareness raising actions

STRATEGICALLIANCES IN SUSTAINABILITY TOPICS

In 2014, once again we supported theArgentinean Net for the UN Global Pact andwe organized together the workshops called “Aligning International Iniciatives of Social Responsibility: Global Pact + ISO 26000 + GRI G4” in San Miguel de Tucumán.The aim was to generate a better understandingof the different global initiatives that foster corporate sustainability and to facilitatethe integration of these initiatives intothe organization management.

Likewise, through a study case of Global Pact,ISO and GRI integration, we encouragedthe analysis on the contact points betweenthe initiatives, the complementaritiesand synergies that may be generated whenusing the three tools.

P . 09

• UN Global Pact• Group of Foundations and Enterprises (GDFE IN SPANISH)

• The Argentinean Institute for Corporate Social Responsibility (IARSE)

• Sustainable North• CONAETI (NATIONAL COMMISSION FOR THE ERADICATION OF CHILD LABOR)

AWARDS ANDACKNOWLEDGEMENTS

Sol Andino Award 2014 to the Best Bankin the Argentine Northwest granted byCable Express, for the eleventh year running.

Acknowledgement to the “Best Bankin Neutral ATMs service level 2013”granted by the Banelco Net.

P . 10

ANNUAL SUSTAINABILITY REPORT 2014

The Board is the supreme administrative organ and it is liable for setting goals and commercial and risk management policies, with a long-term development and sustainability vision for the Bank.It is made up of 12 permanent members, chosen by the General Shareholders’ Meeting, to hold their officesfor three-year periods.

The Board has enough experience,sound knowledge and training to performin the banking business. On the other hand,in compliance with the CNV and SEC regulations, it has an Auditing Committeemade up of three independent directors.

The members of the Board participate actively in the daily management, contributing their experience and knowledge and interactingwith the High Management.

MEMBERS OF THE BOARD

PRESIDENT

Jorge Horacio Brito

VICEPRESIDENT

Delfín Jorge Ezequiel Carballo (1)

PERMANENT DIRECTORS

Jorge Pablo Brito

Juan Pablo Brito Devoto

Luis Carlos Cerolini

Carlos Enrique Videla (2)

Alejandro Macfarlane (2)

Guillermo Eduardo Stanley (2)

Constanza Brito

Marcos Brito

Emmanuel Álvarez Agis (2)

DEPUTY DIRECTORS

Santiago Seeber

Santiago Brito

Ernesto Eduardo Medina

Nicolás Alejandro Todesca (2)

Chrystian Colombo (2)

(1) Using a licence

(2) Independent Director

OUR CORPORATEGOVERNANCE

REMUNERATIONPOLICY

The Shareholders’ Meeting defines the Board’s remuneration. Our Compensation Policy (fixed and variable) is approvedby the Incentive Committee and by theBoard and addresses the whole staff.At the same time, the high managementand some strategic positions within theBank receive a variable cash compensation for meeting goals related to their own performance, the result of the businessand aspects of our sustainability strategy.

EVALUATIONMETHODS

Every year, the Board discloses the resultsof its Management in the Annual Reportand Financial Statements, under section66 of the Commercial Act. Moreover,the Explanatory Report of the Corporate Governance and its Policy complementthe Board’s Management. The Shareholders’ Meeting assesses the Board’s performance, which has never received an objection.

SUSTAINABILITY STRATEGIES

TRANSPARENCYIN ALL OUR ACTIONS

01.

is decentralized and federal, focused on localmedia, small radios and provincial programsthroughout the country.

We have a Code of Conduct for all ourcollaborators and a Code of Ethics applicableto first-line directors and managers.

OUR COMMUNICATIONSTRATEGY

WE SPED UP COMPLAINTS TERMS AND MANAGEMENT

we eliminated some requirements related to documentation which facilitated the procedures of over 1,000 monthly claims.

* The number of users includes all those who operate throughan automated channel that requires a 6-digit password(i.e.: MacrOnline, ATMs and Phone Assistance Centers).

+1,270let the Bank boastthe greatest numberof Banelco Net ATMsin the country.

EQUIPMENT UNITS462,224*

USERS OFAUTOMATEDCHANNELSmade an averageof 14.9 millionmonthly operations.

We operated with the maximum transparency to create a trust and reliability frame for every stakeholder.We listened actively and continously reported on our accountability.

OUR COMMITMENT

1

To providea transparent and detailed report on accountability to every public.

2

To have communication channels adaptedto every profile.

3

To fight against corruption, money laundering and terrorism financing.

4

To adhere to and comply with the main standards and good practicesof transparencyand responsibilityin managementat national and international levels.

5

To develop tools and codes to respect ethics and good conductin every operation.

WE HAVE AUTOMATED CUSTOMER SERVICE CHANNELS TO OPERATE 365 DAYS A YEAR

TRANSPARENCYIN ALL OURACTIONS

CODEOF ETHICSAND OF CONDUCTThrough our Code of Ethics and of Conduct, we seek to guarantee that all our collaborators act under personal and professional integrity,

and that they comply with the applicablelaw. We foster responsibility, enforceability, commitment, respect for human rights,results, loyalty, honesty, goodcommunication and team work.

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(*) In Banco Macro and Banco del Tucumán

Advertising seconds on (open and cable) 1,484,993

Number of TV channels (national and interior) 85

Number of graph means 104

Number of seconds on the radio 2,653,645

Number of radio stations 143

Number of direct marketing printed pieces 1,082,411

Number of mailing(*) 2,076

2014

In that sense, the Code of Conduct intendsto provide the fundamentals so that every member of the Bank acts the same wayand with the same values in similar situations. How much shareholders, clients andthe public trust us depends largelyon complying with these principles.The internal control system is mainly basedon integrity, ethic and moral values, processes and competence of those who are in charge.In 2014 the Internal Audit Management worked together with the Fraud Risk Administration to identify and prevent risks, money laundering and terrorism financing.We carried out 2,831 controls within the SOX1 certification. Out of them, 660 were testedby Internal Audit and the rest were certifiedby those responsible for the processes.

(1) Sarbanes-Oxley Act, according to the Securities and Exchange Commission (SEC).

OUR COMMUNICATION IN FIGURESNEAR, ALWAYS.

SUPPORT TO EVENTS WITH A SOCIAL IMPACTWe participated and backed different events in the countryto get close to our clients andthe communities where we are present, with value and interest proposals for different profiles.

COMMUNICATIONAND ASSISTANCE CHANNELSo as to speed clients and branches operations up, and focusing on theservice quality, in 2014, we workedon improving our channels:

P . 14

SPORT EVENTSTo support sports means to promote a healthylife and to transmit positive values for every community. Therefore, we backed up different sport teams and leagues, nationally and locally.

SHOWSwe supported events and shows which letus bring our clients closer to the large urban centres as well as to the most remote cornersof Argentina. In 2014 we invited over 20,000clients to more than 380 performancesof different artists and events.

FAIRS AND EVENTSWe were present at more than 300 exhibitionsand events in the country. We made use of themto spread benefits and products to every clientand potential client, especially to those belonging to the SMEs and Agro segments.

DINNER SHOWS FOR CHARITYIn 2014, the Bank’s management took partin more than 15 dinner shows to benefit different social organizations and in different solidarity events, such as AUDELA –Pumas vs Leonas challenge-, Fundación Conciencia (Conciencia Foundation), Fundación por Pilar (Foundationfor Pilar), Cena Anual de Universidad SanAndres (Annual Dinner at Saint AndrewsUniversity), among others.

MACRO’S BIRTHDAYBanco Macro celebrated its 36th anniversary ona large scale. On 24 October, in Salta, a show wasmade with many famous artists such as the Tekis, Princesita Karina and the chaqueño Palavecino.This celebration reflected the work done by 8,700 Argentine people, members of Banco Macro, who always make it possible to be the largest private Bank with 100% national capital and the closest to people.

MACRONLINE (HOME BANKING)For individual clients, we set up a site withinformation on personal loans; for corporateclients, we implemented the collection service.

ANNUAL SUSTAINABILITY REPORT 2014

ATMsWe continued strengthening and renewingour ATMs technology with 435 new units,205 ATMs with cash recognition and online deposit crediting and 40 new units with Double Money Cash Dispenser. Therefore, 2014 transactions reached over 140 million,up 15% on the transactional volumeregistered in 2013.

SSTsIn 2014 we set up 16 SSTs, 11 in new positionsand 5 replacements. We reached a volumeof 838 terminals: 234 operating 24/7.We incorporated the check intelligentdeposit funtion in 76 units in 54 branches,so as to reduce the operative tasks in branches.

PHONE ASSISTANCE CENTER(CAT IN SPANISH) As from the moment we installed this service, our clients have been making inquiriesand operations, personally through an agent or automatically. This year, we updatedthe platform for automated attention, customized according to the segment.

MOBILEBANKING UNITSWith our 4 mobile units we travelled more than 10,000 km and took the ATM service and Internet connection to our clients and visitors in 12 cities throughout the country. There, we intensified our financial education proposal for kids, the “Mini Banking Branch”2.

(2) The initiative is part of the program called “Dare to learn” on financial education for different publics.

PEOPLE’S SAFETYAND INFORMATION MANAGEMENTTo reinforce safety measures, in 2014some awareness raising campaigns were organized, oriented to clients who operate online, to inform about the latest fraud methods on the Internet. Besides,the corporate web has a section called “safety advice” with all the information necessary to prevent them.

At branches, we installed a communication system to connect the security staff working inside the bank so as to improve the physical safety of people visiting the Bank. On theother hand, a survey was carried out ontechnical physical safety verificationsin 34% of branches in the nine divisionsof the country.

P . 15

COMPLAINT MANAGEMENT AND QUALITYWe have the CRM (Customer Relationship Management) tool to deal with every complaint in every step.

This app lets us work with an integral lookon our clients, integrate information on products and complaints, optimize the complaint management and administration systemsand reduce times for final replies.In 2014 we worked to reduce our reply timesand we made it possible that attention channels give reimbursements of low imports directly,at the time of assisting the client, thus optimizing complaints solutions for reduced amounts.

TRANSPARENCYIN ALL OURACTIONS

SERVICE AND QUALITY

We carried out a client satisfaction survey on the Call Center and wegot a score of 8.2.

1

2

3

4We finished the first diagnoseon Banco Macro’s corporate reputation and we got a global index of 8.16 (over 10).

We monitored and evaluatedthe commercial campaigns onCredit Cards and Personal Loans, measuring our sellers’ selling quality.

We carried out an opinion pollin the whole net of branches.

P . 16

The Quality Plan includes the corporate visionand values and has two main axis: measurementand follow-up of processes that impact the clientsand make their life easier, and market research thatlets us know about their opinion. Therefore, in 2014:

ANNUAL SUSTAINABILITY REPORT 2014

SUSTAINABILITY STRATEGY

RESPONSIBILITY FORPEOPLE’S WELFARE AND INCLUSION

02.

43.21

years’ seniorityon average.

15.67

8,641collaborators.

37.3%women. average age.

giving priorityto the incorporationof local collaborators.

internal recruitments.

115internalpromotions.

204

2014

WE INCORPORATEDMORE BENEFITSFOR COLLABORATORSAND THEIR FAMILIES.

THE CORPORATE VOLUNTEERING PROGRAM CALLED “GENERATINGTHE CHANGE” got 4,669 collaborators who donated more than 9,000 hours to solidarity campaigns.

410NEW RECRUITMENTS

We back up our collaborators’ professional development, we favor diversity and inclusionwithin the working environment and consider minorities and vulnerable groups. In every case,the aim is the same: to improve people’s life quality.

OUR COMMITMENT

1 2 3

To incorporatenew benefits for collaborators.

To develop a program to conciliate laborand family life.

To create innovatingproducts and servicesfor every client’s profile.

attended training courses.

98%OF ALLCOLLABORATORS

of every regionstarted the LeadershipDevelopment Program.

1,300COLLABORATORS

continued their trainingin the program called LIDERATE(LEAD YOURSELF), they acquiredtools for their personaldevelopment, as well asfor the team and the business,for the second year in a row.

100COLLABORATORS

24%76%

COLLABORATORSPER REGION

WORK IN THE INTERIOR OF THE COUNTRY

IN CABA (BUENOS AIRES CITY) AND GBA(BUENOS AIRES CITY SURROUNDINGS)

P . 19

RESPONSIBILITYFOR PEOPLE’SWELFARE ANDINCLUSION

INTERNAL LEADERSHIPDEVELOPMENT PROGRAMThis program, which involved more than 1,300 people in 6 editions, 3 in the interior of the country, is part of the cultural change plan, based on four values: closeness to clients, self-demanding, commitment to development and agility. The aim is to train leaders able to generate value-adding changes.

COMMUNICATION CHANNELSTO BE CLOSER

Aligned with the phylosophy of being close,the highest authorities of the Bank made 180visits to branches in the country and they transmitted Macro’s culture; they gavean answer to different inquiries and collected suggestions about the real problems in each region. We also organized 11 integration events and 40 regional activities to strengthen andfoster team work. We continued improvingthe Intranet and the reply capacity of theBank’s Transparency Box.

This year we invested 114,760 man hoursin onsite and distant learning.We carried out Development Programson management and key profiles: Liderate(Lead Yourself), Líderes en Red (Leaders in Net), Programas Banca Empresa (Corporate Banking Programs), Banca Individuos (Individual Banking) and Gerentes de Sucursal (Branch Managers).

40volunteers meetingin the country.

61branch equipments presented their solidarity projects, making 30of them realto remodel somedistrict clubs proposed.

SOME FIGURES IN 2014

P . 19

COLLABORATORS’DEVELOPMENT AND TRAINING

P . 20

PROMOTION OF LABOR HEALTH AND SAFETYIntegrating sport activities, 200collaborators walked togetherto Luján, 110 of them took partin 4 marathons, 60 of them attendedsome trainings, 120 of them took partin football tournaments and 20 women players were involved in voleyball competitions for the secondconsecutive year.

CORPORATE VOLUNTEER PROGRAMCALLED "GENERATING THE CHANGE"In 2014 the volunteers team did their best, for fair reasons and to help builda long-lasting and genuine happiness in every place visited. We also tripledthe number of charity events, we implemented a national fund raising calendarfor the first time, exceeding widely the participation expected.

Also, in 2014, we offered online training on first aids, fire prevention and order, ergonomics and accident prevention. We visited the whole netof branches and central buildings to measure noises, lighting and fire charge, among others,and we guaranteed healthy and safe working spaces. We organized trainings and evacuation drills in all the bank-owned facilitiesin the country.

We took part in the Mixed Committee for Safety and Hygiene in the province of Santa Fe, madeup of the maximum authorities of the departments of Administration, Human Resources, Security, Distribution and Sales and the Legal Dpt in that province, branch collaborators and other sectors.

924volunteersparticipatedin events.

830hours donatedby professional volunteers.

4,620hours donatedduring the events.

5,851beneficiariesof actions.

5national fundraising events.

1,708beneficiaries offund raising events.

3,601volunteers tookpart in fundraising events.

83volunteers weregodfathers andmentors of differentfoundations.

P . 20

ANNUAL SUSTAINABILITY REPORT 2014

SUSTAINABILITY STRATEGIES

FINANCIALINCLUSIONAND EDUCATION

03.

PRESENT AT A FEDERAL LEVEL

WE LAUNCHED THE SEGMENT CALLED “PROFESSIONALSAND BUSINESS” addressed to traders, independent professionals, service suppliersand producers.

focused mainly on financial educationand support to undertakers.

$ 21,776,889INVESTED IN COMMUNITARIANDEVELOPMENT ACTIONS

2014

so as to improve their life quality andto go with the companies in their growth.

WE DEVELOPEDPRODUCTS AND SERVICESFOR EVERY CLIENT’S PROFILE

places where Grupo Macro was the only banking institution present.

186

We promote a healthy financial system.So, we generate products and tools to getcitizens with an access to the banking system,critical, reflexive, economically responsibleand contributing to the economicdevelopment of the country.

OUR COMMITMENT

1 2 3

To promote accessto the banking system and accesibility through our widenet of branches.

To focus on lower incomes sectors, adapting our commercial offer.

To develop financial education progamsin all communities.

for $20.3 millionfor universal child allowance beneficiaries.

8,289LOANS

in using the ATMsand the debit card through the program called “Dare to Learn”.

122,899 RETIRED PEOPLEWERE TRAINEDwith Voice Guide functions

for the blind (33% of the group). Besides, we offered the service of account statements printedin braille system.

429ATMs

received loansfor a total of 2,214million pesos.

176,272RETIRED PEOPLE

FINANCIALINCLUSIONAND EDUCATION

PRODUCTS AND SERVICES WITH A SOCIAL VALUE

In 2014 we continued working for a bettertax formalization, accessibility andgood knowledgeof financial products.

Social Card: together with the UOCRA,a traditionally non-banked segment wasgiven the possibility of accessing creditswith competitive rates. 56 million activecards, 10 million new in the year,$ 80 million in consumption.

Social UOCRA Net: 766 active accountsa month on average, $ 8,642,900 accumulated consumption, 30 new in the year.

Personal Loans in Districts: a new agreement was signed with the General Juan Madariaga Town Hall. Besides, 4,323 clients received loans for a total of $166 million, the average amount of the loans was $ 38,400.

Education Insurance: the portfolio volumen was about 3,500 policies.

Protected Payment Insurance: for unemployedor disabled people, the portfolio volume reached about 130,000 policies.

Loans to Install Natural Gas: 2,521 newhomes were connected to the gas net thanksto the financial support of $14.1 million,mainly in the province of Tucumán.

Universal Free Account: the product issuedby the BCRA addressed 7,201 clients(beneficiaries or holders).

Loan line for universal child allowance beneficiaries: 8,289 loans for $20,3 million.

Loan line through ATMs: 50,273 loansfor $256.7 million.

Loan line through MacrOnline: 5,556 loansfor $49.8 million.

Loan phone line: 8,436 loans for $91.5 million.

Loan line Rapicompra: 7,413 loans for $40.9 million.

Banking and Financial Products: the Bank’s offer of insurance was adjusted to provide a product according to the needs of the market. Likewise, to protect the retired, we continued trading Personal Accidents and Funeral Insurances.To protect the youngest, we offered Macro’s Education Insurance and, for the unemployedor the disabled, we offered the Protected Payment Insurance.

In March, 8,000 beneficiaries of the Plan Progresar were given access to the banking system; the national support plan for students between 18 and 24 years of age. Today theBank has 25,176 beneficiaries.

P . 23

PLACES WHEREONLY BANCO MACROIS PRESENT

ACTIONS WITH THE RETIRED We continued with the financial educationprogram called “Dare to Learn” that already reached28 branches in 5 regions of the country: Tucumán, Salta, Jujuy, Mendoza and Buenos Aires, and 122,899 retired people, trained in using ATMs and thedebit cards and in the benefits. In 2014, together with Fundación Educando, we trained morethan 430 adults in IT in San Pedro, Jujuy,and we incorporated a financial educationmodule, also related to banking operations.

As regards attention in branches, the bankhas 24 specialized payment centers for theretired and a proper infrastructure for themto move (anti-slip floors, toilets for disabledpeople and special seats) and 450 additional branches for public in general, distributed allalong the country, with specific benefits and special building characteristics for this groupof people. This year we assisted more than160,000 retired people.

CONTRIBUTION TO THELOCAL DEVELOPMENTThrough Banco Macro Foundation,we accompanied the social, cultural andeconomic growth of the communities wherewe operate, and we fostered sustainable projectsto boost labor culture and wake the sharedsolidarity responsibility spirit up. Led by the Bank’s Corporate SustainabilityArea, belonging to the Institutional Relations Deparment, regional coordinators analyzedthe proposal presented by civil society organizations in every region to generate a greater impactin each province. To measure our management we made useof a tool developed by Banco Macro’s Foundation, based on the LBG (London Benchmarking Group).It lets us evaluate the impact of our actions andto run programs in order and efficiently.This way, we measured the real contributionand the capacity in each project.

Buenos Aires 60

City of Buenos Aires 31

Catamarca 1

Chaco 1

Chubut 5

Córdoba 66

Corrientes 3

Entre Ríos 10

Jujuy 15

La Pampa 2

La Rioja 2

Mendoza 15

Misiones 33

Neuquén 5

Río Negro 6

Salta 30

San Juan 1

San Luís 1

Santa Cruz 2

Santa Fe 105

Santiago del Estero 1

Tierra del Fuego 2

Tucumán 35

Total general 432

Salta 47

Jujuy 23

Tucumán 26

Córdoba 5

Misiones 57

Santa Fe 26

Mendoza 2

Total 186

DISTRIBUTION OFANNEXES ANDBRANCHES

129Branches with ramps and toilettes for disabled people

350Branches withtoilettes fordisabled people

ACCESIBILITYTO BRANCHES2014

P . 24

ANNUAL SUSTAINABILITY REPORT 2014

ALUMBRA MICROCREDITS PROGRAMThis financial inclusion program of BancoMacro’s Foundation is aimed at non-banked microentrepreneurs who are granted creditswith profitable objectives. The financial supportis complemented with counselling (legal, accounting and commercial management) to improve their growth opportunities. Since mid-2014, in Salta,we have been operating with 9 university counsellors trained according to the best and most modern practice techniques in microfinance and attentionto this sector. The 3 branches opened at the end of the year already granted the first $726,000 and we are planning to reach more than 1,000 clients in 2015, so that the program turns into the most important benchmark in the region with this typeof integral support to the sector.

MORE INITIATIVESOF FINANCIAL EDUCATIONIn different places of the country,we worke with a Junior Achievement to deliver the education programs called “The Enterprise”, “Partners for a Day” and “Personal Economy”,aimed at promoting the entrepreneurial attitude among young students. The Bank’s collaborators took part as teachers or lecturers.Moreover, nine “Mini Banking Branches” were built so that every region of the country may take themto their most important events and places.

PROGRAM CALLED “REACHING THE FUTURE”A great deal of our efforts focuseson alliances that promote workculture and profitable undertakings.

• Undertaking Competition Program: Banco Macro Foundation, together with Impulsar Foundation and different universities of the country, provides support to young entrepreneurs through training, orientation, economic support and entrepreneurial counselling.

In 2014, the second “Undertaking Competition”was over; it took place in Salta, Tucumán, Jujuy, Santa Fe, Misiones, Córdoba, Mendoza, Neuquénand Buenos Aires. We accompanied more than 180 microenterprises which were interested inbecoming SMEs. In this edition, we invested more than $1,600,000, with $450,000 economic supportfor the three best projects of each province. Andwe will mentor the best ten projects of each market.

• Banco Macro and Los Grobo foundation boosted territorial development through the social inversion methodology called “Boosting Communities”. Since 2012 we have been working to strengthenand develop capacities in local organizationsand actors, we facilitated the collective decision-making and the managementassociated with impact initiatives that contributeto the sustainable development of its communities. After the diagnose process and the communitarian design of initiatives to improve territories, we went further on financing and supporting 6 projects. Two of them were implemented in the province of Salta, in the cities of Colonia Santa Rosa and Urundel;and 4 in San Francisco, province of Jujuy. Initiatives should mainly tend to profitabilityand production (carpentry projects and manufacturing of sweets and canned food),but other cultural and education projects havebeen backed up together with the Aborigen-Coya community and San Francisco High School.In Pichanal, Salta, a community diagnose is being carried out to evaluate the chances of social investment together with Frigorífico Bermejo.

FINANCIALINCLUSIONAND EDUCATION

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(*)

D.B.: Direct Beneficiaries / I.B.: Indirect Beneficiaries

Financial Education 1,306 3,906

Sustainable Work 1,264 1,764

Integration 1,396 4,516

Education 7,668 28,673

Social Medicine 8,301 4,052

Nutrition 2,993 6,665

TOTAL 22,928 49,576

PROGRAM AXIS D.B.* I.B.*

INVESTMENT IN SUSTAINABILITY(In pesos) (1) 21,776,889 11,419,229

BY ACTION AXIS

Sustainable Work Program 1,731,538 1,894,594

Financial Inclusion and Education Program 1,117,978

Nutrition 949,629 1,235,370

Integration 301,200 331,250

Social Assistance 1,155,350 1,783,077

Volunteer Program 1,095,000 317,474

Micro-credits Alumbra 3,769,192

EcoBikes Program 6,734,812

Several Donations (2) 3,456,905 3,695,266 (3)

OTHER INDICATORS

Volunteer Collaborators 4,669 3,213

Number of programs 6 6

Number of provinces 11 11

Number of beneficiaries (4) 202,962 195,210

Number of alliances with organizations 79 95

2014 2013

(1) Indicator which includes social investment, different donations and operating expenses of the Corporate

Sustainability management. The investment in community programs is part of the budget for the Sustainability Area.

(2) We started to systematize this indicator in 2012 and we considered Banco Macro’s donations to social projects

and events which exceed the activities of Banco Macro’s Foundation.

(3) Information modified, compared with the 2013 Sustainability Report. The total amount corresponds to the sum

of Banco Macro’s deductible and non-deductible donations in 2013.

(4) Includes direct, indirect and elder beneficiaries trained in the financial education program (122,899 retired people).

SOCIAL INVESTMENTIN FIGURES

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ANNUAL SUSTAINABILITY REPORT 2014

SUSTAINABILITY STRATEGIES

SMEs ANDUNDERTAKINGSDEVELOPMENT

04.

76%of funds destined to finance the MiPymes (My SMEs) segment.

42%of active suppliers signed the Code of Conduct that contemplates social, human rights, safety and hygiene, environmental and ethical requirements.

suppliers.

4,863

We accompany small companiesand new undertakings in business development with customizedproducts and services, trainingand tools for their growth.

OUR COMMITMENT

1 2 3

+15,000CLIENTS OF THEAGRO SECTOR

STRUCTURE OFCORPORATE BANKINGPORTFOLIO

MICROUNDERTAKINGS

AGRO

SMEs

MEDIUM ENTERPRISES

CORPORATE

To create SMEs-customized products and services.

To back their growth through training and counselling.

To listen to clients through an excellent service system.

23BANK’SSUPPLIERS were visited under the program called “Meet your Supplier”.

56%

20%

20%

3%

1%

receive our support through customized products such as production linesand credit cardswith MacroAgro,with benefits giventhanks to some strategic alliances.

1

2

SMEs ANDUNDERTAKINGSDEVELOPMENT

SERVICES THOUGHT FOR EVERY SEGMENT

SMES BANKINGOur wide branches net allowsus to reach small and micro companies all throughout the country, providing them with personalized and close attention in each case.

In 2014, the credit portfolio increasedby 22% interannual; we must highlightthe rise in discounted checks, securedloans and other advance payments.Under the Credit Lines for Productive Investment, we financed investmentprojects for over 1,500 companies,for a total amount of $935 million.

So as to provide our clients with a better attention, in 2014 we placed the Macro Pymes XXI products package, designedfor this public, in 10,063 enterprises.çBesides, the “Agile Pledge” on financingfor vehicles and agriculture machineryfor our SMEs registered 186 operationsfor a total amount of $57 million.

MANAGEMENTWITH SUPPLIERSWe constantly looked for the integral development of the communities where we operate. In this sense, we workedto incorporate local suppliers into the supply chain, we gave priority to our regional companies to rebuild branches or buildings and to the leading suppliers to acquire technology.

In 2014 we incorporated new SMEsand microundertankings to purchase promotional products and courtesy items,as well as to order printing jobs. Therefore,in 2014, 25% of courtesy items purchaseswere made from SMEs. These social enterprises, cooperatives or small undertankings havework and production processes that take care of the environment, promote local cultural expressions and encourage projects that revitalize collaborative work.Some examples are: Bodega Colomé,in Los Molinos, Salta; and Asociación Civil Warmi Sayajsunqo, a project from theprovince of Jujuy which gathers La Puna women who have recovered the firstspinning and textile mil of Abrapampa.

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PRODUCTION LINES

3

4

AGROBUSINESS BANKINGIn 2014 we still assisted our portfolioof almost 15,000 agricultural clients;we increased the work capital funds and we must highlight the supportin investments in the whole Agrobusiness chain.

Likewise, we financed 964 investmentprojects for a total amount of $578 million with our Incentive Line for Productive Investment IV and V.We offered MacroAgro Credit Cards with benefits appropriate to the sector.This year the consumption volumes and portfolio balances grew by 51% and 62% respectively, thanks to the continuous commercial administration of new alliances.

SUPPLIERSEVALUATIONEvery six months we carried out evaluationson the services rendered and the products acquired in each sector, considering pricesand the compliance with qualityand delivery terms.

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U$S 33,984,434

We financed importsand exports for

We granted credit linesfor the production reactivationand the promotion of regional exports related to the Federal Investment Council.

ANNUAL SUSTAINABILITY REPORT 2014

SUSTAINABILITY STRATEGIES

DIRECT AND INDIRECTENVIRONMENTALIMPACT

05.

we sent the material to the company called 3Rambiental and to Equidad Foundation,and this helped to recycle and condition more than 100 equipment units destined to institutions that presented education projects which were analyzed together with Equidad Foundation.This way, more than 1,300 children and young people from six provinces had more PCsin their IT labs and could tackle different educational resources.

IN 2014 WE REDUCED52 TONNES OF TECHNOLOGICALEQUIPMENT

ENERGY CONSUMPTIONAND CO2 EMISSIONS2014

12,743,340Energy Consumption(in kWh)

8,920.33CO2 Emissions(scope 2)*.

(*) Scope 2: Indirect Emissions. They correspond to emissions from purchased electricity (external source). Emisions estimated according to the “World Resources Institute (2009), GHG Protocol tool for stationary combustion. Version 4.1”.

We foster the care for our social surroundings and the environment, internallly and in our value chain.

We made a strong adherence campaignfor the E-statement and the number of adhered accounts went from 100,000 to 360,000.

E – STATEMENT (OUR ELECTRONICACCOUNT STATEMENT)

52,734 KG.OF RECYCLED PAPER

1,608 KG.OF RECYCLED PLASTIC

1

To use natural resources efficiently.

2

To develop an energy-saving program.

3

To raise awareness among our collaborators and clients, in order toget a multiplying effect in the society.

4

To deal with technological,plastic and paper waste responsibly.

5

To measure our institutional carbon footprint.

6

To go deepinto the analysisof environmentaland social risks when granting loans.

OUR COMMITMENT

18%annual decline inpaper consumption.

337LCD monitorsand 1,411computers replaced.

3%less printings than in 2013.

ECO BIKESPROGRAMSo as to foster sustainable tourismand to boost local development,we took part in this initiative proposedby the town halls of Tilcara andEl Carmen (Jujuy) and Cachi,La Caldera and San Carlos (Salta).

For this event, we donated bikesof different sizes, helmets, padlocks,baskets and parking places for bikes.

DIRECT AND INDIRECTENVIRONMENTAL IMPACT

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WE HOPE THIS EDITIONWILL INTEREST YOU.

Should you have any enquiriesor suggestions, do not hesitateto get in touch with our Corporate Sustainability Area.

GENERALCOORDINATION

Milagro MedranoInstitutional RelationsDepartment Banco Macro

EXTERNAL FACILITATORSSocial Reportwww.reportesocial.com

GRAPHIC DESIGNDHNNwww.dhnn.com

PRINTING:Talleres TRAMAwww.tallerestrama.com.ar

Sarmiento 731C1041AAO AutonomousCity of Buenos Aires

sustentabilidad@macro.com.ar+54 (011) 5222-6500